Tech

AfDB launches reports to give African country-specific dynamics and insights

Published

5 months ago

July 31, 2024

The African Development Bank Group (AfDB) has launched Africa-wide Focus Reports designed to deepen policy dialogue on the macroeconomic performance and outlook of individual countries and to act as an indispensable tool for policy makers, government and development partners.

The reports, released on Wednesday in line with the theme of the 2024 African Economic Outlook report titled, “Driving Africa’s Transformation: The Reform of the Global Financial Architecture,” are to give deeper country-by-country specific dynamics and insights.

The African Economic Outlook report, which is issued annually, also provides timely evidence and analysis on the continent’s growth, empowering African policymakers to make informed decisions.

“Growth performance and outlook vary across the 54 African countries of the report, reflecting differences in economic structure, commodity dependence, and policies,” Prof. Kevin Chika Urama, Chief Economist & Vice President for Economic Governance and Knowledge Management the AfDB said while launching the report

“The 2024 reports assesses the experiences of individual countries in accessing finance necessary to fund their structural transformation and call for an overhaul of the global financial architecture to help turn around African economies.

“The reports make bold recommendations for financing structural transformation at country level through reforms of the global financial architecture to better respond to African countries’ growing development financing needs, exacerbated by recurrent global and domestic shocks.”

All 54 reports document funding needs and gaps as well as inadequacies of the current global financial system in supporting Africa’s structural transformation up to 2063. The reports make recommendations across five key areas:

“Leveraging Private Sector Financing, the private sector will remain a key partner in financing African economies. Countries need allow greater private sector participation in the economy to complement public investments, particularly in areas with high social returns such as climate action and human capital development.

“In summary, these reports contain pragmatic policies (short, medium and long-term) to accelerate African countries’ economic growth and structural transformation.

“They also provide governments and potential investors with up-to-date, accurate data to inform policy and investment decisions,” he added.

Related Topics:AFDB Africa Economy Featured Reports

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Tech

Kenya’s ticketing startup BuuPass partners Flexpay for flexible travel payments

Published

3 days ago

December 19, 2024

Isaac Dachen

Kenyan digital ticketing startup, BuuPass, has entered into a partnership with goal-based savings platform, Flexpay, to offer customers flexible payment plans ahead of holiday travels as well as simplify travel planning and ease the financial burden of holiday travel for Kenyans.

Co-founder and CEO at Buupass, Sonia Kabra, who unveiled the package at a press conference, said the collaboration between the two platforms will allow travellers to save for their journeys in manageable, interest-free installments over four to 12 weeks.

“Travelers can select their travel dates, book tickets, and pay a small deposit upfront, with the remaining balance spread across weekly or monthly payments,” she said.

“This approach offers a stress-free way for families and large groups to secure their tickets early, helping them avoid last-minute price hikes as fares are locked in.

“By partnering with Flexpay, we’re giving travelers the flexibility to budget for their trips in advance. This initiative aligns with our mission to make travel accessible to everyone, providing a solution that meets customers where they are financially,” said Kabra.

Also speaking at the event, Richard Machomba, CEO and founder of Flexpay, said:

“Flexpay’s mission is to empower individuals by providing accessible financial solutions that make it easier for them to achieve their financial goals.

“By partnering with BuuPass, we’re making travel more accessible and stress-free for Kenyans, especially during the holiday season when expenses can be overwhelming,” Machomba added.

Founded in 2016 by Kabra and Wyclife Omondi, BuuPass is a B2B2C mobility marketplace that enables users to search, compare, and book travel tickets via web, app, or USSD, while its SaaS platform helps bus operators manage their operations, inventory, and sales.

FlexPay, on the other hand, is an online and offline payment gateway that allows merchants to offer interest-free targeted savings to their customers in Africa.

Tech

DR Congo sues tech giant Apple over illegal mineral exploitation

Published

4 days ago

December 18, 2024

Isaac Dachen

The Democratic Republic of Congo (DRC), has filed a criminal case against the European subsidiaries of tech giant, Apple, accusing them of illegal mineral exploitation and allegedly using “blood minerals” in its supply chain.

In the suit filed on Tuesday, the DRC alleges that Apple has bought contraband supplies from the country’s conflict-ladden east and Rwanda, zones in which it allege the materials are mined illegally and then integrated into global supply chains before ending up in tech devices.

The DRC suit specifically mentioned Apple subsidiaries in France and Belgium, accusing the tech giant of using conflict minerals in its supply chain.

The DRC is a major source of tin, tantalum, and tungsten which are used in electronic devices, with some mines controlled by armed groups responsible for human rights violations.

International lawyers representing the African country’s government have accused Apple’s local subsidiaries of taking these minerals from conflict areas and laundering them through international supply chains, with one lawyer telling journalists that Belgium had a moral duty to act given its history of exploiting the country’s resources under colonial rule.

However, in its response, Apple claims it conducts supplier audits and does not directly source primary minerals.

https://www.thenews.com.pk/print/1262670-dr-congo-sues-apple-over-alleged-illegal-mineral-exploitation