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Africa’s economic growth to outpace global forecast in 2023-2024 – African Development Bank Biannual Report

20Jan

By Africa BusinessNo Comments

African News, Main

Africa’s economic growth to outpace global forecast in 2023-2024 – African Development Bank Biannual Report

Africa is set to outperform the rest of the world in economic growth over the next two years, with real gross domestic product (GDP) averaging around 4% in 2023 and 2024. This is higher than projected global averages of 2.7% and 3.2%, the African Development Bank Group said in Africa’s Macroeconomic Performance and Outlook (http://bit.ly/3iLJF4C) report for the region, released in Abidjan on Thursday. With a comprehensive regional growth analysis, the report shows that all the continent’s five regions remain resilient with a steady outlook for the medium-term, despite facing significant headwinds due to global socio-economic shocks. It also identified potential risks and called for robust monetary and fiscal measures, backed by structural policies, to address them. The Macroeconomic Per...

McKinsey & Company Predicts African Fintech Revenues Could Reach an Impressive $30 Billion by 2025

15Dec

By Africa BusinessNo Comments

Fintech

McKinsey & Company Predicts African Fintech Revenues Could Reach an Impressive $30 Billion by 2025

As the fastest-growing start-up industry in Africa, African fintech raised over US$1,3 billion in 2021 alone, the success of fintech companies is being fuelled by several trends, including increasing smartphone ownership, declining internet costs, expanded network coverage, and a young, fast-growing, and rapidly urbanizing population. [i] African fintech has a significant impact on day-to-day life on the continent and with its current upward trend it can be perfectly poised to rapidly advance Africa’s global competitiveness with an increase in the exporting of fintech services globally. These fertile grounds do have challenges. Regulatory uncertainties and differences between countries are a bottleneck, throttling the expansion of financial inclusion in Africa. This has led to the conti...

1Dec

By Africa BusinessNo Comments

Business, Events, Ghana News

African e-commerce users are expected to exceed 500 million over the next three years

The new event facilitates strategic African trade opportunities With the number of African e-commerce users expected to exceed half a billion over the next three years, there is an increasingly urgent need for sophisticated logistics systems to strengthen and support the continent’s expanding transport infrastructure. The pandemic served as a catalyst for the advancement of the global e-commerce market and has given rise to a number of trends that impact the logistics industry. Not only are consumers demanding quicker delivery times, but the costs of servicing the last mile are increasing, which has retailers and logistics operators working hard to improve and develop their distribution models so that they can cut inefficiencies and keep stock nearer to consumers. [1] It is with the pri...

Africa’s industrialization progress in the past decade highlighted in new report

27Nov

By Africa BusinessNo Comments

Main

Africa’s industrialization progress in the past decade highlighted in new report

Africa is making progress towards industrialization, with 37 of 52 countries becoming more industrialized over the past eleven years, according to a recent report. The African Development Bank, African Union, and United Nations Industrial Development Organization teamed up to produce the report, which shows that some African countries are making significant strides in developing their industrial sectors. The Africa Industrialization Index (AII) report provides a country-level assessment of 52 African countries’ progress across 19 key indicators. The report will enable African governments to identify comparator countries to benchmark their own industrial performance and identify best practices more effectively. The African Development Bank, the African Union and UNIDO jointly launched the...

Inaugural Africa Airforce Forum highlights the role of Air Force in bridging regional stability

26Oct

By Africa BusinessNo Comments

Events, Senegal News

Inaugural Africa Airforce Forum highlights the role of Air Force in bridging regional stability

Day one prioritizes partnerships to build transnational capabilities and address security challenges in the region, particularly low-intensity conflict areas Panelists address the top 5 priorities for fleet modernization and capability building Focus placed on better human resource management for the African air forces Airforce industry leaders from across Africa and global defense experts gathered today to address security challenges and the necessity for regional Air Forces to enhance air operations to counter asymmetrical threats across Africa and highlight aviation in Low-intensity conflicts at the Inaugural African Airforce Forum at the King Fahd Palace Dakar in Senegal. Hosted by the Senegal Air Force, the two-day forum hopes to effectively empower the aerospace communi...

