The Kenya Investment Authority (KenInvest) and the Kenya Private Sector Alliance (KEPSA) have launched a landmark multi-agency partnership aimed at transforming Kenya’s business environment.

This collaboration brings together key government agencies and private sector stakeholders to streamline investment processes, advocate for policies that attract investors, and position Kenya as a premier destination for sustainable investment.

The approach acknowledges the vital role of a thriving private sector in accelerating economic growth and job creation.

According to the World Bank, the private sector remains a critical pillar of Kenya’s economy, accounting for over 80% of the country’s GDP and 70% of formal employment. 

Recognizing the critical role of a thriving private sector, the partnership aims to foster stronger collaboration between public and private entities. By aligning efforts, the initiative seeks to foster a mutually beneficial relationship that addresses key development challenges while creating a conducive environment for business growth.

Speaking at the launch event, John Mwendwa, CEO of KenInvest, highlighted the strategic significance of this partnership. “By working closely with KEPSA and other key stakeholders, we are confident that we can unlock the full potential of the private sector and drive sustainable economic development,” he said.

KEPSA CEO Caroline Kariuki echoed this sentiment, noting, “This partnership highlights the power of collaboration in unlocking the private sector’s potential to drive Kenya’s economic growth.”

KenInvest, established under the Ministry of Investment, Trade, and Industry, is a statutory body mandated to promote investment in Kenya. Its core responsibilities include facilitating new investment projects, providing after-care services for existing investments, and promoting Kenya as a vibrant investment destination locally and internationally.

Meanwhile, KEPSA, serves as the umbrella body for the private sector in Kenya, bringing together a diverse network of business associations, chambers of commerce, professional organizations, and individual companies. The body plays a pivotal role in advocating for policies that enhance the business environment.

Through its collaboration, KenInvest aims to tap into KEPSA’s extensive network of businesses and industries to attract investments aligned with Kenya’s Vision 2030 and the United Nations Sustainable Development Goals (SDGs).

By combining KenInvest’s expertise in facilitating investments with KEPSA’s advocacy for improved business policies, the collaboration seeks to establish Kenya as a more competitive and attractive hub for investors.

With a focus on sustainable growth and long-term impact, this multi-agency partnership collaboration sets the stage to drive Kenya’s economic development while solidifying its reputation as a leading destination for investment opportunities.

FMO, the Dutch entrepreneurial development bank, has made a significant commitment of USD 10 M in primary equity to I&M Group as part of a broader ~USD 85 M transaction. The investment round was led by private equity firm AfricInvest, a long-term partner of FMO and a key player in fostering private sector development across Africa.

This funding aims to strengthen I&M Group’s growth trajectory by supporting portfolio expansion in its existing markets while exploring new opportunities within the East African region.

I&M Group is a multi-country banking institution with a rich legacy of success in financial services spanning several decades. Headquartered in Kenya, the group offers a diverse portfolio of banking and financial solutions.

Its services range from commercial and retail banking to corporate and institutional services, wealth management, and bancassurance. Additionally, the group provides financial advisory services, real estate investment opportunities, and custody and investment solutions, ensuring it meets the varied needs of individuals, small and medium-sized enterprises (SMEs), and corporates.

With approximately 86 branches across Kenya, Mauritius, Tanzania, Rwanda, and Uganda, I&M Group has become a vital enabler of financial inclusion in East Africa.

The group’s operations are supported by its subsidiaries, including I&M Bank Limited, I&M Capital Limited, I&M Realty Limited, BCR Investment Company Limited, I&M Burbidge Capital Limited, Giro Limited, and I&M Bank (Uganda) Limited.

The breadth of its offerings and regional footprint has positioned I&M Group as a key player in financial services across East Africa. It is listed on the Nairobi Securities Exchange, with its Rwandan subsidiary, I&M Bank Rwanda, traded on the Rwanda Stock Exchange.

The funding is expected to support the expansion of its portfolio in key markets, strengthening its ability to serve existing clients while positioning the group to explore new opportunities across East Africa. The investment also aligns with I&M Group’s broader goal of supporting financial inclusion and providing services tailored to micro, small, and medium-sized enterprises (MSMEs) and corporate clients.

