<h1>Press Release: Appload Simplifies Cargo Shipping with Its Online Marketplace</h1>Renew Capital invests in Appload, a solution that is connecting shippers and carriers to streamline logistics across Southern Africa<a href="https://latest-api.renewcapital.com/uploads/FINAL_Appload_Press_Release_009abaa15d.pdf">Download Full Press Release</a>MAPUTO, Mozambique, December 17, 2024&nbsp;– Businesses in Southern Africa are now finding it easier to move goods thanks to Appload, a digital marketplace that connects shippers and carriers. Using Appload, shippers can plan, book and monitor cargo shipments. Licensed carriers are also able to find reliable customers.&nbsp;<figure class="image"><img src="/uploads/Appload_Team_Photo_2c988e0f34.png" alt="Renew Capital, an early-stage venture capital firm in Africa, invests in Appload—photo of the Appload team in Maputo, Mozambique."></figure>The platform reduces the need for middlemen and offers secure booking, payments and third-party cargo insurance. <a href="https://www.linkedin.com/company/apploadafrica/">Appload</a> also tracks each trip, ensuring safe and timely deliveries. Users benefit from a customer review system that allows them to rate both the service providers and clients. To merge business quality and environmental sustainability, Appload allows shippers and transporters to be conscious of their carbon footprints and make responsible choices.&nbsp;“Appload is making shipping of cargo simple and more reliable,” said&nbsp;<a href="https://www.linkedin.com/in/claire-hassoun-45b003a2">Claire Hassoun</a>, founder and CEO of Appload. “Our platform allows businesses and transporters to connect directly. This reduces costs and makes the shipping process seamless. Renew Capital’s support will help us to scale our impact across Mozambique and beyond.”Appload caters to various industries, including agriculture, manufacturing and retail, helping businesses of all sizes move their goods more effectively. The platform's transparent system ensures that both shippers and carriers have access to trustworthy service providers.&nbsp;“Appload is driving a much-needed change in the region's logistics market,” said Licinio Chissano, investment and project manager at Renew Capital. “Appload is helping businesses save time and money by making the process of finding cargo transporters more efficient and transparent.”Renew Capital continues to invest in growth-oriented entrepreneurs who offer scalable solutions to key challenges across Africa.&nbsp;Support to Renew Capital portfolio companies is provided in partnership with Global Affairs Canada and Norad.&nbsp;<h3>Portuguese Version</h3>&nbsp;<h1>Communiqué de Presse: Appload simplica transporte de cargas através da sua plataforma online</h1>Conectando expedidores aos transportadores para optimizar a actividade logística na Africa AustralMaputo, Moçambique, (DATE) – O Transporte de mercadorias ficou agora facilitado para as empresas na África Austral, graças a Appload, uma plataforma digital que liga expedidores e transportadores. Através da Appload, os expedidores podem planejar, reservar e rastreiam a circulação de mercadorias. As operadoras licenciadas também podem conseguir encontrar clientes confiáveis.A plataforma reduz a necessidade de intermediários e oferece reservas, pagamentos e seguro de carga através de terceiros. O Appload também rastreia as viagens, o que garante entregas seguras e oportunas. Os usuários se beneficiam de um sistema de avaliação de clientes, que lhes permite avaliar tanto os prestadores de serviços quanto os clientes. Para combinar a qualidade do serviço e sustentabilidade ambiental, o Appload permite que expedidores e transportadores estejam conscientes das emissões de carbono nas suas viagens, através do “carbon footprint” para que possam fazer escolhas responsáveis.“A Appload está a tornar o transporte de carga mais simples e confiável”, disse Claire Hassoun, fundadora e CEO da Appload. “A nossa plataforma permite que empresas e transportadores se conectem diretamente. Isso reduz custos e optimiza o processo de envio. O investimento da Renew Capital irá ajudar-nos a expandir o nosso impacto em Moçambique e além-fronteiras”A Appload atende a uma ampla variedade de setores, incluindo agricultura, manufatura e retalho, onde ajuda empresas de todos os tamanhos a movimentarem seus produtos de maneira mais eficaz. O sistema transparente da plataforma garante que tanto os expedidores como os transportadores tenham acesso a prestadores de serviços confiáveis“A Appload está impulsior uma mudança crucial no mercado logístico da região”, disse Licínio Chissano, Gestor de investimentos e projetos da Renew Capital. “A Appload ajuda as empresas a economizarem tempo e dinheiro, tornando o processo de localização de transportadores de carga mais eficiente e transparente”A Renew Capital continua a investir em empreendedores orientados para o crescimento, que oferecem soluções escaláveis e ​​para resolver os principais desafios do continente africano.&nbsp;A Renew Capital apoio empresas no seu portfólio em parceria com o Global Affairs Canada.Isenção de responsabilidade: este comunicado de imprensa foi traduzido do inglês. Agradecemos a sua compreensão por eventuais erros ou imperfeições na tradução.

Renew Capital, an early-stage venture capital firm in Africa invests in Appload.

