SDG Fund approves US$45m renewable energy program for Zimbabwe

ZIMBABWE – The United Nations SDG-Fund has approved Zimbabwe’s US$45 million programmes on catalysing investments in Renewable Energy (RE) for the acceleration of the attainment of the Sustainable Development Goals (SDGs) in the country. The UN SDG-Fund is contributing US$10 million to the programme whilst the Government of Zimbabwe through the Infrastructure Development Bank of Zimbabwe (IDBZ) and local partners…

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Quantum Xchange partners cybersecurity solutions provider Spire Solutions

MEA – Quantum Xchange, a company that is delivering the future of encryption with its leading-edge key distribution platform, has entered into a strategic partnership with Spire Solutions, a top value-added distributor and preferred cybersecurity solutions provider servicing the Middle East and Africa. Spire customers, partners, and prospects will benefit from access to Phio Trusted Xchange (TX), Quantum Xchange’s out-of-band…

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Startup Lipa Later secures US$12m funding to expand across Africa

KENYA – Lipa Later, one of its kind buy-now-pay-later (BNPL) company operating in Kenya, Rwanda, Uganda, and Nigeria, has raised US$12 million from a consortium of investors. The funding, which is a mix of equity and debt, will help Lipa Later expand within its current markets (Kenya, Uganda, Rwanda) and into new markets such as Nigeria, Ghana and Tanzania. It…

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Alex Kwasi Awuah appointed as Managing Director of ARB Apex Bank Plc

GHANA – Board of Directors of the Bank of Ghana (BoG) has appointed Alex Kwasi Awuah as Managing Director of ARB Apex Bank Plc. The Managing Director’s role of the ‘mini’ Central Bank of the 145 Rural and Community Banks (RCBs) in the country became vacant in July 2021 upon the retirement of the former Managing Director, Kojo Mattah who…

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Ride hailing company Bolt secures US$719m for its expansion into new geographies

GLOBAL – Bolt, an Estonia-based startup that operates on-demand ride hailing, shared cars and scooters, as well as a restaurant and grocery delivery service, has announced that it has raised €628 million (US$719.93m) in a new funding round. The round was led by Sequoia Capital and Fidelity and was also backed by Whale Rock, Owl Rock and some of Bolt’s…

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Afreximbank partners NBE sign MoU to promote trade in Egypt

EGYPT – African Export-Import Bank (Afreximbank) and the National Bank of Egypt (NBE) have signed a Memorandum of Understanding (MoU) to promote trade and investment flows into Egypt. Under the MoU, the two institutions agreed to broaden and deepen their collaboration in the provision of products and services related to project preparation, project finance and asset-based finance, intra-Africa trade, export…

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Kenya to pioneer Africa’s first transmission PPP project

KENYA – A pan-African infrastructure platform and an Indian statutory corporation have signed a joint development agreement to develop Africa’s first transmission public-private partnership (PPP). Africa50 and Power Grid Corporation of India Limited (POWERGRID) signed the agreement to continue to develop the Kenya Transmission Project on a PPP basis. The project entails the development, financing, construction and operation of the…

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MTN Uganda introduces overdraft facility as it ups competition in digital lending space

UGANDA – MTN Mobile Money in partnership with NCBA Bank, has launched a new MTN MoMo overdraft service dubbed MoMoAdvance that will enable MTN MoMo customers to access advance Mobile Money funds that they can use to complete their MoMo transactions and payback later. Available to all MTN MoMo customers, MTN MoMoAdvance is an extension of the MTN MoMo customers’…

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Hive Hydrogen to set up a US$4.6b Green Ammonia Plant in South Africa

SOUTH AFRICA – Hive Hydrogen South Africa, a partnership between U.K energy company, Hive Energy, and South African energy companies BuiltAfrica, and Afrox, have announced plans to establish a US$4.6bn green ammonia plant in Gqeberha, South Africa. According to Hive Energy Chief Executive Officer, Giles Redpath, they have been working on renewable energy-powered green hydrogen and green ammonia projects since 2019.…

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Mortgage financier KMRC gets nod to float US$92.7m bond

KENYA – Financial services firm Kenya Mortgage Refinance Company (KMRC) has received the green light from the Capital Markets Authority of Kenya to float Sh10.5 billion (US$92.7 million) Medium-Term Note. The state-owned mortgage financier plans to issue the private bond in several tranches, starting with one for Sh1.4 billion (US$12.4 million) which will be disbursed to participating primary mortgage lenders…

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