Kenyan startup Workpay spreads wings to Nigeria for Core HR, Payroll, and Employer of record services

NIGERIA – Kenyan startup WorkPay, which builds human resources (HR) and payroll solutions for Africa has extended its operations to Nigeria. Founded in 2019, Workpay allows Small and Medium Enterprises (SMEs) to easily manage and pay their employees from anywhere in Africa. Through a web portal and mobile self-service app, people can track time, process a locally compliant payroll, and pay their employees. The startup has taken part in a host of accelerators in the last couple of years including Y combinator, Google accelerator, and Pangea accelerator. So far the…

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Mainstream Renewable Power and partners to develop 1.27GW of clean energy in South Africa

SOUTH AFRICA – A consortium led by global renewable energy company, Mainstream Renewable Power, has been granted preferred bidder status for 12 of its projects under South Africa’s Renewable Energy Independent Power Producer Procurement Programme (REIPPPP). The Mainstream-led consortium, named ‘Ikamva’, which means “the future” in Xhosa, will deliver six onshore wind projects and six solar PV projects, including the first REIPPPP project in South Africa’s KwaZulu-Natal province. The wind and solar energy projects, which have a total capacity of 1.27 GW, represent half of the total allocation in the Round, which was the most competitive…

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Mastercard and Banque Misr’s MDI partner for seamless banking experience in Egypt

EGYPT – In a bid to drive the evolution of financial services in Egypt, Misr Digital Innovation (MDI), Banque Misr’s digital banking arm, has signed a seven-year strategic partnership with global technology leader Mastercard, to provide Egyptians with an easy, smooth, and secure banking experience. MDI was established in 2020 to launch the first digital bank in Egypt in line with the Central Bank of Egypt (CBE) rules and regulations, MDI will launch a variety of banking solutions that aim to provide access to the digital economy and drive financial…

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Oracle and Orange partner to strengthen digital infrastructure in West Africa

WEST AFRICA – Oracle and Orange have signed a collaboration agreement as part of a joint plan to accelerate cloud-led digital transformation in West Africa. Under the agreement, the two companies will assess plans to build Oracle Cloud regions, using Orange’s infrastructure in Senegal and Ivory Coast as this aligns with a common objective of ensuring that all customer data is hosted locally, providing customers with cloud services that meet their data latency and performance requirements. The companies also announced plans to jointly offer cloud services for enterprises and public sector…

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Digital Realty and Remgro in joint venture to acquire Medallion Data Centres, Nigeria

NIGERIA – Digital Realty, the global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions, and Pembani Remgro Infrastructure Fund have announced the formation of a joint venture to acquire Medallion Data Centres, Nigeria’s colocation and interconnection provider. Medallion operates two data centers, one in Lagos, the most populous urban metropolitan area in Africa with approximately 15 million people, and one in Abuja, the capital of Nigeria.  Medallion’s Lagos data center is the leading connectivity hub in Western Africa with over 70 carriers and internet service providers, over…

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Swedfund finances floating solar plants study in Uganda

UGANDA – Sweden is providing a grant to conduct analytical studies for the development of floating solar power in Uganda. These plants will be built in the reservoirs of several dams and the project is already subject to a call for tenders. This comes after the Governments of Uganda and Sweden signed a Memorandum of Understanding around several initiatives meant to support the Ugandan energy sector. The Swedish support could turn Uganda into a pioneer in the use of floating solar PV panels in Sub-Saharan Africa. Now that the grant…

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Equity Bank gets US$45.5m guarantee facilities from Proparco to support MSMEs

KENYA – French development finance institution Proparco, has granted Equity Bank two guarantee facilities, ARIZ and EURIZ totaling €39 million (US$45.5 million) to help the Kenyan bank further support job-creating MSMEs. Proparco also granted a €550,000 (US$641,432) technical assistance facility to support Equity Group Foundation’s health projects. The EURIZ guarantee and the technical assistance grant benefited from support from the European Union and the Organization of African, Caribbean and Pacific States.   Equity Group is the biggest bank in asset base in the region, with a strong focus on supporting…

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AFD invests US$70m into Nigeria renewable energy fund

NIGERIA – French government, through the French Development Agency/Agence Francaise de Developpement (AFD), has granted Nigeria $70 million for the development of renewable energy and efficient energy projects in the West African country. The finance will be disbursed to renewable energy developers through Access Bank Plc and United Bank for Africa (UBA). Speaking at the recent Sustainable Use of Natural Resources and Energy Finance (SUNREF) Nigeria Programme investor conference, the Team Member of Project and Structured Finance, Sub Saharan Africa at Access Bank, Chukwudumije Igwe said: “SUNREF is a fund that has…

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Prudential Plc moves Africa regional office to Nairobi

  KENYA – British multinational Insurance company Prudential plc has picked Kenya as its African headquarters, a few months after becoming the first firm to subscribe to the Nairobi International Financial Centre (NIFC). Apart from Kenya, the firm has operations in Cameroon, Cote d’Ivoire, Ghana, Togo, Uganda, Zambia and Nigeria with all these offices directly reporting to London The new continental hub will oversee operations in four regions covering eight countries that serve at least 1.7 million customers. The UK’s oldest insurer which commenced operations in 1848 was among two…

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Kenya to convert thermal plants to LNG in climate-friendly grid push

KENYA – Kenya plans to retire or convert heavy fuel oil-fired power plants to use liquefied natural gas by 2030 as it pursues a cleaner energy path to a 100% climate-friendly grid. State-owned Kenya Electricity Generating Company (KenGen) is conducting a feasibility study on reconfiguring the thermal power plants that currently account for about 7% of the grid load, said Isaac Kiva, renewable energy secretary at the Energy Ministry. The move is part of the East African nation’s target to reach net-zero carbon emissions by 2050. “We won’t be using…

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