South African startup, Qwili raises US$1.2M seed round to improve its operations

SOUTH AFRICA – Qwili, a startup that offers a hybrid sales platform to micro and small merchants in South Africa, has raised US$1.2 million in seed funding, a year after concluding an undisclosed pre-seed round. The round, which included participation from companies including Strat-Tech, Next Chymia, Untapped Global, Codec Ventures, and angel investors like Ashwin Ravichandran and Kanyi Maqubela, was…

Read More

Monetic Group raises funding from 500 Global to build Kalispot network in West and Central Africa

SENEGAL – Outsource Monetic Group, an American and Senegalese fintech based in Atlanta, has announced the closing of a pre-seed fundraising round with 500 Global, a startup accelerator company based in San Francisco, USA. The fintech also announced the launch of the pilot phase, in Senegal and Côte d’Ivoire, of its private ATM network branded KaliSpot. The KaliSpot network is…

Read More

KenGen’s Olkaria 86MW Geothermal power plant commissioned

KENYA – The head of state of The Republic of Kenya, President Uhuru Kenyatta, has commissioned KenGen’s Olkaria I Additional Unit 6 Geothermal power plant, injecting an additional 86 megawatts (MW) into the national, grid further advancing Kenya’s green energy agenda. The power plant propels KenGen’s total installed energy capacity to 1,904MW while its geothermal capacity now stands at 799MW.…

Read More

EBRD to invest US$19m green bond for Morocco’s national railway operator

MOROCCO – The European Bank for Reconstruction and Development (EBRD) has announced a €19.2 million (US$19.50m) investment in a green bond issue by Morocco’s national railway operator Office National des Chemins de Fer du Maroc (ONCF). The investment in a certified green bond of €95 million (US$96.50m) by the rail operator will be utilised for the refinancing of debt used…

Read More

Ethiopian Airlines becomes the 1st African carrier to order Airbus A350-1000

ETHIOPIA – Ethiopian Airlines Group, the flag carrier of Ethiopia, Africa’s largest airline group, has upsized four of its A350-900 on order to the largest variant of the A350 Family, the A350-1000, becoming Africa’s first customer for the aircraft. The aircraft will give the state-owned carrier a competitive edge over its African peers like Kenya Airways (KQ) and South African…

Read More

Access Bank secures US$280m investment from DFC to support SMEs

NIGERIA – DFC, the U.S. International Development Finance Corporation, is set to invest US$280 million in Access Bank in Nigeria alongside Access Bank Managing Director Roosevelt Ogbonna. The loan will help address the financing gap for small- and medium-sized enterprises (SMEs) and advance financial inclusion in Nigeria, including through the bank’s commitment to supporting women-owned and -led businesses. “DFC’s investment…

Read More

170 cybersecurity trainees graduate from USIU Cyber Shujaa program

KENYA – The first cohort of 170 trainees has graduated from the Cyber Shujaa program run by the United States International University-Africa (USIU-Africa) in partnership with Kenya Bankers Association and Serianu Limited. The program is funded by the Challenge Fund for Youth Employment (CFYE) and it seeks to address existing gaps within the ICT and Cybersecurity sector in Africa. This…

Read More

Amea Power set to build 30MWp solar photovoltaic plant in Djibouti

DJIBOUTI – UAE-based independent power producer (IPP) Amea Power has signed agreements to build a 30 MWp solar photovoltaic plant in Djibouti. This will be done in the framework of a public-private partnership (PPP). The agreement for the implementation and joint development of the project was signed on Monday, July 18, 2022, between the managers of Amea Power and Yonis…

Read More

Housing development financier Shelter Afrique records US$1.04m in net profit for 2021

AFRICA – Pan African housing development financier Shelter Afrique has posted an operating profit of US$1.04 million up from operating loss of US$0.58 million the Company recorded in 2020, backed by impairment recoveries and effective cost control measures.  The Company contained its operating expenses at US$8.04 million in 2021 down from US$8.44 million in 2020, representing a 10% decline. It…

Read More

Radisson Hotel Group continues with its Africa’s expansion spree in first half of 2022

AFRICA – Radisson Hotel Group, a multi-national hospitality company, has continued its ambitious African growth strategy in the first half of 2022 and confirmed more than eight hotel openings and market entries with over 1,000 rooms across the region. At the start of 2022, the Group set out plans to add more than a dozen hotels across the continent and…

Read More