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Accelerating Growth in an Inclusive Rwandan and Pan-African Digital Economy (By Dr. Diane Karusisi and Dr. Reda Helal)

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Digital Economy

One of the visible signs of a growing digital economy is its flourishing initiatives for financial inclusion and financial literacy

KIGALI, Rwanda, April 15, 2024/APO Group/ — 

By Dr. Diane Karusisi, CEO, Bank of Kigali and Dr. Reda Helal, Group Managing Director – Processing, Africa and Co-Head Group Processing, Network International (https://www.Network.ae).

One of the visible signs of a growing digital economy is its flourishing initiatives for financial inclusion and financial literacy. Rwanda recognizes financial inclusion as a crucial component for realizing its development and economic prosperity and is a remarkable example of a country that is introducing such programs to aid in setting up a vast digital economy, which are increasingly gaining international recognition. The country has set an ambitious target to achieve 90% formal financial inclusion by 2024.

Building inclusivity by involving microfinance institutions, savings and credit cooperatives, and mobile network operators, as well as enabling interoperability in digital payments, play a critical role in ensuring accessibility for populations that have historically been unbanked and rely on cash-based transactions.

Digital transformation

Traditionally, Banks and FIs feel enormous pressure to grow their digital payments penetration in a landscape that is radically different from even five years ago. This pressure is accentuated when Fintechs and wallet operators are added to the mix. Everything from regulatory requirements, a competitive landscape and consumer expectations to product innovations has upended the “business as usual” outlook for digital payment providers. The industry is fraught with challenges that payments leaders must carefully navigate.

Financial institutions are increasingly recognizing the importance of digital transformation and access to data. A legislation on the protection of personal data and privacy that was passed in October 2021 serves as a foundation for enabling trusted and secure domestic and international data flows and maximising the economic and social benefits of data-driven technologies, such as artificial intelligence (AI), for businesses and individuals in Rwanda.

The Bank of Kigali is an interesting example of a financial institution that has transitioned from traditional banking processes and payments to a structured digital platform. Embarking on a digital journey four years ago, the bank introduced several measures including internet banking and a mobile app, ISO standardization, and cyber resilient systems tuned to ensure the safety of customers’ data while enabling digital transactions through mobile phone.

With the surge in mobile usage and e-commerce within the country, it is natural for banks to respond to the momentum and strengthen their digital payment services

Internet penetration in Rwanda stood at 30.5 per cent of the total population in January 2023, with 4.25 million internet users.[1] Incidentally, the ownership of smartphones in Rwanda stands at 26.7 per cent among men and 21 per cent in women respectively, according to the 2022 Rwanda Population and Housing Census, with the number of mobile phone users standing at 11.7 million in June 2023. Mobile phone penetration of 87 per cent has consecutively increased the interest in digital payment solutions.

With the surge in mobile usage and e-commerce within the country, it is natural for banks to respond to the momentum and strengthen their digital payment services. The Bank of Kigali, for example, sought the advisory services of Network International (Network) to understand how to enhance and structure their product offering to cater to evolving customer behavior.

Network has been at the helm of accelerating digital transformation and has extensive experience in revolutionizing digital finance in the region with a deep understanding of digital payment offerings and technology usage. Network, using generational artificial intelligence and machine learning technologies, as well as market knowledge and data utilization, helps the Bank generate informed business decisions to refine their services proposition in accordance with consumer spending trends.

Threat landscape

In a rapidly evolving digital payments landscape, the threat of fraud looms large. According to TransUnion Africa, digital transactions in financial services surged by 12.2 per cent during the first half of 2023, and the alleged rate of suspected digital fraud attempts for transactions from Rwanda in financial services increased 252 per cent year-over-year (YoY) – the highest rise among industries analyzed. The Rwanda Investigation Bureau reported 254 cases of cybercrime involving up to RWF 416 million in 2021. While fintechs and other new stakeholders in the environment pave the way to superior banking services, they also ensure to bolster their systems with strategic analysis and secure data management systems to counter sophisticated fraudulent activity. In this regard, Network supported Bank of Kigali with an authorization strategy with detailed analysis focusing on authorization diagnostic, data and fraudulent transactions. Based on the findings of this analysis, Network provided recommendations to aid the Bank in improving operational efficiency, reducing risks, and accelerating growth.

