Africa Business, Author at AfricaBusiness.com

19Sep

By Africa BusinessNo Comments

Business, Main

Op-ed: Why Africa is the Next Big Opportunity Amid Global Slowdown in The Music Industry

By Faisal Kiwewa, Arts Connect Africa (ACA) Board Member and Founder and Director at BAYIMBA Cultural Foundation The global music industry is experiencing a slowdown, with streaming growth decelerating and major players like Apple and Amazon needing help to expand their user bases. Music companies are scrambling to find new revenue streams as the industry enters a slower-growth era. According to a report by Goldman Sachs, global music streaming revenue is expected to grow at a compound annual growth rate (CAGR) of 8% from 2022 to 2030, a slowdown compared to the 18% CAGR from 2017 to 2021. While the West grapples with these challenges, Africa’s music industry is growing into a vibrant, untapped market with immense potential. Africa: A Growing Market with Unique Opportunities Africa's ...

19Sep

By Africa BusinessNo Comments

Energy, Mozambique News

Delivering Mozambique’s Sustainable Energy Future

Maputo, Mozambique - Mozambique is emerging as a key player in the global energy landscape, with a rich reserve of natural resources, including natural gas and renewables. As the world shifts towards cleaner and more sustainable energy, Mozambique is positioning itself at the centre of this transformation, ensuring its energy projects are both ready and fully implemented to meet the growing demands of domestic, regional and the global market. At COP28 in Dubai, H.E. President Filipe Nyusi said, “Mozambique’s $80 billion energy transition strategy will leverage the country’s vast renewable resources to position the country as a sustainable investment destination and deliver energy to its people.” President Nyusi went on to share that while transitioning to a decarbonised future, Mozambiqu...

19Sep

By Africa BusinessNo Comments

Fintech, South Africa News

Happy Pay, SA fintech, raises $1.8M to reduce the cost of consumer credit to zero

Happy Pay raises $1.8 million pre-seed round and secures inaugural debt facility as it accelerates its mission of bringing the cost of consumer credit to zero for South Africans. Happy Pay, South Africa’s only independent BNPL (Buy Now, Pay Later) provider, now with 150,000 active users, announced today that it has raised $1.8 million in pre-seed funding. The funding round was led by a group of prominent South African venture capital investors, including co-lead investors E4E Africa and 4Di Capital, with participation from DotExe Ventures, Launch Africa, Equitable Ventures, Felix Strategic Investment, U.S.-based Gaingels, and local angels. In addition, Fin Africa (formerly Finclusion Group) is providing Happy Pay’s debt facility. Happy Pay’s forward-compliant BNPL platform, designed to m...

17Sep

By Africa BusinessNo Comments

Africa Travel, Interview, Kenya News, Main, Startups, Zimbabwe News

The Challenges and Prospects of Passport-Free Travel in Africa Using Biometrics

Willys Mac'Olale , Director of Fragomen Kenya An interview with Willys Mac’Olale, Director of Fragomen Kenya, on the innovative opportunities and barriers in using biometrics, particularly facial recognition, for passport-free travel. African countries must make an innovative leap to reach a new level of development that will improve the lives of people in Africa. What are the main drivers behind the shift to passport less travel and facial recognition in countries like the US, UAE and Europe? There are a number of reasons for this adoption including; Enhnaced security – The fact that passport less travel typically relies on biometric data which is more secure and harder to forge than traditional passports reduces the risk of identity theft and fraud. Streamlining Tr...

13Sep

By Africa BusinessNo Comments

Business, Main

Why Africa’s Approach to Financial Risk Management Needs to Change

By Reggie Mlangeni, Head of Sales and Structuring at Absa Corporate and Investment Banking When detached from the intricate realities of Africa’s economic environment, financial risk management strategies that may prove successful elsewhere often falter. For nations grappling with rising levels of sovereign debt, unpredictable regulatory uncertainties, and the far-reaching repercussions of political transitions, traditional frameworks, often borrowed from more stable economies, fail to account for the volatility and complexity inherent in many African markets – necessitating a re-evaluation of how financial risks are quantified and managed on the continent. Recent developments in several countries have been particularly illustrative of this. In Ghana, faced with substantial revenue co...

