AfDB approves US$175m agreement facility with TDB to trade in Africa

AFRICA – The African Development Bank (AfDB) has approved a US$175 million Trade Finance Funded Risk Participation Agreement facility between the African Development Bank and Trade & Development Bank (TDB). The agreement is expected to boost intra-Africa trade, promote regional integration, and reduce the trade finance gap in Africa. The Bank will provide liquidity of up to 50% (the other…

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AfricInvest, VC firm Cathay Innovation close US$112m Pan-African Venture fund

AFRICA – Investment company AfricInvest and venture capital firm Cathay Innovation, have announced the final close of their joint Pan-African Venture fund, Cathay AfricInvest Innovation Fund (CAIF) at €110 million (US$112.53m). The fund is backed by LPs such as EIB, AfricaGrow, FMO, Bpifrance, Triodos Investment Management, Proparco, SIFEM, BIO and, among others, as well as a diverse pool of globally…

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Exim Bank Tanzania completes acquisition of First National Bank Tanzania

TANZANIA – Exim Bank Tanzania, a commercial bank, has completed the acquisition of assets and liabilities of First National Bank (FNB) Tanzania Limited, a financial services company, as it ups its expansion plan domestically and regionally. The move comes almost nine months after Exim Bank Tanzania signed the offer to acquire certain assets and liabilities of FNB Tanzania on October…

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Cassava Technologies secures US$50m investment to increase digital connectivity in Africa

AFRICA – Cassava Technologies, Africa’s first integrated tech company of continental scale, has announced that it has secured a US$50 million investment from C5 Capital (C5), a specialist venture capital firm that invests in cyber security, space, and energy security. The investment is part of a broader funding round to accelerate Cassava’s growth. The investment by C5 will contribute to…

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Equity, AFCTA ink deal to deepen economic integration of the African continent

KENYA – Equity Group Holding, a financial service holding company, has signed a Memorandum of Understanding (MoU) with Africa Continental Free Trade Agreement (AFTCTA) to accelerate the KSh678 billion (US$6 billion) Regional Private Sector Economic Recovery and Resilience Stimulus Plan. Under the partnership, Equity Group will focus on key strategic pillars including agriculture and the extractive sectors, manufacturing and logistics,…

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Airtel, Telkom customers can now make payments to Safaricom’s M-Pesa Pay Bill numbers

KENYA – Kenya’s mobile network operators: Telkom, Safaricom, and Airtel, have announced that Kenyans can now make direct mobile money payments to an M-PESA Pay Bill Number from any network. This move follows the telcos’ announcement in April this year, which saw Kenyans being able to make mobile money payments to M-PESA Buy Goods and Services Tills from any network.    …

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I&M Bank Kenya secures US$1m NASIRA portfolio guarantee from FMO

KENYA – FMO, the Dutch entrepreneurial development bank, has signed a NASIRA portfolio guarantee for US$15 million in local currency for its existing customer I&M Bank in Kenya. NASIRA is a risk sharing facility for local financial institutions. It offers a portfolio guarantee to stimulate lending to underserved segments. The risk-sharing facility will be used for I&M Bank’s MSME portfolio,…

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