TechPression

Author: Hauwa Ali

  • CBK to Give Payment Licenses to Fintech Startups

    CBK to Give Payment Licenses to Fintech Startups

    The Central Bank of Kenya has pledged to issue payment licenses to fintech startups to open East Africa’s largest payments market—a significant stride meant to foster innovation humped by growth in the financial technology sector and, therefore, a significant boost to companies like Flutterwave and Chipper Cash.

    This milestone brings greater financial inclusion to our region, said Patrick Njoroge, Governor of the CBK. Fintech companies bring about innovation that can be constructively leveraged and help bridge the gap for those currently excluded from traditional banking.

    Read also: CBN’s Licence Revocation and Heritage Bank: NDIC’s Role

    The CBK move will likely have a far-reaching impact on regional financial inclusion. Many people across the East African region still don’t have access to formal banking services despite growing. By licensing more fintech startups, CBK intends to grant underserved communities more access to more finance options.

    Updating the Legal Framework

    For example, the CBK is updating the National Payment Systems Act to facilitate this move. This approach will enable a definite legal framework for the fintech operations. The decision will give stability and clarity to the firms considering entering this space.

    The new Act shall determine the scope of applicability of the license for payments and the standards of operation of fintech companies, as well as define mechanisms to control them. It is thus faring to create a level playing field and, at the same time, maintain the safety of the payment system.

    Increased competition and innovations will encourage more fintech start-ups to enter the market, fostering economic growth. They can expect more choices, high quality of service, and probably even lower prices with increased competition.

    This new licensing regime offers companies like Flutterwave and Chipper Cash an expansion opportunity. Flutterwave, Nigeria-based, has already made inroads into Kenya, allowing businesses to make seamless payments. Of massive import to Chipper Cash, which is generally known for its peer-to-peer money transfer services, these regulations will allow it to improve the scope of practice and expand the existing ones.

    Positive Industry Reactions

    The CBK announcement has been welcomed in the fintech industry. According to most leaders, the new licensing regime is a true catalyst for growth and innovation.

    This is a defining moment for fintech in East Africa, said Olugbenga Agboola, Flutterwave’s CEO. “The CBK’s proactive approach to regulation gives us a solid foundation to grow and to contribute towards financial inclusion and economic development.

    Read also: Fintechs pioneering financial inclusion in Nigeria, says World Bank report

    Ham Serunjogi, the CEO of Chipper Cash, made the same point. “We’re excited about the opportunities this presents. Clear regulation increases investor confidence and ensures we can continue delivering secure and efficient financial services.”

    Fintech players are preparing to take full advantage of new opportunities as much as possible following the finalisation by CBK of changes in the National Payment Systems Act:

    Later this year, much-awaited payment licenses are expected after a new era is brought towards East Africa for probably the most pivotal move in their payment markets.

    Over the next several months, the new regulatory framework will make it very interesting to observe whether it impacts the financial ecosystem for good or worse. The balance can very correctly be something that makes the initiative by CBK transform the economic landscape in the country much more in a manner that is Keynesian than has already been realised, creating an inclusive, dynamic, and resilient economy.

  • Norway Invests $307M via Norfund to Boost Kenya’s E-Mobility Sector

    Norway Invests $307M via Norfund to Boost Kenya’s E-Mobility Sector

    Norway has announced a substantial investment of $307 million through Norfund to enhance Kenya’s e-mobility sector. 

    This strategic investment is set to revolutionise the public transportation landscape in Kenya, facilitating the deployment of 1,000 electric buses and creating 300 jobs. The initiative promises to reduce carbon emissions, foster economic growth, and pave the way for a greener future. 

    Kenya’s bustling cities are on the brink of a green revolution. The streets of Nairobi and Mombasa, often choked with traffic and pollution, will soon see a fleet of 1,000 electric buses. These buses, powered by clean energy, will replace the diesel-guzzling, smoke-spewing vehicles currently dominating public transport.

     Read also: Kenya’s booming EV sector faces threat from new taxes

    Introducing electric buses is not just about cutting emissions—though that’s a significant benefit. It’s also about enhancing Kenyans’ quality of life. Electric buses are quieter, produce no exhaust fumes, and are cheaper to run long-term. This means cleaner air, less noise pollution, and potentially lower fares for commuters. 

