AFRICA DIGEST NEWS

24 #KenyanBanks Face Closure Risk Over Core Capital Hike Proposal 24 banks in Kenya face a potential shutdown that could affect more than 7,000 employees if a proposed law passes. The core capital requirement for financial institutions is set to increase from 1 billion to 10 billion shillings over the next three years. The Kenya Bankers Association (KBA) raised concerns during a session with the National Assembly Finance Committee, warning that this change would limit credit access, stagnate the economy, and increase interest rates on loans. The #KBA highlighted that the 150 billion shillings needed to meet the new capital threshold would severely impact 24 banks that extend 539 billion shillings in loans to the private sector, which accounts for 133% of total loans in Kenya. These banks also employ 6,779 workers, and an additional 627 rental premises would be at risk of closure. ✴️ While the #KBA is proposing that the capital increase be phased in over eight years, reaching 10 billion shillings by 2032, critics of the plan argue that the government’s decision to increase core capital is a risky move that could limit the delivery of vital financial services to Kenyans, particularly MSMEs and SMEs. ✴️Other entities such as Westminster and #LexLinksConsultancy also contributed to the public hearing discussions, which will inform the 2025–2026 budget-making process and likely impact Kenya’s economic future. Here is more: https://lnkd.in/d4X79GNR #KenyaBankersAssociation #CoreCapital #KenyaBanks #EconomicImpact #Finance #Banking #KenyaEconomy #Employment #BusinessLaws

Access Bank Plc Completes Acquisition of Standard Chartered Units in Angola & Sierra Leone This follows a 2022 agreement with Standard Chartered to transfer ownership of subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone, alongside operations in Tanzania. In Angola, the acquisition follows the merger of Access Bank Angola (formerly Fribanco) with Standard Chartered Bank Angola, giving Access Bank control of the operations and share capital. ✴️ Roosevelt Ogbonna, Managing Director and Group CEO of Access Bank, commented on the acquisition: "We are pleased to have successfully concluded two important acquisitions, which will allow us to grow our share of Corporate and SME banking in both countries." Here is more: https://lnkd.in/dung5USH #AccessBank #MergersAndAcquisitions #CorporateBanking #SMEBanking #Angola #SierraLeone #AccessBankUK #AfrAsiaBank

#PickApp Sets the Stage for Africa’s EV Revolution with Pilot Launch in Lomé This platform aims to make EVs more accessible to people by offering an affordable pay-as-you-go (PAYG) model, which removes the need for large upfront payments. Beyond just EV ownership, #PickApp also provides a mobile app for users to book eco-friendly rides and locate, book, and pay for charging stations, creating a comprehensive solution for electric mobility. Key Highlights: ✅ #PickApp aims to bring 1,000 electric vehicles to West Africa by 2030, focusing on both environmental sustainability and creating jobs. ✅The startup is setting up EV charging stations throughout Togo to support the growing demand for eco-friendly transportation. ✅The initiative addresses environmental and social challenges, helping reduce pollution while creating new job opportunities for youth in EV maintenance and customer service. Here is more: https://lnkd.in/dwxfSYJY #PickApp #ElectricVehicles #EV #SustainableTransport #GreenMobility #Togo #WestAfrica #EcoFriendly #RideSharing #Startup #Innovation

#JubileeHealth Wins #MSK Award for 'Always With You' Campaign #JubileeHealthInsurance (JHI) has been awarded the prestigious Brand Communication Campaign of the Year Award at the 2024 Marketing Society of Kenya (MSK) Gala Awards for their impactful “Always With You” campaign. The campaign stood out for its innovative approach to making healthcare more accessible and relatable across various communication channels. Key Highlights of the “Always With You” Program: ✅ Pharmacy-Based Doctor Consultations for as low as $1 ✅Drug Delivery Services via WhatsApp ✅Telemedicine for consultations from home ✅Care Navigation Program offering personalized guidance ✅Home-Based Care for post-discharge follow-ups ✅Family Physician Program with dedicated services Monica Chege MCIM, JHI’s Head of Marketing, emphasized the campaign's success in bringing services closer to customers and addressing their daily healthcare needs. Zuhura Ogada-Odhiambo MCIM, MSK Chair, praised #JHI for creating meaningful connections with its audience, blending healthcare innovation with effective communication to empower families. ✴️ The MSK Gala Awards celebrated innovative marketing strategies under the theme "Exploring New Frontiers," offering a platform for industry professionals to showcase their achievements. #MarketingExcellence #JubileeHealth #AlwaysWithYou #MSKGalaAwards #BrandCommunication #MarketingStrategy #HealthCareAccess

Stanbic Bank Kenya and Kenya Breweries Limited (KBL) have launched an exciting partnership to plant one million trees over the next five years, supporting Kenya’s goal of planting 15 billion trees by 2032. This initiative focuses on: ✅ Restoring Ecosystems: Rehabilitating landscapes and protecting vital water towers. ✅ Empowering Local Communities: Offering training in sustainable farming and water management practices. ✅ Driving Sustainable Change: Leveraging the expertise of both organizations to create long-lasting environmental and social benefits. The partnership highlights Stanbic Bank’s commitment to sustainability, with its $122 million investment in green projects in 2023. #KBL is also committed to sustainability with its “Spirit of Progress” strategy, which includes over 1.5 million trees planted through its parent company, East African Breweries PLC (EABL). ✴️ This partnership builds on the vision of Dr. Joshua Oigara, CEO of Stanbic Bank Kenya, and Mark Ocitti Ongom, Managing Director of #KBL, to create a resilient future for Kenya. Here is more: https://lnkd.in/dz6atmvi #Sustainability #ClimateAction #GreenEconomy #TreePlanting #RenewableEnergy #KenyaBreweriesLimited #StanbicBankKenya

