The expected boom in the African fintech industry will be fueled primarily by low banking rates, high population growth, and the high proportion of the young population on the continent.  The combined revenue of African financial technology (fintech) startups is expected to grow 13-fold between 2021 and 2030, according to a report released on May 3 by Boston Consulting Group and QED...

The Board of Directors of the African Development Bank on 16 May 2023 approved a $11.7 million budgetary allocation to the African Fertilizer Financing Mechanism (AFFM) for its 2023 operations. Tuesday’s approval adds up to $16.4 million extended to the Facility to support its 2023 budget. It includes $4.7 million, which was carried over from the previous year. The Board of...

According to data from the GSM Association (GSMA), approximately 60% of the African adult population does not have access to the Internet. Microsoft wants to help reduce this digital divide by connecting 100 million people to broadband Internet by 2025. U.S. tech giant Microsoft announced, Tuesday (May 16), new agreements with Internet service providers Mawingu and Tizeti. The goal of these...

The number of unemployed individuals recorded by the Tunisian statistics institute in the first quarter of 2023 exceeded 655,000, against about 625,000 in the fourth quarter of 2022.  Tunisia’s unemployment rate reached 16.1% in Q1-2023, up from 15.2% a quarter earlier, results published, Monday (May 15), by the national statistics institute INS show.   The institute reveals...

Zimbabwe President Emmerson Mnangagwa has reassured development partners and creditors that his government is committed to the implementation of key reforms critical to resolving the country’s nearly $8.3 billion of debts and arrears.  He was speaking during the high-level debt resolution forum held Monday in the capital Harare, that was also addressed by the President of the...

Africa contributes the least - less than 3% -- to global warming, yet the continent is the most vulnerable to climate risks. To build resilience against climate change, the countries have outlined tangible ambitions for green growth, including plans to increase climate investment. Amid dwindling climate finance flows to Africa, the African Development Bank has committed to helping to de-risk...

Recently, the 4,500 white large landowners forcibly evicted from their land under former President Robert Mugabe's land reform program turned down a compensation proposal made by the current government. The proposal offered to compensate them with treasury bonds over 10 years. The African Development Bank (AfDB) announced, Monday, it would help Zimbabwe compensate white farmers who were evicted...

In a global context marked by multiple global crises since the emergence of Covid-19 in 2020, Africa has shown resilience. Amid headwinds, the continent continues to show positive economic growth. According to the African Development Bank's Africa's Macroeconomic Performance and Outlook, the continent's real gross domestic product (GDP) could expand by an average of 4% in 2023-2024. This is above...

The South African banking group which has branches in 10 African countries plans to offer advisory services to Chinese companies interested in investing in the continent, among other things. South African bank Absa Group will set up a representative office in Beijing to serve Chinese companies looking to expand their business to African markets, the South China Morning Post reported on Monday,...

OneWeb has finalized the deployment of its low-earth-orbit satellite constellation.  To ensure the distribution of its services in Africa, it is building partnerships with local actors.  Satellite operator OneWeb announced on Monday, May 15, a distribution agreement with integrated communications service provider iSAT Africa Ltd to provide broadband connectivity services in Central,...