Fintech Association Of Kenya

SpaceX's Starlink has entered the Kenyan market. On one side, Safaricom PLC, the 𝗸𝗲𝘆 𝗹𝗼𝗰𝗮𝗹 𝗽𝗹𝗮𝘆𝗲𝗿, has been instrumental in job creation, local investments, and economic growth, with a significant portion of its earnings 𝗰𝗶𝗿𝗰𝘂𝗹𝗮𝘁𝗶𝗻𝗴 𝗯𝗮𝗰𝗸 𝗶𝗻𝘁𝗼 𝘁𝗵𝗲 𝗲𝗰𝗼𝗻𝗼𝗺𝘆 through salaries and payments to local businesses and smaller shareholders. On the other side, the arrival of competitors like Starlink promises to 𝗱𝗶𝘀𝗿𝘂𝗽𝘁 the market, potentially driving down prices and offering consumers 𝗺𝗼𝗿𝗲 𝗰𝗵𝗼𝗶𝗰𝗲𝘀 and pushing local telecoms and ISPs like Safaricom, Airtel Kenya, Telkom Kenya, Jamii Telecommunications Ltd, poa! internet to 𝗶𝗻𝗻𝗼𝘃𝗮𝘁𝗲 𝗳𝘂𝗿𝘁𝗵𝗲𝗿. However, this entry also raises concerns about 𝗳𝗼𝗿𝗲𝗶𝗴𝗻 𝗰𝗼𝗻𝘁𝗿𝗼𝗹 and the 𝗶𝗺𝗽𝗮𝗰𝘁 𝗼𝗻 𝘁𝗵𝗲 𝗹𝗼𝗰𝗮𝗹 𝗰𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀.

US and UN Urge Dialogue in Libyan Central Bank Dispute. The United States and the United Nations have called for negotiations to resolve the escalating dispute over the control of Libya's Central Bank. This call for dialogue comes amid tensions between Libya's UN-backed government in Tripoli and the eastern government, which have intensified following the dismissal of the Central Bank's long-serving governor, Sadiq al-Kabir. The Tripoli-based government seeks to replace al-Kabir, citing allegations of mismanagement related to oil revenues, a move that has been met with resistance from factions in the east. The conflict over the Central Bank has already had significant repercussions, including the closure of oil fields by the eastern government, which has severely impacted Libya's primary revenue source and heightened fears of further internal divisions. The situation has also contributed to fluctuations in global oil prices due to concerns over supply disruptions. The UN Support Mission in Libya and the US have emphasized the need for a peaceful resolution to avoid further destabilization of Libya's fragile political landscape. The international community is urging both sides to engage in constructive talks to ensure the effective functioning of state institutions and to safeguard the country's economic interests. #LibyaCrisis #CentralBankDispute #USUNIntervention #OilConflict #PoliticalStability The Central Bank of Libya, Tripoli.

Standard Chartered and WomHub Launch Second Women in Tech Incubator in South Africa Standard Chartered, in collaboration with @WomHub, has launched the second edition of the Women in Tech Incubator Programme in South Africa. This initiative is designed to empower female entrepreneurs, particularly those leading or founding businesses in the STEM industries. The program aims to advance gender equality and foster innovation by providing participants with mentorship, education, networking opportunities, and potential funding. The incubator will select 15 female-led businesses to participate in a comprehensive 12-week training program. Participants will receive hands-on guidance from industry experts, focusing on personal and business development to accelerate their growth. The program is set to begin in September and is expected to significantly impact the participating businesses by equipping them with the tools and knowledge needed to thrive in the competitive tech landscape. #WomenInTech #StandardChartered #WomHub #FemaleEntrepreneurs #STEMInnovation

