Fintech platform ThankUCash raises US$5.3m seed fund to expand to new markets

NIGERIA – ThankUCash, a multi-merchant rewards platform, has raised US$5.3 million in seed funding as it plans expansion into new markets and further product launches. The seed round was co-led by 500 Global and Unicorn Growth Capital, with participation from Expert Dojo, Predictive VC, SaaS Growth Ventures, Betatron, Accelerex Holding, former HSBC CEO Andrew Dell, Google director of strategy and…

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Financial company Allianz appoints Abderrahim Dbich as new CEO

MOROCCO – German finance-giant Allianz has announced a change in leadership for its Morocco division, appointing Moroccan Abderrahim Dbich as new Chief Executive Officer (CEO). In a press release, Allianz announced Abderrahim Dbich as the successor to German Joerg Weber on January 1. The new Allianz Morocco CEO previously held the position of deputy managing director at AXA Assurance Maroc,…

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Equity Group diversifies to insurance business with launch of life assurance unit

KENYA – Financial services holding company Equity Group is officially venturing into the insurance business after being issued with life insurance license by the country’s industry regulator, Insurance Regulatory Authority (IRA). The life insurance license was issued to Equity Life Assurance (Kenya) (ELAK) which is fully owned by Equity Group Insurance Holdings Limited (EGIHL), a subsidiary of Equity Group. The…

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ADIB Egypt increases issued capital for its Consumer Finance arm

EGYPT – Abu Dhabi Islamic Bank (ADIB) Egypt has announced an increase in the issued and paid-in capital of the Abu Dhabi Islamic Consumer Finance (ADI-CF), its new arm for consumer finance in Egypt, from EGP10 million to EGP30 million (US$0.64- 1.91m). The launch of the new company, which represents a paradigm shift in the consumer finance market, reflects ADIB…

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Agricultural equipment firm Grosso Foods B.V. rebrands as Grosso.Africa, reveals expansion plans

TANZANIA – Agricultural investment and advisory partner, Grosso Foods B.V., has transitioned into Grosso. Africa, a Tanzania-based distributor with a hands-on focus on the distribution of conservation agriculture equipment and smart farming solutions. The rebrand highlights the company’s growth and strategic expansion plans with an unveiling of a new website redesign to reinforce its growing business model. “Our new name…

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Egyptian developer SODIC set to establish first Finnish British school in MEA region

EGYPT – Egyptian developer SODIC has announced that it has signed an agreement with the Finnish British Consortium for Investment and Development (FBC) and Finnish Global Education Solutions (FGES) to establish the first Finnish British school in the Middle East and North Africa (MENA) region. The agreement entails the development of a Finnish British School (FBS) in SODIC East —…

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DHL Global Forwarding expands its presence in Zimbabwe

ZIMBABWE – DHL Global Forwarding has launched in Zimbabwe to extend its presence across Africa. The leading international air, ocean, and road freight services provider will give local and regional businesses within the greater Southern African Development Community (SADC) instant access to global markets. As a first step, DHL Global Forwarding has set up a legal entity comprising a full…

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EDFI Electrifi and REPP invest US$9.8m into mini-grids in Lesotho

LESOTHO – The European Union-funded Electrification Financing Initiative and the UK-funded Renewable Energy Performance Platform (REPP) have each invested US$4.9m into a project-finance vehicle led by OnePower (1PWR) to build mini-grids in Lesotho. The equity and debt investment into the project vehicle, Sotho Minigrid Portfolio SPV will fund the construction of 11 mini-grids in Lesotho with a total capacity of…

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Moroccan Bank for Trade and Industry secures US$28m from EBRD for green economy

MOROCCO – The European Bank for Reconstruction and Development (EBRD) has partnered with the Green Climate Fund (GCF) to provide €25 million (US$28.35m) in financing to the Moroccan Bank for Trade and Industry (BMCI). This financing, which will support the transition to a green economy in Morocco, €23.75 million (US$26.94m) are provided by the EBRD and the remaining €1.25 million…

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Ethiopia abandons plans for a new telecom licence

ETHIOPIA – The government of Ethiopia has cancelled its plan to offer a new telecoms licence that would have brought a third company into the market, competing with Ethio Telecom and Safaricom. The Ethiopian Communications Authority (ECA) said in a note to the industry that it had received “concerns and requests from several prospective bidders to delay the process”. The…

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