<p><iframe loading="lazy" src="https://www.youtube.com/embed/RXccEQDylJ8" width="640" height="360" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>Welcome to another edition of CNBC Africa&#8217;s all-new AI dedicated segment that keeps its finger on the pulse of continent-wide news that matters. Every week, we&#8217;ll dive into the latest headlines and speak to market innovators about all thing&#8217;s tech-driven across Africa.  This week we speak to Michael Wallis-Brown, Vice President and Global Head of Mobile Financial Services at Ericsson about the revolution of digital payments systems on the continent&#8230;.</p>


AI in Africa: Africa’s Digital Payments Revolution

<p><iframe loading="lazy" src="https://www.youtube.com/embed/9y9rzuZjmUw" width="640" height="360" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>Traders at UBA say the treasury bills secondary market is wrapping up the week with bearish sentiments as sell interests are witnessed across board with little demand to match. Kenneth Onuoha, Team Member, Assets and Liabilities at UBA joins CNBC Africa for more market updates&#8230;.</p>


UBA: T-Bills market records sell interest

<p><iframe loading="lazy" src="https://www.youtube.com/embed/PkWzi1BvSA4" width="640" height="360" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>The COVID-19 pandemic has highlighted the need for more resilient and sustainable tourism models, which require a collaborative effort between investors, governments and business. With 13 per cent of people spending more money on holidays since the global pandemic, the industry’s challenge is to keep up with the pace of demand. To ensure scalability and competitive advantage, organisations must focus on technology and ESG (Environmental, Social and Governance)&#8230;.</p>


Global Summit Rwanda 2023: Hotseat: In Pursuit of Prosperity

<p><iframe loading="lazy" src="https://www.youtube.com/embed/Lym9iuHhcnw" width="640" height="360" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>Africa’s largest bank, Standard Bank, is leading the charge to accelerate trade across the continent. The Bank is a key sponsor of the AGOA Business Forum taking place from 2 to 4 November in Johannesburg. CNBC Africa&#8217;s Keamogetswe Mosepele speaks to Bill Blackie, Chief Executive, Business &#038; Commercial Banking, Standard Bank and Philip Myburgh, Head of Trade for Business and Commercial Banking at Standard Bank&#8230;.</p>


Focus On AGOA Business Forum: Standard Bank on the importance of large market access for SMEs

<p><iframe loading="lazy" src="https://www.youtube.com/embed/d45iqYV1sII" width="640" height="360" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>Nigeria&#8217;s All-Share Index crossed a psychological threshold of 70,000 points for the first time on Wednesday after stocks gained for the third straight session. Meanwhile, investors are clawing back gains at mid-day , but could we say this upturned as trade winds down? Muktar Mohammed, an analyst at Assar Investments, joins CNBC Africa for some market updates&#8230;.</p>


Investors clawback gains after ngx crosses historic high


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="535" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/LU3DJC6JPRKQDNC2VXM6L3ZNO4-820x535.jpg" alt="" class="wp-image-428711" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/LU3DJC6JPRKQDNC2VXM6L3ZNO4-820x535.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/LU3DJC6JPRKQDNC2VXM6L3ZNO4-300x196.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/LU3DJC6JPRKQDNC2VXM6L3ZNO4-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/LU3DJC6JPRKQDNC2VXM6L3ZNO4-768x501.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/LU3DJC6JPRKQDNC2VXM6L3ZNO4-1536x1001.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/LU3DJC6JPRKQDNC2VXM6L3ZNO4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A man uses an iPhone 7 smartphone to demonstrate the mobile payment service Apple Pay at a cafe in Moscow, Russia, October 3, 2016.    REUTERS/Maxim Zmeyev</figcaption></figure>



<p>The Africa Export-Import Bank has added 11 African central banks to its flagship Pan- African Payment and Settlement System (PAPSS) and expects the rest to join by next year, a key step in its drive to cut costs and simplify trading across the region’s 55 territories.</p>



<p>“Trade goes well where payments can be made easily, and this is why we can only see trade pick up if we see improvement in efficient payments,” John Bosco Sebabi, PAPSS deputy CEO told CNBC Africa’s Godfrey Mutizwa this week.</p>



<p>Over 80 percent of intra-African payments currently go through either Europe or the United States, a process Afreximbank estimates costs as much as $5 billion in fees and compliance costs. It says PAPSS, a partnership with the African Union, will provide an alternative in which participants will transact in their own currencies without the need for a third party currency like the U.S. dollar.</p>



