Fintech Association Of Kenya’s Post

Waymo, a leader in autonomous vehicle technology, has expanded its robotaxi service in San Francisco, opening it to all users after previously limiting access to a waitlist. This expansion marks a pivotal moment for the company, showcasing its ability to navigate one of North America's most challenging urban environments. Waymo faces ongoing challenges despite the broader rollout, including safety concerns and public backlash. Federal investigations are examining multiple incidents involving Waymo's vehicles, though the company maintains that its technology reduces the frequency of injury-causing accidents compared to human drivers. The expansion comes amid a backdrop of declining funding and setbacks for competitors like Cruise, which recently faced severe safety issues. Waymo's cautious and incremental approach aims to balance rapid growth with safety and reliability, striving to demonstrate that driverless taxis can become a profitable and sustainable business model. What do you think of autonomous cars? Would you ride a Waymo? If you have what was your experience?

𝐎𝐧𝐞 𝐇𝐚𝐫𝐝 𝐓𝐫𝐮𝐭𝐡 𝐅𝐫𝐨𝐦 𝐅𝐈𝐍𝐓𝐀𝐊: Your H.E President William Samoei Ruto, PhD, the 𝐞𝐱𝐜𝐢𝐬𝐞 𝐭𝐚𝐱 system in Kenya is increasingly becoming a burden on the very citizens it aims to protect. While excise taxes traditionally target harmful goods like tobacco and alcohol, in Kenya, they extend to essential services such as mobile and internet data, financial transactions, and even bottled water. This broad application of excise tax is counterproductive, as it disproportionately affects the middle and lower-income earners who rely heavily on these services for their daily lives and economic activities. The imposition of excise taxes on 𝐝𝐢𝐠𝐢𝐭𝐚𝐥 𝐥𝐨𝐚𝐧𝐬, for instance, is particularly detrimental. Low and middle-income earners, who often cannot access traditional bank loans, turn to digital loans for short-term financial needs. By taxing these loans at an upfront rate of 20%, the government is effectively increasing the cost of borrowing, pushing these individuals further into financial distress. This practice not only contravenes international accounting standards, which typically tax net income rather than costs, but also undermines financial inclusion efforts. It is imperative to reconsider and abolish these excise taxes to foster a more equitable and supportive economic environment for all Kenyans. Stephen K. Muriithi Wayne Hennessy-Barrett Kevin Mutiso World Economic Forum The World Bank International Monetary Fund Duncun Motanya

The first week in July has come to a close. Here are this week's top developments across the industry. What caught your attention? #Fintech #Africa #Tech

The Moth, an internationally acclaimed organization dedicated to the art of live storytelling, is expanding its Global Community Program with upcoming workshops in Nairobi, Kenya. The program, initiated in 2014 with support from the Bill & Melinda Gates Foundation, focuses on developing personal narratives from individuals in the global south. In September 2024, The Moth will conduct two Inclusive Financial Systems Personal Storytelling Workshops in Nairobi. These workshops aim to cultivate stories from individuals who have overcome barriers to accessing and using digital financial tools and services. The sessions will take place on September 6-8 and September 11-13, 2024. Eligible applicants include: 🔹 Women who have leveraged digital financial tools to gain financial autonomy and improve their circumstances. 🔹 Entrepreneurs of any gender who have used digital financial services to establish and grow their businesses. 🔹 Individuals who have employed digital financial tools to assist others in gaining financial control and enhancing their quality of life. 🔹 Professionals in related fields (finance, telecommunications, community outreach) who have spearheaded or supported initiatives to improve access to and usage of financial services. Applications will be open through July 7, 2024 at 6:00pm ET (GMT-4). To learn more/Apply, please visit: https://lnkd.in/dXbv9k4M #FinancialInclusion #Fintech #DigitalFinance #Kenya #Africa