Kenya is in talks to secure a Sh455 million (around USD 3 million) #carboncredits deal with an energy company, aiming to strengthen its role in the global carbon market. The deal focuses on large-scale reforestation and land restoration projects, generating carbon credits to offset greenhouse gas emissions. These credits will be sold to companies and nations looking to meet their climate goals. Why does this matter? ✅ Revenue from these credits will fund conservation efforts and support local communities. ✅ Kenya’s plans include a National Carbon Registry to ensure transparency and accountability in carbon trading. ✅ Community agreements now ensure locals benefit directly from these projects. Kenya has already proven its potential, generating 11 million voluntary carbon market credits in 2022, making it a leader in Africa. Here is more: https://lnkd.in/d3WvjqwP #CarbonCredits #ClimateAction #Sustainability #Kenya #Conservation #CleanEnergy #CarbonMarket #RenewableEnergy #AfricanInnovation #GreenEconomy

South Africa’s first off-grid green EV charging station opens, accelerating the shift to sustainable transport! Zero Carbon Charge, a South African EV charging provider, has launched the country’s first off-grid, solar-powered EV charging station in #Wolmaransstad, North West Province. Why does this matter? ✅ The station runs independently of the national grid, using 480 solar panels and a 546 kWh battery, addressing energy shortages and promoting clean power. ✅It supports the country’s Renewable Energy Masterplan and will create a network of 120 solar-powered charging stations along key highways by 2026. ✅With fast chargers and an easy-to-use app, the station makes EV charging more accessible for South Africans, supporting the growing demand for electric vehicles. Here is more: https://lnkd.in/deikqpgq #Sustainability #ElectricVehicles #CleanEnergy #RenewableEnergy #EVCharging #SouthAfrica #GreenEnergy #CHARGE

Africa Finance Corporation (AFC) has secured a $300 million loan from Indian banks, including the State Bank of India, Canara Bank, and Bank of India. The loan will fund renewable energy projects across Africa, a crucial step in AFC’s mission to address the continent’s energy challenges. ✅ The funds will drive sustainable growth through clean energy, creating jobs and reducing reliance on fossil fuels. ✅AFC’s strong credit rating and successful track record in financing infrastructure projects set the stage for impactful development. This partnership underscores the importance of international collaboration in tackling Africa’s energy needs. With the support of Indian banks, AFC is positioning itself to lead Africa’s renewable energy transformation. Here is more: https://lnkd.in/dqxbMeWi #Energy #RenewableEnergy #SustainableGrowth #AFC #India #AfricaEnergy #GlobalCollaboration #Infrastructure

KenGen Kenya Partners with Eswatini Electricity Company to Unlock Geothermal Potential KenGen Kenya has signed a Sh250 million agreement with Eswatini Electricity Company (EEC) to conduct in-depth geoscientific studies on geothermal energy in Eswatini. Why does this matter? ✅ #Eswatini can reduce reliance on imported fuels, lower energy costs, and strengthen energy security. ✅#KenGen brings a wealth of expertise, having delivered successful geothermal projects in Djibouti and Ethiopia. This collaboration creates local jobs, boosts technical capacity, and aligns with the UN's Sustainable Development Goals on clean energy. By fostering regional collaboration, this partnership sets a strong example for other African nations looking to tap into their renewable energy potential. Here is more: https://lnkd.in/d2zH6sVh #RenewableEnergy #Geothermal #KenGen #Eswatini #Sustainability #EnergySecurity #AfricaEnergy

Here’s a roundup of the latest developments across Africa, highlighting progress in finance, energy, and technology. ✅ Equity Bank Uganda Limited announced the resignation of MD Anthony Kituuka, effective Nov 28, 2024. #Kituuka joined Equity Group Holdings in 2014 and has been MD since 2022. ✅Safaricom PLC introduced the #ZiidiMoneyMarketFund, available on M-PESA, in partnership with Standard Investment Bank, ALA Capital, and Sanlam Investments East Africa Limited. CMA CEO Wyckliffe Shamiah highlighted its contribution to financial inclusion. ✅Rwanda unveiled a Five-Year FinTech Strategy (2024-2029), with oversight from MinICT OÜ, MINECOFIN, and the FinTech Association, aiming to attract $200M in investments and create 7,500 jobs. ✅Yaga, South Africa's preloved goods marketplace, launched in Kenya, offering sustainable shopping through M-PESA and localized logistics. Founder Aune Aunapuu emphasized its eco-conscious mission. ✅Charge Point EV opened South Africa’s first off-grid solar EV charging station on the N12 highway, powered by 480 bifacial solar panels. Part of its R9.4B plan for 120 stations. ✅KenGen Kenya progressed on its Ksh 250M geothermal energy project in South Africa, boosting renewable energy efforts and regional ties. ✅Africa Finance Corporation (AFC) secured a $300M loan from Indian banks like State Bank of India and Canara Bank to fund transformative projects across Africa. Africa’s finance, tech, and sustainability landscapes are evolving fast— what excites you most about these developments? #AfricaDigestNews #InnovationInAfrica #RenewableEnergy #FinancialInclusion #SustainableFashion #Leadership