News - Afrikan Heroes

Tsitsi Masiyiwa Appointed Board Chair of The END Fund

August 18, 2023

The END Fund, a leading collaborative philanthropic fund dedicated to ending neglected tropical diseases (NTDs), today announced the appointment of Tsitsi Masiyiwa as Board Chair. She succeeds William (Bill) Campbell, appointed in 2012 as inaugural Board Chair by the organization’s founders, Legatum. Under his leadership, the END Fund has mobilised resources from more than 6,400 donors to deliver over 1.5 billion treatments through locally-driven NTD programs in 31 countries targeting intestinal worms, schistosomiasis, lymphatic filariasis, river blindness, trachoma, and visceral leishmaniasis.

Tsitsi Masiyiwa Appointed — Tsitsi Masiyiwa

Speaking on behalf of the END Fund, Campbell said: “Tsitsi Masiyiwa is a deeply respected philanthropist and social entrepreneur, well known for her effective advocacy and exemplary leadership, particularly through her role as Chair and Co-Founder of Higherlife Foundation. The END Fund’s growth and impact has been one of my life’s biggest achievements and there is no one better placed to entrust this to than Tsitsi. Her vision, experience, and networks will accelerate and focus the END Fund’s ambitions, and enable us to deepen our impact in new ways. I believe having Tsitsi’s voice at the forefront of the conversation on NTDs will increase the urgency and prioritization of this issue among key decision makers, from heads of households to heads of state, and finally bring an end to NTDs in our lifetime.”

Tsitsi Masiyiwa has been an integral part of the END Fund’s journey since its inception in 2012. Over the past six years, she has served as a member of the END Fund board, before stepping up to the position of Co-Vice Chair in 2022.

NTDs affect over 1.7 billion people worldwide, with over 40% of the global NTD burden concentrated in Africa. As Board Chair she will champion the importance of African leaders owning and leading the agenda on addressing the NTD disease burden which, according to the World Health Organization, costs African economies billions of dollars every year in lost revenue.

“It’s an honour to be appointed as Chair of the END Fund,” Tsitsi Masiyiwa said. “Having witnessed the incredible impact of the organisation first-hand, I’m excited to lead our efforts towards even greater sustainability by empowering affected communities to take the lead in eliminating NTDs. We are all responsible for ending NTDs. I look forward to working with governments to highlight their efforts and encourage greater ownership so we can end the scourge of NTDs for good.”

The END Fund’s Chief Executive Officer, Ellen Agler, shared her perspective on how meaningful Mrs. Masiyiwa’s appointment is: “As a long-standing supporter and friend to the END Fund, Tsitsi has been an inspiring champion and activist ensuring that African governments, philanthropists, and private sector leaders are in the drivers’ seats of the disease elimination agenda. She knows how to effectively connect her work with communities to conversations on the global stage to accelerate progress to end the suffering caused by these ancient diseases. I couldn’t be more excited by the opportunity to serve with her in her new role as END Fund Board Chair.”

Over the past two decades, Tsitsi Masiyiwa has become a leading philanthropist and advocate for gender equality. In 1996 she co-founded the Higherlife Foundation with her husband Strive. Higherlife Foundation fosters thriving individuals, communities, and sustainable livelihoods through investments across four pillars – health, education, climate-smart agriculture, and disaster preparedness and recovery. In addition to her role as Chair of the END Fund, Tsitsi Masiyiwa is Chair of Higherlife Foundation, Delta Philanthropies and Co-Impact.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

d.light Secures $125 Million Investment to Power Up Off-Grid Solar Solutions in Tanzania

d.light, a company specializing in off-grid solar solutions tailored for low-income households, recently concluded a significant funding round, securing a total of $125 million. This funding has been acquired through a securitization facility, strategically aimed at addressing the increasing demand for off-grid solar products in Tanzania.

