AfDB secures US$136m for its Sustainable Energy Fund for Africa

AFRICA – The African Development Bank (AfDB) has announced US$136 million in additional investment for its Sustainable Energy Fund for Africa (SEFA). The announcement was made during the COP26 conference featuring government ministers and a council of leaders in renewable energy. SEFA, a multi-donor trust fund administered by the AfDB, has reaffirmed its support for institutional expansion for its African energy focussed development programs. SEFA’s founding member, Denmark, has disclosed US$14 million in new pledges. Denmark’s Minister for Development and Nordic Cooperation, Fleming Moller Mortensen, deliberated that energy was a…

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Nigerian E-health start-up, DrugStoc, secures US$4.4 million to expand its operations

NIGERIA – DrugStoc, a e-health drug procurement platform that eliminates pharmaceutical supply challenges by linking drug companies with institutions such as hospitals and pharmacies in Nigeria, has closed a US$4.4 million series A funding. DrugStoc is currently on an aggressive expansion plan to deliver quality pharmaceutical products to 100 million people within Nigeria. The startup plans to expand into 16 states within Nigeria as it moves to grow beyond Lagos, the economic hub of the West African country. This is besides its more grandiose plan of venturing outside Nigeria into…

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Africa Data Centres set to develop more facilities in Nairobi

KENYA – Africa Data Centres, a leading carrier-neutral co-location data centre provider, has announced it will be developing two further facilities in Nairobi. The company has begun the development of a second data centre of up to 20MW of IT load and is securing land for a third facility. This represents an investment of more than US$200 million and will double the country’s data centre capacity. This will develop Kenya as a key digital hub, providing reliable digital infrastructure needs. “Africa Data Centres currently has the leading carrier-neutral data center…

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Fintech startup Kwara launches its regional offices across Kenya

KENYA – Kwara, a fintech startup, has opened its regional offices in the Western, Central, Rift Valley and Coastal regions of Kenya as part of their expansion in the country. The company offers a digital banking platform that transforms existing credit unions and savings cooperatives (SACCOs) into modern, digital financial institutions. Currently serving almost 50 credit unions worldwide, the company is targeting an even broader scope of SACCOs. “We continue to deepen our side-by-side collaboration with SACCOs by investing even more resources countrywide. Our commitment to provide world-class digitization and…

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IFC partners Equity BCDC to help MSMEs access local currency financing

DRC – International Finance Corporation (IFC), a member of the World Bank, has partnered with Equity Banque Commerciale du Congo (Equity BCDC), a subsidiary of Equity Group, to support the growth of micro, small and medium enterprises (MSMEs). IFC’s loan to Equity BCDC, of up to the equivalent of US$50 million in Congolese francs, will help the bank provide additional local currency loans to underserved MSMEs in the DRC, many of which have suffered cash-flow disruptions because of the COVID19 pandemic. Providing loans in local Congolese francs will help borrowing…

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E-Commerce startup Chooya secures US$950k to fuel its product development

NIGERIA – Chooya, an eCommerce startup digitizing word-of-mouth marketing, has received US$950,000 in cash and program support from the Entrepreneurship World Cup to fuel its product development, marketing, and personnel to help businesses struggling with new customer acquisition to grow their sales. Founded in 2019 by Igwe Uguru who doubles up as CEO. Igwe is also the co-founder of RAD5 Tech Hub, an innovation hub focused on venture building. Chooya is one of the top 100 EWC finalists chosen from 200,000 participants spread across 200 countries, Chooya benefits from the…

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Meridian Health’s parent company, Africa health Holdings, secures US$18m funding

GHANA – Africa Health Holdings, a healthcare startup running several hospitals, has secured US$18 million in a Series A round, funds that will go towards building its tech-forward healthcare system across Ghana, Kenya and Nigeria. Africa Health Holdings, based in West Africa, will use the new capital to expand its telemedicine service beyond Ghana, to countries like Nigeria and Kenya. This is in line with its plan to grow its portfolio beyond in-person visits and to allow electronic follow-ups through its mobile app, as more people across the continent get…

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