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Kifiya Becomes First Ethiopian Fintech to Receive Prestigious “Product Innovation of the Year” Award

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Kifiya

This recognition highlights the company’s commitment to building a digitally and financially inclusive future by leveraging AI and cutting-edge technology

ADDIS ABABA, Ethiopia, September 19, 2024/APO Group/ — 

Kifiya (www.Kifiya.com), a leading AI-powered, alternative data-driven scoring, embedded finance, and AgTech company, has been awarded the prestigious Silver Award in the Product Innovation of the Year category in Africa at the Global SME Finance Awards 2024, held as part of the Global SME Finance Forum in São Paulo, Brazil on September 17, 2024.

The Global SME Finance Awards, organized by the International Finance Corporation (IFC) and the SME Finance Forum, recognizes and celebrates institutions that have delivered innovative products and services and achieved impressive results in expanding finance and services to SMEs. Kifiya is the first Ethiopian company to win this award. This recognition highlights the company’s commitment to building a digitally and financially inclusive future by leveraging AI and cutting-edge technology to bridge the credit and market access gap in Sub-Saharan Africa.

“Receiving this award reflects our ongoing dedication to empowering African MSMEs, SHFs and low-middle-income individuals through AI-powered and data-driven solutions,” said Munir Duri, CEO and founder of Kifiya. “This also demonstrates Ethiopia’s new-found drive for innovation led by the reforms instituted by our Prime Minister, Dr. Abiy Ahmed, which have created an enabling environment and policies that foster and encourage innovation, allowing companies like ours to thrive.”

Unlocking Market Potential for SMEs

Africa’s SME sector, which represents up to 90% of all businesses and provides 60% of total employment, is crucial in driving economic growth for the continent. However, many SMEs struggle with limited access to finance, a challenge that Kifiya is tackling head-on. By providing digital platforms that improve market access and address the financing needs of these businesses, Kifiya is unlocking new growth opportunities. 

In Ethiopia, where 50% of the adult population remains unbanked, Kifiya’s financial solutions create pathways for thousands of SMEs to access much-needed credit and financial services. The company’s efforts have led to increased financial inclusion, stability, and growth for local businesses, contributing significantly to Ethiopia’s economic development.

Empowering SMEs and Low-Income Communities through Innovation

Kifiya’s AI-powered alternative credit scoring and rating technology infrastructure solves the challenges of MSMEs’ lack of collateral and credit history, enabling them to be credit-scored and access uncollateralized credit for the first time in Ethiopia. One of the earliest successes of rolling out this infrastructure was a partnership with the Cooperative Bank of Oromia, which introduced a digital lending product that has enabled close to 300,000 MSMEs to access over $100 million in uncollateralized credit to date.

Kifiya’s intelligent embedded finance tech infrastructure enables banks to originate, extend, manage, and collect uncollateralized digital credit and provide Sharia-compliant financial products relevant and appropriate to MSMEs in agri-food systems, manufacturing, and service sectors. The platform enables FinTechs and businesses to embed inventory credit and BNPL financial services, digitize eCommerce trade processes, and provide MSMEs with inventory credit.

Receiving this award reflects our ongoing dedication to empowering African MSMEs, SHFs and low-middle-income individuals through AI-powered and data-driven solutions

The company also offers an AgTech platform that digitizes smallholder farmers, enabling them to access credit, inputs, markets, and microinsurance to protect against climate-related risks and improve productivity. To date, more than 1.5 million smallholder farmers in Ethiopia have accessed more than $10 million of agricultural inputs.

In the transportation sector, Kifiya’s Mobility as a Service (MaaS) technology revolutionizes travel booking and payments, providing eco-friendly and convenient travel solutions. 

Kifiya’s Insurance Technology (Insurtech) provides a digital marketplace for affordable microinsurance products, ensuring low-income individuals can secure their futures against financial risks.

Driving System-Level Change in Sub-Saharan Africa

Recognizing that innovation can address many development challenges, Kifiya has combined its extensive AI and technology experience with a market system approach to design and implement solutions that target market inefficiencies and failures. Kifiya is utilizing its AI-powered products and data-driven infrastructure to drive the adoption of digital financial services and enable access to financial services and markets, one country at a time.

Munir Duri emphasized, “Our approach is about more than just technology. We are committed to driving sustainable, inclusive growth by solving systemic challenges that prevent millions of Africans from accessing finance and markets. This award motivates us to continue innovating and expanding our solutions across Africa.”

The company’s data-driven technology infrastructure supports financial institutions, smallholder farmers, low-to-middle-income individuals and MSMEs in accessing relevant credit products, reducing costs, and enhancing service delivery.