    Norfund Creating Jobs and Opportunities

    The $307 million investment is also a boon for the local job market. The project is expected to create 300 jobs, providing opportunities for skilled and unskilled workers. This initiative will offer various employment opportunities, from manufacturing and assembling the buses to maintaining and operating them. 

    Local businesses stand to gain as well. The maintenance and charging infrastructure needed for the electric buses will require partnerships with local companies, fostering a network of businesses centred around sustainable technology. This, in turn, will spur economic growth and innovation, positioning Kenya as a leader in e-mobility in Africa. 

    Norfund, Norway’s investment fund for developing countries, is at the heart of this initiative. With a clear mandate to support projects that drive sustainable development, Norfund’s investment in Kenya’s e-mobility sector underscores its commitment to environmental stewardship and economic development. 

    Norway’s involvement is not just financial; it’s also about sharing expertise. Norwegian companies have been at the forefront of electric vehicle technology, and their experience will be invaluable as Kenya navigates the transition to electric buses. This knowledge transfer will help ensure the project’s success and sustainability. 

    Norfund investment cuts carbon emissions 

    One of the most significant impacts of this investment will be the reduction of carbon emissions. Kenya, like many developing countries, faces significant environmental challenges. Introducing 1,000 electric buses is expected to cut carbon emissions by thousands of tons annually, substantially contributing to the fight against climate change.

    This aligns with global efforts to reduce greenhouse gas emissions and mitigate the impacts of climate change. It also supports Kenya’s commitments under the Paris Agreement to reduce its carbon footprint and promote sustainable development. 

    Beyond the environmental and social benefits, the investment catalyses economic growth. A reliable and efficient public transportation system is crucial for any economy. By improving mobility, the electric bus project will enhance access to jobs, education, and services, particularly for those in underserved communities. 

    Moreover, shifting to electric buses will reduce the country’s dependency on imported fossil fuels, improving energy security and economic resilience. The savings from reduced fuel imports can be redirected to other critical areas of development, further stimulating the economy. 

    Read also: Kenya unveils groundbreaking green mobility policy

    Green revolution on the wheels

    As the first of the 1,000 electric buses roll out onto Kenyan roads, they will symbolise a shift towards sustainable transportation and the dawn of a new era of economic and environmental progress. Norway’s investment through Norfund is a powerful endorsement of Kenya’s potential to lead the way in e-mobility in Africa. 

    This landmark initiative promises to transform Kenyans’ daily lives, making cities cleaner, quieter, and more connected. It’s a win-win situation, combining the fight against climate change with tangible economic and social benefits. As Kenya embarks on this journey towards a greener future, the world will be watching and learning from its success.

  • Wowzi and MDP: Transforming Financial Management for Creators

    Wowzi and MDP: Transforming Financial Management for Creators

    Imagine living in a world where all your financial transactions could be completed with a simple wave or tap of the wrist. That is the idea behind Mastercard’s most recent endeavour, a $2.04 million investment into the digital content space through a partnership with Wowzi and MDP.

    They are creating a new reality for content creators, influencing our digital lives, and not merely providing cash for ideas.

    Content creators are the new entrepreneurs in the fast-paced world of social media, where every like, share, and follow turns into cash. However, tremendous power also comes with great responsibility; in this case, that obligation is the difficult task of handling money.

    Read also: Mastercard-AfDB Digital Economy Alliance to boost African digital access

    Here’s Wowzi, MDP, and Mastercard together to take this head-on. They’re developing financial management tools that simplify things and transform an unorganised earnings dashboard from a disarray of revenue streams.

    Wearable Payments Take Center Stage

    However, why end with software? This trio is considering more. With their Watch Cards and Ring Cards, they’re adding flair to the world of finances. These aren’t your typical accessories; they’re wearable technology that allows you to pay with your hand or finger. Transactions are completed quickly and securely with a simple flick of the wrist or touch of a finger.

    The following explains why these wearable marvels are going to be the best friend of content creators:

    Convenience: With your watchable to pay for purchases, who needs wallets? Alternatively, let your ring speak for you.

    Security: These devices are intelligent. They can feel your pulse and recognise you by touch. Falsers do not have to apply.

    Efficiency: By tapping quickly, you can save time and money. Stop searching for cards and continue with your creative process.