By channelling resources into these initiatives, I&M Group aims to widen its reach and enhance access to financial services for underserved populations.

This is not the first time I&M Group has attracted private equity backing, having previously secured investments from Kibo Capital Partners, British International Investment (BII), and AfricInvest.

For FMO, the investment is part of its wider efforts to support private sector development in emerging markets. The organization focuses on initiatives that foster job creation, improve access to finance, and support long-term economic growth.

This partnership is poised to drive meaningful impact in East Africa, offering not just just capital, but also shared vision for economic development.

Alta Semper Capital LLP, a dedicated private equity firm focused on frontier markets, has appointed Kareem Ghaly as its new Head of the Middle East and North Africa (MENA) region.

Based in Cairo, Egypt, Ghaly will lead the private equity firm’s regional operations, bringing a wealth of expertise and a proven track record to the role. He will officially take on his new position at the end of February.

With over 14 years of experience in investment and advisory, Ghaly has executed transactions exceeding USD 7 B across Egypt and the wider MENA region.

Before joining Alta Semper, he led the Egypt operations of British International Investment (BII), the UK government’s development finance institution, where he drove initiatives across multiple sectors and asset classes.

His career spans prominent roles in investment banking, including senior positions at Renaissance Capital and EFG Hermes, where he advised on high-profile mergers, acquisitions, and capital market transactions.

Notably, his relationship with Alta Semper dates back to his involvement in the successful IPO of Macro Group, one of the firm’s former Egyptian portfolio companies, positioning him uniquely to steer its growth in the region.

Alta Semper’s Managing Partner and CEO, Afsane Jetha, expressed enthusiasm about Ghaly’s appointment, praising his exceptional leadership and track record in delivering results. “Kareem is a dynamic leader with an in-depth understanding of the region and a strong history of collaboration with Alta Semper. His expertise and dedication make him an invaluable addition to our team, and we’re excited about the impact he will have as we continue to expand our presence across the MENA region.”

Alta Semper Capital is a private equity firm focused on frontier markets, with a particular emphasis on healthcare and consumer investments in Africa. Founded in 2015 by Afsane Jetha, former Time Warner CEO Richard D. Parsons, and Ronald S. Lauder of the Estée Lauder family, the firm deploys strategic and adaptable capital to market-leading businesses. Alta Semper’s approach combines a focus on achieving strong financial returns with a mission to drive meaningful social impact.

The firm operates out of London, Cairo, and Lagos, managing funds for institutional investors and family offices.

Since its inception, Alta Semper has demonstrated its commitment to healthcare and consumer growth through investments in leading companies such as MYDAWA, a digital healthcare platform in Kenya; Guardian Health Pharmacy, a leading e-pharmacy operator in Uganda; ODM, Moroccan oncology and diagnostics platform; and Egyptian cosmeceutical company Macro Group.

With Kareem Ghaly at the helm of its MENA operations, Alta Semper is poised to build on its successes and continue driving impactful growth and health equity in the region.

Heading for Change Trustees (HfC), the donor-advised fund founded by the late Suzanne Biegel, has announced two significant additions to its portfolio: KawiSafi Ventures Fund II and Catalyst Fund, both focused on climate resilience and green growth in Africa. 

These investments are part of HfC’s broader strategy that includes five new investments across Asia, Africa, and Latin America, all aimed at advancing climate solutions in emerging markets with a specific focus on gender equity.

The organization’s strategy is to create a global demonstration portfolio of private market funds, spanning various climate themes, regions, and opportunities for impact. 

Among these recent investments are two African climate-focused funds: KawiSafi Ventures Fund II and Catalyst Fund. Both funds focus on providing investments to innovative, gender-smart startups addressing climate resilience and green growth across the African continent.

Catalyst Fund, a women-led venture capital fund incubated by BFA Global, focuses on early-stage startups across Africa that address climate risks and enhance resilience. The fund targets sectors such as agritech, climate fintech, water management, and sustainable energy. A key goal is for 40% of its portfolio companies to be women-led and locally owned. 

