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Day: May 5, 2022

Hello Tractor receives US$1m from Heifer International to drive agriculture mechanization

NIGERIA – Hello Tractor, a tractor booking platform, has received US$1 million investment from Heifer International to spearhead its Pay-As-You-Go (PAYG) Tractor Financing for Increased Agricultural Productivity in Nigeria program. The initiative is focused on providing loan financing for tractor purchases to potential young entrepreneurs, with a flexible repayment plan i.e., utilizing revenues from the leasing of the farm machinery…

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MTN Nigeria to invest US$722k in its Media Innovation Programme (MIP)

NIGERIA – Technology company, MTN to invest over N300 million (US$722,862) in its Media Innovation Programme (MIP) targeted at empowering journalists in the country. Through the program, which is being organized in partnership with the Pan-Atlantic University, MTN will train 20 Nigerian media practitioners. The training includes digital skills, improvement in writing, and reporting skills through group presentations and sessions…

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Kenya’s accelerator platform The Baobab Network funds 5 new African startups

KENYA – The Baobab Network, a Nairobi-based accelerator that invests in early-stage tech companies across Africa, has announced its latest cohort of five investees, each of which secures US$25,000 in funding. The Baobab Network has been accelerating startups with capacity building and fundraising since 2019, and now supports 25 startups in 11 countries after making five further investments as part…

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KenGen to add 400MW of geothermal power to the national grid

KENYA – The Kenya Electricity Generating Company (KenGen) has announced a plan to add 400 megawatts (MW) of geothermal power to the national grid in the next five years. The State agency says the output would completely phase out thermal power. Under the project, KenGen will rehabilitate some of its geothermal power plants and upgrade others as it continues with…

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Banque Misr acquires all shares of Banque du Caire for US$373.4M

EGYPT – State-owned Bank Misr has carried out an ownership transfer transaction for fellow state-owned Banque du Caire in a deal valued at EGP 6.9 billion (US$ 373.37 million). The deal was executed through BLOCK TRADING transaction, through which Bank Misr purchased 1.125 billion shares of Banque du Caire, according to EGX. According to the statement, the share that Banque…

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KCB set open new subsidiary in Rwanda after completing the acquisition of BPR Bank

RWANDA – Kenya Commercial Bank (KCB) Group has announced plans to open a new subsidiary in Rwanda, seeking to double its regional business in the next two years and support economic expansion in Rwanda. The lender merged KCB Bank Rwanda with its newly acquired Banque Populaire du Rwanda (BPR) to form BPR Bank Rwanda Plc last month. The acquisition of…

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Safaricom appoints Michael Mutiga as its new Chief Business Development and Strategy Officer

KENYA – Safaricom, a mobile network operator, has appointed Mr Michael Mutiga as its new Chief Business Development and Strategy Officer, with effect from 1st May 2022. He will be in charge of strategy and acquisitions, underlining the telco’s quest to get a larger share of the financial services market. The appointment comes at a time the telco is seeking…

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VC firm HAVAIC raises US$20 million to invest in African tech startups

SOUTH AFRICA – HAVAÍC, an investment and advisory firm, has announced the third and final close of the HAVAÍC Universum Core African Fund, a US$20 million fund that will invest in early-stage technology companies in South, East, and West Africa.  The Cape Town-headquartered HAVAÍC is an investment and advisory firm that invests in and supports early-stage, high-growth African technology businesses…

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Morocco’s Holmarcom group takes control of Credit du Maroc Bank

MOROCCO – Holmarcom group, an insurance and real estate company has acquired 78.7% of the shares held by the French company Credit Agricole, in its Moroccan subsidiary Credit du Maroc. The two institutions signed an agreement, allowing Credit du Maroc to become one of the subsidiaries of the Holmarcom Group. Credit du Maroc is divided between Credit Agricole (78.69%) and…

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Nigerian trade tech firm Norebase closes US$1M in pre-seed round to back African companies

NIGERIA –Nigeria-based trade technology firm, Norebase has closed US$1M pre-seed funding round to allow companies to start, scale, and operate in any African country. The round was co-led by Samurai Incubate and Consonance Investment with participation from Sahil Lavingia (Gumroad) and Kinfolk VC. The round also attracted participation from Future Africa, Ventures Platform, Microtraction, Boleh Venture, Voltron Capital, Wuri Ventures,…

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