AFRICA DIGEST NEWS

Exciting news has emerged from the world of Web3 streaming platforms, as UAE-based myco.io, a leading Web3 streaming platform with over 13 million registered users and 3 million monthly active users, has successfully raised $10 million in a Series A funding round: https://lnkd.in/dd5WQ2rg

Inchcape Kenya LTD has partnered with Safaricom Sacco Ltd to change vehicle financing and make it more accessible for Sacco members. By providing affordable financing options, this strategic partnership hopes to enable more Kenyans to become car owners: https://lnkd.in/dYXE2_zm

iColo: A Digital Realty Company, a leading provider of data center solutions in Africa, has significantly expanded its renewable energy infrastructure across its Kenyan data center campuses: https://lnkd.in/dE24zrXq

South Africa has revealed a bold plan to secure $18 billion in funding for crucial upgrades to its municipal power grids.  The initiative to upgrade South Africa’s electricity infrastructure is key to solving the country’s energy problems. It also paves the way for a more sustainable and fair energy future: https://lnkd.in/euEFQdc5

Is This the Beginning of a New Era for Payments in Nigeria? Are Kenyans Getting in Over Their Heads with Debt? For this and more news, check out the 18th edition of our newsletter. Flutterwave KCB Bank Group Equity Bank Limited NCBA Group

Absa Bank Kenya recorded a profit after tax of Ksh 10.7 billion in H1 2024, marking a 28.9 percent rise from Ksh 8.3 billion recorded in the same period last year: https://lnkd.in/dcUCPEMN

Foreign Direct Investment (FDI) is a cornerstone of economic growth, providing capital, technology, and expertise to developing nations. However, creating an attractive investment climate is a complex task, influenced by various factors, including political stability, infrastructure, and market access: https://lnkd.in/dxKZKKZi

I&M Bank Ltd recorded a Ksh 6.1 billion in profit after tax for the first half of 2024, a 21.1% increase from the Ksh 5 billion posted in H1 2023: https://lnkd.in/enAjsvfS

NCBA Group posted a profit after tax of Ksh 9.8 billion in H1 2024, a modest increase of 5.0% compared to the same period last year. This was despite a challenging economic environment affected by countrywide floods, a depreciating shilling, and Gen Z protests: https://lnkd.in/dCeJbCjX

KCB Bank Group profits rose to KSh 29.9 billion for the first six months of 2024, an 86 percent increase from the Ksh 16.1 billion recorded during the same period in 2023. This was despite the challenging economic landscape characterized by nationwide Gen Z protests, a depreciating shilling, and flooding across the country. “We delivered a commendable first half of the year, despite strong headwinds in the operating environment, especially in Kenya, thanks to the goodwill and confidence from our customers and commitment by our staff,” noted Paul Russo, KCB’s chief executive: https://lnkd.in/d2cGW_nV