The infusion of new funds is intended to accelerate the expansion of its low-cost PayGo personal finance segment. Notably, this expansion is concurrent with the augmentation of its existing securitized financing facility in Tanzania. This move contributes to bolstering d.light’s financing through securitization to a substantial sum of $490 million, dating back to 2020.

In conjunction with its lending partner African Frontier Capital (AFC), d.light is capitalizing on the raised capital as the foundation for a fresh financing entity named Brighter Life Tanzania 1 Limited (BLT1). Noteworthy achievements include d.light’s attainment of 150 million customers, marked by the sale of over 30 million products in May.

Reasons Behind the Investment

The company has demonstrated its prowess as a frontrunner in the off-grid solar sector, catering to the underserved low-income population. This success is underscored by d.light’s achievement of the impressive milestone of 150 million customers, signifying its capacity to effectively penetrate its target market.

Moreover, the demand for off-grid solar products in regions like Tanzania has been on the rise due to a confluence of factors. These include the inherent challenges of traditional energy infrastructure, which often fails to reach remote or economically disadvantaged areas. d.light’s emphasis on affordability and sustainability aligns with the market’s needs and positions the company as a reliable solution provider.

The financial structure, particularly the PayGo model, has proven its efficacy in Tanzania and other regions. The ability to leverage customer payments for expansion not only ensures business growth but also aligns with the financial realities of the target customers, making it a symbiotic arrangement. The involvement of established institutions like the TDB Group further bolsters investor confidence in the feasibility of this financing approach.

A Look at d.light

Founded in 2007 at Stanford, California, d.light has evolved into a prominent player in the off-grid solar industry. Its founders established the company with a vision to address the energy needs of low-income households, focusing on regions where conventional energy infrastructure struggles to reach. The company’s operational headquarters are split between Nairobi and Palo Alto, California. While its origin lies in California, d.light’s impact is most profound in regions like Tanzania, where the demand for reliable and affordable off-grid energy solutions is robust.

d.light’s product lineup spans a wide spectrum of solar-powered devices that cater to various household needs. Ranging from lanterns and cookstoves to comprehensive solar home systems, TVs, radios, and even smartphones, the company’s offerings are designed to enhance the lives of those with limited access to traditional energy sources.

Beyond the product spectrum, d.light has ventured into the realm of consumer finance through its PayGo model. This model has proven to be a pivotal driver of both customer access and business growth. By scaling up this model, d.light aims to extend its reach even further among low-income families in Tanzania, ensuring that access to sustainable energy remains affordable and practical.

In collaboration with African Frontier Capital (AFC), d.light has introduced Brighter Life Tanzania 1 Limited (BLT1) as a strategic financing vehicle. This innovation not only underlines d.light’s commitment to innovative funding but also emphasizes its proactive approach to addressing energy access challenges in emerging economies. As evidenced by its achievements and sustained growth, d.light continues to shape the off-grid solar landscape while concurrently advancing financial inclusion and sustainable development.

Changeblock Secures Funding from EMURGO Africa for Blockchain-driven Carbon Trading Revolution

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard

Mobile Money Service M-PESA Now Live in Ethiopia

August 17, 2023

Marta Hailemariam, head of payment settlement at NBE

A groundbreaking moment has arrived in Ethiopia’s financial landscape as M-PESA, the revolutionary mobile financial service by Safaricom, has officially launched. This achievement comes just three months after securing the esteemed Payment Instrument Issuer License from the National Bank of Ethiopia (NBE) in May 2023.

The journey to this pivotal juncture has been marked by careful planning and a meticulous three-month pilot phase. Through extensive technical preparations and strategic collaborations with key banks, M-PESA has emerged as a transformative force in the Ethiopian financial sector. The process also included a strategic recruitment drive, comprehensive training, and onboarding of a dedicated network of M-PESA agents, laying the groundwork for a seamless customer experience.

