Flutterwave, has received its payment aggregator license from the Central Bank of Mozambique to offer its comprehensive payment services within Mozambique and strengthen its operations in southern African markets.

Mozambique has a rapidly growing e-payment ecosystem. Recent reports project that the country’s total digital transactions value will increase by over 15.28% (CAGR)  over the next four years, resulting in a projected total amount of over US$9 billion by 2028. This dynamic growth represents a significant opportunity for Flutterwave to contribute to the fast-growing financial landscape of the country.

The expansion into Mozambique aligns with Flutterwave’s strategic vision of deploying its infrastructural reach, multiple licenses, and network of global partnerships to make doing business in and expanding across Africa seamless for global enterprises from all over the world.  Enterprise businesses will benefit from Flutterwave’s Africa-wide reach. Businesses looking to expand into Mozambique or Mozambican businesses seeking to expand across Africa will leverage Flutterwave’s reach to fulfill their dreams.

In a statement, Olugbenga “GB’ Agboola, Founder and CEO of Flutterwave said, “We are grateful to the Central Bank of Mozambique for this approval. It comes at the right moment when Mozambique’s digital payment ecosystem is experiencing tremendous growth. As individuals’ and businesses’ payment needs evolve across the country, we are ready to leverage our technology, extensive industry experience, and comprehensive solution to meet their diverse payment needs. Our goal is to empower local businesses and open doors for global enterprises across all industries by providing them with a secure and convenient payment solution that drives inclusive growth.”

Recently, Flutterwave has announced an International Money Transfer License in Malawi, the same region as Mozambique, and Money Transmission Licenses in 13 States of the US.

The Kenya Industry and Entrepreneurship Program (KIEP) has today unveiled 13 ecosystem intermediaries selected from a pool of 364 applicants to be trained and funded to enhance their Small and Medium Enterprises (SMEs) training capabilities.

The initiative, SKIES Track 1&2 Ecosystem Intermediaries under KIEP subcomponent, Strengthening Kenya’s Innovation Ecosystem(SKIES), selected the nine incubators and accelerators, and four tech bootcamp providers who demonstrated significant impact in helping SMEs strewn across Kenya to adopt innovation and enhance productivity.

Speaking during the event Principal Secretary for the State Department for Industry, Dr Juma Mukhwana, said the launch of the initiative is a crucial step in our efforts to support innovation and productivity in the Kenyan private sector.

“By empowering these dynamic incubators, accelerators, and tech boot camp providers, we are nurturing the next generation of Kenyan entrepreneurs and unlocking the country’s economic potential, particularly increasing tech skills uptake among women,” the PS said.

The selectees include Swahilipot Hub Foundation, Eldo hub Innovations and Technologies Limited, Nakuru Box Innovation Centre, Sote Hub, PTRE Incubation Centre – Moi University, Mount Kenya University Innovation and Incubation Centre, Kilimanjaro Blind Trust Africa – Africa’s first Assistive Technology Accelerator, Somo East Africa Limited, Ongoza Institute, Startup Lions Assets Kenya Limited, FabLab Winam Foundation, Rift Valley Institute of Business Studies and LakeHub Academy.

The 13 intermediaries who act as enablers in the Bottom-up Economic Transformation Agenda, focusing on sectors such as manufacturing, agriculture, health, affordable housing and the digital & creative economy will also receive performance-based grants totalling Sh321.3 million to implement Performance Improvement Plans (PIPs), incubation and acceleration.

The nine incubators and accelerators will support a total of 390 Startups/Scaleups, while the 4 tech boot camps will train 320 students on entrepreneurship and tech related areas.

The project expects to spur 350 new innovations, create 736 new jobs, and achieve a 10 percent increase in revenue among the supported Startups/Scaleups.

SKIES will build the capacity of these Ecosystem Intermediaries, helping them develop sustainable business models, expand their reach, and improve the quality of services they provide to Startups/Scaleups.

This initiative is part of the Kenya Industry and Entrepreneurship Program (KIEP), funded by the World Bank and implemented with the support of the management firm- Spineberg- E4Impact Joint Venture.

In a recent interview with the Financial Times, Meta’s chief AI scientist, Yann LeCun, shed light on the limitations of large language models (LLMs) like ChatGPT and Gemini, stating that they will never be able to match human capabilities in reasoning and planning.

LeCun pointed out that current LLMs have a limited understanding of logic and cannot comprehend the physical world, maintain persistent memory, reason effectively, or plan hierarchically. He emphasized that these models are “intrinsically unsafe” as they heavily rely on the accuracy of the data they are trained on to provide correct answers to prompts.