    Innovation: State-of-the-art? Indeed. Like the creators for whom they are intended, these wearables are cutting-edge.

    This is a movement, not just a collection of glitzy devices. Thanks to the efforts of Mastercard, Wowzi, and MDP, content producers will be the stars of a financial revolution. Thanks to these tools and technology, they can concentrate on what they do best—engaging us with their inventiveness. Collaborations like this will keep the digital landscape changing and the industry thriving.

    Thus, cheers to Wowzi and MDP’s clever designs, Mastercard’s audacious action, and both. By working together, they’re altering and redefining the game, ensuring that creativity and financial understanding go hand in hand—or, perhaps more accurately, hand and finger—in the realm of content development.

    About Wowzi and MDP

    Wowzi is a Nairobi, Kenya-based business that assists marketers in automating their operations and creative marketing campaigns. It enables various clients, including NGOs, creative agencies, multinational enterprises, and small and medium-sized businesses, to engage with the influencers shaping African commerce trends. The primary skill of Wowzi is scalability.

    Read also: Egypt partners Mastercard for payments technology solutions

    Thousands of artists globally can be reached by brands through creating and managing many campaigns that span multiple regions and demographics simultaneously. The website offers impressive statistics, citing over 100,000 authors, 150 clients, and 15,000 campaigns across 23 countries.

    The renowned American private equity firm Madison Dearborn Partners (MDP) is based in Chicago, Illinois. It focuses on leveraged buyouts and growth capital investments in already-established companies. MDP was founded in 1992 and has a long history of investing in various sectors, such as TMT, primary industries, healthcare, business and government software and services, and financial and transaction services.

    MDP, which has put together one of the most experienced teams in the private equity industry, has raised seven funds totalling over $23 billion and has invested in more than 130 businesses.

  • Tala’s Success at Africa Bank 4.0 Awards

    Tala’s Success at Africa Bank 4.0 Awards

    Tala, a pioneering fintech company that provides digital lending, savings, and money transfer services, has been honoured with the Most Inspiring Fintech in Digital Lending award at the prestigious Africa Bank 4.0 Awards. 

    The Africa Bank 4.0 Awards, held on 6th June, celebrates excellence and innovation in the banking and fintech sectors across the continent. 

    Tala’s recognition at this event underscores its significant contributions to financial inclusion and its role in reshaping the digital lending landscape.

    “Receiving the Most Inspiring Fintech in Digital Lending award is a tremendous honour for us,” said Shivani Siroya, CEO and founder of Tala.

    Read also: How Glaze 2.0 Shields Artists from AI Theft

    “This award reflects our commitment to leveraging technology to provide financial services to those most need them. Our goal has always been to make financial access as seamless and inclusive as possible, and this recognition validates our efforts.”

    Tala’s success is built on its sophisticated use of AI and ML to assess creditworthiness and provide financial services to individuals typically excluded from traditional banking systems. By analysing various data points, from mobile phone usage to social media activity, Tala can create accurate risk profiles and offer personalised loan products.

    Tala’s services

    Digital Lending: Tala’s primary offering, digital lending, allows users to apply for loans via their mobile phones. The application process is straightforward, requiring minimal documentation and providing quick approvals.

    Savings: Besides lending, Tala offers savings solutions that help users manage their finances more effectively.

    Money Transfers: Tala’s platform facilitates seamless transfers, enabling users to send and receive funds quickly.

    These services have profoundly impacted, particularly in regions with limited access to traditional banking. Using AI/ML, Tala can reach millions of underbanked individuals, providing them with the financial tools needed to improve their lives.

    Tala’s innovative approach has expanded access to financial services and empowered individuals to achieve excellent financial stability and independence. Many of Tala’s customers are small business owners, entrepreneurs, and individuals seeking to improve their living conditions. Through Tala’s digital lending services, they have accessed capital, grown their businesses, and supported their families.

    “Before Tala, I had no way to get a loan. Traditional banks wouldn’t even consider my application,” said Mary, a small business owner in Kenya. “With Tala, I could get a loan quickly and easily. This has helped me expand my shop and increase my income.”

    Recognition and Future Goals

    The Most Inspiring Fintech in Digital Lending award is a significant milestone for Tala, highlighting its dedication to fostering financial inclusion through technological innovation. This recognition from the Africa Bank 4.0 Awards not only celebrates Tala’s achievements but also underscores the importance of digital solutions in addressing the financial needs of the underbanked.