Radiating enthusiasm, Stanley Njoroge, the Interim CEO of Safaricom Ethiopia, heralded the dawn of this new era. “We are excited to go live with M-Pesa in Ethiopia and start providing Mobile Financial Services to our customers,” Njoroge exclaimed. He emphasized the far-reaching impact of M-PESA as a catalyst for financial inclusion, ensuring a “safe and secure platform for transactions” for a staggering 51 million customers spanning across seven African nations.

Njoroge’s sentiment was mirrored in his commitment to expanding M-PESA’s offerings, aiming to enhance the quality of life for its users. “We will continue to broaden the services our customers receive from the M-PESA platform that will improve the quality of life for our customers,” he affirmed, highlighting the platform’s evolving role as a transformative companion to daily life.

A testament to Safaricom Ethiopia’s dedication, the expansion efforts of the past ten months have borne fruit. The company has extended its reach to encompass 147 new towns, connecting with over four million customers throughout Ethiopia.

The accessibility of M-PESA to all Safaricom Ethiopia customers is a pivotal aspect of this transformative journey. By dialing *733# on their Safaricom line, both Android and iOS users gain instant access to M-PESA’s array of services. While the Android app, available on the Play Store, supports five languages, the iOS version is set to launch in the coming weeks.

M-PESA’s functionality is as extensive as it is impactful. Beyond its role in peer-to-peer transactions, M-PESA facilitates cross-border remittances, streamlines merchant payments, enables airtime purchases, and offers seamless fund transfers between personal bank accounts and M-PESA, as well as the reverse.

Paul Kavavu, Interim General Manager of Safaricom M-PESA Mobile Financial Services Plc, echoed the triumphs of M-PESA across Africa. He termed it “Africa’s most successful mobile money service,” a cornerstone of financial empowerment for both the banked and the unbanked. The remarkable success in Kenya, where over 90% of adults enjoy mobile banking access, serves as a testament to M-PESA’s transformative potential.

Kavavu expressed optimism about extending this narrative of transformation to Ethiopia, envisaging a future where M-PESA becomes a beacon of empowerment. “We look forward to replicating this success in Ethiopia and are excited to go live with the services. In the coming months, we will continue to add more functions and work with all Ethiopians to jointly realize the transformative power of M-PESA,” Kavavu proclaimed, encapsulating the shared vision of Safaricom Ethiopia and M-PESA as agents of positive change.

Cathay AfricInvest Innovation Fund Closes New Fund At $112.8M. Here’s How The Fund Will Invest

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard

Africa Still Phishing Prone

August 16, 2023

Reports show that more than one in three of corporate employees in Africa are vulnerable to phishing attacks and social engineering scams. However, regular training can significantly reduce their chances of falling victim to such cyber threats. This is among the key findings of KnowBe4’s 2023 Phishing by Industry Benchmarking Report for Africa, which measures organisations’ Phish-prone Percentage (PPP) – an indication of how many of their employees are likely to fall for phishing or a social engineering scam.

The report is based on data from over 12.5 million users across 35,681 organisations in 19 different industries. The results of over 32.1 million simulated phishing security tests are also included. This year’s report details international phishing benchmarks from North America, The United Kingdom and Ireland, Europe, Africa, South America, Asia, Australia and New Zealand.

In Africa, 412 organisations from South Africa, Kenya, Nigeria and Botswana participated in the phishing simulation tests, with a total of 337,937 emails sent. The majority of these organisations (58%) were small (1-249 employees), followed by medium (26%, 250-999 employees) and large (16%, 1000+ employees) ones.

The resulting baseline PPP measured the percentage of employees in organisations that had not conducted any KnowBe4 security training and clicked a simulated phishing email link or opened an infected attachment during testing.

African business users had a lower baseline PPP than many other regions, meaning they were less likely to fall for phishing attacks before any training. However, their improvement after 90 days of training was also lower than other regions. After a year of ongoing training, African users achieved a 79.8% improvement in their PPP, showing the effectiveness of consistent security awareness education.