Despite their limitations, LeCun acknowledged the usefulness of LLMs like ChatGPT and Gemini. However, he noted that the evolution of these models is restricted as they only learn from human-fed data, and what may appear as reasoning is essentially the exploitation of accumulated knowledge from extensive training data.

When questioned about how AI can achieve human-level intelligence, LeCun revealed that Meta’s Fundamental AI Research (Fair) lab, consisting of around 500 individuals, is developing a new AI system focused on common sense and understanding how the world functions. This approach, known as ‘world modelling’, comes with potential risks for Meta, as investors expect swift returns on their AI investments.

LeCun believes that the development of artificial general intelligence (AGI) is not merely a design or technology development challenge but a scientific one.

This news comes on the heels of Mark Zuckerberg’s recent announcement of increased investment in AI to position Meta as “the leading AI company in the world,” which resulted in a staggering $200 billion loss in the social media giant’s valuation.

The United States, Kenya, and leading technology companies have announced a series of transformative initiatives aimed at bridging the digital divide and fostering digital transformation throughout the continent, in a significant move to enhance digital connectivity across Africa.

Expanding Intercontinental Fiber Optic Connectivity

Google has unveiled its investment in Africa Connect, marking the creation of the first intercontinental fiber optic route in the southern hemisphere between Kenya and the Asia Pacific region.

This groundbreaking project includes regional breakout points, ensuring trusted connectivity from Kenya to neighboring countries such as Uganda, Rwanda, the Democratic Republic of Congo, Zambia, Zimbabwe, South Africa, and Google’s Africa Cloud Region.

This initiative is expected to significantly boost digital connectivity across the region, facilitating faster and more reliable internet access.

Boosting Broadband Network Access

The U.S. Trade and Development Agency (USTDA) has committed $1.13 million for a feasibility study to support the expansion of Bandwidth and Cloud Services Group’s (BCS) operations.

This expansion aims to provide new and affordable broadband network access to thousands of individuals across East and Central Africa, including Kenya, the Democratic Republic of the Congo, Tanzania, and Uganda.

By enhancing the fiber backbone and access network, the initiative is poised to attract further investments from internet service providers, ultimately broadening the reach of fixed wireless access to a larger consumer market.

Affordable Internet for Urban Communities

In another effort to increase internet accessibility, USTDA has allocated $1.26 million for a feasibility study to explore market opportunities for Poa Internet, a Kenya-based company.

The study aims to evaluate the potential for delivering affordable fixed wireless internet access to an additional one million households in low-income urban communities across Africa.

This initiative highlights the commitment to making internet connectivity more inclusive and accessible.

Reverse Trade Missions for Digital Connectivity and Cybersecurity

To promote the adoption of advanced U.S. technologies and services, USTDA announced two reverse trade missions. These missions will introduce public and private sector representatives from Kenya and Tanzania to the latest innovations in last-mile connectivity and cybersecurity.

The focus is on expanding internet access and enhancing cybersecurity governance, ensuring that digital transformation projects across the region leverage cutting-edge solutions.

Infrastructure Development for Enhanced Connectivity

At the 2024 AmCham East Africa Business Summit, USTDA revealed a $1.2 million grant to the Wilken Group for the development of fiber optic infrastructure and 5G-capable towers along the Meter Gauge Railway between Mombasa and Malaba.

Additionally, USTDA announced $1.3 million in funding for a feasibility study to assess plans for a cross-continent fiber optic backbone from East Africa to the Democratic Republic of the Congo.

This project aims to provide hundreds of thousands of Africans with access to affordable broadband for the first time, supporting city-level fiber networks and last-mile connectivity.

Collaborative Efforts for Last-Mile Internet Access

The Government of Kenya and Microsoft are collaborating to increase internet connectivity for 20 million Kenyans and 50 million people across East Africa by the end of 2025. This collaboration underscores the importance of last-mile wireless internet access in driving regional digital inclusion.

Digital Skills and Literacy Development

The Digital Transformation with Africa (DTA) partnership, in collaboration with the Young African Leaders Initiative (YALI), intends to provide $1 million to YALI’s Regional Leadership Center in Kenya. This funding will support the expansion of digital skills and literacy, the growth of digital entrepreneurs and start-ups, and increased private sector engagement across East Africa.

Green Data Center for Cloud Services

In a significant infrastructure development, the Government of Kenya and Microsoft announced a partnership to construct a 1-gigawatt data center in Naivasha, Kenya. Powered entirely by geothermal energy, the data center will offer cloud-based applications and services through Microsoft Azure, supporting the digital needs of organizations and individuals in Kenya and East Africa while promoting sustainable technology.

