Inspiring Leadership & Sustainable Business Transformation in Africa
WEST AFRICA – The Board of Directors of the African Development Bank (AfDB) has approved a line of credit of €70 million (US$78.68m) and an equity investment of US$24 million for West African Development Bank (BOAD). The line of credit will support businesses in the West African Economic and Monetary Union, particularly in job-creating sectors such as agribusiness, renewable energy,…
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MOROCCO – Alstom, multinational rolling stock manufacturer operating worldwide in rail transport markets, active in the fields of passenger transportation, signalling, and locomotives, is investing €10.5 million (US$11.80m) in Morocco. The investment will build a new production line, The Fez plant, and develop capability in country to manufacture on board transformers. It will be the second production line at Alstom’s…
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NIGERIA – Trove, a global share dealing app, has been named winner of the fourth edition of the Ecobank Fintech Challenge, winning a US$15,000 prize and a place in the bank’s Fintech Challenge Fellowship programme. Ecobank Group hosts its Fintech Challenge each year, with the five finalists of this year’s edition emerging from over 890 entrants from 44 countries. Trove…
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KENYA – Agriculture inputs provider Elgon Kenya and the University of Nairobi have signed a Memorandum of Understanding for the construction of the Agricultural Technology and Innovation Centre (ATIC) at the College of Agriculture and Veterinary Services, Upper Kabete Campus in the Nairobi. The University seeks to deepen this collaboration with Elgon Kenya Limited and nurture the spirit of innovation…
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AFRICA – Cassava Technologies, a pan-African technology leader, has entered into a Joint Venture (JV) with ITC Secure, an advisory-led cyber security services company, to build and launch an extensive portfolio of cyber security services, powered by Microsoft Azure cloud technologies in Africa. As part of the JV, ITC and Cassava Technologies will build a state-of-the-art SOC in Africa. The…
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EGYPT – Paymob, a fintech startup, has partnered ride-hailing company, Uber to expand payment options on the Uber app, in a bid to financially integrate a broader base of Egyptian drivers and riders. For drivers, this partnership also unlocks a smoother process to pay Uber’s service fee using various in-app payment methods, especially supporting those who do not have bank…
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NIGERIA – The Nigeria-based Ventures Platform, one of Africa’s most active early-stage tech investors, has announced the first close of a US$40 million pan-African fund that will expand its portfolio and double down on winners. The fund will invest in market-creating innovations, with the first close led by the Nigeria Sovereign Investment Authority (NSIA) and featuring participation from existing investors…
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AFRICA – Alitheia IDF, Africa’s first women-led and women-focused private equity fund, has announced the final close of its US$100 million fund, which it claims is the largest gender-inclusive private equity fund on the continent. The US$100 million close, which Alitheia IDF said makes the fund the largest of its kind in Africa, comes after the European Investment Bank (EIB)…
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NIGERIA – The Board of Directors of the African Development Bank (AfDB) has approved a loan of US$170 million to finance a digital and creative enterprises program in Nigeria. The investment in Digital and Creative Enterprises Program (i-DICE) is a Federal Government of Nigeria initiative promoting investment in digital and creative industries. It is part of Nigeria’s efforts to build…
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UGANDA – Internet giant Google, has announced that it has made the first investment from its Africa Investment Fund in Ugandan super app SafeBoda, reports TechCrunch Africa. The undisclosed investment comes two months after Alphabet CEO Sundar Pichai announced the tech giant’s intentions to commit US$1 billion over the next five years in “tech-led initiatives”, which includes a US$50 million Africa Investment Fund targeted at early-…
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