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Press Release: Appload Simplifies Cargo Shipping with Its Online Marketplace

<h1>Press Release: Enakl - Building Transport Solution for Africa’s Growing Cities</h1>Renew Capital invests in Enakl to expand affordable and sustainable transport solutions across Africa.&nbsp;<a href="https://latest-api.renewcapital.com/uploads/2024_12_10_FINAL_Enakl_Press_Release_a512c06dc2.pdf">Download Full Press Release</a>CASABLANCA, Morocco,&nbsp;December 10, 2024&nbsp;– Enakl, an innovative urban mobility startup, addresses a critical need in Africa’s urban centers where public transportation remains overcrowded, unreliable and expensive. The platform connects commuters with local transport providers through a pre-booked, subscription-based model. By optimizing fleet operations and reducing costs, Enakl ensures accessible transportation options for businesses and individuals alike.<figure class="image"><img src="/uploads/Enakl_Founders_Morocco_b8ac5c9e20.jpg" alt="Photo of Enakl's founders, an early-stage startup based in Morocco, now part of Renew Capital's portfolio."></figure>“Our mission is to make quality and affordable transport accessible to everyone,” said&nbsp;<a href="https://www.linkedin.com/in/charles-pommarede/">Charles Pommarede</a>, co-founder and CEO of Enakl. “This investment from Renew Capital will help us scale our model, improve our technology and expand into new markets. We are excited to continue solving mobility challenges while empowering local drivers and operators.”Enakl’s traction underscores its potential for long-term impact. In just under a year, the company has achieved a 20% monthly growth rate in bookings and revenue, with more than 15,000 bookings per month and contracts with leading corporations such as Carrefour and Sitel. The platform has also tripled its operated routes, meeting the rising demand for cost-effective, sustainable transit solutions.“I am proud of the Enakl team,” said Nihal GRII, investment manager at Renew Capital. “The solution they offer is appropriate for Morocco and many African cities where quality and affordable transportation is still a challenge. Their innovative approach, paired with their commitment to sustainability and accessibility, positions the company to be a leader in the mobility sector.”&nbsp;With the investment from Renew Capital, Enakl plans to accelerate its expansion plans, which include growing its fleet, optimizing its AI-powered routing system and diversifying its driver base by onboarding more women. By focusing on urban centers across Africa, the company aims to create a more sustainable and inclusive future for urban mobility.About Enakl Enakl is a Morocco-based urban mobility startup that provides affordable and reliable transportation solutions for emerging markets. Enakl delivers scalable, sustainable transit options through technology and partnerships with local operators that improve urban mobility and empower communities.

Renew Capital, an early stage venture capital firm in Africa invests in Enakl.

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Press Release: Enakl - Building Transport Solution for Africa’s Growing Cities

<h1>Press Release: Konnect Makes Digital Payments in North Africa a Breeze</h1>Renew Capital has made its inaugural investment in Tunisia by investing in Konnect, a secure and scalable payment gateway that promotes financial inclusion and innovation.<a href="https://latest-api.renewcapital.com/uploads/2024_12_3_FINAL_Konnect_Press_Release_524e47f565.pdf" target="_blank" rel="noopener noreferrer">Download Full Press Release</a>TUNIS, Tunisia, December 3, 2024&nbsp;— <a href="https://www.linkedin.com/company/konnect-networks/">Konnect</a> is a payment gateway pioneering digital payment solutions in North Africa, authorized by the Central Bank of Tunisia. Their platform offers seamless payment links, e-commerce plugins and a robust API designed to cater to businesses of all sizes. Konnect's services are tailored to enhance the online payment experience, ensuring quick, secure and efficient transactions that support business growth and simplify e-commerce interactions. With a commitment to improving financial accessibility, Konnect serves as a crucial partner for digital commerce in the region.<figure class="image"><img src="/uploads/Image_20241129_104602_564_d4a5b90765.jpeg" alt="Konnect team photo, marking Renew Capital's first investment in Tunisia, an early-stage venture capital firm in Africa focused on supporting tech startups and innovation."></figure>Konnect’s platform makes it easier for users to manage their finances digitally. By offering services tailored for the unbanked, Konnect is addressing key barriers to financial access while helping businesses optimize their payment systems. Through key partnerships, including a strategic collaboration with VISA, Konnect is driving the region’s shift toward digital payments, making secure and efficient financial services accessible to more people.“We’ve built Konnect to make digital payments more accessible, secure and user-friendly,” said <a href="https://www.linkedin.com/in/aminbenab/">Amin Ben Abderrahman</a>, founder of Konnect. “Our platform supports both individuals and businesses, allowing them to manage their payments with ease. We’re excited to continue expanding across North Africa and providing innovative financial services that cater to the needs of underserved communities.”Konnect’s platform also includes advanced fraud detection and remote onboarding. By leveraging the latest technologies, the company is playing a crucial role in modernizing the financial infrastructure in North Africa.“Konnect is setting a new standard for digital payments in the region,” said <a href="https://www.linkedin.com/in/karim-ben-fadhel-41169580/">Karim Ben Fadhel</a>, investment ecosystem development manager at Renew Capital. “Their platform not only simplifies financial transactions but also opens doors for greater financial inclusion. We’re proud to support Amin and his team as they lead the way in expanding access to secure and scalable payment solutions.”Renew Capital remains committed to investing in entrepreneurs who offer innovative and scalable solutions that drive financial inclusion and economic growth across Africa.

