Microsoft partners with Tizeti to boost internet speeds & access in Nigeria

NIGERIA – Microsoft, an American multinational technology corporation has partnered with Tizeti, a solar-based internet service provider in West Africa to boost internet speed and access in Nigeria. Tizeti is a fast-growing Wireless Internet service provider in Lagos, Nigeria, delivering high-speed unlimited Wi-Fi Internet access to residential and business customers using wide-area Wi-Fi. Its services are available in Lagos, Ogun,…

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ThriveAgric raises US$56.4M debt funding, accelerates pan-Africa expansion plans

NIGERIA – ThriveAgric, a fast-growing technology-driven agricultural company, has raised US$56.4 million in debt funding from local commercial banks and institutional investors to accelerate expansion plans. The raise also included a co-investment grant of US$1.75 million from the USAID-funded West Africa Trade & Investment. The new investment will enable the company to grow its 200,000+ farmer base, and expand into…

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Safaricom partners Little and Makao for the development of M-PESA Mini Apps

KENYA – Safaricom, a mobile network operator, has launched partnerships with Little and Makao that will enable M-PESA customers access services from the two firms within the M-PESA Super App without customers having to download separate apps. Customers can access both the Little and Makao M-PESA Mini Apps under the “Discover” option on the M-PESA Super App. “For 15 years,…

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A.P. Moller Capital acquires 87 MW independent power producer, Thika power

KENYA – A.P. Moller Capital, a fund management company, has acquired Thika Power, an 87 MW independent power producer located in the Kenyan capital Nairobi. With this acquisition, A.P. Moller Capital will own two power plants located in Nairobi with a combined capacity of 140MW. This will make A.P. Moller Capital’s power platform, East Africa Infrastructure Platform Limited, one of…

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Nigerian ed-tech startup Klas secures US$130k seed round for expansion

NIGERIA – Klas, a Nigeria-based education technology company building the future of online teaching, has raised US$130,000 in an angel round to expand its global footprints of online schools. Klas is a virtual learning platform that allows anyone to open a virtual school as well as provide live lectures. Their goal is to unleash the power of knowledge exchange. The…

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Ghanaian Startup Yemaachi secures US$3M in seed funding to advance precision oncology

GHANA – Yemaachi Biotech, a cancer research and diagnostics firm with headquarters in Washington, DC, has secured a US$3 million seed round to further its goal of worldwide accuracy oncology diversification. The latest seed funding round was led by V8 Capital with participation from LifeLine Family Heritage Fund, Y Combinator, Tencent, LoftyInc Capital, VestedWorld, V Square Capital, and Ethan Perlstein.…

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IFC launches work on solar mini-grid program to scale up clean electricity in the DRC

DRC – International Finance Corporation (IFC) has begun work with the Government of the Democratic Republic of Congo (DRC) to bring clean, solar energy to over 1.5 million homes, businesses, schools, and clinics in the country under the World Bank Group’s Scaling Mini-Grid (SMG) program. The SMG program was designed to help the DRC and other emerging countries establish public-private…

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Agritech Apollo Agriculture raises US$40m Series B investment to develop new products

KENYA – Kenya-based agritech Apollo Agriculture, which assists farmers in obtaining high-quality farm inputs, finance, and markets, has raised a US$40 million Series B investment deal headed by Softbank Vision Fund 2. Apollo Agriculture intends to treble its farmer base by the end of 2022 and to develop new products that add value per acre of land with this new…

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IFC, African and European Partners launch Alliance to support private sector growth in Africa

AFRICA  – International Finance Corporation (IFC), African and European partners have launched Alliance for Entrepreneurship in Africa to support private sector growth in Africa. The Alliance will combine and focus the technical and financial strengths of its members to improve Africa’s business environment and support the growth and success of small and medium-sized enterprises (SMEs), women in business, and young…

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Egypt’s central bank raises interest rates, cites Ukraine and Covid-19 pandemic

EGYPT – Egypt’s Central Bank has raised its key interest rate for the first time since 2017, citing inflationary pressures triggered by the Covid-19 pandemic and Russia’s war in Ukraine, which hiked oil prices to new records. The move saw the Egyptian pound slip, trading 17.5 to the dollar, from an average of 15.6 pounds for US$1, after the bank’s…

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