Africa’s human firewall

“The report underscores the fact that while technology plays an important role in preventing and recovering from an attack, organisations cannot afford to ignore the human factor,” says Anna Collard, Senior Vice President of Content Strategy & Evangelist for KnowBe4 Africa. “The root cause of most data breaches can be traced to the human factor.”

The report shows that without security training, 33.2% of employees across all regions and industries are likely to fall for phishing attacks or fraudulent requests. Africa’s average was 32.8%, slightly better than the global average and much better than South America, where the average was 41.1%. Asia had the lowest rate of phishing – 30%.

Collard notes: “Africa’s baseline phishing security test results shows that one out of three employees are likely to click on a suspicious link or email or comply with a fraudulent request before receiving training. This is very concerning considering that Africa has seen the fastest growth in cyber crimes in recent years, especially among small and medium-sized organisations.”

Training slashes risk

90 days after training, Africa’s PPP average was 20.5% compared to the global average of 18.5%. After a year of consistent training, Africa’s PPP was 6.6%, compared to a global average of 5.4%, indicating that new habits become normal, fostering an improved security culture.

At baseline, Africa’s medium-sized enterprises had the lowest PPP – at 29.4%, followed by small enterprises at 30% and large enterprises with a surprisingly high 33.3%. After training, large enterprises performed best, with a PPP average of 19% 90 days after training and 5.7% after a year. Medium sized enterprises improved to 22.7% 90 days after training, and 10.5% after a year. Small enterprises’ PPP improved to 25.2% after 90 days and 9% after a year.

The report also revealed which industries are most vulnerable to cyber threats and have the highest PPP, indicating more vulnerability and a greater need for security awareness training. Across small and medium organisations globally, the healthcare and pharmaceuticals industries had the highest PPP of 32.3% and 35.8%, respectively. In large organisations, the insurance industry remained the most at risk for a second consecutive year with a PPP of 53.2% globally. With consistent training for a year or more, the global average PPP improvement across sectors was 82%.

“These findings highlight the importance of ongoing, consistent cybersecurity awareness training and testing to achieve significant risk reduction,” says Collard. “Simply warning users or having a once-off training session is not enough. Cybersecurity needs to be ingrained into company culture.”

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Trend Launches Optimised Security for Endpoints, Servers, and Cloud Workloads to Cybersecurity Platform

Trend Micro Incorporated, a global cybersecurity leader, has announced Trend Vision One™ – Endpoint Security, the latest offering in its next-generation cybersecurity platform, which unifies prevention, detection, and response for user endpoints, servers, cloud workloads, and data centres. This comprehensive solution aims to support customers throughout their IT modernisation.

Zaheer Ebrahim, Solutions Architect at Trend Micro MEA: “Surging IT complexity is placing unprecedented demand on teams and providing determined adversaries with more opportunity to infiltrate an ever-expanding attack surface. In response to this challenge, our customers want to simplify security without compromising effectiveness. Trend Vision One – Endpoint Security is a direct answer to this need, helping IT and security organisations stop threats faster and take control of risk.”

By leveraging the consolidated power of Trend Vision One, customers gain access to powerful attack surface risk management, cross-layer protection, and leading XDR capabilities to streamline and harmonise security operations while simultaneously enhancing protection, scalability, and performance. This approach enables security teams to holistically manage the attack surface, including and extending beyond the endpoint to achieve faster, more accurate threat defence and risk mitigation.

Trend Vision One – Endpoint Security is built on market-leading capabilities. With a consistent history of endpoint security success, Trend has earned Leader recognition in every Gartner Magic Quadrant™ for Endpoint Protection Platforms since 2002*1.

Trend has also ranked as the top provider for Cloud Workload Security Market Share (IDC) for an impressive five consecutive years.

