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.

Delegates are able to access high-level insights from African policymakers and government officials, one-to-one investor matchmaking services and exclusive oil and gas market forecasts

PARIS, France, September 19, 2024/APO Group/ — 

Serving as the premier African energy project showcase outside of the continent, the Invest in African Energy (IAE) Forum in Paris serves as a crucial platform for global investors. Last year’s forum provided opportunities for in-depth engagement through two days of discussions with industry leaders and policymakers, with attendees accessing technical presentations, business-to-business matchmaking services, networking receptions and dedicated country and regional spotlights. Ahead of the event’s 2025 edition taking place next May, investors and companies are invited to engage with the benefits of attendance.

Understanding Africa’s Energy Priorities

IAE 2024 attendees gained exclusive access to insights from African policymakers and government officials, who outlined their strategic initiatives for energy sector growth, as well as latest regulatory reforms, investment opportunities and policy shifts. By hearing directly from the continent’s leading decision-makers, attendees were better positioned to align their business strategies with national and regional energy goals and identify available investment opportunities. Congolese Minister of Hydrocarbons Bruno Jean-Richard Itoua announced the Republic of Congo’s upcoming formation of a new gas code and national gas company, while Gabon’s Minister of Petroleum Marcel Abéké addressed the country’s progress in expanding its low-carbon energy supply and establishing an incentive tax framework for the development of gas projects.

Accessing OPEC Market Insights

Through a high-level OPEC presentation and a keynote address by OPEC Secretary General Haitham Al-Ghais, last year’s attendees accessed exclusive information on key growth drivers of oil supply and demand through 2045, forecasting Africa’s oil demand to double to 8.2 million barrels per day (bpd) and refining capacity to expand by 3.2 million bpd. With positive economic growth anticipated into 2025, the presentation shed insight into the role of inflation and various economic, social and geopolitical factors on crude oil markets. Secretary General Al-Ghais affirmed OPEC’s commitment to driving Africa’s oil industry forward and the role of African markets and South-South cooperation in driving global economic activity.

Exploring Regional Energy Powerhouses

At last year’s IAE Forum, attendees benefited from dedicated regional spotlights that provided a deep dive into the unique energy landscapes, investment climates and project opportunities shaping Africa’s energy hotspots. This regional focus allowed investors to identify targeted opportunities and forge strategic partnerships, aligning their investments with regional energy development goals. A West African spotlight previewed first oil production from Senegal’s Sangomar Field Development, upcoming drilling campaigns in Equatorial Guinea and a 27-block bid round in Guinea-Conakry. North Africa’s spotlight explored the region’s approach to the energy transition, with Egypt announcing plans to merge its petroleum and renewable energy ministries, Libya rolling out 45 greenfield and brownfield projects in the pipeline, and Morocco driving transitional gas, power and green hydrogen projects. A southern Africa spotlight highlighted deepwater discoveries in Namibia’s Orange Basin, unpacked South Africa’s plans to boost nuclear and natural gas capacity, and provided updates on Mozambique’s two LNG megaprojects underway.

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

The Libya-Italy Roundtable and VIP Networking Evening – taking place in Rome on September 23 – will showcase Libya’s current infrastructure drive and the role for Italian construction and engineering firms in the sector

ROME, Italy, September 19, 2024/APO Group/ — 

As Libya seeks partners for rebuilding its critical infrastructure and supporting economic recovery, international companies, particularly from Europe and the Middle East, are invited to participate in the country’s reconstruction efforts through public-private partnerships and direct investment. The Libya-Italy Roundtable and VIP Networking Evening – taking place in Rome on September 23 – will showcase the country’s current infrastructure drive and associated investment opportunities, as well as highlight the potential of Italian construction and engineering firms to leverage expertise in power and transportation systems to contribute to the broader reconstruction of Libya’s cities.

As a strategic partner to Libya, Italy has a crucial role to play in rebuilding the country’s infrastructure and supporting energy-related projects. According to Italian energy industry contractor Bonatti, the company’s contracts have increased three-fold since the signing of the $8-billion gas deal between Italian energy major Eni and Libya’s National Oil Corporation, with Bonatti identifying Libya as a promising market for Italian firms. Given its deep ties to Libya’s energy sector, Eni is also well-positioned to expand its involvement in broader infrastructure projects, including the rehabilitation of gas-fired power plants, renewable energy development and power grid modernization.

National Infrastructure Revamp

Efforts to restore Libya’s infrastructure are gradually resuming, with the government rolling out key projects focusing on electricity grids, transportation networks and water supply systems. The General Electricity Company of Libya recently launched construction of a new power substation in Tobruk to improve the city’s electricity network and alleviate pressure on the grid, as well as announced plans for another substation in Lamluda. This accompanies the construction of a 1,320 MW gas-fired plant in South Tripoli, 1,044 MW gas-fired plant in Zliten and a series of solar power projects ranging from 200-1,500 MW in size. While significant investment is still required in the rehabilitation of existing power plants and expansion of the national grid, Libya’s installed generation capacity reached a record 8,200 MW last year, reflecting considerable progress toward closing the country’s power deficit.

Several road and airport rehabilitation projects are also underway, led by the Eastern Libyan Government’s Reconstruction and Stabilization Committee. Launched in April, a new airport in Benghazi will feature 12 gates, utilities, a free zone, air cargo and transit infrastructure and aligns with the broader Benghazi Urban Plan, which aims to modernize and expand the city through improvements in urban infrastructure, water canals, green spaces and access to essential services. Meanwhile, Chinese consortium BFI and Tripoli-based Libyan Railroads have launched a new railway development project in eastern Libya, while plans for the $4.5-billion, 554-km Sirte-Benghazi rail project have been revived, which would link the two Mediterranean port cities.

Water availability is another critical priority for Libya, who advanced a new national water and sanitation plan last October, to be implemented in two phases. Between 2024 and 2026, the first phase provides for new drinking water supply systems to be built and existing ones rehabilitated, as well as the improvement of sewerage networks in 19 Libyan cities. The second phase – to be implemented between 2026 and 2050 – will see the construction of 62 new wastewater treatment plants, renovation of 49 plants and maintenance works carried out on nine plants. With a water deficit of approximately 580,000 cubic meters per day, water treatment and supply projects represent a key sector for foreign investment in Libya, along with power generation and transport infrastructure. With strong support from Italian and international companies, Libya is aiming to rebuild its critical infrastructure, which will be central to the country’s long-term economic recovery and growth.

The Libya-Italy Roundtable and VIP Networking Evening takes place in Rome on September 23, featuring a half-day program that unites Libyan and Italian business leaders and government officials. If your company is interested in participating, please contact sales@energycapitalpower.com

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