Catalyst Fund combines high-risk capital with hands-on venture-building support, helping startups scale while integrating a gender lens throughout its operations. The fund recognizes women as critical agents of climate action, exemplified by its diverse portfolio. 

The fund boasts notable climate-focused African startups in its portfolio including Kenya-based solar energy provider, Earthbond; Kenya-based Direct Air Carbon Capture (DAC) technology company, Octavia Carbon; Uganda-based mobile layaway system provider that helps farmers save, Agro Supply, Kenya-based decentralized cold-chain solutions provider, Keep IT Cool and others

The second African fund, KawiSafi Ventures Fund II, is managed by Acumen and represents a USD 200 M effort targeting Sub-Saharan Africa’s green energy transition and decarbonization efforts.

The fund aims to positively impact 100 million lives and offset 100 million tonnes of carbon emissions through investments in clean energy and climate technologies.

KawiSafi’s portfolio includes off-grid solar energy solutions provider, d.light; Bboxx, a utility startup providing clean energy and clean cooking across Africa; InspiraFarms, a manufacturer and provider of energy-efficient cold rooms; and Sistema.bio, a major player in biogas technology and Africa’s largest biodigester company.

KawiSafi integrates a gender-smart strategy, offering technical assistance to develop pipelines of women-owned businesses and training programs that equip women with skills for green jobs.

By including Catalyst Fund and KawiSafi Ventures Fund II in its growing portfolio, Heading for Change Trustees continues to advance innovative and impactful climate-focused initiatives. These investments are set to support locally driven solutions to tackle environmental challenges across critical markets.

These two funds join Heading for Change’s growing portfolio of 12 investments aimed at advancing climate solutions in emerging markets. Beyond Africa, Heading for Change has invested in funds such as EcoEnterprises Partners IV, LP, which promotes biodiversity conservation in Latin America, and Circulate Capital Ocean Fund LAC, a fund addressing ocean plastic pollution while empowering women in local supply chains. Additionally, the Acumen Climate Action Pakistan Fund

Other funds in the portfolio include AiiM Partners, The 22 Fund, Unconventional Ventures, Supply Change Capital, MCE MESA Fund, Just Climate – Climate Assets Fund I, and WaterEquity Global Access Fund IV.

With these strategic investments, Heading for Change strengthens its position as a leader in supporting climate solutions that combine innovation, inclusivity, and environmental impact.

Forex is called an international currency market. It is the largest, and its daily turnover exceeds $6 trillion. If we conduct an experiment and combine all the national funds, the Forex turnover is still higher. This proves that stock markets cannot compare with Forex regarding financial turnover. However, FX participants are not only retail traders but also central banks of countries, state investment funds, and independent investors. The average deal size on FX is $1 million, but this does not mean that minimum bids cannot be used here. You can start with a $100 account if you choose an AvaTrade broker or another similar one.

On Forex, you can bet on the rise or fall of the exchange rate, and micro-bets are available here. Such transactions are possible thanks to Forex dealers who invite new participants to platforms where you can earn money by guessing the price changes of a particular currency. You are not able to purchase currency through a dealer. This can only be done through a broker. In this article, we answer the questions “What is forex trading?” and “What should a beginner do to join the process?”. We also tell you how to prepare for your first trade and which broker is the best choice.

Beginning of Forex Trading

The process is straightforward. The trader makes a forecast by choosing one of the currency pairs. If one succeeds in guessing the rise or fall of the currency, the dealer pays the winnings. The set amount is withdrawn from the trader’s account if it does not work out. You can start without a lot of capital and special equipment. A minimum amount (for instance, $100) and a computer with the internet are sufficient. You need to install the program and register, after that make a deposit and start trading on the platform.

You can use a smartphone or tablet (Android or iOC) if you don’t have a PC or laptop. Not everyone succeeds in working on Forex: you need to consider many factors and have the knowledge to make a profit from a distance. Many brokers provide training information for free. For instance, by joining AvaTrade, you can use guides, graphs, articles, strategy descriptions, and other materials for free. You have to study the terminology, know what currency pairs are, and how to use them.