    Read also: NITDA, KAOUN plans to launch GITEX Nigeria

    Tala plans to continue expanding its services and enhancing its technological capabilities. The company aims to reach more underserved populations and develop new products to improve financial access and inclusion.

    Tala’s recognition at the Africa Bank 4.0 Awards as the Most Inspiring Fintech in Digital Lending celebrates its innovative spirit and commitment to financial inclusion. By harnessing the power of AI and ML, Tala has revolutionised digital lending and provided essential financial services to millions of underbanked individuals across Africa. As Tala continues to grow and innovate, it remains a beacon of hope and progress for those striving for financial stability and empowerment.

    The accolade reflects Tala’s current achievements and sets the stage for future innovations and expansions. In a world where financial inclusivity is crucial, Tala stands out as a transformative force, making significant strides toward a more inclusive financial landscape.

  • Ghana-Based Kofa’s Cost-Effective Batteries Powers West Africa

    Ghana-Based Kofa’s Cost-Effective Batteries Powers West Africa

    Ghanaian startup Kofa, known for its innovative battery network solutions and e-motorcycles, is making significant strides in the clean-tech sector. 

    The company has revealed plans to expand its groundbreaking battery-swapping system to Kenya and Togo with a high-capacity battery system called Kore2. This battery is versatile and caters to a wide range of applications.

    The company aims to create an affordable, customer-centric electricity network powered by portable batteries and renewable energy. Kofa’s core innovation lies in providing high-performance power through its batteries, which are cost-effective (at least 30% more competitive than petrol) and adaptable for various uses.

    Read also: Kenyan Startup Gro Intelligence Shuts Down

    Partnership with TAIL-G

    Kofa has partnered with globally recognised e-motorcycle manufacturer TAIL-G to design the Jidi e-motorcycle that is tailored explicitly for the African market.

    The Jidi e-motorcycle, powered by Kofa’s Kore2 battery, offers a range of over 100 kilometres on a full charge, addressing the region’s mobility needs sustainably.

    Kofa’s role is to ensure the motorcycles’ efficiency through its Kore2 Swap and Go Network. Autopax Limited, a subsidiary of Green Africa Group, will assemble the bikes and source some parts within Kenya.

    Kofa partners MAX

    Kofa has also partnered with Nigeria’s African electric vehicle solutions leader, MAX. This partnership will allow MAX to provide financing options for over 2,000 Jidi bikes, making them more accessible to users.

    Unlike companies that import ready-made electric vehicles, Kofa’s founding team focused on developing the proper infrastructure for electric vehicles in West Africa.

    Their goal is to address the problems caused by existing petrol systems, whether it’s small businesses struggling with expensive petrol generators or delivery drivers using polluting motorbikes.

    Read also: Nigeria tech startups: Five remedies to funding shortage

    Kofa began its operations in Ghana in 2021 with the Volta motorcycle, deploying 40 units across Accra to gather market insights.

    The second version, the Jidi, has deployed over 10 charging stations, 500 Kore2 batteries, and 150 Jidi motorcycles since January.

    Kofa plans to operate in four cities with an additional 7,000 bikes in the pipeline.

    Kofa secured seed funding from the Shell Foundation supported by the UK’s FCDO, Wangara Green Ventures, and Mercy Corps Ventures. The company is expanding its operations to Kenya and Togo, bringing its cost-effective Kore2 battery-swapping network for electric bikes to these countries.

  • TotalEnergies, Tunisia to launch massive Green Hydrogen Project “H2 Notos”

    TotalEnergies, Tunisia to launch massive Green Hydrogen Project “H2 Notos”

    TotalEnergies has partnered with Tunisia to develop “H2 Notos,” a colossal green hydrogen project with a production potential of one million tons per year. 

    Powered by wind and solar energy, this ambitious initiative also involves key roles for Eren Renewable Energy and Austria’s Verbund, marking a significant step in the global shift towards green energy solutions.

    The “H2 Notos” project is set to become one of the world’s most significant green hydrogen initiatives. With an annual production capacity of one million tons, it is poised to transform Tunisia into a significant player in the renewable energy sector. This project underscores TotalEnergies and Tunisia’s commitment to reducing carbon emissions and promoting sustainable energy sources. 