<p>Key participants in the system include central banks, which will act as regulators and clearance agents, commercial banks, fintechs, payment service providers and their customers comprising businesses across the region.</p>



<p>&#8220;The issue here is not the exclusion of the U.S dollar but to be able to ease this. For those in Zimbabwe or Rwanda, for example, PAPSS will debit their accounts in Zim dollars, credit their accounts in Rwanda francs and then the central banks work it out in any currency convenient to them,&#8221;&nbsp;Sebabi said.</p>



<p>The Africa Union launched the Africa Continental Free Trade Agreement in January 2021, the youngest and largest trading bloc in the world after rapid ratification creating a common market with a combined gross domestic product of $3.4 trillion for the continent’s 1.3 billion people.</p>



<p>The region has the lowest intra-regional trade volumes in the world at about 18 percent, compared with Europe’s 70 percent and Asia’s 59 percent. Sebabi expects PAPSS to gain traction quickly.</p>



<p>“This will rollout very, very quickly. We have got 81 commercial banks on board, mostly from the West African monetary zone,” he said.</p>



<p>Southern African participants include Standard Bank, the continent’s largest bank by assets. People &#8220;will make payments within as little as 7-10seconds, with a maximum of 120seconds. This payment system has the ability to further advance intra-African trade ties.&#8221;</p>



<p></p>


FILE PHOTO: Man uses iPhone 7 smartphone to demonstrate mobile payment service Apple Pay at cafe in Moscow

Afreximbank’s PAPSS Adds 11 African Central Banks to Continental Payments System


<p>African tech startups have collectively raised $1.4 billion in the first nine months of 2023, with $492,418,000 raised in Q3 alone.</p>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="460" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/0_1-820x460.webp" alt="" class="wp-image-428692" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/0_1-820x460.webp 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/0_1-300x168.webp 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/0_1-160x90.webp 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/0_1-768x430.webp 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/0_1.webp 1456w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A representation of startups in Africa. Image: Midjourney </figcaption></figure>



<p>Despite these impressive figures, that total is down 48% on the corresponding period in 2022, according to Disrupt Africa’s annual <em>African Tech Startups Funding Report.</em></p>



<p>The company says 2023 is set to be regressive, but in line with global trends in investments, it is regarded as the “reset” after tremendous growth.</p>



<p>A total of 186 African startups secured $1.4 billion in 2023 to date, when compared to the 633 that raised a combined $3,333,071,000 in 2022.</p>



<p>Tom Jackson, co-founder of Disrupt Africa, tells <em>CNBC Africa </em>that the pandemic didn’t impact the continent funding-wise, but only in terms of uptake.</p>



<p>“All sorts of sectors – fintech, e-health – took a boost in users, and the tech space got a kickstart; funding was increasing anyway, Covid had no impact,” says Jackson.</p>



<p>Cities like Lagos, Nairobi and Cape Town attracts the most funding in Africa. Jackson says they are “startup capitals” because they are essentially the capitals of the three main markets, with Cairo and Johannesburg ranking close.</p>



<p>“The bigger the city, the better the infrastructure, the more universities, the better the standard of living, the more likely it is to be a ‘startup capital’, hence London, New York, San Francisco, Paris, etc.,” says Jackson.</p>



<p>Fintech receives the lion’s share of funding, with 205 startups representing the 633 African total for 2022. Disrupt Africa says it remains Africa’s most powerful force, driven primarily by Nigeria, which accounted for almost 40% of funds received.</p>



<p>Ultimately, fintech is at the route of everything, adds Jackson. “Payments, and the ability to make them, is key to all sorts of things. So once those rails are in place, commerce, health, agri-trading, whatever it is – can work.”</p>



<h2 class="wp-block-heading" id="h-nigeria-a-fertile-ground-for-innovation"><strong>Nigeria: a fertile ground for innovation</strong></h2>



<p>Akinbode Roberts, CEO of DataLeum, based in Nigeria, tells <em>CNBC Africa </em>that Lagos has always been a fertile ground for innovation, driven by the need to address local financial challenges, with Nigeria’s youthful population playing a critical role in this trend.</p>



<p>“The rapid adoption of smartphones has enabled the proliferation of mobile apps and USSD-based financial services – these technologies make it easier for people to access and use financial services,” says Roberts.</p>