Testing and First Steps

If you are not a qualified investor, you must take a small test. This check allows the dealer to understand your level of knowledge and offer you one of the current programs. The check is free, and anyone can complete it. You need to know not only the principles of FX trading but also to be aware of the risks because you can not only enrich yourself but also lose your funds if you fail. After that, you sign a contract with the dealer and install the client program on your device. In the dashboard, you will see currency quotes from information agencies, brokers, currency exchanges, banks, etc.

The complete list of quotation suppliers is on the dealer’s website. If you make deals successfully, the amount in your account grows. You can withdraw funds only when you have completed all transactions. We remind you that a lot depends on the choice of a dealer or broker, as you must be sure that the service provider is honest and provides a safe service. We recommend contacting only reputable companies, such as AvaTrade.

How to Make Deals on FX?

In a currency pair, the first currency is considered base, and the second one is quoted. We recommend choosing a pair where the dollar acts as the base currency. In this case, you must guess whether the dollar will rise shortly. The problem is that this growth is unlikely significant, so you’ll make a modest profit. Experienced traders often bet on alternative currency pairs, relying on political news and their intuition. In this case, they can earn more but at greater risk. You should remember that you can open a deal “for sale” or “for purchase”, depending on how you think the exchange rate will change shortly.

Features of Forex Trading

There is no need to assume that trading on FX is based on luck, as a trader can rely on forecasts and expert advice, assess the economic situation in various countries, and consider the effects of foreign policy factors. For instance, a change in the price of oil or gas may affect the growth of a currency. You should remember that the dealer charges a commission for the services; pay attention to this when signing the contract and carefully read the terms of cooperation before starting. You should not start trading with large amounts – try to start with a minimum deposit. On AvaTrade, you can start with just $100. You should try to learn and apply several Forex trading strategies and apply them in an actual situation. There are several basic rules: do not use large leverage if you are a beginner, limit the size of the deposit, and use a stop loss to exit the transaction automatically.

The Dutch entrepreneurial development bank FMO has announced a USD 15 M investment in BluePeak‘s Private Capital Fund II. This follows FMO’s prior backing of BluePeak’s inaugural fund in 2023, marking its return as a key supporter and signalling confidence in the firm’s ability to deliver both financial returns and meaningful impact.

This new commitment contributes to BluePeak’s ambitious target of USD 250 M in its Fund II to provide growth capital to small and medium-sized enterprises (SMEs) across Africa.

With a staggering USD 421 B financing gap hindering the growth of African SMEs according to the African Development Bank, the fund aims to bridge this shortfall by offering bespoke financial solutions that enable businesses to scale. 

BluePeak Private Capital, the alternative asset manager overseeing the fund, specializes in mezzanine financing—a hybrid of debt and equity. This model offers companies a fixed repayment schedule while allowing for upside participation, making it a preferred option for those seeking capital without diluting ownership.

This BluePeak Private Capital Fund II aims to build on the success of its inaugural fund, which closed at USD 158 M in October 2023, slightly below its USD 200 M target and its hard cap of USD 250 M. Investments spanned various sectors, including healthcare, logistics, and real estate. 

Notable portfolio companies from the inaugural fund include Teyliom Finance, the financial arm of Côte d’Ivoire’s Teyliom Group; logistics provider Suhara Group; pharmaceutical company Africure Pharmaceuticals; Robust, an agro-processing firm; and more recently Sancella, a disposable hygiene products manufacturer which received a USD 15 M commitment. Others include Watu Africa, IENG Group, and Grit Real Estate Income Group.

The fund drew support from an impressive roster of development finance heavyweights, including the British International Investment (BII), European Investment Bank (EIB), US Development Finance Corporation (DFC), African Development Bank (AfDB), Sweden’s SwedFund, and FMO itself. 

Meanwhile, BluePeak’s new fund will target various sectors such as education, food production, technology, and manufacturing with a target investment size of USD 15 M to USD 25 M. 

Founded in 2019 and headquartered in Tunisia, BluePeak has quickly established itself as a critical player in Africa’s private capital space. 