    Read also: TotalEnergies Launches resourceful Initiative to Empower 100 Innovative Startups Across Africa in 2024

    “H2 Notos” will be powered by wind and solar energy, capitalising on Tunisia’s abundant natural resources. The country’s extensive solar radiation and favourable wind conditions make it an ideal location for such an ambitious renewable energy project. Integrating these two sources will ensure a consistent and reliable energy supply for hydrogen production.

    The use of renewable energy not only makes the project environmentally friendly but also cost-effective in the long run. By leveraging wind and solar power, “H2 Notos” aims to produce green hydrogen with minimal environmental impact, contributing to global efforts to combat climate change.

    TotalEnergies has brought together leading renewable energy companies to collaborate on “H2 Notos.” Eren Renewable Energy, a pioneer in solar power, and Verbund, Austria’s largest electricity provider, play crucial roles in this project. Their expertise and experience in renewable energy are invaluable assets in ensuring the success of “H2 Notos.”

    Eren Renewable Energy will focus on developing the solar infrastructure, while Verbund will lead the wind energy component. Together with TotalEnergies, these partners will combine their strengths to create a robust and efficient green hydrogen production system. This collaboration highlights the importance of strategic partnerships in advancing large-scale renewable energy projects.

    Economic and Environmental Impact

    The “H2 Notos” project is expected to have a significant economic and environmental impact on Tunisia and beyond. Economically, it will create numerous job opportunities, from construction to operation and maintenance of the facilities. The project will also stimulate local industries and attract further investments in the renewable energy sector.

    Environmentally, “H2 Notos” will be vital in reducing greenhouse gas emissions. Green hydrogen is a clean energy carrier that has a negligible carbon footprint when produced using renewable energy. The large-scale production of green hydrogen will help reduce dependence on fossil fuels and decrease carbon emissions in various industries, including transportation and manufacturing.

    They are developing “H2 Notos”, which positions Tunisia as a global renewable energy transition leader. Tunisia is taking a proactive approach to sustainable development and climate change mitigation by investing in green hydrogen. This project is a model for other countries looking to develop their renewable energy capabilities.

    Furthermore, “H2 Notos” aligns with TotalEnergies’ broader strategy to become a significant player in the global green hydrogen market. As countries worldwide seek to reduce their carbon footprints, the demand for green hydrogen is expected to rise significantly. TotalEnergies’ involvement in “H2 Notos” places the company at the forefront of this emerging market.

    Read also: OpenseedVC $10million targets companies in Europe and Africa

    Future Prospects

    The successful implementation of “H2 Notos” could pave the way for future green hydrogen projects in Tunisia and other regions. The experience gained from this project will be invaluable in scaling up green hydrogen production globally.

    Additionally, it will contribute to the technological advancements needed to make green hydrogen a viable and competitive alternative to conventional energy sources.

    The partnership between TotalEnergies and Tunisia to develop “H2 Notos” marks a significant milestone in the global transition to renewable energy. With the combined efforts of Eren Renewable Energy and Verbund, this project aims to produce one million tons of green hydrogen annually, powered entirely by wind and solar energy. As a beacon of sustainable innovation, “H2 Notos” exemplifies the potential of international collaboration in creating a cleaner, greener future.

  • Paystack-led consortium acquires Brass; banking startup

    Paystack-led consortium acquires Brass; banking startup

    In a landmark deal for the Nigerian fintech industry, a consortium led by Paystack, including prominent investors such as Piggyvest, Ventures Platform Fund, P1 Ventures, and angel investors Oo Nwoye and Olumide Soyombo, has successfully acquired Brass, a burgeoning business banking startup. 

    This strategic acquisition marks a significant milestone in the growth and consolidation of the fintech ecosystem in Nigeria.

    Paystack, a leading online payment processing company in Africa, spearheaded the consortium, reflecting its strategic vision to expand its footprint in the business banking sector. By acquiring Brass, Paystack aims to enhance its service offerings and provide comprehensive financial solutions to small and medium-sized enterprises (SMEs) across Nigeria.

    Read also: Former executives at Paystack unveil grocery delivery solutions

    Brass, known for its innovative approach to business banking, offers a suite of services tailored to the needs of SMEs, including current accounts, payment processing, and expense management tools. The acquisition aligns with Paystack’s mission to simplify financial operations for businesses, enabling them to focus on growth and productivity.

