The African start-up ecosystem has shown growth and resilience in the month of May, recording a significant increase in funding as compared to April, a report by Africa: The Big Deal, a tech research firm, reveals. Since the start of 2024, the report says, African start-ups have managed to raise Sh94.04 billion ($729 million) in total, which is a sharp drop compared to previous periods such as Sh219.30 billion ($1.7 billion) in the first five months of 2023, Sh348.30 billion ($2.7 billion) in 2022 and Sh141.90 billion ($1.1 billion). African start-ups also recorded an increase in total funding from Sh9.68…
Author: Antony Mutunga
Antony Mutunga
Antony Mutunga holds a Bechalor’s degree in Commerce, Finance from Jomo Kenyatta University of Agriculture and Technology. He previously worked for Altic Investment & Consultancy before he joined NBM team in 2015. His interest in writing ranges from business, economics and technology. He is also our lead researcher in matters business.
Climate change has caused a minimum of Sh5.41 trillion ($41 billion) damage in the six months since the last major climate conference, COP28, which was held in Dubai, according to the climate breakdown 2024 report by Christian Aid. The report takes note of four extreme weather events that took place in the first half of 2024; the recent floods in Brazil, flooding and heat waves in Asia and the flooding experienced in East Africa. “We need rich countries who are largely responsible for causing the climate crisis to massively scale up funding for action on climate change. They need to…
During a meeting with the Kenya Tea Development Agency (KTDA) factory leaders and directors at State House, President William Ruto said branding tea from Kenya will boost earnings for farmers, while contributing to the economy. He noted that the recent state of affairs has been wanting as farmers are denied the best prices due to continious reliance on selling unprocessed tea. “Kenya’s tea should be branded to increase its visibility in the global market and labelling it with a mark of origin,” Ruto said. “We cannot continue exporting our tea in sacks. In three years, we must export 60% of…
Equity Group holdings, which is the region’s most valuable brand according to Brand Finance, has reported a 25% rise in profit after tax, hitting Sh16 billion in the first quarter (Q1) of 2024 that ended March 31, 2024. The group’s managing director and chief executive, Dr James Mwangi said the profit is attributable, in part, to a strong leadership and an agile balance sheet. The lender adopted a judicious approach to deposit placements, curbing growth to 11% as compared to 29% registered for the year ended December 31, 2023, a move that allowed the bank to avoid expensive deposits. Simultaneously,…
The talk of the town has been the Finance Bill 2024 – Kenyans are set to face additional taxes and amendments, if the bill is passed into law after being tabled in the National Assembly, with many expecting it to make life more difficult as the government looks for more ways to increase its revenue. Through the bill, Prof. Njuguna Ndung’u, Cabinet Secretary of the National Treasury, has proposed to amend the Data Protection Act, 2019, to grant Kenya Revenue Authority (KRA) access to taxpayers’ data held by data controllers and processors, including financial institutions such as banks, telecoms operators…
The government is focused on increasing the total number of users on its digital platform, eCitizen, in a major quest to push daily revenue collection from the platform to at least Sh1 billion by December 2024. Immigration and Citizen Services Principal Secretary, Julius Bitok, said during the Annual Network of Africa Data Protection Associations (NADPA) conference held in Nairobi, that government will make it happen by ensuring all eligible Kenyans obtain an ID which is required to register an eCitizen account. “The government targets to increase from the current Sh700 million daily revenue and 13 million users on the platform…
The ‘Empowering Novel Agri-Business-Led Employment’ (ENABLE) Youth Program has been empowering youths to access financing to expand their businesses.
The horticulture sector in Kenya and East Africa as a whole has received a boost as the United Kingdom (UK) has temporarily removed export tariffs for cut flowers to improve trade with growers all over the world. The decision enables exporters from various countries to access the UK market for their flowers without facing any tariffs. Additionally, the elimination of tariffs extends to those who transport goods through a third country. This development particularly favors East African growers, who often have no alternative but to ship their flowers through a third country or auction houses to reach the UK. Such…
The integration of alternative energy sources positions Kenya as a pacesetter in green technology, particularly in the realm of data center operations. Kenya will use geothermal energy to power data centres after Abu Dhabi-based tech firm, G42 recently inked a deal with EcoCloud, a data center company, as part of a sustainability effort. Dubbed “Project Eagle”, the centre is set to be the first of its kind in the region, marking a significant milestone in eco-friendly infrastructure and setting new standards for data centers in Africa. The deal was signed by Eng. Amos Siwoi, CEO of EcoCloud, and Peng Xiao,…
When digital payment methods became popular around the world, many believed that this marked the end of ‘cash is king’. However, cash still remains king despite advancements in digital payments seeing their popularity soar, especially in developing regions. Africans have been embracing the digital revolution especially when it comes to mobile banking thanks to high access to mobile, smartphone and feature phone. While this has accelerated financial inclusion, there has been a seismic shift in consumer preferences towards digital payment methods in the continent. According to a research by Regtech Africa, an emergent digital tech platform, and Agpaytech, a fintech…