A new report by pan-African market insights firm Stears reveals that Africa’s financial services sector has emerged as the most attractive for investors, according to Stears Private Capital in Africa Report: Q3 2024. In the third quarter of 2024, financial services accounted for 33% of all private capital deals, surpassing other sectors like consumer goods and energy. Key Findings: Financial Services Dominance: The sector captured a third of all private capital deals, with payments and MSME lending as key sub-sectors. Geographic Focus: Kenya and South Africa were the most active markets, driving deal activity through private equity, private debt, venture capital,…
Author: David Indeje
David Indeje
David Indeje is the community engagement editor at Khusoko, a leading digital platform for East African business news. He oversees editorial content, drives audience engagement, and amplifies diverse voices. Indeje also consults on digital strategy for brands in agriculture, governance, technology, and health, while exploring AI’s impact on journalism. In addition, he serves as a communications officer at KICTANet, advancing digital inclusion and policy dialogue.
Kenya’s government has terminated all public-private partnership contracts with subsidiaries of India’s Adani Group. The move follows the indictment of billionaire Gautam Adani in the US on Wednesday on charges of bribery and fraud. President William Ruto announced the cancellation of the multi-million dollar deals in the energy, transport, and health sectors during his State of the Nation address on Thursday. He cited the emergence of “credible information on corruption.” “I have stated in the past, and I reiterate today, that in the face of undisputed evidence or credible information on corruption, I will not hesitate to take decisive action.…
The International Monetary Fund (IMF) Executive Board has approved the seventh and eighth reviews of Kenya’s economic program, unlocking a $606 million loan disbursement. Kenya and IMF staff reached an agreement on the seventh review of the $3.6 billion program in June. However, the final board approval and subsequent disbursement were delayed due to widespread protests that resulted in significant loss of life. Despite a challenging socio-economic climate, “Kenya’s economy remains resilient, with growth above the regional average, inflation decelerating, and external inflows supporting the shilling and a buildup of external buffers, despite a difficult socio-economic environment,” IMF First Deputy…
Africa’s climate finance landscape has seen a significant uptick, with a 48% increase in flows to US$44 billion in 2021/22. According to the “Landscape of Climate Finance in Africa 2024” report commissioned by FSD Africa and UK International Development, while this growth is encouraging, it still falls short of the estimated US$200 billion needed annually to transition to clean energy. “The research reveals a significant climate finance gap that threatens Africa’s sustainable development trajectory, with only 23% of the estimated annual funding required to implement Africa’s Nationally Determined Contributions (NDCs) and meet 2030 climate goals being tracked.” Public finance, particularly…
ICP HUB Kenya and ICP HUB Turkey have partnered to promote Web3 development and blockchain education across both regions (Africa and Eurasia). This collaboration aims to empower developers and enthusiasts to explore the potential of decentralized technologies through the Internet Computer Protocol (ICP). Both HUBs share the mission of making ICP accessible and fostering innovation in the Web3 space. Key Initiative: ICP Educate Series Bootcamp This joint initiative is a comprehensive boot camp designed to boost Web3 education and development in Kenya and Turkey. The boot camp (held on October 24th) offered participants: Intensive learning program on Web3 technologies, building…
The Supreme Court of Kenya overturned the Court of Appeal’s ruling that declared the Finance Act 2023 unconstitutional. The apex court on Tuesday ruled that the Finance Act 2023 is constitutional, upholding the government’s position on the matter. “The preliminary objection on this Court’s jurisdiction is overruled. We hereby set aside the Court of Appeal’s finding declaring the entire Finance Act, 2023, unconstitutional,” said the Supreme Court. The decision confirms the legality of the Finance Act 2023 and allows the government to continue revenue collection and fiscal operations under its legislative framework. “The Consideration of the Finance Bill (National Assembly…