World Bank Extends Nigeria's Digital ID Project Deadline to 2026. The World Bank has announced a restructuring of the Nigeria Digital Identity for Development (Nigeria ID4D) project, extending its deadline from June 30, 2024, to June 30, 2026. This $430 million initiative, co-financed by the French Development Agency and the European Investment Bank, aims to expand national ID issuance in Nigeria and simplify access to essential services. The extension comes as Nigeria fell short of its target to enroll 148 million people for national digital ID by the original deadline. Despite facing a 22-month delay at the start and achieving only a 37.37% disbursement rate, the World Bank describes the project's progress as "moderately satisfactory." The restructuring ensures continued support from all co-financiers and allows time for Nigeria to meet critical objectives, including amending the NIMC Act and expanding the Automated Biometric Identification System. The World Bank emphasizes that this extension is crucial for developing an inclusive and trusted ID system that will enhance governance transparency and improve public service delivery in Nigeria. #DigitalID #DigitalEconomy #Tech #Africa #Nigeria

MultiChoice Celebrates 30 Years of Impact with Forward-Looking ESG Strategy. MultiChoice MultiChoice Group has published its Environmental, Social, and Governance Report for the financial year ended March 2024, highlighting its commitment to sustainability, community empowerment, and ethical governance. Celebrating three decades of transforming Africa's entertainment industry, MultiChoice's ESG initiatives align with the United Nations' Sustainable Development Goals, focusing on climate action, social impact, and robust governance. Key environmental efforts include investments in renewable energy and partnerships like The Earthshot Prize, which saw a record 400 African entries this year. Social initiatives featured the MultiChoice Talent Factory, DStv Schools Netball Challenge, and the Here for Her campaign, which delivered the 2023 Netball World Cup with an all-female crew. Governance highlights include collaborations with Partners Against Piracy and MOUs with government bodies to combat content piracy and enhance local content sectors. Economically, MultiChoice's strategic initiatives have significantly contributed to local content production, SME support, and job creation. The MultiChoice Innovation Fund has supported 77 black-owned businesses, creating 1,400 jobs, while the MultiChoice Accelerator programme helped South African entrepreneurs secure over $17 million in investments. #ESG #Africa #Sustainability

IBISA Secures $3 Million to Expand Parametric Insurance Solutions in Africa and Asia Climate insurtech startup IBISA NETWORK has successfully raised $3 million in a funding round to scale its parametric insurance solutions for weather-related risks in Africa and Asia. The Luxembourg-based company, which specializes in developing technological solutions for climate change insurance primarily in the agricultural sector, will use the funds to expand its operations and product offerings. The funding round was led by the Acumen Resilient Agriculture Fund (ARAF) and Equator, with participation from Asian Development Bank (ADB) Ventures and existing investors, including Mumbai-based Ankur Capital. This strategic investment aims to enhance IBISA's capacity to deliver accessible parametric insurance products to vulnerable communities. IBISA's current product range includes agricultural insurance, typhoon coverage, and loan protection for financial institutions. The company has also developed a heat stress insurance product, initially designed for dairy farmers in India, which is now being extended to other countries such as Bangladesh. IBISA CEO Maria Mateo Iborra stated that the company is entering an "industrialization phase" and plans to use the new funding to amplify product offerings, expand within current markets, and explore new ones. The investment aligns with the strategies of participating funds to support innovative ventures providing critical climate adaptation products and services in emerging markets. #Africa #Cleantech #Insurtech Photo: 𝑀𝑎𝑟𝑖𝑎 𝑀𝑎𝑡𝑒𝑜, 𝐼𝐵𝐼𝑆𝐴 𝐶𝐸𝑂 𝑎𝑛𝑑 𝐵𝑎𝑙𝑎𝑐ℎ𝑎𝑛𝑑𝑟𝑎𝑛 𝑀 𝐾, 𝐼𝐵𝐼𝑆𝐴 𝐻𝑒𝑎𝑑 𝑜𝑓 𝐺𝑟𝑜𝑤𝑡ℎ.

