Central Bank of Nigeria partners fintech Bitt Inc to launch its own digital currency

NIGERIA – The Central Bank of Nigeria (CBN) has announced that it will partner with Bitt Inc. as a technical partner in its bid to launch its own digital currency, the eNaira. The apex bank made this known during the formal engagement of Bitt Inc., a global fintech company, as the technical partner for its digital currency, eNaira. Bitt Inc.…

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Startup MotiSure launches API-powered insurtech platform in Kenya

KENYA – MotiSure, a Kenya-based start-up, has launched an API-powered insurtech platform that provides personal accident cover for commuters and riders through embedding insurance in tickets and other points of sale within mobility. MotiSure was co-founded this year by Joel Macharia, Jane Njau, and Thuita Wachira after they sampled over 400 bike riders about why they did not sign up…

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Cybersecurity provider Sophos appoints Silicon21 as its Egypt’s distributor

EGYPT – Sophos, a global leader in next-generation cybersecurity, has selected Silicon21, a regional value-added distributor (VAD) of network infrastructure, collaboration, network security, data centers, and digital imaging solutions, as its new distributor in Egypt. The collaboration will see Sophos leveraging Silicon21’s countrywide partner and customer base and the distributor expanding its security portfolio with Sophos’ cutting-edge next-generation cybersecurity solutions…

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Gold mining company Harmony approves US$623m to extend projects

SOUTH AFRICA – Harmony Gold Mining Company has unveiled a R9 billion (US$623 million) plan to extend several projects to drive long-term profitability as operations generated more cash on record bullion prices during the year to the end of Jun, according to IOL. Chief Executive Peter Steenkamp said that Harmony had approved the development of the R4.5 billion (US$311.4 million)…

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WPP-Scangroup posts US$15.5m loss as it clears former executives

KENYA – Marketing and communication company WPP-Scagroup, a subsidiary of WPP, has released its financial results for the financial year ended 31st December 2020 after delaying the publication for the third consecutive time due to ongoing investigations against its former Chief Executive Officer, Mr. Bharat Thakrar and the former Chief Finance Officer, Mr. Satyabrata Das. These results were due on…

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SIFEM invests US$10m in Metier Sustainable Capital Fund II to expand its clean energy services

AFRICA – The Swiss Investment Fund for Emerging Markets (SIFEM) has invested US$10 million in Metier Sustainable Capital Fund II. The Fund will be focused on climate mitigation and adaptation through investments in renewable energy generation as well as in resource efficiency. It will help expand access to affordable, reliable, and clean energy services, and enhance grid-tied installed renewable energy…

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SOLmate launches new virtual card and new brand as it redefines the customer experience

AFRICA – SOLmate (formerly SOL Wallet), an online payment platform that offers clients a digital wallet facility, has unveiled an exciting new product offering together with an extensive rebrand and renewed corporate vision. Following a name change to SOLmate, the fintech has launched a new, innovative virtual card – placing unbanked and underbanked clients at the centre of SOLmate’s business…

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Deutsche Bank severs ties to Standard Bank’s Zimbabwean unit

ZIMBABWE – Deutsche Bank has cut correspondent banking ties with Standard Bank Group’s Zimbabwean unit, dealing a body-blow to one of the few remaining international banking providers operational in the southern African nation, reports Blomberg. Stanbic Bank Zimbabwe, as the local unit is known, is the latest lender to have its US dollar correspondent banking services – which are key…

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LoftyInc Capital launches third fund at US$10m support for African startups

AFRICA – LoftyInc Capital, a pan-African Venture Capitalist firm,  has announced the launching of its  LoftyInc Afropreneurs Fund Three, at US$10 million for tech startups in Africa.This is according to a statement by Founding Partner, LoftyInc Capital Management, Idris Bello.The firm has reached the first close of US$5.5 million with some of the limited partners in the vehicle including those from…

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E-logistics startup Ridelink secures US$150,000 Pre-seed funding to scale up

UGANDA – E-logistics startup Ridelink, has raised US$150,000 in pre-seed funding in a round jointly led by an investment advisory firm Ortus Africa Capital, Omidyar Network, an impact investment firm, and African Leadership Academy’s Young Entrepreneurs Fund, Anzisha. The pre-seed funding which Ridelink has raised brings its total investment to US$250,000, having drawn private investments from Seedstars in 2020. The…

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