Affordable Smartphone Access

The Development Finance Corporation (DFC) announced a $51 million loan to Kenyan company M-KOPA to support the financing of up to $210 million in smartphone receivables and cash loans. This initiative aims to increase the affordability of devices for low-income borrowers, furthering digital inclusion.

Strategic Dialogue on AI

The United States and Kenya have established a Strategic Dialogue on Artificial Intelligence (AI) to deepen collaboration on the development and deployment of safe, secure, and trustworthy AI systems.

The inaugural meeting is scheduled for late 2024, focusing on innovation, economic growth, and digital transformation while addressing national security implications.

Advancing AI Safety

The U.S. AI Safety Institute and Kenya’s Imagine Tech and Action Lab plan to collaborate on advancing scientific research for AI safety, developing evaluation guidance, and working towards interoperable standards. This partnership aims to integrate Kenya into the global network of institutes dedicated to AI safety.

These initiatives represent a robust and multifaceted effort to enhance digital connectivity, cybersecurity, and technological innovation across Africa, paving the way for a more connected and secure digital future.

Semiconductor Technologies Limited’s has received a significant boost as the U.S. Trade and Development Agency (USTDA) commits $1.3 million to support the company’s expansion of its legacy semiconductor chip fabrication at a commercial scale.

This development marks a pivotal moment in the burgeoning semiconductor partnership between the United States and Kenya, aimed at establishing secure and resilient supply chains for both countries.

The funding is part of a broader initiative to build resilient semiconductor supply chains, under the International Technology Security and Innovation Fund created by the CHIPS and Science Act of 2022.

The U.S. State Department, working closely with Congress, plans to commit an additional $1 million in foreign assistance to further promote resilient semiconductor supply chains, build secure ICT ecosystems, and complement U.S. domestic manufacturing capacity.

This initiative will make Kenya the first African country to benefit from the CHIPS and Science Act.

“The partnership between the U.S. and Kenya is designed to expand and diversify Kenya’s emerging semiconductor industry, particularly in the assembly, testing, and packaging sectors. Efforts will also focus on developing Kenya’s technical workforce and strengthening its regulatory environment to attract more private investment and enhance its linkages to the U.S. semiconductor supply chain.”

The U.S. National Science Foundation (NSF) intends to collaborate with Micron and GlobalFoundries to launch new funding opportunities aimed at supporting a diverse semiconductor workforce.

These investments will target Historically Black Colleges and Universities (HBCUs), Hispanic Serving Institutions (HSIs), Asian American Native American Pacific Islander Serving Institutions (AANAPISIs), and Tribal Colleges and Universities (TCUs) to increase equitable access to STEM education in both the U.S. and Kenya.

Additionally, NSF will offer workshops, planning grants, and research and education supplements to strengthen connections between U.S. and Kenyan universities.

Micron’s MSI Semiconductor Network, comprising 16 leading universities in the United States, will collaborate with selected Kenyan universities to develop the next generation of the semiconductor workforce from underrepresented communities.

This initiative, supported by NSF, GlobalFoundries, and Micron, aims to enhance equitable education, student programming, and infrastructure.

Micron also announced a partnership with the International Rescue Committee and Talent Beyond Boundaries through the Welcome Corps at Work program.

“This partnership seeks to recruit individuals from refugee and immigrant communities across East Africa, including Kenya, to fill semiconductor technician and engineer roles.”

This strong and growing innovation partnership between the United States and Kenya underscores a shared commitment to investing in secure and resilient technology supply chains, building a skilled workforce, promoting the digital economy, and enhancing cybersecurity.

“Kenya’s “Silicon Savannah,” a $1 billion technology hub with over 200 startups, exemplifies the country’s potential as an innovation engine.”

The U.S. and Kenya are committed to leveraging this partnership to drive innovative solutions to global challenges, ensuring technology development and deployment advance transparency, accountability, and human rights.

The United States International Development Finance Corporation (DFC) has announced a list of Kenyan firms approved for a loan or grant during the recent US tour by President William Ruto.

These firms include:

Acorn Green Housing Project:  DFC recently approved an approximately $180 million loan to Acorn, a real estate developer that constructs and operates affordable student housing in Kenya.  The DFC investment is expected to catalyze an additional $360 million in local Kenyan investment in one of the largest green housing portfolios in Africa.

Pezesha Africa Limited:  DFC announced a $500,000 technical assistance grant to build a proprietary credit scoring model to improve Kenyan company Pezesha Africa Limited’s underwriting capabilities for small and medium sized enterprise clients. 

Pezesha is a capital enablement lending infrastructure platform focused on increasing access to finance for retail trade micro, small, and medium-sized enterprises by integrating financial services into existing supply chain verticals.