Its geographic focus includes major African economies like Côte d’Ivoire, Ghana, Kenya, Nigeria, South Africa, Morocco, and Ethiopia, among others. The firm operates out of offices in Tunis, Nairobi, and London, emphasising its pan-African reach and global connections.

By leveraging its expertise in structured financing, BluePeak is positioning itself as a vital partner for businesses across Africa, helping them overcome funding barriers while preserving operational independence. 

With FMO’s USD 15 M commitment, BluePeak Private Capital Fund II is one step closer to reaching its USD 250 M goal, setting the stage for a new wave of investment vehicles that is poised to fuel Africa’s economic growth and resilience.

Featured Image: BluePeak Private Capital (LinkedIn)

As we step into 2025, Africa’s tech ecosystem is brimming with ambition. The continent’s founders and operators are strategising to tackle pressing challenges while positioning themselves at the forefront of innovation. From expanding into new markets to harnessing the power of AI, here’s a look at what some of Africa’s most dynamic tech entrepreneurs aim for in the new year.

1. Remedial Health: Expanding Beyond Borders

Samuel Okwuada, CEO and Co-Founder of Remedial Health, a startup using technology to streamline pharmaceutical procurements, is focused on diversification in 2025. “Diversification is the mantra for 2025,” he says, acknowledging that the spate of economic upheavals in Nigeria means his venture cannot afford to be too dependent on a single currency.

“While we continue to serve 7,500 hospitals, pharmacies, and PPMVs in Nigeria, we are accelerating our plans to explore growth and impact opportunities in other regions.” With a successful model in Nigeria, Remedial Health is now focused on scaling across Africa, keeping an eye on local currencies to mitigate financial risks.

2. Thrive Agric: AI, Climate, and Tech Community Building

Ayo Arikawe, CTO and Co-Founder of Thrive Agric, which leverages technology to provide profitable support for smallholder farmers across Africa, is particularly excited about growth in East Africa and the increasing integration of AI and climate tech. He shares, “We project that the Nigerian market is back to a growth phase, and we expect to see similar growth in East Africa, with a strong focus on AI and Climate.”

Arikawe also highlights Thrive Agric’s community-building efforts: “We have started by building Abuja Tech Converge, a gathering for the tech ecosystem in northern Nigeria. We hope to scale this across other markets to foster collaboration and accelerate agricultural innovation.”

3. Prembly: Expanding Product Offerings and Strengthening Relationships

Lanre Ogungbe, CEO and Co-Founder of compliance and data infra provider, Prembly (formerly IdentityPass), sees 2025 as a year of strategic expansion. “We’ll expand into more countries and release new product verticals that leverage insights we’ve gained over the years,” Ogungbe says.

His vision is clear: “We operate as the compliance enabler for many companies in the African tech ecosystem, and we aim to build closer relationships with them to solve their compliance challenges.” Ogungbe is confident that Prembly’s solutions will continue to play a pivotal role in enabling the growth of Africa’s tech startups.

4. Duplo: Facilitating Cross-Border Trade and Financial Integration

Yele Oyekola, CEO and Co-Founder of Duplo, a startup helping businesses to manage their financial operations, has set ambitious goals for 2025. “Our goal for 2025 is to facilitate trade by enabling quicker and more efficient international vendor payments for corporates,” he explains. “We aim to improve business productivity by enabling businesses that use Duplo’s solutions to save time and resources, which will help them focus on growth.”

Oyekola is also focused on driving economic integration across Africa: “We want to achieve greater economic integration by connecting different parts of the continent financially, contributing to the overall development of Africa.” These objectives, if accomplished, position Duplo to play a critical role in enhancing the financial ecosystem across the continent.

5. SunFi: Making Solar Energy More Accessible

Rotimi Thomas, CEO and Co-Founder of SunFi, aims to drive broader solar energy adoption. “In 2025, we are focused on making sure consumers have affordable, reliable energy access without stress,” says Thomas.

He emphasises the importance of addressing macroeconomic factors: “We are closely monitoring foreign exchange movements and how the macro environment is reshaping consumer priorities.” With plans to expand solar energy access, SunFi is paving the way for businesses and individuals to move away from costly and unreliable petrol and diesel generators.

