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

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1 year ago

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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.

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As global power structures shift, Invest Africa convenes The Africa Debate 2026 to redefine partnership in a changing world

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February 6, 2026

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The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation

LONDON, United Kingdom, February 5, 2026/APO Group/ –As African economies assert greater agency in a rapidly evolving global order, Invest Africa (www.InvestAfrica.com) is delighted to announce The Africa Debate 2026, its flagship investment forum, taking place at the historic Guildhall in London on 3 June 2026.

Now in its 12th year, The Africa Debate has established itself as London’s premier platform for African investment dialogue since launching in 2014, convening over 800 global decision-makers annually to shape the future of trade, finance, investment, and development across the continent.

Under the theme “Redefining Partnership: Navigating a World in Transition”, this year’s forum will focus on Africa’s response to global economic realignment with greater agency, ambition and economic sovereignty.

The Africa Debate puts Africa’s priorities at the centre of the conversation, moving beyond traditional narratives to focus on ownership, resilience and long-term value creation.

“Volatility is not new to Africa. What is changing is the opportunity to respond with greater agency and ambition,” says Invest Africa CEO Chantelé Carrington.

“This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy — so African economies can take greater ownership of their growth. Success will be defined by how effectively we turn disruption into leverage and partnership into shared value.”

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation.

Key challenges driving the debate

Core focus areas for this year’s edition of The Africa Debate include:

This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy

Global Realignment & New Partnerships

How shifting geopolitical and economic power structures are reshaping Africa’s global partnerships, trade dynamics and investment landscape.

Financing Africa’s Future

The growing need to reform the global financial architecture, new approaches to development finance, as well as the strengthening of market access and financial resilience of African economies in a changing global system.

Strategic Value Chains

Moving beyond primary exports to build local value chains in critical minerals for the green economy. Also addressing Africa’s energy access gap and mobilising investment in renewable and transitional energy systems.

Digital Transformation & Technology

Unlocking growth in fintech, AI and digital infrastructure to drive productivity, inclusion, and the next phase of Africa’s economic transformation.

The Africa Debate 2026 offers a unique platform for high-level dialogue, deal-making, and strategic engagement. Attendees will gain actionable insights from leading policymakers, investors and business leaders shaping Africa’s economic future, while building strategic partnerships that define the continent’s next growth phase.

Registration is now open (http://apo-opa.co/46b19gj).

Distributed by APO Group on behalf of Invest Africa.

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Zion Adeoye terminated as Chief Executive Officer (CEO) of CLG due to serious personal and professional conduct violations

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2 days ago

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February 6, 2026

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After a thorough internal and external investigation, along with a disciplinary hearing chaired by Sbongiseni Dube, CLG (https://CLGglobal.com) has made the decision to terminate Zion Adeoye due to serious personal and professional conduct violations. This process adhered to the Code of Good Practice of the Labour Relations Act, ensuring fairness, transparency, and compliance with South African law.

Mr. Adeoye has been held accountable for several serious offenses, including:

  • Making malicious and defamatory statements against colleagues
  • Extortion
  • Intimidation
  • Fraud
  • Misuse of company funds
  • Theft and misappropriation of funds
  • Breach of fiduciary duty
  • Mismanagement

His actions are in direct contradiction to our firm’s core values. We do not approve of attorneys spending time in a Gentleman’s Club. CLG deeply regrets the impact this situation has had on our colleagues and continues to provide full support to those affected.

We want to express our gratitude to those who spoke up and to reassure everyone at the firm of our unwavering commitment to maintaining a respectful workplace. Misconduct of any kind is unacceptable and will be addressed decisively.

We recognize the seriousness of this matter and have referred it to the appropriate law enforcement, regulatory, and legal authorities in Nigeria, Mauritius, and South Africa. We kindly ask that the privacy of the third party involved be respected.

Distributed by APO Group on behalf of CLG.

 

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The International Islamic Trade Finance Corporation (ITFC) Strengthens Partnership with the Republic of Djibouti through US$35 Million Financing Facility

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February 6, 2026

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This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties

JEDDAH, Saudi Arabia, February 5, 2026/APO Group/ –The International Islamic Trade Finance Corporation (ITFC) (https://www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, has signed a US$35 million sovereign financing facility with the Republic of Djibouti to support the development of the country’s bunkering services sector and strengthen its position as a strategic regional maritime and trade hub.

The facility was signed at the ITFC Headquarters in Jeddah by Eng. Adeeb Yousuf Al-Aama, Chief Executive Officer of ITFC, and H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti.

The financing facility is expected to contribute to Djibouti’s economic growth and revenue diversification by reinforcing the competitiveness and attractiveness of the Djibouti Port as a “one-stop port” offering comprehensive vessel-related services. With Red Sea Bunkering (RSB) as the Executing Agency, the facility will support the procurement of refined petroleum products, thus boosting RSB’s bunkering operations, enhancing revenue diversification, and consolidating Djibouti’s role as a key logistics and trading hub in the Horn of Africa and the wider region.

We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth

Commenting on the signing, Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, stated:

“This financing reflects ITFC’s continued commitment to supporting Djibouti’s strategic development priorities, particularly in strengthening energy security, port competitiveness, and trade facilitation. We are proud to deepen our partnership with the Republic of Djibouti and contribute to sustainable economic growth and regional integration.”

H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti, commented: “Today’s signing marks an important milestone in the development of Djibouti’s bunkering services and reflects our strong and valued partnership with ITFC, particularly in the oil and gas sector. This collaboration supports our ambition to position Djibouti as a regional hub for integrated maritime and logistics services. We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth.”

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties.

Since its inception in 2008, ITFC and the Republic of Djibouti have maintained a strong partnership, with a total of US$1.8 billion approved primarily supporting the country’s energy sector and trade development objectives.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

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