Aboki Africa startup raises pre-seed funding to scale up its product

NIGERIA – Aboki Africa, a money transfer startup, has raised an undisclosed round of pre-seed funding to help it expand its team and scale its product. The startup’s pre-seed funding round was led by Mr Abdul Hassan, CEO of fellow Nigerian fintech Mono, and also includes Niche Capital, Ingressive Capital, Decimal Point Ventures and other strategic investors. The capital will be invested in scaling its product and expanding its core team. “We built Aboki Africa out of necessity. I have had personal experiences with the pain points we are trying…

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Air Tanzania ups regional competition with order of four new planes

TANZANIA – Boeing and the government of Tanzania have announced an order for a 787-8 Dreamliner, a 767-300 freighter, and two 737 MAX jets at the 2021 Dubai Airshow to boost the national carrier’s capability in Africa and abroad. The airplanes will be operated by Air Tanzania, the national flag carrier of Tanzania, to expand service from the country to new markets across Africa, Asia, and Europe. The order, valued at more than US$726 million at list prices, was previously unidentified on the Boeing Orders and Deliveries website. Air Tanzania…

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IFC partners with Absa to boost trade finance in Sub-Saharan Africa

SUB-SAHARAN AFRICA – The International Finance Corporation (IFC), HAS welcomed Absa Bank to its Global Trade Liquidity Program (GTLP) to boost access to trade finance in sub-Saharan Africa, especially in low income and fragile countries, supporting a vital driver of growth that has been strained by the COVID-19 pandemic. Through a combined investment of US$250 million, IFC and Absa Bank, one of Africa’s largest financial institutions, will channel credit to a portfolio of trade transactions that are expected to facilitate up to US$1.6 billion in trade over the next three…

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Attijari bank Tunisia secures US$45.36m from IFC to strengthen its capital base

TUNISIA – IFC, a member of the World Bank Group, is providing a €40 million (US$45.36m) subordinated loan to Attijari bank Tunisia, a leading private bank in Tunisia, part of the Attijariwafa bank Group, to help strengthen its capital base and grow its lending operations. IFC’s first loan to Attijari bank Tunisia will help increase its volume of long-term financing for climate-related projects and smaller businesses. The bank has been a pioneer in developing green financing to finance investments such as photovoltaic units, waste treatment plants, and energy efficiency projects,…

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Mobility startup Shuttler raises US$1.6m seed round to scale its operations across Africa

NIGERIA – Shuttlers, a tech-enabled mobility startup, has raised a US$1.6 million seed round and shared plans to scale operations across cities in Africa. The seed round led by VestedWorld, a Chicago-based, Africa-focused venture capital company, and also featuring Interswitch, Rising Tide Africa, Launch Africa Ventures, EchoVC Partners, CMC 21, Alsa, ShEquity, Five35, Consonance, CcHub Syndicate, Sakore, and Nikky Tarus. “These are exciting times for us at Shuttlers, and I will like to take the opportunity to thank our investors for believing in what we are building,” said Olokesusi. “This…

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Fish distributor Lake Harvest Zambia introduces mobile payment option in its outlets

ZAMBIA – Cellulant, a leading Pan-African payments company, has partnered with one of Zambia’s leading fish distributors, Lake Harvest to enable mobile payments in all their outlets through the Tingg one-stop digital payment platform. As consumer purchasing habits evolve, Lake Harvest has placed importance on accepting all forms of mobile money to give its customers a seamless payment experience. Lake Harvest highlighted that this was necessitated by demand from their customers who kept requesting easier ways to pay for their goods that didn’t involve the hassle of withdrawing cash from…

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Logistics-tech company T40 secures investment from VC firm GreenTec Capital

NIGERIA – Berlin-based venture capital firm GreenTec Capital Partners has invested an undisclosed amount in Nigerian intercity transport- and logistics-tech company T40 that is building solutions to assist mobility service providers in providing better service to their clients and increasing income. T40 has developed solutions designed to help mobility vendors attract and retain customers with the company’s point-of-sale consoles and logistics platform. It also offers entertainment centres that can be personalized to improve ride quality and provide an additional marketing channel. “With our digitized products, transport companies can achieve more…

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Fintech startup Kippa secures US$3.2m for its small business finance management app

NIGERIA – Kippa, a startup that has financial software for small businesses in Africa, has secured US$3.2 million in pre-see funding in a bid to improve the lifespan of small businesses in Nigeria with its finance management app. The financing round was led by Berlin-based VC Target Global, and other participating VCs like Entrée Capital, Alter Global and Rally Cap Ventures. The startup has also seen investors like — Babs Ogundeyi, Kuda CEO, an investor in Khatabook; Sriram Krishnan, CEO; Chris Bouwer, Raffael Johnen, Auxmoney; and other investors like, Kyane…

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ENGIE completes the acquisition of Xina Solar One power plant in South Africa

SOUTH AFRICA – French utility company ENGIE has announced the completion of the acquisition of Abengoa’s indirect stake in Xina Solar One (Pty) Limited. Following completion of the transaction, ENGIE will now hold a 40% equity stake in the Xina Solar One 100 MW Concentrated Solar Power (CSP) plant, as well as 46% of the Xina Operations & Maintenance Company (Pty) Ltd. The Xina Solar One plant, located at Pofadder in the Northern Cape, provides approximately 400 GWh of clean, sustainable, and dispatchable electrical energy to 95,000 South African households…

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MTN exits Yemen as it shifts focus on the African market

SOUTH AFRICA – MTN Group has announced the Group’s exit from our operation in Yemen in a transaction that furthers the delivery of our Ambition 2025 strategy and is in line with our intention – first announced in August 2020 – to exit the Middle East. Effective 17 November 2021, MTN Group transferred our majority shareholding in MTN Yemen to Emerald International Investment LCC. Emerald is a subsidiary of Zubair Investment Centre LLC, an affiliate of Zubair Corporation LLC, which is the minority shareholder in MTN Yemen. “The decision to…

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