Flame Tree Group Net Losses Fall to KSh 74.7m
Flame Tree Group, a manufacturer and distributor of plastic products and fast-moving consumer goods, recorded a net loss of KSh 74.4 million in 2023, an improvement from a net loss [...]
Supporting the African tech ecosystem requires a mixed approach, with capital only one part of the solution
Equity capital is an important cog in the flywheel of the African tech ecosystem. However, it is not the defining ingredient that drives innovative entrepreneurship in the continent’s different markets. [...]
CBN Directs Four Nigerian Fintechs to Halt New Account Openings
The Central Bank of Nigeria (CBN) has ordered Kuda Bank, OPay, Palmpay, and Moniepoint to prevent more customers from onboarding their services, as scrutiny continues in the Nigerian financial sector. [...]Glovo Prepares for Ghanaian Exit on May 10 as Inflation Soars
Glovo has announced that its Ghanaian customers will not be able to place orders on its app after May 10 this year, as the company will cease operations to focus [...]Ethiopian Startup Kubik Closes Seed Round at US$ 5.2 million
Several Venture Capital firms raised an additional US$ 1.9 million in seed funding to enable Kubik, an Ethiopian eco-startup to ramp up production of cheap building materials from plastic waste. [...]Regional Tax Authorities Net Over US$ 3Mn from Evasion Probes
The East Africa Revenue Authorities have a realised a total of US$ 3million in revenue from tax evasion investigations for the periods between October 2023 and April 2024. “Corruption fights [...]TPS Eastern Africa Net Profit Hits KSh 870.9 Million
TPS Eastern Africa Plc recorded a net profit of KSh 870.9 million at the close of the financial year ended 31st December 2023, more than double earnings compared to KSh [...]Africa's $824bn Debt Burden is Hindering its Potential-AfDB President
Africa's massive debt load and the nature of many of its resource-backed loans are compromising its economic potential, the African Development Bank's (AfDB) President Akinwumi Adesina said recently. I think [...]
Investors Demand an Audit of Thepeer Weeks after Abrupt Closure
Some shareholders in the collapsed Nigerian API startup, Thepeer, have mentioned that they will take legal action against the founders if a clear audit of the company's finances is not [...]Trader’s View: Kenyan Shilling (USDKES) vs South African Rand (USDZAR) 2024 Performance and Outlook
KES Outlook The Kenyan shilling declined by 22% against the US dollar from March 2022 to January 2024. Several global factors contributed to this depreciation including the US Federal Reserve's [...]
Digital Tax Wave Spreads across Africa
African countries are racing to enact rules for non-resident suppliers to account for taxes on electronically supplied services (ESS), a new report by PwC indicates. “As the digital economy continues [...]How Collaboration Drives Government Infrastructure Projects
In the world of global infrastructure development, collaborative efforts between governments, international institutions, and private entities play an important role in realizing successful completion of any project. The success of [...]