    The Role of Key Investors

    The involvement of notable investors and venture capital firms bolstered the acquisition deal. Piggyvest, a popular savings and investment platform, brings its expertise in financial technology and user engagement to the table. Ventures Platform Fund, a venture capital firm focused on early-stage tech startups, provides strategic guidance and funding to drive Brass’s growth.

    P1 Ventures, known for its investments in high-growth startups, adds a wealth of experience in scaling businesses. Including angel investors Oo Nwoye and Olumide Soyombo further strengthens the consortium with their deep industry knowledge and network within the Nigerian tech ecosystem.

    Brass has rapidly gained traction in the Nigerian market by addressing the unique banking needs of SMEs, a segment often underserved by traditional banks. Its platform offers seamless account management, transaction tracking, and financial planning tools for small businesses.

    The acquisition by Paystack and its partners is set to accelerate Brass’s growth trajectory. Leveraging Paystack’s robust infrastructure and extensive customer base, Brass can scale its operations and reach more businesses across Nigeria. This synergy will enhance Brass’s product offerings, providing SMEs with even more sophisticated and integrated financial solutions.

    Implications for the Nigerian Fintech Ecosystem

    This acquisition is a testament to the vibrancy and potential of the Nigerian fintech ecosystem. It showcases the increasing interest of investors in Nigerian tech startups and highlights the collaborative efforts within the industry to drive innovation and financial inclusion.

    For Paystack, the acquisition represents a strategic expansion beyond payment processing into comprehensive business banking services. It underscores the company’s commitment to supporting SMEs, which are vital to Nigeria’s economy. By offering end-to-end financial solutions, Paystack aims to empower businesses with the tools they need to thrive in a competitive market.

    The acquisition of Brass sets the stage for future growth and development in the Nigerian fintech sector. With the backing of a strong consortium, Brass is well-positioned to innovate and expand its service offerings. This move will likely attract further investment and interest in the Nigerian fintech landscape, encouraging more startups to explore business banking and financial technology opportunities.

    Read also: Paystack Expands “Pay With Apple Pay” to Cote D’Ivoire and South Africa

    The consortium’s support will enable Brass to invest in advanced technologies, enhance its platform, and offer new features that cater to the evolving needs of SMEs. This could include expanded lending options, advanced analytics, and integration with other financial tools, creating a comprehensive ecosystem for business banking.

    The acquisition of Brass by a Paystack-led consortium, including Piggyvest, Ventures Platform Fund, P1 Ventures, and angel investors Oo Nwoye and Olumide Soyombo, marks a significant milestone in the Nigerian fintech industry.

    This strategic move not only strengthens Paystack’s position in the market but also underscores the potential of collaborative efforts to drive innovation and growth in the business banking sector. As Brass scales its operations with the support of its new investors, it is set to play a pivotal role in transforming business banking for SMEs in Nigeria, fostering a more inclusive and dynamic financial ecosystem.

  • Flutterwave secures Mozambique operational licence

    Flutterwave secures Mozambique operational licence

    Flutterwave, a leading African fintech company known for providing seamless payment solutions, has successfully secured a licence to operate in Mozambique, enabling it to tap into the country’s burgeoning $9 billion digital market.

    This development empowers local businesses with secure and convenient solutions, promoting growth and expansion across the African continent.

    This strategic expansion aims to harness the potential of Mozambique’s digital market, valued at approximately $9 billion. By entering this market, Flutterwave is poised to facilitate digital transactions and support the growth of businesses across various sectors.

    Read also: Flutterwave halts network Intrusion, reports culprits to security agency

    The license acquisition signifies Flutterwave’s commitment to broadening its reach and enhancing its service offerings across Africa. Mozambique’s growing digital economy presents a fertile ground for Flutterwave’s innovative financial solutions, designed to simplify and secure online transactions for businesses and consumers alike.

    Benefits for local businesses

    Flutterwave’s entry into Mozambique brings a host of benefits for local businesses. By leveraging Flutterwave’s secure and efficient payment infrastructure, businesses can streamline their financial operations, reduce transaction costs, and improve customer satisfaction. This, in turn, fosters a more conducive environment for business growth and economic development.