Konga and Starlink Join Forces to Enhance Internet Access in Nigeria. Konga Group, an online marketplace in Nigeria, has partnered with Starlink to provide satellite internet services to underserved regions across the country. This strategic collaboration aims to bridge the digital divide by delivering reliable, high-speed internet connectivity to individuals and businesses in areas with limited or no terrestrial internet infrastructure. As the exclusive authorized shop-in-shop for Starlink in Nigeria, Konga is enthusiastic about the potential of this partnership. During Starlink Week, Konga’s CEO, Prince Nnamdi Ekeh, highlighted the company's commitment to empowering Nigerians by equipping them with the necessary tools and resources to thrive in the digital age. This partnership is seen as a transformative step in Nigeria's efforts to enhance internet connectivity, enabling access to online services, education, healthcare, and economic opportunities in remote areas. #KongaStarlink #InternetAccess #NigeriaConnectivity #DigitalDivide #SatelliteInternet

Logidoo Launches Afridoo to Transform African E-commerce Landscape. Logidoo has officially launched Afridoo, an innovative digital commerce tool designed to empower African merchants by simplifying e-commerce operations. Afridoo integrates essential e-commerce functionalities such as Order Management System, Warehouse Management System, and Last Mile Management System into a single, user-friendly platform. Afridoo aims to address the complexities of managing separate platforms for inventory, orders, and deliveries, providing a centralized solution for small and medium-sized enterprisesand individual merchants across Africa. Afridoo aims to enable businesses to efficiently manage their online stores, expand their reach, and ultimately grow their revenue. The platform's launch follows Logidoo's receipt of a $50,000 grant to develop and promote AI solutions for Africa's logistics market, further enhancing its value proposition. #Afridoo #Ecommerce #Logidoo #AfricanBusiness #DigitalCommerce

Boeing to Establish African Headquarters in Addis Ababa Boeing is set to open its African headquarters in Addis Ababa, Ethiopia, in October 2024, marking a strategic expansion for the aerospace giant. This decision underscores Ethiopia's growing prominence in the African aviation sector, with the country recognized as a key hub due to its advancements in aviation infrastructure. The new office is expected to strengthen Boeing's collaboration with Ethiopian Airlines, enhancing cooperation across various sectors, including the potential joint production of aircraft components. The establishment of Boeing's headquarters in Addis Ababa will bring advanced aerospace technology and expertise to the region, potentially catalyzing growth in the local aviation industry. This move aligns with a broader trend of international corporations increasing their presence in Africa, recognizing the continent's potential for growth and innovation. #BoeingAfrica # #Ethiopia #Innovation #Africa

Ethiopia and UAE Collaborate on 300MW Aysha-1 Wind Farm. Ethiopia is set to develop a 300MW wind farm in the Somali region. This project, known as the Aysha-1 wind farm, is being developed by AMEA Power, a renewable energy company based in the United Arab Emirates. The initiative is part of Ethiopia's broader strategy to diversify its energy sources and enhance sustainable development. The agreements for the project were signed in the presence of Ethiopia’s Finance Minister, Ahmed Shide, and senior officials from both Ethiopia and the UAE. Under a 25-year power purchase agreement, the energy generated by the wind farm will be sold to Ethiopian Electric Power. The project is expected to generate 1,400 GWh of clean energy annually, powering over four million households and significantly reducing carbon emissions. AMEA Power is investing approximately $620 million in the project, which is anticipated to create more than 1,500 direct jobs during its construction and operation phases. The Aysha-1 wind farm will be the largest wind energy project in the Horn of Africa, reinforcing Ethiopia's commitment to green energy and economic growth. The project is also part of the UAE’s $4.5 billion clean energy initiative in Africa, emphasizing the strengthening of UAE-Africa ties in renewable energy. #Ethiopia #RenewableEnergy #WindFarm #AMEAPower #UAEAfrica