By bringing industry-leading and context-rich visibility for user endpoints, servers, and cloud workloads to the platform, security organisations can significantly streamline operations:

Consolidate products, enhance visibility, and improve correlation: According to Gartner*2, “A recent Gartner survey found that 75% of organisations are pursuing security vendor consolidation in 2022, up from 29% in 2020.” Minimise the cost and complexity associated with cybersecurity tool spread by consolidating point products and integrating user endpoint, server, and cloud workload security — reducing IT operation inefficiency and alert fatigue and closing exploitable security gaps while benefiting from high-fidelity detection and response alerting.

Optimise and customise hybrid IT protection: Leverage specialised security features designed and optimised for physical servers, virtual machines, and cloud workloads.

Improve the IT and SecOps workflow: Access prevention, detection, and response capabilities at your fingertips — including ransomware rollback, predictive machine learning, device control, host-based intrusion prevention, application control, file integrity monitoring, log inspection, and generative AI support — to accelerate and connect SecOps and IT Ops goals.

Reduce risk and pre-empt attacks: Proactively quantify and reduce endpoint and cross-layer risk with complete attack surface risk management (ASRM) with native network, cloud, and email data ingestion.

Trend Vision One provides security for every layer of an organisation’s diverse IT infrastructure, including endpoint, servers, email, cloud services, networks, 5G, and OT (operational technology).

With centralised visibility and policy management for all endpoint types, this latest development provides comprehensive protection, detection, and response (EDR) for Windows, Mac, and Linux operating systems, whether on-premises or in the cloud, from within a single, user-friendly console.

Trend Vision One is now available on AWS Marketplace. Designed to seamlessly integrate into AWS environments, Trend Vision One offers a cybersecurity platform with a focus on empowering organisations to safeguard their cloud workloads. The platform provides advanced threat detection capabilities and in-depth insights, ensuring a resilient defence against evolving digital threats.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Nigeria to Host Catholic Communications Assembly for Africa

Lagos, the commercial centre of Nigeria is set to host Catholic Bishops and communication experts across Africa, as they gather to celebrate the 50th anniversary of the Pan African Episcopal Committee for Social Communications (CEPACS).

According to the President of CEPACS, Most Rev. Emmanuel Badejo, Bishop of Oyo Diocese, the event, which is billed to hold between November 18 and 21, 2023, will be attended by the Bishop Chairmen from each region of Africa; the Standing Committee of the Symposium of Episcopal Conferences of Africa and Madagascar (SECAM); invited heads and officers of various communications outfits and schools in Africa, including other expatriate dignitaries from outside the assembly.

Founded in 1973 by the Symposium of Episcopal Conferences of Africa and Madagascar (SECAM) for the Church in Africa, CEPACS was given the mandate of promoting the use of modern means of mass communications as tools of evangelisation in the African Church.

To ensure a hitch-free 50th celebration, Bishop Emmanuel Badejo, who chairs the Continental Organising Committee recently constituted a Local Organising Committee in Lagos, comprising astute Communications experts, both priests and lay faithful and other Church functionaries. He saddled them with the responsibility of ensuring the participants drawn from the eight regions of Africa enjoy an unforgettable experience during the historic celebration.

The Committee is headed by the Founder/Chairman of Lumen Christi Television Network, Sir Robert Soji Olagunju, KSG, while a renowned Chartered Accountant, Mr. John I. Nejoh is to serve as Secretary. The National Director of Social Communications, Very Rev. Fr. Michael Umoh, the Director of Social Communications, Lagos Archdiocese, Very Rev Fr. Anthony Godonu, Rev Fr. Andrew Kante from Kenya and Rev. Fr. Dieu-Donne Kofi Davor, Director of Communication, GCBC are part of the Committee to ensure that it delivers on its mandate.