How cloud technology can boost economic development in Africa

6Oct

By Africa BusinessNo Comments

Tech

How cloud technology can boost economic development in Africa

Cloud technology could be a major enabler of economic development on the African continent – but some stubborn barriers need to be cleared first, says Andrew Cruise, Managing Director of vendor neutral cloud infrastructure provider, Routed. The African continent represents 60 percent of the world’s arable lands and 30 percent of the earth’s mineral reserves – making it a rich continent in many ways. Yet it contributes only 2 percent of the world’s research output and lags behind in several key technological sectors. For the continent to achieve its potential and escape the unsustainable colonial development model of resource extraction, investment in digital competencies is crucial. In certain areas, the continent is faring reasonably well in this regard. Mobile penetration, for example, ...

A Payment Solution for Africa That Bypasses Complexity

22Sep

By Africa BusinessNo Comments

Fintech, South Africa News

A Payment Solution for Africa That Bypasses Complexity

Understandably, merchants are finding it increasingly difficult to keep abreast of all the latest payment products and solutions that are available. “It is complex and costly for merchants to manage their own integrations into multiple solution providers. Merchants should be focusing on their core businesses and leave payment complexities to specialist companies,” says Andrew Springate, CEO of tech and financial gateway service provider PAYM8. Founded in 2001, PAYM8 quickly expanded its footprint across the African continent and now processes over R3 billion in annual transaction value for its clients, and is one of the few payment solution providers in Africa capable of providing a single offering to merchants spanning both payer and payee-initiated payments. Merchants want all payments...

Sentech Africa Tech Week 2022: Connecting Africa for a Digital Future

15Sep

By Africa BusinessNo Comments

South Africa News, Startups

Sentech Africa Tech Week 2022: Connecting Africa for a Digital Future

Sentech Africa Tech Week 2022 made its fourth consecutive appearance this year, providing a platform where 5,000 attendees came together - in person and virtually - to learn, be inspired, and meet those in the industry who are making a remarkable impact on solving Africa's unique challenges. Held at the Cape Town International Convention Centre on August 31st and September 1st, various panel discussions were held sharing insights across topics such as the Internet of Things, broadband connectivity, cloud services and blockchain technology - to name a few. The CEO of Topco Media, Ralf Fletcher, believes that Africa is facing unique challenges that can only be solved by Africans. He shared that Africa Tech Week saw an explosion of excitement about current products and services that are bei...

8Sep

By Eugene NizeyimanaNo Comments

Business

Sports Tourism: The Key To Economic Development In Africa

By Eugene Nizeyimana, Founder and CEO of African Business Chamber Of a variety of ways to develop an economy, sports and tourism are major contributors to social and economic development in most countries. There are many types of tourism opportunities that countries invest in, to propel and initiate development strategies. One such tourism type is sports tourism. Sports and Tourism have a major socio-economic impact, are appreciated in most civilian societies, and are increasingly recognized by governments and global business communities. Sports tourism is and has been in the last decade, one of the growing sectors in tourism across the world. Sporting events attract tourists, participation, and support business communities in many forms, where host communities exhibit and showcase local...

3Mar

By Africa BusinessNo Comments

Real Estate, South Africa News

Property scams continue to rise at alarming rates

Investing in property is one of the biggest financial decisions a person is likely to make. New and increasingly sophisticated scams and incidence of fraud are on the rise and affect developers, buyers, sellers, estate agents, conveyancing attorneys, and other property professionals. “As property transactions typically involve substantial sums of money, they are a natural target for fraudsters. Tactics range from impersonating estate agents to intercepting emails with instructions on where to make payment for transactions as well as notices of change of banking details instruction, says Ryan Mer, CEO, eftsure Africa, a Know Your Payee™ (KYP) platform provider. While organisations like the South African Banking Risk Information Centre (SABRIC) have long warned consumers about vari...