Advanced tools and technology leave no room for error or vulnerabilities, in an environment that is seeing a growing dependence on mobile wallets, digital-only banking platforms, and contactless payments, which fosters adoption of digital payment solutions between merchants and consumers. This security allows for convenient access to digital payment services which include remittances, timely purchases, e-commerce and small businesses promotions, insurance payouts and more.

By enabling innovation and operational efficiency for financial institutions, Network International contributes to government-led financial inclusion initiatives and supports the sustainability of commerce among the masses.


[1] https://apo-opa.co/3vVR6g3

Distributed by APO Group on behalf of Network International.

Business

Afreximbank Launches Inaugural Accelerator Programme Cohort to Scale Africa’s Digital Trade Ecosystem

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The programme underscores Afreximbank’s growing role as a catalyst for Africa’s trade and innovation ecosystem, providing a structured platform to identify and scale high-impact ventures

Afreximbank is proud to be a partner, an enabler and a committed stakeholder in the success of the next generation of African trade champions

CAIRO, Egypt, March 26, 2026/APO Group/ –African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has officially launched the inaugural cohort of its “Afreximbank Accelerator Programme,” bringing together eight high-potential startups from across Africa and the diaspora for an intensive kick-off week taking place in Cairo from 23-27 March 2026.

 

Selected from a highly competitive pool of over 1,600 applications, the cohort represents some of the most promising ventures building digital infrastructure for intra-African trade from across the continent. These startups operate across key sectors including cross-border payments, digital logistics, agri-export platforms, AI-powered enterprise solutions, supply chain finance and diaspora investment mobilisation.

Participating in the cohort are the startups Fincart.io of Egypt; OnePort 365, which operates in Nigeria, Ghana and Kenya; Timon, a pan-African entity active in 15 countries; Zowasel, also active in Nigeria, Kenya and Tanzania; Gebeya, which is both Ethiopian and pan-African; Fluna, also a pan-African startup active in 10 countries; Capsa Technologies of Nigeria; and Daba Finance whose operations cover Francophone Africa.

Under the programme, which has been conceptualised, designed, and operated by Afreximbank, qualifying startups will be supported with investment of up to US$250,000, subject to standard investment criteria and due diligence, complemented by mentorship, market access, and strategic partnerships designed to accelerate their expansion across Africa.

The Cairo kick-off week, that commenced at Afreximbank’s headquarters on March 24, 2026 features a series of high-level engagements with the Bank’s leadership, industry experts, mentors and ecosystem partners. The week will culminate in an exclusive Social Mixer at the Grand Egyptian Museum, symbolically linking Africa’s rich heritage with its rapidly evolving innovation future.

Driving Africa’s Digital Trade Future

Speaking during the kickoff meeting, Mr. Haytham Elmaayergi, Executive Vice President, Global Trade Bank at Afreximbank, highlighted the significance of the event: “Today, we move from promise to execution, because we understand a fundamental truth: trade does not happen within the pages of policy documents. Trade happens through businesses. It happens through entrepreneurs. It happens through builders. What excites me the most about this cohort is not only who you are, but what you represent. You are building the digital rails that will define how Africa trades in the 21st century.”

He added: “This Accelerator Programme is part of a much broader ambition: an Africa where start-ups scale across the continent as a matter of course, where businesses trade seamlessly across borders, and where the continent operates as a truly integrated economic force.  Afreximbank is proud to be a partner, an enabler and a committed stakeholder in the success of the next generation of African trade champions.”

In addition to the core sessions, the eight startups met with Afreximbank President, Dr. George Elombi and the senior leadership team for expert-led briefings on a variety of topics.

The Accelerator Programme offers a differentiated value proposition by combining:

  • Direct access to Afreximbank’s pan-African network of governments, financial institutions, corporates, and trade partners
  • Market access and deal facilitation opportunities across key African trade corridors
  • Regulatory and policy guidance, leveraging the Bank’s relationships with central banks and regulators
  • Integration pathways into the Bank’s digital trade ecosystem, including the Africa Trade Gateway (ATG) and the Pan-African Payments and Settlement System (PAPSS)

This approach positions Afreximbank as a strategic enabler of cross-border trade and continental scale, helping startups navigate licensing, compliance and market entry across multiple jurisdictions. Beyond this, the Bank plays a central role in shaping Africa’s digital trade ecosystem, combining market access, partnerships, and infrastructure to support the growth of scalable, continent-wide solutions.