6. Verto: Simplifying Cross-Border Payments

Ola Oyetayo, CEO and Co-Founder of Verto, is focused on transforming cross-border payments across Africa. “Our goal is to make cross-border payments as simple as sending a text message,” he says. Oyetayo explains the company’s vision to expand further into Francophone Africa, particularly Côte d’Ivoire: “By reducing friction and unlocking local currency trade, we hope to empower African businesses to transact more seamlessly.”

The integration of stablecoins into Verto’s payment infrastructure is another key milestone. “We are committed to reducing Africa’s dependency on dollars for trade, fostering financial resilience, and contributing to the scalability of Africa’s tech ecosystem.”

7. Wimbart: Authentic Storytelling and Building Credibility

Jessica Hope, CEO and Founder of tech-focused PR firm Wimbart, sees 2025 as a critical year for startups to embrace authentic PR strategies. “Startups should continue to learn about and embrace PR,” she advises. “Investors, strategic partners, and customers are no longer swayed by overly polished corporate or tech jargon; they want to see ingenuity and a clear vision for tackling real-world challenges.”

Hope continues, “The startups that consistently communicate their purpose while showcasing tangible impact and milestones will be better positioned to engage with their stakeholders and build long-term credibility.”

8. Sparkle: Digitising Financial Habits and Promoting Financial Literacy

Uzoma Dozie, CEO and Founder of Sparkle, a digital-only microfinance bank in Nigeria, is focused on financial inclusion and literacy. “Our focus in 2025 is to formalise informal financial habits—for individuals and MSMEs—by providing them with accessible tools, digitizing group savings (like Esusu), and enabling financial literacy through intuitive platforms,” Dozie shares.

He also highlights the growing role of open banking: “As open banking becomes a reality in Nigeria, we see an opportunity to deliver enhanced personalization and financial inclusion through data-driven offerings.”

From healthcare to fintech, solar energy to PR, the founders leading these African startups are united by a common goal: to transform their industries and contribute to Africa’s tech ecosystem. As they tackle new challenges, scale across borders, and innovate at speed, 2025 promises to be a defining year for these pioneers and the broader African tech space.

Featured Image Credits: I Want Product Market Fit – Substack

Africa’s leading pay-TV provider, MultiChoice Group, is facing a rapidly evolving market landscape. With growing competition from global streaming giants and economic headwinds, the company is betting on new avenues, notably fintech, to secure its future. Through its joint venture Moment, unveiled last May, MultiChoice is making an ambitious play to redefine digital payments across Africa.

The continent’s complex financial ecosystem presents both a challenge and an opportunity. Joel Yarbrough, CEO of Moment, and Craig Coetzer, MultiChoice’s Africa Group Executive Head Delivery & Operations, highlight this duality. “Africa is an exciting, vibrant, and creative place to do business. But make no mistake, it has its challenges. Currency devaluation, political instability, and service disruptions are endemic,” they wrote in a joint op-ed shared with WT.

This environment, however, also creates fertile ground for innovation. With Africa’s population projected to reach 2.5 billion by 2050, the need for robust digital infrastructure has never been clearer. Moment aims to meet this demand by providing a pan-African payment platform that simplifies, standardises, and automates financial transactions.

From Pay-TV to Payment Rails

For nearly 40 years, MultiChoice has been a household name in Africa, serving over 23.5 million customers across 50+ markets. But the pay-TV market is increasingly crowded, and economic pressures are squeezing consumer wallets. In response, MultiChoice has sought to diversify its revenue streams beyond TV even as it remains locked in talks with French TV giant Canal+ over a potentially momentous acquisition.

Moment is the centrepiece of this strategy. Announced in 2023, the fintech venture was launched in partnership with payments company Rapyd and venture capital firm General Catalyst. The platform consolidates the USD 3.5 B in annual payments processed by MultiChoice into a single ecosystem.

CEO Calvo Mawela framed this move as a natural evolution. “Moment fulfils our strategy to expand our ecosystem by investing in adjacent businesses that provide scalable services, underpinned by technology,” Mawela said at the venture’s unveiling last year.

