Egypt, has since January 2022, been one of the three prime targets for investments in the African fintech industry. According to data collected by Ecofin Agency, the country’s fintech industry received a combined US$51.4 million in financing for firms at various development stages. That amount does not include recent fundraising operations announced by firms like Nigeria’s CredPal (US$15...

In July 2021, the Tunisian Head of State suspended the parliament and assumed executive authority. In December, he announced the parliament would remain suspended till the following elections. This was de-facto equivalent to a dissolution of the parliament. The Tunisian parliament is officially dissolved. The announcement was made by the President of the Republic, Kaïs Saïed (photo), during a...

Fitch Ratings downgraded the Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) of Arab Tunisian Bank (ATB) from 'B' to 'B-', last March 28. The rating “follows the downgrade of Tunisia's sovereign IDR to 'CCC' on 18 March 2022, and the downward revision of its Country Ceiling to 'B-' from 'B'. The downgrade of Tunisia reflects heightened fiscal and external liquidity risks in...

Liquid Intelligent Technologies, a Zimbabwean firm specializing in fiber connectivity, announced, on Tuesday, the acquisition of a fiber pair on Google's Equiano submarine cable. This will enable the Econet Group’s subsidiary to improve international connectivity in West and Southern Africa, with the capacity to transport up to 12 Terabits of traffic. With its over 100,000 km of African...

After over 20 years of tense relations, Egypt and Qatar resumed diplomatic relations in January 2021. They are now looking to expand their areas of cooperation through new partnerships. Egypt and Qatar agreed on investments and partnerships “totaling USD5 billion,” the Qatari Ministry of Foreign Affairs announced in a release published on March 29. The partnerships and investments aim to...

Congo Terminal, a subsidiary of Bolloré Ports, has recently commissioned 10 tractors and 10 trailers worth more than 779 million CFA francs (over €1 million). This is the fourth order for rolling stock since the concession began in 2009. These latest generation YT193 and RT223 tractors, equipped with mobile terminals and connected to the Navis 4 operating system, will increase...

In 2019, the Democratic Republic of Congo (DRC) officially applied to join the East African Community (EAC). The country’s application was officially approved during a recent extraordinary meeting of the Presidents of EAC member countries. The Democratic Republic of Congo (DRC) is now a member of the East African Community (EAC). The announcement was made by the institution in a release issued...

Telecom Egypt signed, last Sunday, a €150 million (US$164.5 million) medium-term loan agreement with the European Investment Bank (EIB). The funds loaned will be used to expand the mobile operator's 4G network nationwide. This is the largest loan provided by the European Investment Bank for the development of mobile networks in Africa. Thanks to the loan, Telecom Egypt will build 2,000...

Digital payment firm MFS Africa announced last March 28, the finalization of the process aimed at acquiring Baxi, an electronic payment network focused on small and medium-sized enterprises (SMEs) in Nigeria. The transaction was approved by the Central Bank of Nigeria, marking the successful completion of that process. “MFS Africa will build Baxi into a key node on its digital payment...

African Development Bank Group President Dr Akinwumi A. Adesina arrived in Dubai today at the start of a three-day official visit to the United Arab Emirates. The Bank Group chief is expected to meet with His Highness Sheikh Maktoum Bin Mohammed Al Maktoum, Minister of Finance of the United Arab Emirates. Adesina will also have bilateral meetings with other senior members of government and...