Absa Bank profit after Tax jumps 328% to US$72m for period ending September 2021

KENYA – Absa Bank, a financial services group, has recorded a 328 percent jump in its Profit after Tax for the period ending 30 September 2021. The profit rose to KSh8.2 billion (US$72.98m), as compared to KSh.1.9 billion (US$16.91m) recorded in the same period 2020, which was attributed to the strengthening macro-economic environment and resilience in customer operations. The bank also recorded KSh.27.3 billion (US$242.98m) in total income, a 7 percent increase credited to higher increased income which increased by 9 percent year on year due to increased lending. Loans…

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Delivery company Glovo spread its operations to Kumasi, the third city in Ghana

GHANA – Glovo, a worldwide multi-category delivery player, has spread its operations to Kumasi, the capital city of Ashanti Region in Ghana, in line with the company’s vision to give everyone easy access to anything in their cities. Kumasi is the third city in Ghana to enjoy Glovo’s multi-category delivery services since it started operations in March 2021. Speaking on the expansion in Ghana, General Manager of Glovo Ghana, Pearlyn Budu, said the extension to the Ashanti Region was aimed at providing the fastest and most convenient delivery service to…

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Kimberly-Clark invests US$45m to manufacture Huggies Diapers in Kenya

KENYA – International Diaper Manufacturer, Kimberly-Clark, has signed an KSh5 billion (US$45m) contract deal to kick-start the production of Huggies diapers in a newly established factory in Thika. The firm entered an agreement with a local manufacturer, Sai Pharmaceuticals, to begin manufacturing and distribution of the diapers in the Kenyan market, in a move meant to invest in home-grown solutions Speaking during the announcement of the agreement, Kimberly Clark Business Development Director Middle East and Africa, Kevin Achieng elaborated that the move to manufacture the brand locally was aimed at…

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CDC Group appoints Thithi Kuhlase-Maseko South Africa Head of Office and Coverage Director

SOUTH AFRICA – CDC Group, the UK’s development finance institution (DFI) and impact investor, is pleased to announce the appointment of Thithi Kuhlase-Maseko as its new South Africa Head of Office and Coverage Director. Thithi will lead CDC’s Johannesburg office, deepening the firm’s deal and portfolio-related activities in South Africa and further strengthening stakeholder relationships in the market. “I am pleased to have the opportunity to help drive CDC’s investment goals in South Africa. My role comes at an exciting time when South Africa is taking a bold step in…

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Ecommerce platform Jumia partners fintech vaIU to provide new online payment channels

EGYPT – Jumia, an e-commerce platform, JumiaPay the fintech electronic payments platform, and valU the Buy-Now Pay-Later (BNPL) fintech platform in the Middle East and North Africa, have signed agreements to enable valU to become a payment solution via Jumia and JumiaPay. The partnership allows JumiaPay as a payment gateway to manage the payment operations of valU consumers by linking valU and JumiaPay for electronic payment services. The deal will commence with an offer that clients will benefit from while shopping and paying in instalments over 9 months interest-free through…

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FinTech startup Hollydesk raises US$325k pre-seed funding to expand its services and solutions

EGYPT – Hollydesk, a financial technology startup based in Cairo, has raised US$325,000 in a pre-seed funding round led by the angel investor Faisal Abdel Salam in participation with other investors. The funding will help Hollydesk to scale and pursue further the horizontal expansion of its offerings. The startup further intends to expand its services and solutions in new markets in the region. “We seek to use the new funding to develop technologies for our solutions, assign new competencies within the team, and launch other services that will be announced…

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