<p>Nigeria has a demographic advantage due to its population of over 200 million people, which offers tremendous opportunities for startups thanks to a vast domestic market, he says.</p>



<p>The country has fostered a supportive ecosystem, says Roberts. “We have co-working spaces, incubators, accelerators, and various networking events that offer invaluable support to emerging businesses.”</p>



<p>While Nigeria is thriving, Roberts says their biggest challenge is access to funding. “Securing capital, especially in the early stages, can be a hurdle for many startups, and the shortage of skilled tech talent is also a concern.”</p>



<p>There is a need for more qualified professionals in areas like software development and data science, and the competition for these individuals is fierce, says Roberts.</p>



<p>Dataleum, an award-winning edu-tech startup is an AI-driven job matching platform aims to fill a gap in the market. “The demand for data-driven and enabled professionals has been steadily increasing across the continent as organizations recognize the value of data-driven decision-making,” says Roberts.</p>



<p>“There&#8217;s certainly a need for more skilled data scientists, data engineers, analysts and more data professionals to meet this growing demand.”</p>



<p>The company’s operation is based in Nigeria, but recently launched an office in the United Kingdom. “Our goal is to leverage our expertise and solutions to contribute to the growth of data analytics and business intelligence in multiple African countries,” says Roberts.</p>



<h2 class="wp-block-heading" id="h-kenya-the-silicon-savannah-of-africa"><strong>Kenya, the ‘Silicon Savannah’ of Africa</strong></h2>



<p>Meanwhile in Kenya, dubbed the ‘Silicon Savannah’ of Africa, and home to M-Pesa, has been a pioneer in the tech startup scene.</p>



<p>Jit Bhattacharya, CEO and co-founder of e-mobility startup BasiGo in Kenya, says the entrepreneurship ecosystem in Kenya is driven in large part by the fintech sector but with well-known, high-growth technology ventures in energy and climate, health, and education.</p>



<p>He acknowledges that Kenyan’s tech ecosystem has faced a difficult period in 2023, which saw several high-profile startups in the Kenyan ecosystem downsize, restructure, or shut down.</p>



<p>“While these challenges are real, Kenya remains a hub in Africa&#8217;s overall tech ecosystem and a preferred place to launch a technology venture in Africa,” says Bhattacharya.</p>



<p>“Tech hubs are an excellent meeting place for startups, investors, and the supporting ecosystem that helps these technology companies get off the ground,” he says.</p>



<p>And like Nigeria, the key challenge Kenyan tech startups face is getting access to funding. He believes the challenge for funding globally is more pronounced in Africa because funding comes from overseas investors.</p>



<p>BasiGo, founded in 2021, received a total of $10.9 million in funding to date, according to Crunchbase.</p>



<p>“What has attracted investment to BasiGo is the potential climate impact of our Electric Bus solution, says Bhattacharya. East Africa is home to some of the cleanest electricity in the world, with over 90% of Kenya&#8217;s electricity already generated from renewables.”</p>



<p>“As a result, replacing a single diesel bus in Kenya with an electric bus mitigates over 50 tonnes of CO2 per year, more than almost anywhere else in the world.&nbsp;Our bus market is entirely private sector, which makes it an attractive market for climate venture capital investors, adds Bhattacharya.</p>



<h2 class="wp-block-heading" id="h-from-south-africa-to-the-world"><strong>From South Africa to the world</strong></h2>



<p>South Africa’s startup funding grew from $50 million in 2015 to near $350 million in 2021, according to Disrupt Africa. Though Cape Town is referred to as the “startup capital” of South Africa, Johannesburg is a close second.</p>



<p>The company says while other countries like Kenya, Nigeria and Egypt often surpass it for funded ventures or total funding, South African startups are by far the most successful when it comes to successful exits.</p>



<p>Knife Capital, a venture capital investment firm in Cape Town that focuses on accelerating international expansion of African innovation-driven businesses, tells <em>CNBC Africa </em>it does this by leveraging knowledge, networks and funding.</p>



<p>Keet van Zyl, co-founder and partner at Knife Capital, says early stage ventures looks for three main things: an amazing product or service; a large addressable market for it; and an entrepreneurial team&nbsp;that can execute an ambitious business plan.</p>



<p>“The magic&nbsp;happens when these three things lead to visible traction and a path to positive unit economics,” says van Zyl.</p>