Looking Ahead: Scaling Impact Across Africa

The International Monetary Fund (IMF) projects an average 4.0% GDP growth rate for sub-Saharan Africa in 2025. With Africa’s population expected to reach 1.9 billion by 2050, Kifiya’s technology-driven solutions are poised to play a pivotal role in this economic transformation. 

Kifiya’s ongoing efforts to address the $400 billion credit gap and unlock market access for 44 million MSMEs and smallholder farmers will be critical to driving economic growth and financial inclusion across Sub-Saharan Africa. With a focus on scaling its innovative products, Kifiya is well-positioned to continue leading the charge in Africa’s digital financial services industry. 

https://apo-opa.co/4erx5yw (Link to a video of the Global SME forum 2024)

https://apo-opa.co/4gpdFfD (More information on the Global SME forum event)

Distributed by APO Group on behalf of Kifiya Financial Technology.

Business

SLB commissions new fluids systems plant in Pemba to support Mozambique’s offshore energy development

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Mozambique

New facility expands in-country drilling and completion fluids capability, advancing the next phase of SLB’s growth in Mozambique

PEMBA, Mozambique, October 9, 2026/APO Group/ –SLB (NYSE: SLB) (www.SLB.com) announced the opening of a new fluids systems plant in Pemba, Mozambique. The new facility strengthens in-country capacity to prepare, store and deliver drilling and completion fluids for offshore operations, reinforcing the infrastructure needed as Mozambique’s offshore activity grows and its role as a strategic energy hub for East Africa continues to expand.

The commissioning of the plant, also known as a liquid mud plant, coincides with SLB marking 70 years of operations in Mozambique. It reflects the company’s long-term commitment to investing in people, infrastructure and capability that support the country’s long-term offshore energy development plans.

 




  

With an initial storage capacity of 21,000 barrels, the liquid mud plant provides a scalable platform for future growth, supporting multiple customers and rising offshore activity while improving logistics and enhancing operational flexibility.

As SLB marks 70 years in Mozambique, this investment reflects our confidence in the country’s future and our commitment to supporting its energy ambitions

“As SLB marks 70 years in Mozambique, this investment reflects our confidence in the country’s future and our commitment to supporting its energy ambitions,” said Miguel Baptista, Central, East and Southern Africa, Managing Director, SLB. The new liquid mud plant strengthens local energy infrastructure, expands opportunities for local content development, and enhances our ability to support customers as they deliver some of Africa’s most significant offshore energy resources.”

The liquid mud plant project was delivered with strong local participation and that momentum is expected to continue into operations. During project delivery, more than 100 jobs were created in Pemba with nationals representing 80% of the workforce, reflecting a focus on building local capability.

The project was delivered with a strong focus on safety, operational integrity, and quality, achieving more than 67,000 hours worked without a recordable safety incident.

This key infrastructure strengthens SLB’s ability to support consistent service quality and enhance supply chain readiness for increasing offshore activity across Mozambique, supporting customers execute safely and efficiently while developing local skills and expertise.

Key Points:

  • SLB has commissioned a new fluids system plant in Pemba, expanding in-country drilling and completion fluids capability for offshore operations.
  • With an initial storage capacity of 21,000 barrels, the facility provides a scalable platform to support growing offshore activity in Mozambique.
  • The investment marks the next phase of SLB’s growth in Mozambique, strengthening local capability and supporting long-term offshore energy development.

Distributed by APO Group on behalf of SLB.

 

 




 

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South African Energy Storage Association (SAESA) welcomes 4,600 MW battery storage prioritisation and calls for integrated energy planning

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Battery energy storage systems (BESS) are becoming critical system infrastructure, supporting flexibility, reducing avoidable curtailment, shifting energy into periods of demand and strengthening security of supply

JOHANNESBURG, South Africa, October 9, 2026/APO Group/ –The South African Energy Storage Association (SAESA) (www.SAESA.org.za) welcomes the prioritisation of 4,600 MW of battery energy storage under the first Integrated Resource Plan (IRP) 2025 Section 34 determination.

 




  

The timing is significant. Recent Integrated Energy Plan (IEP) modelling and assumptions discussions highlighted a fundamental shift that South Africa’s energy planning now needs to capture: we cannot plan the future power system by counting megawatts of generation alone.

We must plan for when energy is available, where it is available, how it moves through a constrained grid and how it is stored and dispatched when the system needs it most.

The announcement reinforces that shift. Battery energy storage systems (BESS) are becoming critical system infrastructure, supporting flexibility, reducing avoidable curtailment, shifting energy into periods of demand and strengthening security of supply.

For SAESA, the message for the IEP is clear: storage, flexibility and system services must be modelled as integral components of South Africa’s future electricity architecture, with their contribution considered from the outset of generation planning.

