Insurtech Turaco secures US$10m series A round fundraise led by AfricInvest

KENYA – Turaco, a leading insurtech driving mass market insurance adoption across Africa, has announced the close of a US$10 million Series A equity round. The round which saw participation from Enza Capital, Global Partnerships, Zephyr Acorn, Operator Stack, Asi Ventures Limited, and Push Ventures, was led by AfricInvest, via the Cathay Africinvest Innovation Fund, and existing investor, Novastar Ventures. …

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Norsad Capital signs MoU with the IDBZ to create new opportunities for Zimbabwean businesses

ZIMBABWE – NORSARD Capital, a regional impact investor and private credit provider, has signed a Memorandum of Understanding (MoU) with the Infrastructure Development Bank of Zimbabwe (IDBZ). The MoU seeks to enhance cooperation and collaboration on technical funding matters, co-investments, and portfolio management. Norsard was established in 1990 as a multilateral collaboration between the Nordic and SADC Governments. The company…

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Ecobank launches RapidCollect™ for seamless payments across Africa with one account

AFRICA – The pan African banking group, Ecobank, has launched RapidCollect™ to link financial transactions seamlessly across the continent through a single bank account. With this one account, business customers can receive funds instantly from their clients in their home country and across Ecobank’s pan-African network; Ecobank business customers can now make instant automated reconciliation leveraging Ecobank’s trusted technology. RapidCollect™…

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Banque Misr secures US$100m loan from EBRD to support SMEs

EGYPT – The European Bank for Reconstruction and Development (EBRD) is supporting the green economy in Egypt with a US$100 million loan to Banque Misr for on-lending to local small and medium-sized enterprises (SMEs). The loan follows the success of the Green Economy Financing Facility (GEFF) in Egypt and will support an expansion of green lending in Egypt to under-served…

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China’s Huawei launches Huawei spark to support startups in Algeria

ALGERIA – The Chinese telecoms company Huawei-Algeria and the public startup accelerator ‘Algeria Venture’ inaugurated the international programme ‘Huawei Spark’ dedicated to the promotion and development of startups in Algiers, according to a press release. The launch event was attended by Yacine El-Mahdi Oualid, Minister of Knowledge Economy, Start-ups, and Microenterprises, and Hocine Cherhabil, Minister of Digitization and Statistics. “The…

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Globeleq signs deal to develop large scale green hydrogen plant in Egypt

EGYPT – Africa-focused renewable energy independent power company, Globeleq, has signed a Memorandum of Understanding with Egyptian authorities to jointly develop a large-scale green hydrogen facility within the Suez Canal Economic Zone. The signatories to the agreement include the New and Renewable Energy Authority (NREA), the General Authority for Suez Canal Economic Zone (SCZONE), the Sovereign Fund of Egypt for…

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Global payments FinTech Ebanx expands its services to Africa

AFRICA – Brazil’s payments FinTech Ebanx is expanding beyond its Latin American roots for the first time and bringing its digital solutions to Africa. Founded in Brazil, Ebanx spent 10 years expanding to 15 Latin American countries and is now focusing on Africa, which it believes is the next big growth frontier for digital payments and the digital market. “This is the…

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Mastercard partners with Google to launch Google Pay in South Africa

SOUTH AFRICA – Mastercard, a technology company in the global payments industry, has collaborated with Google to launch Google Pay in South Africa. Cardholders can conveniently and securely tap to pay with their Android phones or supported Wear OS devices in stores, where contactless is in operation, online and through apps, strengthening digital payment capabilities across South Africa. A secure,…

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Eutelsat and Liquid sign agreement to enable SMEs in Africa to access internet via satellite

AFRICA – Eutelsat Communications and Liquid Intelligent Technologies (Liquid), have signed a multi-year, multi-beam agreement for capacity on the EUTELSAT KONNECT satellite. This is meant to address the connectivity needs of Small and Medium Enterprises (SME) and Small Office / Home Office (SOHO) customers in Uganda, South Sudan and the Eastern regions of the Democratic Republic of Congo. Under the…

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ECC acquires controlling stake in Egyptian beauty platform Source Beauty

EGYPT – Source Beauty, the first beauty platform located in Egypt, has acquired an investment from ECC in exchange for controlling ownership in the company. ECC is one of the major producers of beauty and personal care products in Egypt and gives a significant potential for Source Beauty to deliver an upgraded service to its clients, including new product creation…

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