The programme underscores Afreximbank’s growing role as a catalyst for Africa’s trade and innovation ecosystem, providing a structured platform to identify and scale high-impact ventures. Through this initiative, the Bank is actively enabling the development of the digital infrastructure underpinning the implementation of the African Continental Free Trade Area (AfCFTA) agreement, positioning itself at the forefront of efforts to drive intra-African trade, market integration and economic transformation across the continent.

Collectively, the eight start-ups operate across more than 15 African countries, spanning key trade corridors in West, East, North and Southern Africa. Their traction highlights the scale and potential of African innovation. Fluna has facilitated more than US$50 million in trade across 10 countries. Capsa has processed over NGN70 billion in supply chain finance. OnePort 365 connects the Nigeria-Ghana-Kenya trade corridors. Timon supports payments in 15 countries, with plans to expand to 40 countries, and Zowasel has connected more than 4,000 verified cooperatives and agribusinesses.

Together, these ventures are building the digital rails for intra-African trade, accelerating the implementation of the AfCFTA and unlocking new pathways for economic integration across the continent and the wider Global Africa network.

Distributed by APO Group on behalf of Afreximbank.

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Energy

ESI Africa 2026 Finance & Investment Insights: Charting the Path to Africa’s $4.2 Trillion Infrastructure and Energy Opportunity

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The report, Finance & Investment Industry Insights Volume 1 2026, provides a strategic roadmap for investors, utilities, and policymakers navigating funding of the continent’s infrastructure landscape

CAPE TOWN, South Africa, March 26, 2026/APO Group/ –ESI Africa releases the definitive 2026 Finance & Investment Industry Insights Volume to navigate Africa’s infrastructure transition and South Africa’s R4.2 trillion funding gap.

The report, Finance & Investment Industry Insights Volume 1 2026, provides a strategic roadmap for investors, utilities, and policymakers navigating funding of the continent’s infrastructure landscape.

As African economies face macroeconomic stress from global geopolitical volatility and rising energy prices, the need for structural investment is now more urgent than ever.

The publication arrives at a critical juncture, specifically addressing the R3.6 trillion to R4.2 trillion funding gap South Africa must bridge to achieve energy security and Net-Zero commitments by 2050.

“From the analysis in this Volume, there is no doubt that South Africa faces a critical capital ‘hump’ between 2025 and 2030,” notes Nicolette Pombo-van Zyl, Editor-in-Chief.

“Success here depends less on the global availability of money and more on the country’s internal ability to implement regulatory efficiency. However, regardless of closing the funding gap, end users must prepare themselves for higher electricity bills.”

Key Insights from Volume 1 2026:

From the analysis in this Volume, there is no doubt that South Africa faces a critical capital ‘hump’ between 2025 and 2030

Electricity market reform and tariffs
The volume provides a deep dive into how shifting to multi-market structures and wholesale trading is reshaping electricity bills. It explores the “tightrope” of achieving grid stability while moving toward cost-reflective tariffs, which in South Africa have already doubled in the last five years.

The evolution of sustainable finance
With the green debt market exceeding $800 billion globally, the publication distinguishes between “Green Finance,” for established solutions, and the emerging “Transition Finance” pillar for hard-to-abate sectors.

Carbon markets as an asset class
Driven by corporate net-zero commitments, the carbon credit market is projected to grow to nearly $24 billion by 2030. The magazine examines how “pricing the invisible” can make marginal projects bankable in emerging markets.

Venture capital & innovation
Despite an “AI shadow” that saw some non-specialist funds pivot away from energy, the report highlights the rise of “patient capital” and a 91% surge in venture debt value to $1.8 billion in 2025.

Critical minerals and “friend-shoring”
Following the 2026 Critical Minerals Ministerial in Washington, the report analyses how new tariffs and strategic supply-chain alliances are redrawing the map for African producers.

“The time of a single electricity provider is ending,” states the publication. “The new system is moving toward a market with more players, more pricing options, and clearer decisions about who pays and how.”

Next investable projects
The volume also features an Investable Project Pipeline, showcasing high-impact initiatives such as the 394,000-hectare Rubeho Mountains Carbon Project in Tanzania, forest restoration in Nigeria, and innovative mineshaft pumped hydro storage in South Africa.