Renew Capital has made its inaugural investment in Tunisia by investing in Konnect, a secure and scalable payment gateway that promotes financial inclusion and innovation.

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Press Release: Konnect Makes Digital Payments in North Africa a Breeze

<h1>Renew Capital Legal Brief - October 2024</h1>The latest changes in Africa's regulatory environment<figure class="image"><img src="/uploads/Newsletters_and_Legal_Brief_3e57dfff40.png" alt="Photo of Renew Capital's October 2024 Legal Brief document."></figure>Renew Capital monitors Africa’s evolving legal landscape, sharing key insights with investors, entrepreneurs and policymakers in Africa’s dynamic business environment. Explore our curated&nbsp;<a href="https://www.renewcapital.com/newsroom/the-momentum-of-african-startup-ecosystems-in-a-snapshot">snapshots</a> for a closer look at African startup ecosystems.Ethiopia:<ul><li>The National Bank of Ethiopia (NBE) Reviews FX Trading Fees - NBE now requires banks to clearly separate foreign exchange (FX) trading spreads and disclose FX fees to clients, effective October 15, enhancing transparency in Ethiopia’s FX market.</li></ul>Ghana:<ul><li>The Ghana Investment Promotion Centre (Amendment) Bill (GIPC Bill) Goes Public -&nbsp;The GIPC Bill, under public review until October 31, aims to reduce barriers for foreign investors by potentially removing share capital requirements for foreign-owned businesses and reserved activities for locals.</li></ul>Kenya:<ul><li>Court Strikes Down Derivatives Tax, New Horticulture Bill Introduced -&nbsp;The High Court deemed the 2023 Income Tax regulations on derivatives unconstitutional, promoting the adoption of these financial products. Additionally, a new Horticulture Crops Authority Bill proposes stricter regulations and penalties for the horticulture sector.</li></ul>Nigeria:<ul><li>The Central Bank of Nigeria (CBN) Establishes FX Market Principles - CBN released a draft Foreign Exchange Code, modeled on the FX Global Code to ensure transparency and fairness in the FX market, encouraging foreign investment.</li></ul>Rwanda:<ul><li>Contracts for the International Sale of Goods (CISG) Accession Effective October 1, 2024 -&nbsp;Rwanda’s accession to the UN Convention on Contracts for the International Sale of Goods (CISG) took effect on October 1, 2024, impacting international sales contracts.</li></ul>South Africa:<ul><li>New Dividend Tax for Kuwaiti, Dutch and Swedish Shareholders -&nbsp;New tax protocols require Kuwaiti, Swedish and Dutch shareholders to pay a 5% to 10% dividend tax, potentially affecting foreign investments.</li></ul>Tanzania:<ul><li>The Bank of Tanzania (BoT) Launches Domestic Gold Purchase Program - BoT now buys gold domestically, offering competitive prices and incentives, including zero-rated VAT and reduced fees. This strategy aims to bolster the nation's gold reserves while strengthening the local currency, the Tanzanian shilling.</li></ul>Uganda:<ul><li>Parliament Dissolves NITA-U -&nbsp;Uganda’s Parliament passed a bill to dissolve the National Information Technology Authority Uganda (NITA-U), integrating it into the&nbsp;Ministry of Information, Communication Technology (ICT), aligning with the government’s rationalization policy.</li></ul>Pan-African:<ul><li>Regional Competition Authority Becomes Operational -&nbsp;ECOWAS Regional Competition Authority (ERCA) became operational on October 3, 2024, overseeing cross-border transactions within ECOWAS that meet merger notification thresholds.</li></ul>Visit our blog for insights on&nbsp;<a href="https://www.renewcapital.com/newsroom/the-momentum-of-african-startup-ecosystems-in-a-snapshot">Africa’s startup ecosystems</a>, or contact us at renew@renewcapital.com Stay tuned for more updates!Disclaimer: The information included in this blog does not constitute legal advice. Consumers should consult their legal advisors.

The latest changes in Africa's regulatory environment.

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Renew Capital Legal Brief - October 2024

