Kenya’s Inflation Rate Down to 5.7% in March on Flour, Fuel Price Drop
Kenya’s monthly inflation, as measured by the Consumer Price Index(CPI) fell to 5.7% in March compared to 6.3% in February, the first time it has fallen below 6% in two [...]
US Launches Africa Trade Desk, Targets $300mn Deals in 18 Months
Prosper Africa, a US government national security initiative, has announced the launch of Africa Trade Desk, a platform to link African agricultural producers and suppliers with large US food retailers. [...]
Bank of Uganda Downgrades 3 Tier 1 Banks to Credit Institutions
Three commercial banks in Uganda will transition from Tier I commercial banks to Tier II credit institutions , the Bank of Uganda said in a statement on Wednesday. “The three [...]
Angaza Awards Unveils 2024 Top 10 Women Shaping Africa's Financial Sector
The Angaza Awards for Women in Banking, Finance, and Investment has unveiled the Top 10 women shaping Africa's financial services landscape. After a four-month submission period, attracting professionals from 11 [...]High Inflation Pushes MTN out of Two African Countries
MTN Group, Africa’s largest network operator by subscriber base, has sold its equity stakes in MTN Guinea-Bissau and Guinea-Conakry to Africa-focused telecommunication service, Telecel. “Telecel, an established telecoms operator with [...]Binance Faces Tax Evasion Charges in Nigeria as Executive Flees
The Nigerian Federal Government filed tax evasion charges against Cryptocurrency giant Binance on Monday, according to media reports. Any company that transacts business above N25 million annually is deemed by [...]State of VC Funding in Africa 2023; Fintechs Get Lion's Share
The United States contributed the greatest share of VC Funding for startups in Africa last year, according to a VC report released this month. Macroeconomic challenges in the global market [...]Kenya Stock Market Surges on Strengthening Shilling, Banking Sector Performance
The Nairobi Securities Exchange (NSE) on Monday, March 25, 2024, recorded its highest single-day turnover in 2024, totalling Ksh 3 billion and a trading volume of 141 million shares.Acasia Ventures Leads 6-Figure Funding Round for Egypt’s Pharmacy Marts
Pharmacy Marts, an Egyptian retail startup for pharmaceutical products, has attained $2 million in total funding raised since its establishment after Acasia Ventures invested an undisclosed sum of money. The [...]Uganda’s Umeme Profit Drops to USh 11.5 Billion
Umeme, Uganda’s electricity distribution company has recorded a significant drop in its full-year financial result for the period ended 31 December 2023, driven by accelerated amortization of intangible assets. “As [...]Kenyan Commerce Startup Tappi Enters the Ivory Coast MSME Scene
Digital commerce startup, Tappi, has partnered with MTN as part of its strategy to make inroads into the Ivory Coast market. With Côte d'Ivoire boasting a robust GDP growth rate [...]ATIDI to Underwrite a $7.7 Million Hydro Project in Burundi
The African Trade Insurance Agency (ATIDI) has given insurance cover to support the $7.7m Songa Energy’s 1.65 MW run-of-the-river hydro project on the Ruvyironza River in Burundi. “We have been [...]