<p>“Knife Capital assists in accelerating the international expansion of African&nbsp;entrepreneurial businesses that&nbsp;achieved a product/market fit in a beachhead&nbsp;market,” he says.</p>



<p>“The common appeal for startups that successfully expand out of Africa is access to new markets that diversifies the client base and offers hard currency revenue off a lower cost base,” explains van Zyl.</p>



<p>“International clients embrace the advanced technology and unique approach to overcoming user challenges that some African startups offer.”</p>



<p>“Africa is a great investment frontier based on the fundamentals of a rapidly expanding population, a rising middle class, a young urban&nbsp;citizenry entering the workforce and increased digital penetration that provides access to new technologies,” says van Zyl.</p>



<p>“Investment is all about calculated risk and probability of returns, and Africa offers good value for the savvy investor. With more investors getting exposed to amazing start-ups across the continent, more capital will flow.”</p>



<p></p>


The Rise Of African Tech Hubs: How They Are Becoming The Silicon Valleys Of The Continent

<p><iframe loading="lazy" src="https://www.youtube.com/embed/29qMZ-r_SpM" width="640" height="360" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>Joining CNBC Africa for this discussion is Jean-Claude Trichet, Former President of the European Central Bank&#8230;.</p>


The Power Table: Bank Heads at Dubai Forum

<p><iframe loading="lazy" src="https://www.youtube.com/embed/hky-ZHjihHg" width="640" height="360" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>Africa’s largest bank, Standard Bank, is leading the charge to accelerate trade across the continent. The Bank is a key sponsor of the AGOA Business Forum taking place from 2 to 4 November in Johannesburg. CNBC Africa’s Zanele Morrison speaks to Kenny Fihla, CEO of Corporate &#038; Investment Banking at Standard Bank about exploring ways to expand economic trade between the United States and sub-Saharan Africa&#8230;.</p>


Focus On AGOA: Driving the African investment case

<p><iframe loading="lazy" src="https://www.youtube.com/embed/JXdSHiOajRg" width="640" height="360" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>The AfriCaribbean Trade and Investment Forum 2023,  under the overarching theme “Creating a Shared Prosperous Future&quot;, and convened by Afreximbank and the GoG will gather key stakeholders that will focus on consolidating commercial collaboration between the Caribbean and Africa regions. This panel discussion will set the stage for the second edition of the ACTIF by bringing together banks, governments and the business community to reflect on the lessons learned one year later&#8230;.</p>


ACTIF 2023: One Year of AfriCaribbean Trade & Investment Revival: Lessons Forum Experience

<p><iframe loading="lazy" src="https://www.youtube.com/embed/-g9bzfV75bg" width="640" height="360" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>The Facets 2023 Diamond Industry Conference under the theme &quot;Diamonds For Change&quot; was hosted in Botswana, known as the &quot;Diamond of Africa&quot;. As a leading global diamond producer, Botswana is has also shown how diamonds can be used to improve lives and be an agent for change. We bring you the Opening Ceremony from the conference&#8230;.</p>


Focus On Facets Diamond Conference 2023: Opening Ceremony

<p><iframe loading="lazy" src="https://www.youtube.com/embed/al0-uT0VJMM" width="640" height="360" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>CNBC Africa’s Zanele Morrison speaks with Monde Ndlovu, Deputy Chair of the Policy and Research Committee for the Black Management Forum, to gain insight into the upcoming Black Management Forum annual conference taking place on 10 November at the Sandton Convention Centre. The conference serves as a platform for industry experts and leaders to assess the future of Broad-Based Black Economic Empowerment. The theme for this year&#8217;s event is &quot;Reflecting on South Africa’s Journey Towards 30 Years of Socio-economic Transformation&quot;&#8230;.</p>


Focus On: BMF Conference 2023: Here’s what’s on the agenda

<p><iframe loading="lazy" src="https://www.youtube.com/embed/Aqdfpg0Fk_s" width="640" height="360" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>As more third-quarter earnings flood the Nigerian equities market, we find out how investors are reacting to the numbers. Opeoluwa Oluwa, a Research Analyst at Cordros Securities, joins CNBC Africa to unpack the results&#8230;.</p>


More Q3’23 earnings trickle in

<p><iframe loading="lazy" src="https://www.youtube.com/embed/2PKqNpFd9mA" width="640" height="360" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>Electricity Tariff in Nigeria is expected to increase following the country&#8217;s latest FX policy and floating of the naira. The impact is already being felt with the removal of the petrol subsidy. Wonuola Akanbi, the Head, Energy and Infrastructure sales, Global Market at Stanbic IBTC Bank, joins CNBC Africa to discuss the possible impact of the mid-year Multi Year Tariff Order review&#8230;.</p>


