Kasada Capital acquires Umubano hotel in Kigali, Rwanda

RWANDA – Kasada Capital Management, an independent investment platform within the Kasada Group, dedicated to hospitality in Sub-Saharan Africa has acquired the former Umubano hotel in Kigali, Rwanda. The investment platform has also disclosed a commitment to spending US$40 million on upgrading the Umubano hotel to a five-star. Umubano Hotel, located in Kacyiru, a high-end neighborhood of Kigali, Rwanda’s capital…

Read More

PAYG startup Solar Panda secures US$8m Series A funding to increase product offering

KENYA – Solar Panda, a startup based in Canada and Kenya that designs, manufactures, and sells pay-as-you-go (PAYGo) solar household systems in Kenya, has received US$8 million in Series A funding. The funding round was led by impact investors Oikocredit and the EU-funded Electrification Financing Initiative (EDFI ElectriFI). This investment will be used to increase the company’s product offerings, expand…

Read More

BDC celebrates ground-breaking of Oxigas plant in Selibe Phikwe

BOTSWANA – Botswana Development Corporation (BDC) has launched the ground-breaking of a specialised warehouse facility for Oxygen Gas Pty Ltd (Oxygas) project in Selibe- Phikwe. Oxygas is a 100% citizen-owned company that has been set up to manufacture medical and industrial gas and is one of the trailblazers in this field, in Botswana. The ceremony was officiated by the Honorable…

Read More

Rwanda’s national e-payment RSwitch partners African fintech giant EFT Corporation

RWANDA – Payment solution company RSwitch, which serves as the national e-payment switch of Rwanda, has announced a new partnership with African fintech giant EFT Corporation to expand access of Rwandans to their money across all technological platforms. The deal will see RSwitch benefit from EFT’s extensive suite of end-to-end payment solutions, enabling faster transactions between banks, mobile operators and…

Read More

Wave Mobile Money secures US$91m investment from IFC

WEST AFRICA – IFC has announced a US$91.6 million investment agreement in Wave Mobile Money S.A. (Senegal) and Wave Côte d’Ivoire S.A., two major mobile money service providers in their respective markets, to strengthen financial inclusion and support economic growth in Senegal and Côte d’Ivoire. The funding from the IFC and other investors will allow Wave to expand its operations…

Read More

Scandinavian gold exploration company Akobo Minerals secures US$5m loan to fund its operations in Ethiopia

ETHIOPIA – Akobo Minerals, a Scandinavian gold exploration and boutique mining company, has secured a convertible loan of NKr49.18-million (US$5 million), to fund the first phase of the Segele mining operation in Ethiopia. The remaining US$7 million for the final phase of the project is contemplated to be financed from additional debt and or equity. Akobo says it is currently…

Read More

Automotive startup Autochek acquires CoinAfrique to accelerate its expansion in Francophone Africa

NIGERIA – Autochek, the Nigerian automotive startup, has accelerated its expansion to Francophone Africa after acquiring CoinAfrique for an undisclosed amount. CoinAfrique is the leading platform for classified ads in French-speaking Africa, and this acquisition will see Autocheck penetrate its auto financing services in Senegal, Côte d’Ivoire and other French-speaking African countries. Founded in 2016 by Matthias Papet and Eric…

Read More