13Sep

By Africa BusinessNo Comments

Fintech

Fintechs need to overcome regulatory barriers that limit access to financial services for underserved communities

Nikki Kettles, Executive: Licences and Payments Regulation at Mukuru Genuine financial inclusion is vital if we are to bring millions of unbanked and underserved communities in Africa into the mainstream economy. This doesn’t just benefit the communities, it has a knock-on effect for economies, regions and the continent. Financial services are tightly regulated and this presents a challenge for fintechs — how do you innovate while working effectively within differing regulatory frameworks on the continent? While these frameworks may differ substantially, there are common barriers fintechs need to overcome. Before we get there, it is important to start at the beginning. Not many people understand what financial inclusion actually means. There is a misconception that financial inclusion me...

13Sep

By Africa BusinessNo Comments

Business, Startups

African companies must recognise strategic M&A as the most viable exit strategy, says investment bank CEO

Founders can prepare diligently for M&A exits by identifying the right pools of buyers, stress-testing business plans and clearly defining value propositions Impacted by global economic issues and geopolitical tensions, African companies have faced a challenging 12 months in terms of VC-backed activity. However, for any founders considering their best route to a profitable exit, one option has emerged as the obvious choice: acquisition. This trend is highlighted by Pitchbook data evaluating the African VC ecosystem in Q1 2024, which revealed that of all the exits achieved across the period, each and every one was secured via acquisition. In contrast, no public listing or buyout deals were completed. According to Victor Basta, CEO and Founder of investment bank DAI Magister, African ...

11Sep

By Africa BusinessNo Comments

Africa Travel, Business

THE NEW FACE OF BLEISURE TOURISM

How business-leisure travel has evolved In a world where the lines between work and play often blur, the tourism industry has witnessed a remarkable evolution in travel patterns since 2022. What began as a niche trend, 'bleisure' tourism—blending business and leisure—has now become a major driver in hospitality, adapting and thriving in our post-pandemic reality. Shaun Lamont, Managing Director of First Group Hotels and Resorts, shares some insights into how this phenomenon has transformed over the past two years and its impact on the hospitality industry. The Changing Landscape of Bleisure "Bleisure travel looks quite different now compared to two years ago," says Lamont. "We've seen a shift from predominantly domestic, extended-stay remote workers to a more diverse mix of travellers...

5Sep

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Kenya News, Tech

IDEX Biometrics and Vasmobile launch biometric school ID program in Africa

Vasmobile Fintelco is launching SkoolID, the African School ID and Smart Payment Card, based on the biometric card platform from IDEX Biometrics. The agreement and first production order represent a value of $1.4 million, with delivery starting in the fourth quarter of 2024. The multi-year agreement sets Vasmobile up to scale across Kenya in 2025 and further expansion into other parts of Africa as of 2026. Today Vasmobile is offering payment card solutions to schools with the support of the M-Pesa payment network. This new school ID will be upgraded to a biometric smart card, incorporating the IDEX biometric technology, including biometric solution, card operating system, and applets developed by Vasmobile. This is a world first use case for biometric smart cards. These cards will secure...

5Sep

By Africa BusinessNo Comments

Africa Travel, Ghana News

Virgin Atlantic adds three new destinations for summer 2025

Airline will launch flights to Riyadh, Saudi Arabia from March 2025 Flights to Accra, Ghana will operate for the first time since 2013, with launch in May 2025 Both routes will be on sale from 12 September 2024 Airline recently announced plans to return to Toronto, Canada, its first Canadian route in a decade Virgin Atlantic has announced new flying from London Heathrow, adding two new destinations of Riyadh, Saudi Arabia and Accra, Ghana to its network for summer 2025. New route to Riyadh, Saudi Arabia For the first time, the airline will launch a daily service to King Khalid International Airport in Riyadh, Saudi Arabia. The service aims to participate in the growth expected from Saudi Vision 2030. In 2023, annual trade between the UK and Saudi Arabia was worth £17.1 bill...