Satellite Data Revolutionizes African Agriculture African farmers are increasingly leveraging satellite data to enhance crop yields and improve agricultural productivity. This technological advancement provides farmers with critical insights into soil health, weather patterns, and crop conditions, enabling them to make informed decisions about planting and harvesting. The use of satellite imagery allows for precise monitoring of large agricultural areas, offering real-time data that can significantly boost efficiency and output. This approach is particularly beneficial in regions where traditional farming methods are challenged by climate change and resource limitations. Satellite data helps farmers optimize resource use, such as water and fertilizers, and adapt to changing environmental conditions. By integrating this technology, farmers can increase resilience against adverse weather events and improve food security. The adoption of satellite technology in agriculture is part of a broader trend towards digital transformation in Africa, where innovative solutions are being employed to address longstanding challenges in the sector. #SatelliteData #AgricultureInnovation #AfricaFarming #CropYields #SustainableAgriculture

Diamond Trust Bank Embraces UN Principles for Responsible Banking Diamond Trust Bank has officially signed onto the United Nations Principles for Responsible Banking, marking a significant step in its commitment to sustainable banking practices. This initiative aligns DTB's operations with global sustainability goals, including the UN Sustainable Development Goals and the Paris Climate Agreement. By adopting these principles, DTB aims to integrate sustainability into all aspects of its business, from lending and investment to advisory services. The commitment encompasses DTB's operations in Kenya, Uganda, and Tanzania, reflecting a regional dedication to responsible banking. Under the framework, DTB will assess and manage the environmental and social impacts of its business activities, set measurable targets for improvement, and publicly report on its progress. This approach underscores DTB's role in promoting sustainable economic growth and addressing global challenges such as climate change and social inequality. DTB's Group CEO, Ms. Nasim Devji, emphasized the bank's dedication to improving the quality of life for its stakeholders in a sustainable manner. The bank's efforts include developing green financial products, implementing a responsible supply chain code of conduct, and fostering transparency through comprehensive sustainability reporting. #DiamondTrustBank #ResponsibleBanking #Sustainability #UNPrinciples #EconomicGrowth

US Ambassador Meg Whitman Engages with CS Duale on Carbon Market Development in Kenya US Ambassador to Kenya, Meg Whitman, recently met with Kenya's Cabinet Secretary Ministry of Environment, Climate Change and Forestry, Aden Duale, to discuss the establishment of a carbon market in Kenya. This meeting highlights the growing collaboration between the United States and Kenya on climate action and sustainable development initiatives. The conversation between Ambassador Whitman and CS Duale aligns with Kenya's broader climate goals, particularly following the recent gazettement of the Climate Change (Carbon Markets) Regulations, 2024. These regulations provide a framework for the development of carbon markets in Kenya, aiming to enhance regulatory oversight and facilitate carbon trading projects. The establishment of a carbon market is seen as a strategic move to attract green funding and investments, which can significantly contribute to Kenya's climate action efforts. Kenya's engagement in carbon markets is part of a larger trend across Africa, where countries like Egypt are also exploring similar initiatives to capitalize on carbon credits and promote sustainable practices. The potential of carbon markets in Africa is vast, as they offer opportunities for countries to monetize their environmental conservation efforts while attracting international investments in green projects. The meeting also follows Kenyan President William Ruto's recent visit to the United States, where he and President Biden discussed strengthening bilateral ties, including climate partnerships. In addition to government efforts, private sector initiatives are also gaining momentum. For instance, BasiGo, a Kenyan electric vehicle company, has secured substantial funding to support its e-mobility projects, reflecting the increasing interest in sustainable transport solutions in the region. Such initiatives complement the carbon market framework by reducing emissions and promoting clean energy usage. The development of a carbon market in Kenya is expected to have significant implications for the country's economy and environment. It could lead to increased foreign investments, job creation in green sectors, and enhanced efforts to combat climate change. As Kenya continues to position itself as a leader in climate action in Africa, the collaboration with international partners like the United States will be crucial in achieving its sustainability goals. #Kenya #CarbonMarket #ClimateAction #USKenyaPartnership #GreenFunding