Other members of the LOC include Sir Tony Chiejina, Mr. Seyi Martins, Barr. Mrs. Philomena Omorodion, Mr. Tony Agbugba, Lady Neta Nwosu, Mr. Philip Nwosu, Mrs. Anthonia Okonkwo, Dr. Mrs. Bisi Olagunju, Mrs. Henrietta Okonkwo, Mrs. M.O.D. Ewumi, Engr. O.M Otabor, Mr. Kola Akindele, Barr. Hannibal Uwaifo, Sir Ben Nkwo, Mrs. Adesuwa John-Nejoh. Also on the LOC are: Mrs. Veronica Afolabi, Mrs. Catherine Alabi, Mrs. Adewunmi Kissiedu, Mr. Peter Dada and Mr. Linus Okeke, Engr. Eliza Peters, John Achu and Peter Dada.

Already, the Catholic Bishops Conference of Nigeria (CBCN), are excited at the prospect of hosting the delegates which will also include high ranking Church officials from the Vatican City, Rome.

Similarly, the Archbishop of Lagos, Most Rev. Dr. Alfred Adewale Martins has lauded the choice of Lagos as venue of the 50th celebration. He has also given his full support and enjoined the LOC to be at their utmost best. He promised to be on ground to welcome the delegates from across Africa to Lagos, Nigeria.

“We are happy that CEPACS has chosen Lagos as the venue for their 50th-anniversary celebration. By the grace of God, with the quality of personalities serving on the LOC, and with the support of the entire people of God in the Archdiocese, I believe that the event shall be a resounding success,” the renowned clergyman added. The Thanksgiving/opening Mass will take place at The Holy Cross Cathedral, Lagos and will be broadcast live!

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

MTN Records Growth Amidst Challenging Environment

August 15, 2023

Results from Africa’s leading telecoms network MTN shows that in the first half of 2023, it continued to demonstrate resilience in its business model through the execution of their Ambition 2025 strategy. The MTN Group’s H1 23 results published by the Johannesburg Stock Exchange (JSE), indicate that operating conditions remained challenging due to ongoing pressures in the macroeconomic, geopolitical and regulatory environments across markets.

Growth of Data Traffic and Fintech Transactions

Despite the challenging trading environment, MTN continued to grow. Data traffic and fintech transactions soared by 18.5% (up by 35.0% excluding JVs) and 37.3% respectively. This supports their medium-term growth thesis, enabled by ongoing investment on their networks and platforms.

In H1, they deployed R17.2 billion of capex, reflecting a capex intensity of 15.2% – within their medium-term target range of 15-18%. The Group delivered service revenue growth of 15.1% (H1 2022: 14.8%), in line with medium-term guidance. Overall Group EBITDA increased by 13.5%, with an EBITDA margin of 44.00% as elevated inflation and foreign exchange (forex) depreciation continued to place upward pressure on costs.

Group Remains Focused on Ambition 2025 Strategy

MTN’s Group President and CEO, Ralph Mupita comments; “In the first half of 2023, MTN continued to demonstrate the resilience of its business model through the execution of our Ambition 2025 strategy. Operating conditions remained challenging due to ongoing pressures in the macroeconomic, geopolitical and regulatory environments across our markets.”

According to the results, in South Africa although there was some respite in Q2 2023 as loadshedding abated compared to Q1, power outages remained a constraint. MTN experienced 181 days of loadshedding in H1 2023 compared to 68 days in H1 2022. During that period the company focused on executing their network resilience programme and is pleased with the improvements in network availability.

Geopolitical Impact on Projected Growth

In Nigeria, the company made swift structural changes following President Tinubu’s inauguration. The government’s removal of the country’s fuel subsidy and the introduction of an effective free float of the naira by the Central Bank of Nigeria, seem to be positive for the Nigerian economy and are supportive of MTN medium to long term growth strategy.

Furthermore, the conflict in Sudan presenting numerous challenges continues to persist. Problems like the scarcity of basic goods, fuel shortages, and grid power shortages continue to affect the economy. Despite this, MTN continues to provide essential communication services while prioritizing the safety and well-being of their employees.