<h1>Press Release: Agenz Provides Transparency and Real-Time Data to Morocco’s Real Estate Market</h1>The platform provides real-time property valuations, market insights, and transparency in real estate transactions<a href="https://latest-api.renewcapital.com/uploads/FINAL_Agenz_Press_Release_2c02663edd.pdf " target="_blank" rel="noopener noreferrer">Download full press release</a>CASABLANCA, Morocco, October 10, 2024 – <a href="https://www.linkedin.com/company/agenztechnologies/">Agenz</a>, a data-driven platform that provides real-time property valuations and market insights in Morocco, has secured investment from Renew Capital. The company uses advanced data intelligence to provide instant property valuations, which allows users to set accurate pricing for sales or gauge current market values. The platform also offers a range of services, including buyer and seller lead generation and comprehensive market insights.<figure class="image"><img src="/uploads/Linkedin_Templates_14_60fd73a77e.png" alt="Image of Renew Capital co-founders and Morocco's Investment Ecosystem Development Manager alongside Agenz founder."></figure>“We’ve built Agenz to bring transparency and clarity to the real estate market,” said <a href="https://www.linkedin.com/in/malik-belkeziz-8a117966/">Malik Belkeziz</a>, Founder of Agenz. “Our platform helps people make smarter decisions by providing accurate data on property values and market trends. This investment allows us to expand our services and reach more people across Morocco and Africa.”Agenz not only supports individuals looking to buy, sell, or rent properties but also offers professional tools for real estate agents, including advanced valuation and market research solutions. The platform ensures that users, whether homeowners or professionals have the data they need to navigate the real estate process with ease.“Agenz is tackling one of the key challenges in the real estate industry—access to reliable and transparent data,” said the Investment Ecosystem Development Manager at Renew Capital, <a href="https://www.linkedin.com/in/nihal-grii-9278a8ab/?originalSubdomain=ma">GRII Nihal</a>. “By delivering real-time property valuations and insights, Agenz is giving buyers, sellers and real estate professionals the tools they need to make informed decisions. We’re excited to back Malik and his team as they scale their impact on Morocco’s real estate market.”Renew Capital continues to invest in growth-oriented entrepreneurs who are driving innovation and building scalable solutions for Africa’s most pressing needs. Our ambition in Morocco is to support even more startups and help them scale across Africa.&nbsp;Support to Renew Capital portfolio companies is provided in partnership with Global Affairs Canada.<h2>Agenz Apporte Transparence et Données en Temps Réel au Marché Immobilier Marocain</h2>La plateforme fournit des évaluations immobilières en temps réel, des analyses de marché et de la transparence dans les transactions immobilières.Casablanca, Maroc 10 octobre 2024– <a href="https://www.linkedin.com/company/agenztechnologies/">AGENZ</a>, le site immobilier leader au Maroc,&nbsp; accueille le fond panafricain Renew Capital dans son tour de table. Grâce à une intelligence de données avancée, AGENZ révolutionne le marché de l’immobilier au Maroc en permettant à ses utilisateurs d'évaluer avec précision les prix de vente et de naviguer en toute confiance dans leurs transactions.Avec AGENZ, acheteurs, vendeurs, promoteurs et banques bénéficient d'outils puissants pour accélérer et simplifier leurs démarches. La plateforme va bien au-delà des évaluations immobilières précises : elle optimise les transactions grâce à un réseau de plus de 300 commerciaux, internes et externes, déployés à travers tout le pays.<a href="https://www.linkedin.com/in/malik-belkeziz-8a117966/">Malik Belkeziz</a>, fondateur d'AGENZ, explique : « Nous avons fondé AGENZ pour fluidifier les transactions immobilières et démocratiser l’accès à des informations fiables et transparentes. Cet investissement de Renew Capital va permettre à AGENZ d’étendre ses services au-delà du Maroc, tout en renforçant notre impact local sur le marché immobilier. »GRII Nihal, Responsable d’investissement et&nbsp; développement des écosystèmes chez Renew Capital, ajoute : « AGENZ résout un problème fondamental du marché immobilier : la transparence des informations. Leur technologie d'évaluation et leurs analyses en temps réel offrent aux acteurs du marché les outils nécessaires pour effectuer des transactions rapides, efficaces et sécurisées. Nous sommes fiers de soutenir Malik et son équipe dans leur mission de transformer le marché immobilier africain. »Renew Capital continue d’investir dans des entreprises qui révolutionnent les secteurs clés en Afrique. Leur soutien à AGENZ renforce leur ambition de contribuer à l’écosystème entrepreneurial marocain et de promouvoir l'innovation sur tout le continent.Le support accordé à notre portefeuille d’entreprises est fourni en partenariat avec Affaires mondiales Canada.À propos de Renew Capital&nbsp;: Renew Capital est une firme d'investissement panafricaine spécialisée dans les startups à fort potentiel de croissance. Nous soutenons activement les entreprises africaines en leur offrant non seulement du capital, mais aussi des ressources pour se développer sur le marché. Pour plus d'informations, suivez-nous sur nos réseaux sociaux.Clause de non-responsabilité:&nbsp;Ce communiqué de presse a été traduit de l'anglais. Nous vous remercions de votre compréhension pour d'éventuelles maladresses ou imperfections de traduction.

Agenz, a Moroccan real estate platform, secures investment from Renew Capital, offering real-time property valuations and market insights.

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Agenz Provides Transparency and Real-Time Data to Morocco’s Real Estate Market