Accelerex Launches Fingerprint Payments on Nigerian PoS Terminals. Nigeria-based fintech company Accelerex has launched its innovative 'Pay with Fingerprint' solution on PoS terminals across Nigeria. This new payment method allows bank account holders to make secure and convenient payments at merchant locations using their fingerprints on biometric-enabled PoS devices. The 'Pay with Fingerprint' solution leverages advanced biometric technology to provide a seamless payment experience while significantly enhancing security for both consumers and merchants. By addressing common challenges such as card fraud and the inconvenience of carrying physical cards, the solution paves the way for a more efficient and secure payment ecosystem. Its enhanced security features ensure that only the account holder can authorize transactions, thereby reducing the risk of fraud. Officials from Accelerex expressed their enthusiasm for the potential impact of 'Pay with Fingerprint,' stating that it will foster a more secure commercial environment for business owners and consumers alike, while facilitating swift and efficient transactional operations.

COMESA Hosts 5th Women in Business Trade Fair, Empowering Women Entrepreneurs The Common Market For Eastern And Southern Africa and the Government of Madagascar successfully hosted the 5th COMESA Federation of Women in Business Trade Fair & Business Conference in Antananarivo on June 28-29, 2024. The event, themed "Enhancing Participation of Women Entrepreneurs in the COMESA Regional Markets under the African Continental Free Trade Area (AfCFTA) Secretariat" focused on green investment, value addition, and tourism. The COMFWB Zimbabwe Chapter was honored as the Best Exhibitor of the Year, recognizing the diversity and quality of products exhibited. UNDP Zimbabwe also organized a Master Class on empowering women entrepreneurs to unlock market potential through COMESA and AfCFTA. This initiative provided valuable insights for women entrepreneurs to leverage regional trade agreements and enhance their market readiness. Zimbabwean exhibitors showcased innovations across various sectors, including agriculture, technology, furniture making, beading, food processing, tourism, finance, and waste management. Chipo Mandela, one of the supported entrepreneurs, highlighted the event's significance, stating, "This is a powerful congregation of women as it allows us to network, posing opportunities to increase regional trade." The trade fair provided a platform for MSMEs to engage with service providers on free trade area regulations and access AfCFTA benefits. 📷: Zimbabwe team during the award presentation | COMESA

Huawei Launches Cloud Stack 8.3 to Accelerate Industry Intelligence in Africa. This announcement follows the initial unveiling of Huawei Cloud Stack 8.3 at HUAWEI CONNECT 2023 in Shanghai. The new version provides over 100 cloud services in 13 categories, enhancing capabilities for industrial Internet, data circulation, and software development pipelines. Yuhai Hu, Vice President of Huawei Hybrid Cloud, detailed how Huawei Cloud Stack offers trusted cloud infrastructure, innovative cloud service capabilities, and extensive industry know-how to help government and enterprise customers in Africa accelerate cloud adoption. "Huawei Cloud strives to be the preferred cloud for intelligent transformation," said Hu. "As per our mission statement of being 'In Africa, For Africa,' we are ready to work alongside our customers and partners with better technologies, industry solutions, and ecosystem resources." Huawei Cloud Stack currently serves more than 5,500 government and enterprise customers worldwide, leading multiple markets, including the hybrid cloud markets in China and the emerging Asia-Pacific region. Moving forward, Huawei Cloud stated their will to continue to spur innovation, expand industry know-how, and develop new customer-centric services to help more African customers migrate data to, use, and manage the cloud better. 𝐻𝑢 𝑌𝑢ℎ𝑎𝑖, 𝑉𝑖𝑐𝑒 𝑃𝑟𝑒𝑠𝑖𝑑𝑒𝑛𝑡 𝑜𝑓 𝐻𝑢𝑎𝑤𝑒𝑖 𝐻𝑦𝑏𝑟𝑖𝑑 𝐶𝑙𝑜𝑢𝑑 | Huawei