    The platform offers various services, including online payment processing, mobile wallets, and financial management tools. These services are crucial for businesses looking to expand their digital presence and tap into new customer bases. With Flutterwave, businesses can accept payments from various channels through a single, integrated platform, including credit and debit cards, mobile money, and bank transfers.

    One of the core missions of Flutterwave is to promote financial inclusion across Africa. By expanding its services to Mozambique, the company is taking a crucial step towards achieving this goal. The ability to conduct digital transactions opens up new opportunities for individuals and businesses that traditional financial institutions previously underserved.

    Flutterwave’s platform is designed to be user-friendly and accessible, even for those with limited technological expertise. This inclusivity ensures that a broader population can participate in the digital economy, contributing to economic growth and development.

    A Boost for the Mozambican Economy

    The introduction of Flutterwave’s services in Mozambique is expected to impact the local economy positively. By providing businesses with the tools to conduct secure and efficient digital transactions, Flutterwave supports the growth of the e-commerce sector, which is a crucial driver of economic development in many African countries.

    Read also: Flutterwave earns honour’s spot on 12th annual CNBC Disruptor 50 list

    Small and medium-sized enterprises (SMEs), which constitute a significant portion of Mozambique’s business landscape, stand to benefit significantly from Flutterwave’s solutions. These businesses often face challenges in accessing reliable and affordable financial services. Flutterwave addresses these challenges by offering accessible and cost-effective payment solutions, enabling SMEs to scale their operations and compete more effectively in the market.

    Flutterwave’s expansion into Mozambique is a testament to the dynamism and resilience of Africa’s fintech ecosystem. The company’s innovative solutions and strategic growth initiatives are a model for other fintech companies looking to expand their footprint on the continent.

    By continuously pushing the boundaries of what’s possible in digital finance, Flutterwave is playing a pivotal role in transforming the financial landscape of Africa. The company’s success in securing a license in Mozambique underscores its reputation as a trusted and forward-thinking fintech leader.

  • M-PESA Africa partners with Remitly, others to launch first class money transfer

    M-PESA Africa partners with Remitly, others to launch first class money transfer

    In a groundbreaking partnership, M-PESA Africa has joined forces with Remitly and Vodacom Lesotho to launch a pioneering service that enables individuals in 30 countries to send money directly to M-PESA accounts held by Vodacom Lesotho subscribers.

    This innovative solution will provide millions of people with a fast, convenient, and secure way to transfer funds across borders, bridging the gap between loved ones and businesses alike.

    This new service, carried out by M-PESA Africa, Vodacom Lesotho, and Remitly, provides quite an innovation in the category of global money transfers. The service aims to make it far easier to send money overseas by using M-PESA’s existing mobile money platform, Vodacom Lesotho’s broad reach, and Remitly’s digital remittance know-how.

    Read also: Safaricom Ethiopia partners Woda Metals to expand telecom tower Infrastructure

    The service will significantly benefit the thousands of Basotho in the Diaspora who transfer money to their home-based relatives. With this introduction, money will be remitted to Lesotho phone numbers securely and instantly, bypassing the traditional banking network’s need, minimising the time spent per transaction, and easing costs.

    Promoting Financial Inclusion

    One of the core objectives of this work is to stimulate financial inclusion. A large proportion of the population of Lesotho, particularly people who are living in rural areas, have little access to formal financial services. The fact that they receive international remittances directly into M-PESA accounts provides a welcome financial lift that enables the recipients to access the monies quickly and when they find fit.

    As an African pioneer in mobile money services, M-PESA provides various other financial services like savings, loans, and bill payments. Its international remittance inclusion platform will put M-PESA in a very competitive position, and the platform will be able to provide its customers with a whole bouquet of financial services.

    Remitly, one of the world’s most prominent digital remittance outlets, is a critical player in this project. The digital platform is famous for its ease of use and favourable exchange rates. Remitly facilitates fund transfers from more than 30 countries, including the United States, the United Kingdom, Canada, and Australia. The collaboration is crucial in ensuring that senders have an effective and timely solution when transferring funds to their family members in the kingdom of Lesotho.

    The possibility of Remitly being compatible with M-PESA accounts ensures safe and fast money remittance. The easy compatibility improves users’ experience and thus makes it possible for people to support their families and meet their financial needs quickly.