<h1 style="margin-left:0px;">Press Release: ChipChip Makes Online Shopping Cheaper with Group Buying</h1>The platform connects consumers directly with suppliers to drive down costs.<a href="https://latest-api.renewcapital.com/uploads/24_10_8_FINAL_Chip_Chip_Press_Release_b816fb1c7a.pdf" target="_blank" rel="noopener noreferrer">Download full press release</a>ADDIS ABABA, Ethiopia,&nbsp;October 8, 2024 - ChipChip, an innovative e-commerce platform bringing consumers and suppliers together through group buying, has secured investment from Renew Capital as lead investor as well as other international co-investors. Since its launch, &nbsp;<a href="https://www.linkedin.com/company/chipchip/">ChipChip</a> has been changing how consumers purchase fresh produce and fast-moving consumer goods (FMCG) by enabling them to unlock bulk prices through collective purchasing.&nbsp;<figure class="image"><img src="/uploads/Linkedin_Templates_16_1e3cf6fbe2.png" alt="A photo of the ChipChip team based in Addis Ababa, Ethiopia, who work on connecting consumers directly with suppliers through group buying to make online shopping more affordable."></figure>ChipChip allows users to form groups, pool orders and buy directly from farmers and suppliers. By eliminating intermediaries, ChipChip allows users to enjoy bulk savings while supporting local farmers and suppliers. This community-based approach makes it easier for consumers to access high-quality, locally sourced products at lower prices.“We believe that group buying can change e-commerce in Africa by making it more affordable and impactful,” said <a href="https://www.linkedin.com/in/amir-redwan/">Amir Redwan</a>, Co-CEO of ChipChip. “Our platform helps consumers save while supporting local suppliers. With this investment, we’re excited to expand our reach and continue delivering value to communities across Africa.”ChipChip also caters to businesses like restaurants and hotels, providing access to bulk purchases of essential goods. With a seamless shopping experience and exclusive deals, the platform ensures consumers and businesses alike benefit from trusted and affordable access to products.“ChipChip is tackling some of the biggest challenges in Africa’s e-commerce - affordability and access to high-quality products,” said Adam Abate, Principal, Investment Management at Renew Capital. “By giving consumers direct access to suppliers, they’re not only making everyday products more affordable but also building lasting relationships between local producers and buyers. This model is transforming the way communities engage with commerce. We are proud to support Amir and his team as they lead this shift.”ChipChip employs 40 full-time staff and 50 sourcing agents, with 33 women and 57 men. By the end of the year, the company plans to grow to 400 employees, with a strong focus on promoting women, while also prioritizing the recruitment of top-quality talent with the support of Renew Capital.Renew Capital remains committed to supporting growth-oriented entrepreneurs who drive innovation and deliver scalable solutions to Africa’s most pressing needs.Support to Renew Capital portfolio companies is provided in partnership with Global Affairs Canada.

ChipChip, an Ethiopian e-commerce platform, secures investment from Renew Capital to expand its group buying model.

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Press Release: ChipChip Makes Online Shopping Cheaper with Group Buying

