African nations trapped in debt circle as China applies brakes in lending
African countries feel that they have been trapped in Beijing’s debt circle after China showed reluctance in lending financial support to them and diplomatic analysts described this move as a disturbing trend, Federico Giuliani writes in Inside Over. Charles Robertson, the global chief economist at Renaissance Capital Ltd, clarified that China’s scaling back would slow
Kenya, Nigeria and South Africa lead fintech growth in Africa, Mastercard report reveals
A report by payment services company Mastercard has revealed that South Africa, Nigeria and Kenya are among the most vibrant fintech markets in the continent. The study conducted to evaluate and determine the state of fintechs in the African markets also said that fintechs in Africa grew by 81% in 2021. The report titled ‘The Future
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500 Global, GIZ establish bootcamp for accelerators in Africa to help them define sustainable business models • TechCrunch
Silicon Valley-based VC firm 500 Global and Germany’s economic development agency Gesellschaft für Internationale Zusammenarbeit (GIZ) will train managers of leading accelerators in Africa over the next two years to help them establish sustainable business models that commandeer greater influence in their ecosystems. The program, dubbed Bootcamp for Accelerator Managers (BAM), will use project-based teaching
Debt distress and fears of a recession
The sovereign downgrade impacts the long-term deposit ratings as well as senior unsecured debt ratings, and thus all of Moody’s rated Nigerian banks were also downgraded from B2 to B3. The downgrades come in stark contrast to the Nigerian finance minister’s view, who said at Nigeria’s International Investment Summit in New York weeks earlier, that
African Energy Chamber Report Analyzes Effect of COVID, Russian Conflict on Oil Markets, Economy (By NJ Ayuk)
By NJ Ayuk, Executive Chairman, African Energy Chamber (www.EnergyChamber.org) Just when you think nothing could be worse for the global economy than a pandemic, Russia invades Ukraine, and the world spirals closer to recession. In Africa, the twin shocks of COVID-19 and Russian aggression have torn through a society vulnerable to even far milder upsets.
Nigeria Hosts Amazon Web Service Second Office
Amazon Web Service (AWS) Amazon Web Service (AWS), Amazon’s data centre, has opened its second African-based office in Lagos, Nigeria. This comes seven years after it opened the first African office in Johannesburg, South Africa in 2015. At the time, Amazon wanted to “support the growth of the cloud computing business and its rapidly expanding customer
Kenya’s Hisa App among finalists for MEST Africa challenge
MEST has revealed the top five startups that have made it to the finals of the 2022 MEST Africa Challenge pitch competition. This contest is a pan-African startup competition for startups who are ready to scale and expand into new markets. The top five startups that were selected are Desert Green Africa (South Africa), Hisa
Twitter employees in Africa are bracing for possible layoffs
In Ghana, reports have it that the content moderation unit employees are already among those affected as internal sources anticipate more layoffs. The Ghana office was opened in April 2021 to serve as the headquarters of the company in Africa. Many sources have also speculated that the ongoing layoffs at the company might affect Twitter’s
Dynamics 365, Power Platform now generally available in Mircosoft Africa datacentres
Dynamics 365 and Power Platform services are now generally available in the Mircosoft Africa datacentres. The Microsoft Business Applications will provide organizations with solutions to cut costs, improve efficiencies, drive business continuity and disaster recovery. The services are available in the Microsoft South Africa North and West datacentre regions located in Johannesburg and Cape Town respectively. Dynamics