Author: NLM Correspondent

BY Dennis Ndiritu Boris Johnson’s decision to suspend Parliament for five weeks in October was found to be unlawful by the UK Supreme Court. The court ruled that it was impossible to conclude there had been any reason, “let alone a good reason” to advise the Queen to prorogue Parliament for five weeks. The move to prorogue parliament had been seen as one trying to stop Members of Parliament (MPs) scrutinising the Prime Minister’s Brexit plans with a longer than necessary suspension. During a subsequent speech in New York, the Prime Minister cautioned his refusal to be deterred from getting…

On November 12, Equity Group Holdings (EGH), the holding company of Equity Bank (Kenya) Limited, reported that diaspora remittances increased 28 percent during the first nine months of 2019, versus the same period last year. This is well above the 4 percent increase for the Kenyan banking system and reflects the bank’s growing market share in remittances, a credit positive. The Bank’s diaspora remittances increased to Sh102 billion ($991 million) in the period, and income generated from remittances grew to Sh602 million, an 8 percent increase from Sh557 million for the comparable period in 2018. This year’s increase follows a…

By David Onjili The coquetry between President Paul Kagame and the Emir of Qatar, His Highness Sheikh Tamin Bin Hamad is now bearing fruits. In April, Sheikh Tamin visited Rwanda, and his delegation alongside that of his hosts held bilateral talks on economic cooperation between their respective nations. The climax was the signing of three bilateral agreements: a Reciprocal Promotion of Investments, another on Air travel and services and a Memorandum of Understanding on Economic, Technical and Commercial Cooperation. In late October Kagame was hosted in Doha during the Information Technology Conference and Exhibition facilitated by the Qatar Ministry of…

Creatives, or content creators, need support for their work. And Patreon, a crowdfunding membership platform, does just that, through providing business tools for creators worldwide to run a subscription-based content service. Through Patreon, members are able to build relationships with the creatives and receive exclusive experiences on their work. It is not a new phenomenon; it draws its existence from the idea of ‘patronage’. Artists of yore like William Shakespeare, Mozart, Leonardo Da Vinci had aristocrats who supported their work; their quid pro quo was the satisfaction derived from the masterpieces produced. That arrangement also afforded them bragging rights to…

BY Antony Mutunga Job layoffs, business closures, and an unfavourable business environment have worsened an already bad unemployment crisis in Africa. Lacking opportunities in the formal sector and needing to survive as well as provide for their families, many have been left with no choice but to enter the informal sector whereby they earn a living through activities such as hawking, domestic working, and welding. To many, the sector is actually the true economic reality of an economy. Often associated with low wages and where one enters out of economic necessity with no other means of livelihood, it is nevertheless…

The world’s first Financial Prosperity Barometer investigated the concept of prosperity across multiple markets and global regions. The report focused on the relationship between financial services and prosperity in high-growth markets and discovered myriad views on what defines prosperity and financial inclusion. The report targeted Kenya, Nigeria and South Africa to gather insights from these high-growth African markets and to establish the limitations of financial inclusion, the value of financial services, and the key characteristics that define prosperity. Surprisingly, Kenya (88 percent), Nigeria (94 percent) and South Africa (70 percent) had an overwhelmingly positive view on how their household situation…

The second Intra-African Trade Fair (IATF2020) being organised by the African Export-Import Bank (Afreximbank), the African Union and the government of Rwanda from September 1-7, 2020 will offer a platform to conclude numerous high-value intra-African trade and investment contracts by showcasing African goods, services and investment opportunities. IATF2020 is expected to see the conclusion of contracts for African trade and investment deals exceeding US$40 billion. IATF2020 follows the outstanding success of the inaugural Intra-African Trade Fair held in Cairo in December 2018 which resulted in trade deals valued at US$32 billion. According to Afreximbank, the second Intra-African Trade Fair has…

One unintended outcome of the “sub-Saharan Africa” classification of African countries is that North Africa is typically excluded from conversations about Africa’s tech start-up landscape. This often means we’re sharing an incomplete picture of progress being made in tech ecosystems on the continent especially given landmark events recorded in North Africa in recent years. Bus-hailing firm Swvl raised $42 million in the largest funding round for an Egyptian start-up while Careem, the Dubai-headquartered ride-hailing start-up with vast operations in North Africa was acquired by Uber for $3.1 billion. MaxAB, an Egyptian e-commerce marketplace raised $6.2 million in what’s regarded as…

BY NJ Ayuk I f you follow news about Africa, it’s easy to find disheartening headlines about the continent’s struggles. But those stories do not paint a complete picture. Every day, I read encouraging news about African entrepreneurs and business leaders who are making a positive impact. Exciting things are taking place in Africa. When I wrote Billions at Play: The Future of African Energy and Doing Deals, my goal was to help readers envision a new future for Africa, a future they could help shape. I want people to see that Africa doesn’t have to be subject to a…

NLM Writer The ICA’s Infrastructure Financing Trends in Africa 2018 report shows that financing of infrastructure in Africa reached a new high of $100.8 billion in 2018, a jump of about a quarter on 2017 and 38 percent up on the 2015-2017 average. Over the years the Infrastructure Financing Trends in Africa report has become an important document for presenting, in a consistent manner, how funding is being mobilised to develop the continent’s infrastructure. “The report’s publication during the Africa Investment Forum is extremely timely. While the increase in financial commitments in 2018 is very welcome, the report also serves to highlight…