How Nigeria’s FX policy is driving higher energy costs

<p><iframe loading="lazy" src="https://www.youtube.com/embed/8nhHb2m8GkM" width="640" height="360" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>Four instruments offered to investors at Monday&#8217;s FGN bond auction raised a total subscription of 312.6 billion naira, signaling a strong investor appetite for the 30-year Bond on offer. Meanwhile, Angola&#8217;s state-owned oil company, Sonangol, has offered a 75 billion kwanzas corporate bond with maturity date of 14 September 2028 at a rate of 17.5 per cent per annum. Wonuola Akanbi, Head of Energy and Infrastructure, Global Markets at Stanbic IBTC Bank, joins CNBC Africa for some market updates&#8230;.</p>


Nigeria’s bond auction sees ₦312.6bn subscription

<p><iframe loading="lazy" src="https://www.youtube.com/embed/IoiL_oT5lSw" width="640" height="360" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>The Facets Diamond Conference 2023 hosted in Botswana, gathered industry experts to tackle key issues facing the global diamond industry. CNBC Africa&#8217;s Tania Habimana speak to Ari Epstein, CEO of Antwerp World Diamond Centre and Mmetla Masire, MD of Okavango Diamond Company on the impact synthetic diamonds have on the diamond industry and the value that natural diamonds have on the African continent&#8230;.</p>


Focus On Facets Diamond Conference 2023: Opportunities for diamond industry

<p><iframe loading="lazy" src="https://www.youtube.com/embed/kip5GkuS_xQ" width="640" height="360" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>Traders at Access Bank expect the bond market to remain bearish due to the continuous rise in yields of short and long-dated Treasury bills and increased rate in Overnight placements in the market. Ebube Uneze, Treasury Team Member at Access Bank joins CNBC Africa for more market updates&#8230;.</p>


CNBC Africa

AI in Africa: Africa’s Digital Payments Revolution

UBA: T-Bills market records sell interest

Global Summit Rwanda 2023: Hotseat: In Pursuit of Prosperity

Focus On AGOA Business Forum: Standard Bank on the importance of large market access for SMEs

Investors clawback gains after ngx crosses historic high

Afreximbank’s PAPSS Adds 11 African Central Banks to Continental Payments System

The Rise Of African Tech Hubs: How They Are Becoming The Silicon Valleys Of The Continent

The Power Table: Bank Heads at Dubai Forum

Focus On AGOA: Driving the African investment case

ACTIF 2023: One Year of AfriCaribbean Trade & Investment Revival: Lessons Forum Experience

Focus On Facets Diamond Conference 2023: Opening Ceremony

Focus On: BMF Conference 2023: Here’s what’s on the agenda

More Q3’23 earnings trickle in

How Nigeria’s FX policy is driving higher energy costs

Nigeria’s bond auction sees ₦312.6bn subscription

Focus On Facets Diamond Conference 2023: Opportunities for diamond industry

Access: Bond yields rise to keep market bearish

News Tips

Advertise With Us

CNBC Africa

AI in Africa: Africa’s Digital Payments Revolution

UBA: T-Bills market records sell interest

Global Summit Rwanda 2023: Hotseat: In Pursuit of Prosperity

Focus On AGOA Business Forum: Standard Bank on the importance of large market access for SMEs

Investors clawback gains after ngx crosses historic high

Afreximbank’s PAPSS Adds 11 African Central Banks to Continental Payments System

The Rise Of African Tech Hubs: How They Are Becoming The Silicon Valleys Of The Continent

The Power Table: Bank Heads at Dubai Forum

Focus On AGOA: Driving the African investment case

ACTIF 2023: One Year of AfriCaribbean Trade & Investment Revival: Lessons Forum Experience

Focus On Facets Diamond Conference 2023: Opening Ceremony

Focus On: BMF Conference 2023: Here’s what’s on the agenda

More Q3’23 earnings trickle in

How Nigeria’s FX policy is driving higher energy costs

Nigeria’s bond auction sees ₦312.6bn subscription

Focus On Facets Diamond Conference 2023: Opportunities for diamond industry

Access: Bond yields rise to keep market bearish

News Tips

Advertise With Us

Newsletters