E-commerce platform Homzmart secures US$23m pre-Series B investment

EGYPT – Homzmart, a one-stop shop platform for furniture and home goods, has landed a pre-Series B investment of US$23 million recently, bringing its total investments up to almost US$40 million. The latest fund included the participation of STV — the region’s largest technology VC fund — along with other prominent investors, such as Impact46, Outliers Ventures, Rise Capital, and…

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Telecoms company Vodafone set to sell its stake in Ghana operations to Telecel

GHANA – Telecommunications company Vodafone Plc, is set to sell its 70 per cent stake in Ghana to Africa-focused telecom company, Telecel Group, subject to regulatory approval by the Government of Ghana through the Ministry of Communications. This is part of the British telecommunications giant to refocus on key markets. Vodafone entered Ghana in 2008 when it acquired 70% stake…

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Mobile network operator Africell activates 5G network in Angola

ANGOLA – Africell, a leading mobile network operator, has activated 5G network in Angola for the first time, making Angola a leader in sub-Saharan Africa in terms of 5G connectivity. With a download speed of over 1 gigabit per second (gbps), the technology promises to transform the experience of mobile users and dramatically improve efficiency in digitally connected industries in…

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United Bank for Africa appoints Oliver Alawuba as Group Managing Director

AFRICA – United Bank for Africa, a multinational pan-African financial services group, has announced the appointment of Oliver Alawuba as Group Managing Director. Oliver will oversee all the Group’s banking operations across its twenty African country network and globally in the United Kingdom, the United States of America, France, and the United Arab Emirates. He joined UBA in 1997 and…

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Digital Realty acquires majority stake in data centre provider Teraco

SOUTH AFRICA – Digital Realty, the largest global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions, has completed its previously announced acquisition of a majority interest in Teraco, a data centre provider in South Africa. Digital Realty has acquired Teraco from a consortium of investors, including Berkshire Partners and Permira, that values Teraco at approximately US$3.5 billion.…

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Absa bank secures US$124m loan from IFC to increase access to affordable housing

SOUTH AFRICA – The International Finance Corporation (IFC) and Absa Bank Limited, one of the leading providers of residential mortgages in South Africa have partnered to support the expansion of housing finance targeting lower-to-middle income households IFC’s local currency loan of up to 2 billion South African rand (US$124 million) will help expand Absa’s affordable housing mortgage portfolio in South…

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