“The common thread through all these insights is a move toward maturity. Whether it is through smarter revenue collection, more nuanced sustainable finance, or using minerals as leverage, Africa is increasingly positioning itself as a strategic, rather than just a reactive, player in the global energy transition,” says Pombo-van Zyl.

Finance & Investment Industry Insights, Volume 1 2026 is now available for download at https://apo-opa.co/4sCPZKi

Distributed by APO Group on behalf of VUKA Group.

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Energy

Delegations from Nigeria, Senegal, Zambia and Djibouti to Meet Investors at Invest in African Energy (IAE) 2026 in Paris

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Senior delegations from Nigeria, Senegal, Djibouti and Zambia will attend IAE 2026 in Paris, offering investors insights into Africa’s growing oil, gas, power and renewable energy markets

PARIS, France, March 26, 2026/APO Group/ –With Africa’s energy landscape accelerating toward new frontiers in gas, power and renewables, the continent is drawing unprecedented investor attention. Senior delegations from Nigeria, Senegal, Djibouti and Zambia are confirmed to attend the Invest in African Energy (IAE) 2026 Forum in Paris, providing a unique platform for investors to engage directly with policymakers and project developers at a time of major energy expansion and infrastructure transition. Their participation highlights the continent’s drive to secure capital, scale domestic production and advance regional energy integration.

 

Nigeria: Gas Expansion and Export Growth
Nigeria’s energy sector continues to benefit from high-growth dynamics under the Petroleum Industry Act and its strategic pivot toward natural gas. The country’s Dangote Petroleum Refinery, with a 650,000-barrel-per-day capacity, reached full operation in February and has begun exports to countries including Ivory Coast, Ghana and Tanzania. Key infrastructure projects include the near-complete Ajaokuta-Kaduna-Kano gas pipeline and the Nigeria-Morocco Gas Pipeline. The 2025 Oil Licensing Round remains active, offering 50 blocks and attracting projected investment of $10 billion.

Senegal: Offshore Oil and LNG Growth
Senegal has achieved commercial production of offshore oil and LNG. The Sangomar field produced 36.1 million barrels in 2025, exceeding expectations, while the Greater Tortue Ahmeyim project’s Phase 1 delivered its first LNG cargo in April 2025. Senegal’s Karpowership LNG-to-power facility began supplying the domestic grid in mid-2025. Future developments include Sangomar Phase 2 and GTA Phase 2, alongside ongoing renewable energy projects under the Just Energy Transition Partnership.

Zambia: Diversifying Power Generation
Zambia is reducing reliance on hydropower, with solar, coal and petroleum projects scaling up. Notable initiatives include the $1.1 billion Ndola refinery, Chisamba and Itimpi II solar plants, and Maamba Collieries Phase II coal expansion. Reforms such as open access for independent power producers and fast-track approvals aim to unlock investment toward the government’s 10 GW generation capacity target by 2030.

Djibouti: Renewables and Regional Energy Hub
Djibouti imports most of its energy but is advancing renewable generation, including the 60 MW Ghoubet Wind Farm and the Grand Bara Solar Plant. Geothermal development at Lake Assal targets 50 MW of continuous power. Electrification currently covers roughly 65–70% of the population, with the government aiming for full access by 2030–2035. Djibouti also functions as a critical logistics hub for regional fossil fuel flows, particularly for Ethiopia.

The confirmed participation of these senior delegations reinforces the IAE 2026 Forum as a strategic platform for investors seeking verified, high-potential opportunities in Africa’s rapidly evolving energy sector, across oil, gas, power and renewable infrastructure. Their presence provides a direct line to key decision-makers and ongoing developments, offering insight into market dynamics, investment pipelines and regional energy growth.

IAE 2026 (www.Invest-Africa-Energy.com) is an exclusive forum designed to connect African energy markets with global investors, serving as a key platform for deal-making in the lead-up to African Energy Week. Scheduled for April 22–23, 2026, in Paris, the event will provide delegates with two days of in-depth engagement with industry experts, project developers, investors and policymakers. For more information, visit www.Invest-Africa-Energy.com. To sponsor or register as a delegate, please contact sales@energycapitalpower.com

Distributed by APO Group on behalf of Energy Capital & Power.

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