Keep IT Cool:  DFC recently announced a $500,000 loan to Kenyan-based Keep IT Cool, a business-to-business aggregation and sales platform to connect fish farmers with buyers utilizing cold chain technology. 

This loan was part of the Africa Small Business Catalyst program in partnership with US Africa Development Foundation (USADF) and US Agency for International Development (USAID).

African Fertilizer and Agribusiness Partnership, Inc.:  DFC recently announced a $10 million second loss guarantee to African Fertilizer and Agribusiness Partnership, Inc. to expand the sale of fertilizer on credit to small and medium-sized enterprise agri-input suppliers in Kenya, Zambia, and Ghana.  The guaranty deal is expected to enable up to $360 million in additional fertilizer sales in these three countries over the next three years, furthering regional food security and agricultural production.

Kentegra Biotechnology:  DFC recently announced a $10 million loan to Kentegra Biotechnology in Kenya to support the construction of a new facility to scale up its production capacity of pale refined pyrethrum extract, a key ingredient in organic pesticides. 

“DFC’s loan provides women farmers with more predictable income, higher prices than alternative crop options, and training to implement best farming practices and financial planning tools to fully benefit from the increased incomes resulting from pyrethrum cultivation.”

The US Trande and Development Agency (USTDA) previously announced a grant of $660,000 for a feasibility study supporting the development of this facility, which can facilitate Kenya’s ability to respond to international demand for safer and environmentally friendlier insecticides. 

The United States (US) signed a historic Framework for Cooperation with the Government of Kenya to support new partnerships between universities and industry to drive innovation, research, and job growth in STEM-related fields in Kenya and globally.

USAID Counselor, Clinton White signed the Enhancing Science, Technology, Engineering, and Math (STEM) Education for Economic Development Framework for Cooperation alongside Kenyan Prime Cabinet Secretary Wycliffe Musalia Mudavadi as part of Kenyan President William Ruto’s State Visit to the United States.

The signing took place at Spelman College in Atlanta, where representatives of the U.S. and Kenyan governments were gathered to discuss investments in higher education, partnerships in STEM education at the post-high school level, and how science technology, engineering, and math education can contribute to Kenya’s economic growth. 

At the signing, USAID also announced nearly $32 million investment in Kenya’s education system.

This investment includes $850,000 in support of the Edtech Africa initiative, a public-private partnership program recommended by the President’s Advisory Council on African Diaspora Engagement (PAC-ADE) to promote STEM partnerships between Historically Black Colleges and Universities (HBCUs), the Open University of Kenya, Mastercard and Microsoft, and a $6.5 million new project in Kenya which aims to connect STEM graduates with jobs in fast-growing sectors like information and communication technology and manufacturing of textiles and pharmaceuticals.

It also includes a new $24.5 million program on early grade literacy, to ensure that more Kenyans are prepared with the foundational skills they need to succeed in higher education.

As the United States and Kenya celebrate 60 years of bilateral relations, and recalling the positive and enduring impact of  Kennedy-era assistance to help East Africans study in the U.S., known as the student airlift, the U.S. Department of State announced at Spelman the Kennedy-Mboya Partnerships to support a new, 21st century scholarship program focused on STEM as the field of the future.

“With funding of $3.3 million from the U.S. Department of State, this program should support the development and success of the next generation of Kenyan scientists, researchers, and engineers.”

USAID expects the Framework for Cooperation signed on May 21st to establish linkages, partnerships, exchange programs, and other relationships for sharing and developing the STEM, advanced manufacturing, and ICT capacities of Kenyan higher education institutions.

“It includes a commitment from Microsoft and the Mastercard Foundation to support STEM education through higher education partnerships, and a commitment from U.S. universities to partner with Kenyan institutions to build mutual capacity in STEM-related courses of study.”

The United States has a longstanding partnership with Kenya, actively supporting the country as a pioneering force and regional engine for innovation.

This new partnership in the area of STEM education will prepare a generation of innovative Kenyan leaders to meet evolving market demands and advance the nation’s economic development.

The U.S. International Development Finance Corporation (DFC) has announced it plans to open an office in Nairobi.

This announcement was made during the recent tour of President William Ruto to the U.S, playing a key role in driving its pipeline development across key sectors in Kenya such as agriculture, health, e-mobility, energy, infrastructure, and financial inclusion, including on-lending to small and medium sized enterprises and women entrepreneurs.

“The trade and investment partnership between the United States and Kenya is driving our shared prosperity, generating well-paying jobs, expanding economic growth, protecting the rights of workers, and spurring new innovations with global benefits. This partnership spans the full spectrum of large to small businesses. Both countries are partnering with the private sector to further strengthen these economic ties, including in the critical areas of clean energy technology, agriculture, and affordable housing,” the Whitehouse noted.