Building Africa’s Payment Backbone

Moment’s approach is as ambitious as it is expansive. By November 2024, MultiChoice collected 35% of its revenue through Moment’s payment rails. The platform supports over 200 payment methods, including mobile money, digital wallets, bank transfers, and in-person payments at over a million locations.

The platform also addresses key infrastructure challenges. Its cloud-native design ensures resilience in the face of network outages and power cuts, which are common in many African markets, its executives emphasise. Automated reconciliation and settlement systems further streamline operations for businesses, enabling them to focus on growth rather than administrative overhead.

A particularly bold aspect of Moment’s vision is its embrace of real-time payments. The venture has championed PayShap, South Africa’s real-time payments system, and is working to expand similar capabilities across the Southern African Development Community (SADC) and Nigeria.

The Bigger Picture

Moment isn’t just about MultiChoice. The venture aims to serve Africa’s 44 million small businesses and 350 million underbanked consumers. By providing localised and consolidated payment solutions, and enterprise financial services, Moment aims to position itself as a transformative force in the continent’s financial landscape.

Yet, this transformation won’t happen overnight. Africa’s payment ecosystem is fragmented, and success will depend on navigating regulatory hurdles, building trust, and fostering adoption. Yarbrough and Coetzer emphasise the importance of relationships in this context. “It’s not so much about throwing money at a problem. It’s about investing time, building trust, meeting with partners and regulators, and understanding each other’s needs,” they wrote.

For MultiChoice, Moment represents both a lifeline and a leap of faith. As the pay-TV giant faces mounting pressures, adaptability has become imperative to its relevance in a digital-first future.

The stakes are enormous. If successful, Moment could become the backbone of Africa’s digital economy, driving financial inclusion and economic growth. If it falters, it will be a costly misstep for a company already fighting to retain its share of the pie in the entertainment industry.

As Mawela noted, “Investing in this venture is a logical progression for us.” Whether logic alone will be enough remains to be seen.

Fraud is evolving at breakneck speed, and Africa’s financial institutions are feeling the brunt. The surge in fraudulent activities is staggering—Nigeria’s banking sector alone lost NGN 42.6 B (~USD 27 M) to fraud in just three months of 2024. South Africa’s digital banking industry reported a 45% increase in fraud cases last year, while a leading bank in Kenya suffered a USD 2.1 M debit card fraud incident.

In this high-stakes game, biometric authentication is emerging as a formidable shield. And, Smile ID, a prominent biometric and identity verification services provider, is positioning itself at the forefront with its new technology.

The company has now introduced its Enhanced SmartSelfie™ as a strategic weapon in the battle against fraud. Unlike traditional liveness detection, which static images or pre-recorded videos can fool, this proprietary solution employs dynamic liveness challenges. Users are required to perform random facial actions, like turning their heads or making specific gestures, ensuring fraudsters armed with deepfakes, 3D masks, or other sophisticated tools are stopped in their tracks.

The stakes are high, and so are the standards. Enhanced SmartSelfie™ has achieved key industry certifications—standards that tests systems against the most advanced spoofing attempts. Notably, the company claims its new solution recorded a 0% penetration rate. “Fraudsters constantly adapt, and so do we,” said Mark Straub, CEO of Smile ID. His assertion captures the essence of a company determined to stay ahead in this escalating arms race.

Biometric authentication has emerged as one of the most effective defences against fraud. Smile ID recorded a 700% increase in biometric authentication requests between January and December 2024. In its comprehensive 2024 Nigeria eKYC report released in November, SmileID says it doubled its count from 100 million verifications recorded in its first seven years to 200 million verifications in the following 11 months, counting notable companies like Flutterwave and Paga among clients.

This latest innovation is not a standalone feature. Enhanced SmartSelfie™ integrates seamlessly across Smile ID’s suite of biometric authentication tools, including Biometric KYC, Document Verification, and SmartSelfie™ Authentication. For businesses operating in high-risk sectors like banking, remittance, and digital payments, this capability could mean the difference between securing trust and falling victim to catastrophic losses.