“The IEP must plan the power system we are becoming, not simply model the power system we have inherited,” says SAESA.

The IEP must plan the power system we are becoming, not simply model the power system we have inherited

Partnership with C&I Energy + Storage Summit

SAESA is an association partner of the C&I Energy + Storage Summit, created by VUKA Group, taking place on 28–29 October 2026 at The Maslow Hotel, Sandton, Johannesburg.

The summit brings together commercial and industrial energy users, project developers, financiers, regulators and solution providers to explore practical approaches to energy security, procurement and storage deployment.

For businesses assessing how storage can support their operations, the event offers an opportunity to meet SAESA and engage with the wider energy community on the decisions shaping South Africa’s evolving electricity system.

Commercial and industrial energy decision-makers are invited to apply to attend as hosted buyers. Qualifying buyers receive complimentary summit access and curated opportunities to engage with industry partners.

 

Meet SAESA at C&I Energy + Storage Summit: Join the Hosted Buyer Programme

The Hosted Buyer Programme connects commercial and industrial energy decision-makers with solution providers shaping South Africa’s evolving private energy market.

Qualified energy buyers receive complimentary access to the summit and curated engagement with industry partners exploring energy procurement, storage deployment and project development.

Apply for the Hosted Buyer Programme (https://apo-opa.co/4ehLijJ)

Distributed by APO Group on behalf of VUKA Group.

 




 

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Afreximbank welcomes launch of Africa Credit Rating Agency as an important step in strengthening Africa’s financial architecture

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Expanding credible rating coverage can improve the information available to investors and support the development of deeper domestic and regional capital markets

PORT LOUIS, Mauritius, October 8, 2026/APO Group/ –African Export-Import Bank (Afreximbank) (www.Afreximbank.com) welcomes today’s launch of the Africa Credit Rating Agency (AfCRA), an important milestone in strengthening Africa’s financial architecture and expanding the continent’s capacity to generate credible, independent analysis of African credit risk.

 




 
 

Credit ratings play an important role in determining access to capital, influencing investor perceptions and shaping the cost at which governments, institutions and businesses can finance development. It is therefore essential that assessments of African credit risk are independent, rigorous and evidence-based, while reflecting a complete understanding of the structures, institutions and economic realities being assessed.

The establishment of AfCRA adds an important African-led source of credit opinion to the market. Its value will not be measured by whether it produces more favourable ratings, but by the credibility of its analysis, the quality of its data and transparency of its methodology, and its ability to deepen understanding of African sovereigns, sub-sovereigns and corporate credit.

This is particularly important given that many African issuers remain unrated, while local-currency and sub-sovereign markets continue to have limited rating coverage. Expanding credible rating coverage can improve the information available to investors and support the development of deeper domestic and regional capital markets.

AfCRA must set a new benchmark for the continent, maintain its independence, and remain wholly owned and controlled by Africans

Alongside fellow members of the Alliance of African Multilateral Financial Institutions (AAMFI), Afreximbank has consistently maintained that African Multilateral Financial Institutions should be assessed on the basis of their fundamentals, performance, legal frameworks, mandates and operating models. Ensuring that these institutional characteristics are properly understood is essential to achieving informed, balanced and credible assessments of African risk.

Commenting on the uniqueness of the African market, and need for AfCRA’s rating methodology to reflect this, Mr Denys Denya, Senior Executive Vice President, Afreximbank, said: “The rating methodology AfCRA develops must recognise the uniqueness of our environment and its institutional structures. The Agency must set its own standards and not follow those set elsewhere — it must build a unique identity that conforms to an ‘African best practice.”

Highlighting the need for the autonomy of the Africa Credit Rating agency as it takes off, Mr Denya added: “Most importantly, AfCRA must set a new benchmark for the continent, maintain its independence, and remain wholly owned and controlled by Africans. We must all use it, and in return expect a complete assessment of where we (Africa) stand: the strengths the market has ignored, and the weaknesses we still need to fix.”

AfCRA should therefore be seen as complementary to existing international and regional rating agencies, broadening the range of credible analysis available to investors and issuers while strengthening competition, transparency and analytical capacity within Africa’s credit markets.

As Africa seeks to mobilise the scale of capital required for industrialisation, trade, infrastructure and economic transformation, credible African institutions that improve information, strengthen market confidence and deepen the continent’s financial markets will become increasingly important.

Afreximbank congratulates the African Union, the African Peer Review Mechanism (APRM) and all those involved in bringing AfCRA from concept to launch, and looks forward to the contribution the Agency will make to deeper, more transparent and more efficient African capital markets.

Distributed by APO Group on behalf of Afreximbank.

 




 

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