    Socio-Economic Benefits

    The new service is also expected to have a considerable economic and social impact in Lesotho. Remittances form a crucial income source for many people’s households, enabling many to finance day-to-day living use for education, health care, and other needs. By enabling the receipt of remittances more quickly and conveniently, the service will enhance the financial security of many families.

    Read also: Safaricom Ethiopia’s $1.5 billion investment with local telecom tower yields results

    Moreover, with the increased influx of remittances within Lesotho, domestic demand can spur economic activity and business. When the people who receive the remittances spend money on goods and services, demand and opportunities for local entrepreneurs and vendors are generated.

    This partnership of M-PESA Africa, Vodacom Lesotho, and Remitly displays a futuristic partnership within the digital financial services industry. It comes in the wake of continued calls to use technology to improve financial inclusion and economic growth in Africa. Through affordable and effective financial services, this partnership stands to be a bridge towards innovation in the fintech space.

    The partners are committed to continually tweaking and improving the service, looking for new methods of serving their customers’ needs, which are constantly changing, including more features on the platform, new features, and growth into new markets.

  • Egypt, Germany launch new wind farm in the Gulf of Suez

    Egypt, Germany launch new wind farm in the Gulf of Suez

    Egypt and Germany have partnered to launch a new wind farm in the Gulf of Suez.  This 262 MW project, supported by the European Union and international funding, marks a significant milestone in renewable energy development and international collaboration.

    The wind farm in the Gulf of Suez represents a joint effort between Egypt and Germany, two nations committed to addressing climate change and promoting sustainable energy solutions. 

    This project underscores the importance of international cooperation in tackling global environmental challenges. By pooling resources, expertise, and funding, Egypt and Germany have demonstrated that collaborative efforts can lead to substantial advancements in renewable energy infrastructure.

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    The 262 MW wind farm is poised to impact Egypt’s energy landscape significantly. It is expected to generate enough electricity to power hundreds of thousands of homes, reducing the country’s reliance on fossil fuels and lowering greenhouse gas emissions. The project aligns with Egypt’s ambitious goal to increase the share of renewables in its energy mix to 42% by 2035.

    The wind farm features state-of-the-art turbines that harness the region’s strong and consistent wind currents. This strategic location in the Gulf of Suez is ideal for wind energy production, ensuring optimal efficiency and output.

    The project’s implementation also includes measures to mitigate potential environmental impacts, demonstrating a commitment to sustainable and responsible energy development.

    European Union Backs Funding

    The project’s success is primarily attributed to the robust financial backing from the European Union and various international funding bodies. These organisations recognise the critical need for renewable energy projects and have provided substantial financial and technical support. The collaboration with the EU highlights the role of international institutions in facilitating and funding large-scale renewable energy initiatives.

    The financial model for the wind farm includes grants, low-interest loans, and investments from both public and private sectors. This diversified funding approach ensures the project’s financial viability and sets a precedent for future renewable energy projects in the region and beyond.

    Beyond its environmental benefits, the wind farm is expected to provide significant economic and social advantages. The construction and operation of the wind farm have created numerous job opportunities, contributing to local economic development. Furthermore, the project has fostered skills transfer and capacity building within the local workforce, ensuring long-term benefits for the community.

    The influx of international investment and expertise has also enhanced Egypt’s renewable energy sector, positioning the country as a leader in the region’s clean energy transition. This progress will likely attract investment in renewable energy projects, spurring economic growth and promoting sustainable development.

    Gulf of Suez Vision for the Future

    The launch of the wind farm in the Gulf of Suez is a testament to what can be achieved through international collaboration and shared commitment to a cleaner, sustainable future. As global leaders convene to discuss climate action and sustainable development, these projects serve as tangible examples of progress and possibility.

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    Egypt and Germany’s partnership highlights the importance of cross-border cooperation in addressing global challenges. By working together, these nations have advanced their renewable energy goals and set a powerful example for other countries to follow.

    This wind farm stands as a beacon of hope and a symbol of what can be achieved when nations unite for a common cause. As the world continues to grapple with the impacts of climate change, such collaborative efforts will be crucial in building a sustainable and resilient future for all. With the backing of Egypt, Germany, the EU, and international partners, this initiative underscores the transformative power of cooperation in creating a cleaner, greener world.