Tanzania's Forex Reserves Drop to $4.96 Billion in September 2022
Tanzania’s foreign exchange reserves can now cover only 4.2 months of imports, the shortest period for five years. The Bank of Tanzania has attributed this to the economic consequences of [...]
SafeBoda Exits Nigeria, Shifts Focus to Uganda
Motorcycle and car ride-hailing company, SafeBoda has announced that it will exit the Nigerian market at the end of December 2022, to concentrate on its more profitable business in Uganda. The [...]China Cancels Rwanda's $7.1 Million Debt
China has canceled Rwanda's $7.1 million debt that the latter used to build the 6.36-kilometre Masaka-Kabuga road under the Kigali urban road upgrading project. According to a statement issued by [...]Airtel Receives $194 Million Loan from IFC to Support Mobile Internet Connectivity Across Africa
Airtel Africa has taken out a $194 million loan facility with the International Finance Corporation (IFC) to support its operations and investments across Africa. The telecoms group, which operates in [...]
Jack Dorsey’s Block Inc Leads $2 Million Investment in Kenya Based Bitcoin Mining Company Gridless
Gridless, a Kenyan based bitcoin mining company helping to bring new energy generation to rural communities in Africa, has announced that it secured a $2 million seed investment round led [...]
The Bitcoin Technology Center Opens to Educate Local Community in Ghana
The Built With Bitcoin Foundation (BWB), a humanitarian organization, announced this week’s opening of the Bitcoin Technology Center (BTC), a learning and training center in Kumasi, Ghana. The center was [...]Africa's air cargo market contracts over 8% in October
The International Air Transport Association (IATA) released data for October 2022 global air cargo markets showing that headwinds continue to affect air cargo demand. Global demand, measured in cargo tonne-kilometers [...]Ghana Raises Benchmark Interest Rate to a 19-Year High Amidst Rising Inflation Rate
Ghana’s central bank increased its benchmark interest rate to the highest level in more than 19 years to cool persistent inflation. The monetary policy committee raised the cost of borrowing [...]NCBA Eyes Mshwari Entry in Ethiopia, DRC and Ghana
NCBA Group is set to launch its mobile phone banking services M-Shwari in Ghana, Ethiopia and the Democratic Republic of Congo (DRC) through partnerships in efforts to grow further into [...]RwandAir Receives first freighter as it Seeks to Expand Cargo Operations
East African carrier RwandAir has taken delivery of its first dedicated freighter as it seeks to expand its cargo operations. On November 24, the airline took delivery of its first [...]South Africa Raises Key Interest Rate to a 5-Year High of 7%
South Africa’s central bank delivered another jumbo interest-rate increase, prolonging its most aggressive monetary policy tightening cycle in at least two decades as it tries to tame inflation. The monetary [...]Nigeria Launches New Bank Notes Earlier than Planned
Nigerian President Muhammadu Buhari on Wednesday unveiled the redesigned Naira notes as proposed by the Central Bank of Nigeria (CBN). The launch and release of the banknotes came earlier than [...]