The disruptions in the country have had a notable impact on MTN Sudan’s service revenue and profit performance, with a contribution to Group EBITDA in H1 2023 of 1.3% which was considerably lower in Q2 due to their reduced ability to operate.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Kenya to Disclose New Fuel Price Formula

The Kenyan government has said that it will disclose a new fuel formula. This comes after the Kenyan government defied a court order, hindering new taxes by increasing the VAT on petroleum products. This leaves Kenyans with startlingly high petrol and diesel prices.

According to Esi-Africa.com, a press release by Kenya’s Energy and Petroleum Regulatory Authority (EPRA) stated that, “pursuant to the finance act, 2023, VAT on super petrol, diesel and kerosene has been revised from 8% to 16% effective 1st July 2023.”

This caused a price spike from Ksh 182.04 to Ksh 195.53 for petrol and diesel prices rose from Ksh 167.28 to Ksh 179.67.

Fuel prices are presently higher than they have ever been in 12 years, despite the 2023 Finance Act that required a decrease in the Import Declaration Fee (IDF) and Railway Development Levy (RDL) to alleviate the effects of the increased VAT.

EPRA chose to maintain the IDF and RDL at their previous rates, resulting in excessive payments for fuel and the imposition of unauthorized levies.

These developments have undermined the government’s efforts to alleviate inflationary pressures and stabilise the economy. According to Africa Business Insider, Central Bank of Kenya may be compelled to adopt a tight monetary policy stance to address these concerns.

However, there is hope on the horizon for Kenyans. Policy makers have recently called for a review of the pricing formula to lower fuel prices. The Finance and National Planning Committee directed the Petroleum ministry and the Energy and Petroleum Regulatory (Epra) to ensure that every part of the formula is accounted for, according to media reports.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Fawry H1 2023 Revenues Surge to EGP 1.44 Billion, Marking a 42.4% YoY Growth

August 13, 2023

Fawry for Banking Technology and Electronic Payments (FWRY.CA), Egypt’s leading e-payments and digital finance solutions provider, announced its consolidated results for the first half of 2023. The company recorded impressive growth in both revenues and profitability, demonstrating its ability to adapt to evolving consumer needs and its commitment to diversifying services.

Financial Highlights:

Fawry achieved a significant expansion in its top-line during the first six months of 2023, with revenues reaching EGP 1,444.2 million, a remarkable 42.4% increase compared to the same period last year. The company’s Banking Services segment was the driving force behind this growth, contributing 52.3% of consolidated revenue expansion. On a quarterly basis, Fawry posted total revenues of EGP 768.5 million, marking a 44.6% YoY increase.

The company’s adjusted net profit witnessed substantial growth, reaching EGP 327.9 million, representing a remarkable 290.4% YoY increase, and yielding an impressive net profit margin (NPM) of 22.7%. Statutory net profit came in at EGP 283.1 million, showcasing a significant 441.2% YoY growth.

read alEgypt’s Payment Provider Fawry Partners with Smart Schools for Secure Tuition Fee Solutions

Operational Milestones:

Fawry’s operational achievements were equally noteworthy. The company’s EBITDA and net income margins reached record levels, underscoring its strong financial management. Moreover, Fawry achieved a new milestone by processing 5 million transactions daily in June 2023, highlighting its operational and technical prowess.

The mobile wallet transactions and throughput value demonstrated remarkable growth, recording 67.6 million transactions and EGP 80.5 million in value during the six-month period, reflecting a rise of 73.9% and 107.7% YoY, respectively.

CEO’s Perspective:

Fawry’s Chief Executive expressed pride in the company’s financial and operational achievements, emphasizing its strong customer base and diverse service offerings. The impressive revenue growth of 42.4% in 1H2023 reflects Fawry’s adaptability to consumer needs and its commitment to diversification. The CEO also highlighted Fawry’s profitability, attributing it to vigilant cost control efforts in response to the country’s increased inflation since 2022.

