Fintech companies in Africa have nearly tripled in number since 2020, improving access to finance for people and businesses across the continent, according to a new EIB report released today. The report, Finance in Africa 2024 , highlights improvements in the African financial sector as well as constraints for the region’s economic growth.

“Fintech is revolutionising the way we think about finance in Africa,” said EIB Vice-President Thomas Östros. “By leveraging technology, we can improve access to finance for millions and foster sustainable economic growth.”

Africa’s fintech sector is thriving as digital finance expands much faster than traditional banking. The number of African companies offering new products and services in the area of finance jumped to 1,263 at the start of 2024 from 450 in 2020.

Yet obstacles to finance remain a significant constraint on economic development, with private-sector credit falling from 56% of gross domestic product in 2007 to 36% in 2022. The decline hinders growth in productive economic assets, impeding industrialisation on the continent.

The African Society for Laboratory Medicine (ASLM) is hosting the inaugural ASLM Diagnostics Convention 2024, themed “Transforming Diagnostic Systems in Africa: Harnessing Innovation and Quality Assurance to Elevate Equity and Excellence.” The event is taking place at Radisson Blu, Abidjan, and brings together over 300 health leaders, policymakers, laboratory professionals, researchers, civil society and industry partners to address critical challenges and innovations in diagnostics across Africa.

With the rising demand for robust diagnostic networks in response to global health emergencies, infectious disease outbreaks, and escalating healthcare needs, the ASLM Diagnostics Convention aims to chart a transformative path forward. By fostering collaboration and knowledge sharing, this Convention will drive efforts to align African diagnostics with global health priorities, including Universal Health Coverage (UHC) and combating Antimicrobial Resistance (AMR).

Key topics for discussion will include ways to improve the efficiency and reach of diagnostic services across Africa, expanding access to these services so more people can benefit from accurate and timely testing.

Safaricom Ethiopia is pleased to announce the expansion of its network coverage across the Somali Region, fully covering Gode, Kebridehar, Kebribeya, Degehabur, Wajale, Awbare, and towns in between. This expansion reaffirms our commitment to enhancing connectivity and digital financial services for communities across Ethiopia.

Speaking at the announcement ceremony in Gode, CEO of Safaricom Ethiopia, Wim Vanhelleputte said: “Our expanded network coverage significantly improves connectivity for communities and advances accessibility, open new opportunities for both individuals and businesses across the Somali Region. Our presence in areas like Gode shows our commitment to connect people to people, people to knowledge, and people to opportunities. With our fast 4G network now available, residents and visitors to these towns can enjoy high-speed data, bringing us closer to our vision of a connected Ethiopia.”

The Mayor of Gode Town, Abdulahi Ali Haji, praised Safaricom Ethiopia’s efforts to strengthen digital infrastructure in the region, stating: “Expansion of infrastructure, especially digital technology, is vital to the development of our community. Safaricom Ethiopia’s network expansion and support in the education sector contribute significantly to our development goals.”

Reliable data and statistics are necessary for informed decision-making if Africa is to achieve sustainable development, said Oliver Chinganya, the outgoing African Centre for Statistics Director, during his farewell remarks at the 9th Statistical Commission meeting in Addis Ababa, Ethiopia.

Chinganya underscored the critical role statisticians play in generating and delivering reliable data and statistics that meet present and future development needs. 

Reflecting on his tenure at the helm of the African Centre for Statistics (ACS), Chinganya said he led the Centre at a critical juncture when reliable, accurate, and timely data increased in urgency as Africa faced numerous challenges ranging from high debt levels, climate change and food security to lack of better data to inform policy decisions.

“Our role was to ensure that national statistical systems were up to the task of providing reliable data necessary for informed decision-making, both for national governments and for global reporting, such as the Sustainable Development Goals,” said Chinganya whose career has seen him serve in various capacities at the International Monetary Fund, the World Bank, and the African Development Bank before joining the ECA.