Nigerian fintech start-up Kwaba secures pre-seed funding round for African expansion

NIGERIA – Nigerian fintech start-up Kwaba, which helps low and middle-income earners to split their annual rent into convenient monthly installments, has secured a pre-seed round of funding to help it expand across Nigeria and Africa. The pre-seed round was led by from Co-Creation Hub (CcHub) and other investors, having received investment from Ingressive Capital in 2020. The start-up will…

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L Bank partners Adanian Labs to improve the information flow on cryptocurrency

KENYA – L Bank, a crypto trading platform and Kenyan-based AI and blockchain-powered venture incubator, Adanian Labs have entered into a partnership, in a bid to develop and nurture the future of blockchain in Africa. The partnership seeks to improve the information flow and learning around blockchain and cryptocurrency. Allen Wei, CEO of LBank said that the partnership will allow…

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SA’s solar industry representative body SAPVIA appoints Dr. Rethabile Melamu as new CEO

SOUTH AFRICA – South African Photovoltaic Industry Association (SAPVIA), South Africa’s solar industry representative body, has appointed Dr. Rethabile Melamu as the new CEO. Melamu takes on the role at a crucial time in South Africa’s energy transition with the country set to procure close to 6GW of new solar energy capacity in this decade alone. A Chemical and Environmental…

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Oikocredit invests US$1.48M in Weziza Benin to boost solar electricity in Benin

BENIN – Social impact investor Oikocredit is providing long-term project financing to Weziza Benin, an off-grid distributed energy enterprise, to connect 40,000 people in rural Benin to solar electricity. With the funding, Weziza Benin will provide 21 rural communities with clean, affordable, and reliable electricity generated through renewable energy systems designed as solar photo voltaic-powered mini-grids. The project has been…

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South Africa’s Mama Money accelerates global expansion, appoints new CEO

SOUTH AFRICA – Mama Money, the Cape Town-based fintech, has appointed Nicolas Vonthron as CEO, as the start-up has set its sights on expanding its global footprint, which now reaches over 50 countries across Africa, Asia and Europe. In a statement, it says this year, Mama Money’s cross-border money transfer volumes more than doubled compared to the previous quarter, with the…

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Netflix invests US$300k in Kenya to support to support local scholarships for creatives

KENYA – Netflix, a streaming service, has entered into a two-year partnership with the Kenyan Government that will see the latter invest in 3 Kenyan films which are at various stages of production. Under the partnership, Netflix will also allocate US$300,000 (KSh33 million) to support local scholarships for Kenyan creatives as part of its bid to support human capital development…

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Remittances to Morocco rise to US$2.3B in first quarter of 2022

MOROCCO – Remittances from Moroccans living abroad (MRE) reached more than MAD 22.9 billion ($2.3 billion) in the first quarter of 2022, according to Morocco’s Exchange Office. In its latest data on remittances to the country, money transfers from the Moroccan diaspora grew by 8.3%, reaching MAD 1.76 billion (US$176 million) compared to last year. Meanwhile, foreign direct investment (FDI)…

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Asante Gold takes majority stake in Chirano Gold Mine in Ghana

GHANA – Asante Gold Corporation has entered into a US$225 million share purchase agreement with Kinross Gold Corporation to acquire Kinross’ 90% interest in the Chirano Gold Mine in Ghana. Chirano is an operating open-pit and underground mining operation located in southwestern Ghana, immediately south of the Company’s Bibiani Gold Mine. The upfront consideration for the acquisition will be comprised…

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Wintershall Dea expands interest in Algerian Reggane Nord gas project

ALGERIA – Wintershall Dea has agreed to acquire an additional 11.25% participating interest in the Reggane Nord natural gas project, in Algeria, from Edison International for an undisclosed sum. After the transaction is closed, the consortium Groupement Reggane Nord (GRN), operator of the project, will comprise Sonatrach (40%), Wintershall Dea (30.75%), and Repsol (29.25%). The company currently holds a 19.5%…

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Logistics startup GoMetro secures US$1m seed extension to accelerate its growth

SOUTH AFRICA – South African logistics startup, GoMetro, has secured a US$1 million (ZAR16.3 million) seed extension round to accelerate its growth, bolster its commercial team and rapidly expand into the South African, UK and American markets. The funds were received from Kalon Venture Partners, Hlayisani Capital, Tritech Global, 4Decades Capital, and E Squared Investments and would be used for…

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