Segment Analysis:

Fawry’s Banking Services segment was a standout performer, contributing 52% to consolidated revenue growth in 1H2023. The segment’s impressive growth of 69.7% was fueled by contributions from both its Acceptance and Agent Banking businesses. The Alternative Digital Payments (ADP) segment, while maintaining its position as the largest revenue contributor, has been gradually declining as Fawry diversifies its revenue streams.

Fawry Revenues — *Fawry shareholders. Credits: Fawry*

Future Outlook:

The company’s positive start to the year positions it for continued growth in the second half of 2023. Fawry’s ability to evolve to meet changing demand is expected to solidify its position as Egypt’s leading provider of digital finance solutions.

A Look At Fawry:

Founded in 2008, Fawry is Egypt’s largest e-payment platform, catering to both banked and unbanked populations. Its services encompass electronic bill payments, mobile top-ups, e-ticketing, cable TV, and more. With a network of 36 member banks, a mobile platform, and numerous agents, Fawry processes over 4 million transactions daily, serving an estimated 51 million users monthly.

Financial and Operational Highlights:

Total Revenue: EGP 1,444.2 million (42.4% YoY increase)
Adjusted Net Profit: EGP 327.9 million (290.4% YoY increase)
Mobile Wallet Transactions: 67.6 million (73.9% YoY increase)
EBITDA: EGP 545.4 million (Associated Margin: 37.8%)
Recorded Daily Transactions: 5 million in June 2023

Segment Breakdown:

Banking Services: 52.3% contribution to revenue growth
Alternative Digital Payments: 40.3% of consolidated revenues in 1H2023
Microfinance: 11.6% contribution to consolidated results
Supply Chain Solutions: 9.7% contribution to revenue growth

Fawry Revenues

Orange Telecom Engages Egypt‘s Fintech Firm Fawry To Expand Its Cash Wallet

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard

bp Confirmed as Platinum Sponsor at MSGBC Oil, Gas & Power 2023

August 11, 2023

Energy Capital & Power (ECP) is proud to announce that British-based global energy major bp has joined the third edition of the MSGBC Oil, Gas & Power 2023 Conference & Exhibition as a platinum sponsor. Held in Nouakchott from November 21-22, the event will see bp’s Executive Vice President: Production & Operations Gordon Birrell deliver a keynote speech, providing a summary of the company’s progress and achievements on the various projects undertaken in the MSGBC basin.

Energy major bp has been active in Mauritania and Senegal since 2017 following the discovery of a gas field straddling the maritime border of the two countries. Since then, the company has kicked off several ambitious developments in collaboration with international energy firm Kosmos Energy, Mauritania’s National Oil Company (NOC) Société Mauritanienne des Hydrocarbures and Senegal’s NOC Société des Pétroles du Sénégal.

bp is currently developing the Greater Tortue Ahmeyim (GTA) multiphase Liquefied Natural Gas (LNG) project. The innovative first phase of the project involves a multi-billion-dollar investment to establish the region as a world-class gas province and a major LNG hub. First gas for this project is expected to come online in Q1 2024. The second phase will double production capacity to five million tons of LNG per year, with the project partners finalizing the development concept earlier this year. Production for Phase 2 is slated for 2027.

In Senegal, bp holds sizeable stakes in two offshore blocks: Saint-Louis Offshore Profond and Cayar Offshore Profond. The company’s commitment extends to exploring growth opportunities, including the Yakaar Teranga gas project, aiming to provide energy for domestic needs. In Mauritania, the company is undertaking a feasibility study for the BirAllah gas field.

During the event this November, Birrell will provide insight into bp’s projects and growth agenda in the MSGBC region.

“We welcome bp as a platinum sponsor at MSGBC Oil, Gas & Power 2023, the third edition of the region’s foremost energy conference. Having sponsored previous editions, bp is committed to playing an important role in reaffirming the energy sector’s attractiveness and driving large-scale, impactful developments,” states Sandra Jeque, International Conference Director at MSGBC event organizer, ECP.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry