Pictorial; PwC Tax Report

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Pictorial; PwC Tax Report

Staff Writer - October 16, 2019

PwC’s REPORT LAUNCH ON TOTAL TAX CONTRIBUTION OF THE BANKING SECTOR, HELD AT SERENA HOTEL. Caption: From left: Kenya Revenue Authority (KRA) Deputy Commissioner – Domestic...

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African economies have been challenged to boost their investment in research to power the continent’s industrial transformation by accelerating development of homegrown innovations that reinforce autonomy, sustainability, and technological sovereignty. Speaking during the official launch of the African Research and Innovation Hub (ARIH) on the sidelines of the ongoing Intra-African Trade Fair 2025 (IATF2025) in Algiers, the Group Chief Economist and Managing Director for Research at the African Export-Import Bank (Afreximbank) Dr. Yemi Kale noted that while Africa accounts for less than 3% of global research output, it bears a disproportionately higher share of global challenges. “Even more concerning, our research and development spending averages under 0.5% of GDP, far below the global average of 2.2% and far less than the over 4% invested in countries such as South Korea and Israel. However, history shows us that deliberate investment in research ecosystems has been the foundation of industrial transformation. Sustained competitiveness requires research, innovation, and the industrial capacity to transform ideas into products and services that can stand at the frontier of global markets,” Dr Kale said. The hub is a joint initiative of Afreximbank, the African Union and the African Continental Free Trade Area (AfCFTA) Secretariat that aims to promote and commercialise African research and innovation. It provides a platform for academics, researchers, and students to contribute their knowledge and expertise towards advancing Intra-African trade and industrialisation. “ARIH’s mission is to transform intellectual capital into industrial competitiveness and trade-led growth. Studies indicate that if Africa merely doubles its R&D spending to 1% of GDP by 2030, we could unlock an estimated $60–70 billion annually in additional value across agriculture, digital technology, and manufacturing. This would boost productivity, reduce import dependence, and expand Africa’s share of global trade,” Dr Kale argued. Throughout IATF2025, ARIH is running sessions bringing together participants from academia, enterprise, policymakers and investors. Besides the co-convenors, Algeria's Ministry of Higher Education is providing technical coordination for the sessions that include roundtables and pitch sessions for innovative projects and startups. University lecturers and students, as well as scientists and researchers affiliated with National Research Institutions from Africa, and the Diaspora including the Caribbean, have the opportunity to showcase their innovative research and scientific prototypes. Hosted by the People’s Democratic Republic of Algeria, IATF2025 is co-convened by Afreximbank, the African Union Commission and the AfCFTA Secretariat, and is projected to facilitate trade and investment deals worth over US$44 billion. IATF is a platform for businesses to showcase their goods and services to visitors and buyers while exploring opportunities and exchanging information. IATF aims to tap into opportunities from AfCFTA’s single market of over 1.4 billion people and GDP of over US$3.5 trillion. The ongoing IATF2025 is in its fourth edition with the last three editions of IATF cumulatively generating over $118 billion in trade and investment deals and attracting more than 70,000 visitors and 4,500 exhibitors.

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The 12th Edition of the Digital Rights and Inclusion Forum (DRIF) has been launched. The event, which has over the years brought together hundreds of delegates from non-governmental organisations, academia, media, funding partners, the United Nations, the technical community, government and the private sector within the digital ecosystem, will be held in Lusaka, Zambia between April 29th and May 1st, 2025. Every year, Paradigm Initiative (PIN), a pan-African non profit organisation works in collaboration with partners to host the event. Partners who will be working together with PIN to host the 2025 event are; Bloggers of Zambia, Common Cause Zambia, Internews Network Zambia, Zambian Cybersecurity Initiative Foundation (ZCSI), Internet Society Zambia, Zambia Information and Communication Technology Authority (ZICTA) and the Ministry of Technology and Science. Also announced during the launch was the theme of DRIF25 which is, Promoting Digital Ubuntu in Approaches to Technology. PIN and partners have successively held 11 DRIF editions since 2013. The 2024 DRIF was held in Accra, Ghana, attracting 1,044 registered attendees and delegates from 61 countries across the world. In 2023, DRIF which was held in Nairobi, Kenya was attended by 601 participants drawn from 54 countries across the world. Speaking during the launch of the 2025 Digital Rights and Inclusion Forum (DRIF), ‘Gbenga Sesan, Paradigm Initiative’s Executive Director stressed the need to guard the Internet, saying it is the last standing civic space in the Global South. "The last standing civic space we have in the Global South is the Internet. Next year from April 29th to May 1st we will gather here in Lusaka, Zambia. We will be discussing several things here, including the need to fight our own battles and the need to protect civic spaces. There is a fierce urgency of protecting civic space.” He also urged countries on the continent to fight for their own elections and electoral systems, and not other people’s battles, and the usual bad habit of shutting the Internet or introducing laws that make all illegal things become legal. “When I see national security as a phrase in any policy, I’m going to question it,” he added. In his remarks, Richard Mulonga, Chief Executive Officer (CEO), Bloggers of Zambia said we need to fight for digital freedom. “We are freedom fighters in our own way. Every morning we wake up, we have to fight for digital freedom in our own contexts. We should fight for our own African democracy.” He implored citizens to be on guard and look out for enforcement of digital policies. DRIF25, he added, will be instrumental in promoting Zambia as the country would be hosting global citizens. On her part, Brenda Zulu, Digital Safety Coordinator at Internews Network Zambia said the organisation was excited to partner with PIN to host DRIF25, and would be offering personalised guidance on safety practices and also enhance tools for digital security. The Forum is an important platform where conversations on digital policy in Africa are shaped, policy directions debated, and partnerships forged for action. The Digital Rights and Inclusion Forum has carved a niche as the arena for tough topical global issues on digital rights and inclusion, accommodating views and opinions from civil society, technology companies, government, academia, and other stakeholders.

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Sidian Bank Board Chair James Macharia said Thumbi leaves behind a strong legacy, having led a major transformation of the lender. “Mr. Thumbi has had a distinguished banking career spanning over three decades. During his tenure at Sidian Bank, he led a significant transformation of the business, including significantly growing the Bank’s Trade Finance portfolio, increasing the branch network to fifty branches and expanding digital banking and foreign exchange income streams,” Macharia said. He added that the bank strengthened its operations, improved customer experience, and achieved strong growth under Thumbi, culminating in its elevation to a Tier II bank in September 2025. In the year ended December 31, 2025, Sidian Bank posted a 502 percent jump in net profit to Sh1.73 billion. The growth was driven by higher interest and non-interest income, with net interest income rising by 54.4 percent to Sh4.4 billion, while non-interest income surged by nearly 129 percent to Sh3.8 billion.

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About 60 percent of investments will focus on climate adaptation, particularly climate-resilient agriculture and water management technologies, while 40 percent will go towards mitigation efforts such as renewable energy and energy efficiency. Through the facility, KCB will deploy flexible credit products, blended finance structures, and digital lending platforms to scale access to financing for underserved populations. “This is a bold step to scale climate finance. By targeting MSMEs and smallholder farmers, we are ensuring that no one is left behind in the transition to a climate-resilient future,” said Paul Russo. The funding comes as Kenya faces rising climate vulnerability, with over 80 percent of its land classified as arid and semi-arid. These regions frequently experience droughts and floods, causing economic losses estimated at about 3 percent of GDP annually. KCB has been ramping up its green financing efforts, having assessed loans worth Sh578.3 billion for environmental and social risks last year. This brings the cumulative total assessed since 2020 to over Sh1 trillion under its Environmental and Social Due Diligence framework. The bank also disbursed Sh50 billion in green loans in 2025, increasing its green portfolio share to 25.84 percent from 15 percent in 2023, with investments spanning energy transition, blue economy, e-mobility, and climate adaptation initiatives.

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Tag: Tax report

Pictorial; PwC Tax Report

MOST POPULAR

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African economies urged to invest in research for industrial transformation

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