The need for such advanced technology is underscored by the alarming rise in fraud across the continent. The Financial Institutions Training Centre’s report on Nigerian fraud losses in Q2 2024 reveals a problem spiralling out of control. These quarterly losses already surpass the total fraud reported in 2023. Similarly, South Africa’s 47% increase in financial losses due to fraud in 2023 highlights how traditional security measures are failing to keep pace.

Smile ID’s edge lies not just in its technology but also in its deep understanding of the African market. By optimising its solutions for low-bandwidth conditions and budget-friendly Android devices—the most common technological constraints in the region—the company ensures its tools are accessible and effective for businesses of all sizes.

The broader context, however, is not just about technology but also adoption. Between January and December 2024, Smile ID recorded a staggering increase in biometric authentication requests. This surge reflects a growing acknowledgement across industries that sophisticated, scalable, and user-friendly solutions are essential in today’s high-risk digital landscape.


Featured Image Credits: Digital Banker Africa

After more than a decade of contending with a short pricing leash, Nigerian telecom companies are mounting an urgent push to loosen regulatory constraints as they grapple with crippling economic realities. Inflation is near a 30-year high, and the naira continues to depreciate. The telecom sector, essential to Nigeria’s digital economy, faces mounting losses that threaten its sustainability.

For years, operators like MTN Nigeria, Airtel, Glo, and 9Mobile have called for price adjustments to align with escalating operational costs. The regulatory freeze, however, persisted for over a decade. Now, with inflation surging to 34.6% in November 2024 and food inflation exceeding 39%, the Nigerian Communications Commission (NCC) is finally leaning towards approving long-requested tariff increases starting in January 2025.

This marks a turning point for an industry stretched to its limits. MTN Nigeria’s NGN 514.9 B (over USD 300 M) loss in the first nine months of 2024 demonstrates the dire financial strain. The cost of doing business has risen sharply, fueled by currency devaluation, surging energy prices, and inflation.

“We’ve put forward requests of approximately a 100% increase,” Karl Toriola, CEO of MTN Nigeria, said in an interview with Arise TV recently. “There’s no way that the industry could continue to sustain itself and provide the required quality of service under the present structure.”

Under the proposed adjustments, telecom tariffs could as much as double, affecting millions of Nigerians. However, this would-be relief for telecom operators comes at a time when consumers are already struggling with skyrocketing living costs. There are concerns that these price hikes could reduce internet usage, a critical tool for education, commerce, and communication in a country prioritising digital inclusion.

The NCC insists it is striking a balance. “This announcement will benefit the subscribers and operators because we have taken into account the proposals from the industry and the public,” a source at the NCC told TechCabal late last year.

Meanwhile, the Nigerian telecom sector’s regulatory shift coincides with the decision by global satellite internet upstart Starlink to double its monthly subscription prices in the country. From January 27, 2025, its lowest-tier subscription will rise from NGN 38 K to NGN 75 K, making it far less accessible for the average Nigerian household.

Starlink, which faced rejection for a price hike in October 2024, justified the increases as necessary for infrastructure investments and service quality. While satellite services like Starlink cater to a niche market, their pricing strategies add a new dimension to the competitive landscape.

Telecom operators have been lobbying for tariff increases since pricing rules were last updated 11 years ago. The prolonged inaction has left telcos absorbing rising costs without passing them on to consumers, leading to deteriorating service quality and reduced investments in network infrastructure.

Industry leaders like Gbenga Adebayo, president of the Association of Licensed Telecommunication Operators of Nigeria (ALTON), argue that cost-reflective pricing is necessary to ensure long-term service quality. “The current pricing structure discourages the investments needed to meet demand and expand coverage,” he said.

If implemented, these tariff hikes could significantly reshape Nigeria’s telecom landscape, with stakeholders hinting at bolstering services amid an improved pricing structure. However, affordability concerns remain. Higher costs may exacerbate the digital divide, leaving low-income households and rural areas with limited access.

The lifting of pricing constraints offers Nigerian telcos a lifeline in an economy that has battered their profitability. While this shift could pave the way for improved service quality and expanded infrastructure, the burden on consumers is undeniable. As the telecom sector finds itself at a crossroads, the NCC’s balancing act between consumer affordability and industry viability will be crucial..