<h1>Renew Capital Legal Brief - September 2024</h1>The latest changes in Africa's regulatory environment<figure class="image"><img src="/uploads/Sept_Legal_Brief_Ld_08dcd450d9.png" alt="Photo of Renew Capital's September 2024 Legal Brief document."></figure>With a growing presence in Africa’s top startup ecosystems, the Renew Capital team stays on top of the legal landscapes shaping the venture capital and investment space and provides insights for investors, entrepreneurs, industry leaders and policymakers in Africa’s dynamic business environment.&nbsp;Egypt:&nbsp;<ul><li>Non-Resident Foreigners Can Now Own Egyptian Bank Accounts Freely -&nbsp;The Central Bank of Egypt has, via a circular dated August 7, 2024, directed all Egyptian banks to open non-resident bank accounts for foreign customers not residing in Egypt and to grant them access to available banking services. The aim is to expand access by foreigners to a range of banking services while ensuring compliance with account opening regulations, Know Your Customer (KYC) requirements and anti-money laundering laws and regulations.</li></ul>Ethiopia:&nbsp;<ul><li>Capital Market Regulatory Sandbox Launch&nbsp;-&nbsp;The Ethiopian Capital Markets Authority (ECMA) launched the sandbox on August 29, 2024. The sandbox provides a controlled environment for testing new capital market products or services with consumers under temporary regulatory flexibility.&nbsp;This is in line with similar approaches adopted by Nigeria, Rwanda and Kenya which have seen a lot of benefits for startups.</li></ul>Ghana:&nbsp;<ul><li>Ghana is Set to Lift Cryptocurrency Ban, Issues Draft Guidelines on Digital Assets - Draft Guidelines on Digital Assets were issued by the Bank of Ghana (BoG) in August 2024. The Guidelines contemplate the existence of a regulatory framework for digital assets and Virtual Asset Service Providers (VASPs) in Ghana and the licensing duties of both the BoG and the Securities and Exchange Commission. Similar to Nigeria, this should eventually lead to a certain regulatory framework for digital assets and inspire investor confidence in VASPs which were largely neglected in the past because of a lack of regulation and licensing options.</li></ul>Kenya:&nbsp;<ul><li>The Constitutionality of the 2023 Finance Act Remains on the Fence&nbsp;– The 2023 Finance Act was ruled unconstitutional by the Court of Appeal in Kenya in July 2024 due to the National Assembly’s failure to justify its decisions on public proposals and provide revenue estimates. However, the Supreme Court has stayed the lower court’s order pending the outcome of appeals filed on the matter.</li></ul>Nigeria:&nbsp;<ul><li>Tax Holiday for Basic Food Items&nbsp; -&nbsp;From July 15 to December 31, entities can import food items like maize, husked brown rice and wheat with a zero percent customs duty rate and sell them on commodity exchanges without charging value-added tax (VAT). This tax holiday aims to encourage food imports, reduce food inflation and address the food crisis in the country.</li><li>Busha and Quidax Receive Go Ahead to Commence Operations -&nbsp;The Securities and Exchange Commission (SEC) has issued its first approvals-in-principle to digital asset exchanges Busha and Quidax. Full registration will follow as the SEC reviews other participants in its Accelerated Regulatory Incubation Program. This groundbreaking move is expected to set a precedent for other digital asset exchanges to operate in one of Africa’s largest digital assets markets by volume.</li></ul>Rwanda:<ul><li>New Intellectual Property Regime Emerges&nbsp;- The 2024 Law on the Protection of Intellectual Property took effect on July 31, 2024, introducing several changes. These changes include the creation of an independent Intellectual Property Office and the introduction of provisional patent applications for ongoing inventions.</li></ul>South Africa:&nbsp;<ul><li>Satellite Service Operators Prepare for Licensing Framework -&nbsp;The Independent Communications Authority (ICA) has set up an inquiry to establish a licensing framework for satellite services in South Africa, particularly fixed, mobile and broadcasting satellite services. Stakeholders have until November 12, 2024, to submit suggestions to the ICA. This inquiry is a crucial step towards creating a transparent and efficient process for satellite operators, enhancing the delivery of satellite services across the country.&nbsp;</li></ul>Tanzania:&nbsp;<ul><li>Tanzanian Parliament Raises Market Dominance Threshold -&nbsp;&nbsp;The Parliament has endorsed a bill proposing to raise the market dominance threshold from 35% to 40%. Therefore, a single entity will be allowed to control up to 40% of the market it specializes in. This also means that when two or more entities consider a merger, they will not be restricted to the 35% market dominance rule. This is expected to encourage foreign investments whilst also imposing restrictions on the misuse of market holdings by multiple individuals.</li></ul>Uganda:&nbsp;<ul><li>ICT and Communications Laws Face a Likely Merger -&nbsp;The Uganda Communications Commission has declared its intentions to consolidate all ICT and communications laws for better regulation of all media platforms and the media industry.</li></ul>Zambia:&nbsp;<ul><li>Zambia Opens Access to Energy Transmission -&nbsp;Independent power producers can now bypass state-owned Zambia Electricity Supply Corporation Limited (ZESCO) Ltd as the transmission entity and transmit power directly to consumers. This is expected to improve access to power, reduce losses and promote efficient metering.</li></ul>Regulatory&nbsp;<ul><li>More African Governments Gear Towards&nbsp;Artificial Intelligence (AI) Regulation&nbsp;- In August, Nigeria and South Africa joined the growing number of African countries with national AI policy frameworks. Like Kenya and Egypt, they're developing policies to foster AI innovation and growth within their borders.&nbsp;</li></ul>Visit our blog to learn more about some of&nbsp;<a href="https://www.renewcapital.com/newsroom/the-momentum-of-african-startup-ecosystems-in-a-snapshot">Africa’s startup ecosystems</a> or contact us at&nbsp;<a href="mailto:renew@renewcapital.com">renew@renewcapital.com</a> if you need to get up to speed on any of these ecosystems! Stay tuned for more updates in our upcoming briefs!Disclaimer: The information included in this blog does not constitute legal advice. Consumers should consult their legal advisors.

Renew Capital’s September 2024 Legal Brief highlights key regulatory updates in Africa, including banking reforms in Egypt, cryptocurrency guidelines in Ghana and new market regulations in Ethiopia, Kenya and more.

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Renew Capital Legal Brief - September 2024

<h1>Renew Capital Legal Brief - August 2024</h1>The Latest Changes in Africa's Regulatory EnvironmentWith a growing presence in Africa’s top startup ecosystems, the Renew Capital team stays on top of the legal landscapes shaping the venture capital and investment space and to provide insights for investors, entrepreneurs, industry leaders and policymakers in Africa’s dynamic business environment.&nbsp;<figure class="image"><img src="/uploads/Legal_1_a4c7d7c64b.jpg" alt="Photo of Renew Capital's August 2024 Legal Brief document."></figure><hr>Egypt:&nbsp;<ul><li>Egypt Privatizes Health Sector – Egyptian and foreign investors can now operate and manage public health facilities for profit. This presents a huge opportunity for investors!&nbsp;</li></ul>Ethiopia:&nbsp;<ul><li>Market-Based Exchange Rate Introduced – On July 29, 2024, the National Bank of Ethiopia (NBE) adopted a market-driven exchange rate system, ending its direct control. Key changes include abolishing surrender requirements to NBE, liberalizing import restrictions, improving retention rules for exporters, removing interest rate caps on foreign borrowing and allowing residents to open foreign currency accounts. Read the&nbsp;<a href="https://nbe.gov.et/wp-content/uploads/2024/07/FXD012024-FOREIGN-EXCHANGE-1-1.pdf">directive</a>.&nbsp;</li><li>Banking Sector to Open Foreign Investment – A draft proclamation allows foreign banks to acquire up to 49% of local banks, with potential for full ownership subject to NBE approval. Foreign entities can also establish banks, create subsidiaries or set up branches or representative offices with distinct legal liabilities. This is a long contested area of deregulation and it is currently not clear when the draft proclamation will become law.&nbsp;</li><li>New VAT Proclamation Passed – The VAT base now includes transportation services, portable water, electricity supply and digital transactions, while capital goods for production remain exempt to encourage investment.</li></ul>Ghana:&nbsp;<ul><li>Court Clarifies Termination Without Cause – Ghana’s Supreme Court ruled that employers and employees can end their relationship without providing a reason, affirming that neither can be forced to retain or continue employment. This is a big step forward for employers in Ghana!&nbsp;</li></ul>Kenya:&nbsp;<ul><li>New Income Tax Rules for Charitable Donations – The 2024 rules outline procedures for determining donation allowability and set administrative procedures for tax exemptions. They also restrict surplus retention by charitable organizations and limit tax deductions on donations exceeding 50% of total annual donations by a taxpayer.</li></ul>Nigeria:&nbsp;<ul><li>National Digital Economy &amp; E-Governance Bill Introduced – The National Assembly proposed a bill to regulate the digital economy and mandate electronic records and contracts within government bodies. It is not clear how long it will take for the bill to be enacted, but startup founders are watching it closely to identify opportunities to innovate and provide solutions for these agencies.</li><li>Single Shareholder Structure Approved – The Federal High Court ruled that companies incorporated before CAMA 2020 can now adopt single shareholder structures. This means that founders and investors who are looking to adopt a true holding company structure can now restructure their companies such that it is solely owned by one offshore entity.</li></ul>South Africa:&nbsp;<ul><li>Companies Amendment Act Brings Corporate Reforms – As of July 30, 2024, new laws require listed and state-owned companies to disclose pay gaps and mandate remuneration policies for public and state-owned companies.</li><li>Climate Change Act Enacted – Signed in July 2024, the law establishes a legal framework to regulate climate change impacts, reinforcing South Africa’s commitment to international agreements.</li></ul>Tanzania:&nbsp;<ul><li>Finance Act 2024 Enacted – Effective July 1, 2024, the Finance Act introduces major tax law amendments, enhancing public revenue management and aligning with broader African trends. It remains to be seen how this will impact foreign investments in the country.</li><li>Diaspora Gains Land Ownership Rights – The new legislation allows foreigners and companies with majority foreign shareholders to own land in Tanzania via the Diaspora Tanzanite Card and special non-citizen diaspora status.</li></ul>Uganda:&nbsp;<ul><li>Central Bank’s Immunity Partially Lifted – A new instrument from the Minister of Finance permits execution orders against the assets of the Central Bank of Uganda, reducing its blanket immunity.</li></ul>Zambia:&nbsp;<ul><li>VAT E-Invoicing Implemented – Zambia Revenue Authority’s Smart Invoice system for VAT collections launched on July 1, 2024. This is expected to improve transparency and improve efficiency in tax collection.&nbsp;</li></ul>Regulatory:&nbsp;<ul><li>US Bank Restricts Accounts for Certain African Residents – Historically, African founders who set up holding companies in Delaware typically open bank accounts for their startups with Mercury Bank. In a rather unfortunate turn of events, Mercury Bank has restricted account access for founders residing in Mozambique, Nigeria and 35 other countries, with closures effective by August 22. This means that many founders from these countries will have to move their foreign accounts to new banks in an already restrictive banking system in the US.</li></ul>Visit our blog to learn more about some of&nbsp;<a href="https://www.renewcapital.com/newsroom/the-momentum-of-african-startup-ecosystems-in-a-snapshot">Africa’s startup ecosystems</a> or contact us at&nbsp;<a href="mailto:renew@renewcapital.com">renew@renewcapital.com</a> if you need to get up to speed on any of these ecosystems! Stay tuned for more updates in our upcoming briefs!Disclaimer: The information included in his blog does not constitute legal advice. Consumers should consult their legal advisors.

Ghana’s Supreme Court ruled that employers and employees can end their relationship without providing a reason.

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Renew Capital Legal Brief - August 2024

<h1>Renew Capital Legal Brief - July 2024</h1>The Latest Changes in Africa's Regulatory Environment<figure class="image"><img src="/uploads/Linkedin_Templates_21_eb566a2aff.png" alt="Photo of Renew Capital's July 2024 Legal Brief document."></figure>With a growing presence in Africa’s top startup ecosystems, the Renew Capital team works hard to stay on top of the legal landscapes shaping the venture capital and investment space. For the next few months, we will be publishing a monthly piece highlighting the significant legal and regulatory developments across Africa. We hope this offers insights for investors, entrepreneurs, industry leaders and policymakers in Africa’s dynamic business environment. If you like it, let us know at <a href="mailto:renew@renewcapital.com">renew@renewcapital.com</a> and it may become a permanent offering. &nbsp;Key Legal and Regulatory UpdatesEgypt:&nbsp;<ul><li>New Fast-Track M&amp;A Notifications - Starting June 1, 2024, companies involved in mergers and acquisitions can notify the Egyptian Competition Authority (ECA) using a&nbsp;<a href="https://eca.org.eg/en-us/%D8%AC%D9%87%D8%A7%D8%B2-%D8%AD%D9%85%D8%A7%D9%8A%D8%A9-%D8%A7%D9%84%D9%85%D9%86%D8%A7%D9%81%D8%B3%D8%A9/economic-concentrations/notification-file-simplified-procedures">fast-track procedure</a> with a 20-business day timeline and simplified forms for specific transactions. This procedure applies only to specific transactions detailed in the&nbsp;<a href="https://eca.org.eg/getattachment/793b7930-dee1-4815-bc27-c73d2cf632a6/Notification-File-Economic-Concentrations-subject-to-Simplified-Procedures.docx">simplified notification file</a>.</li></ul>Ethiopia:&nbsp;<ul><li>Data Protection Law - The Ethiopian Parliament passed the Personal Data Protection Proclamation in April 2024, aligning with international standards. It empowers individuals with control over their data and enforceable rights against data processors and controllers.&nbsp;</li><li>Foreign Investment Expansion - The Ethiopian Investment Board (EIB) now allows foreign participation in export, import, wholesale and retail trade sectors, previously reserved for domestic investors. Conditions include relevant experience, market linkages, capital thresholds, procurement levels, and contractual commitments. Read the&nbsp;<a href="https://investethiopia.gov.et/wp-content/uploads/2024/04/Ethiopian-Investment-Board-Directive-to-Regulate-Foreign-Investors-Participation-in-Restricted-Export-Import-Wholesale-and-Retail-Trade-Investments-No.1001_2024.pdf">directive</a>.&nbsp;</li></ul>Ghana:&nbsp;<ul><li>Crowdfunding Guidelines - In June 2024, Ghana’s SEC launched regulations for crowdfunding, establishing a licensing framework for platforms and intermediaries. These guidelines exclude rewards-based or donations-based activities.</li></ul>Kenya:&nbsp;<ul><li>Carbon Project Regulations - The Climate Change (Carbon Markets) Regulations 2024 create a regulatory framework for carbon projects. The Designated National Authority (DNA) will oversee implementation, with a two-year compliance period for existing projects.</li></ul>Mozambique:&nbsp;<ul><li>Leniency Regime Proposal - The Competition Regulatory Authority (CRA) is consulting on draft regulations for a leniency regime. This regime offers reduced fines for companies or individuals who report anti-competitive practices and provide evidence against other offenders.</li></ul>Nigeria:&nbsp;<ul><li>Debt Capital for Private Companies - The Nigerian SEC proposed rules allowing private companies to issue debt securities to the public, subject to SEC restrictions. The proposed rules can be found&nbsp;<a href="https://sec.gov.ng/wp-content/uploads/2024/05/Rules-for-Exposure-Issuance-and-Allotment-of-Private-Companies-Securities.pdf">here</a>.</li><li>New Measures for Remittances - The Central Bank of Nigeria (CBN) introduced measures to ease foreign exchange pressures. These include same-day Naira settlement for diaspora remittances using the Nigerian Autonomous Foreign Exchange Market (NAFEM) rate.</li></ul>Rwanda:&nbsp;<ul><li>Digital Currency Plans - The National Bank of Rwanda (NBR) aims to issue a Central Bank Digital Currency (CBDC) by 2026. The NBR is currently conducting public consultations and feasibility studies. The report on the feasibility study is available&nbsp;<a href="https://www.bnr.rw/payment-systems/cbdc/">here</a>.</li></ul>South Africa:&nbsp;<ul><li>Deposit Insurance Operational - The Corporation for Deposit Insurance, a subsidiary of the South African Reserve Bank, began operations on April 1, 2024. It manages the Deposit Insurance Fund, covering up to R100,000 per qualifying depositor per bank.</li><li>Spectrum Hoarding Policy - South Africa’s new Spectrum Policy promotes spectrum trading, sharing, and pooling among licensees to prevent capacity hoarding.</li></ul>Tanzania:&nbsp;<ul><li>Mining Act Amendments - Proposed changes to Tanzania’s mining sector include increasing the minimum capital investment for a mining license to $5,000,000, introducing penalties for false data and delayed payments, and clarifying royalty payments on imported minerals.</li></ul>Tunisia:&nbsp;<ul><li>Startup Ecosystem Watch - Tunisia's pioneering Startup Act continues to influence tech investment and startup growth in the region. We are monitoring developments closely.</li></ul>Uganda:&nbsp;<ul><li>Stamp Duty Exemptions - The Stamp Duty (Amendment) Bill 2024 introduces exemptions for investments in electric vehicles and private equity funds, effective July 1, 2024.</li></ul>Zambia:&nbsp;<ul><li>E-Hailing Platform Regulation - New regulations require road licenses for all e-hailing drivers and set guidelines for operators, with fines for non-compliance.</li></ul>Contact us at&nbsp;<a href="mailto:renew@renewcapital.com">renew@renewcapital.com</a> if you need to get up to speed on any of these ecosystem! Stay tuned for more updates in our upcoming briefs!Disclaimer: The information included in this blog does not constitute legal advice. Consumers should consult their legal advisors.&nbsp;

The Corporation for Deposit Insurance, a subsidiary of the South African Reserve Bank, began operations on April 1, 2024. 