Morocco seeks to expand International Cooperation on renewable energy

MOROCCO – The government of Morocco aims to further strengthen international cooperation in renewable energy, announced Minister of Energy Transition and Sustainable Development Leila Benali. Benali said that the kingdom seeks to establish more cooperation with countries and international bodies to attract foreign investments and transfer technology, particularly in the energy field. The minister made her remarks at the 26th…

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AppZone acquires switching license from the Central Bank of Nigeria

NIGERIA – Appzone, a sub-Saharan African payment infrastructure company, has been granted approval in principle by the Central Bank of Nigeria (CBN) to operate under the switching and processing license category. The switching license would allow the company to directly interact and collaborate with key payment stakeholders, including the Nigeria Central Switch hosted by the Nigerian Interbank Settlement System (NIBSS),…

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OPay partners Mastercard to drive financial inclusion across MEA region

AFRICA – OPay and Mastercard are collaborating to drive financial inclusion across the Middle East and Africa by partnering to open up digital commerce in the region, according to a press release Wednesday (May 18). The mobile payments FinTech startup OPay was launched in Nigeria in 2018 by founder and CEO Yahui Zhou. The partnership with Mastercard allows merchants in…

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Agri-tech startup Nile raises US$5m equity funding led by Naspers Foundry

SOUTH AFRICA – South African agri-tech startup Nile, which enables buyers to purchase directly from Africa’s leading food producers through its marketplace, has raised a ZAR83 million (US$5.1 million) equity funding round led by Naspers Foundry. Nile was founded in 2020 to provide farmers with digital solutions that can address various pain points inherent to food trading – including price…

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Emergency response platform RapidDeploy raises equity funding from Nedbank CIB

SOUTH AFRICA – South African emergency response platform RapidDeploy has raised equity funding from Nedbank CIB, the corporate and investment banking division of the Nedbank Group, one of the four largest banking groups in South Africa. Founded by Steven Raucher and Brett Meyerowitz, RapidDeploy is an open and integrated response platform, transforming first responder communications centres of any size into…

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Chariot raises US$25.5M for offshore gas project in Morocco

MOROCCO – Africa-focused energy exploration company Chariot has raised US$ 25.5 million to progress its flagship Anchois offshore gas project in Morocco, as well as its other renewable energy projects across Africa. The Anchois gas development project, which falls under the Lixus Offshore drilling license, covers an area of around 2,390km², with a water depth that ranges from the coastline…

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Madison Life Assurance set to sale of US$68M property to shore up capital

KENYA – Madison Life Assurance Kenya Limited, a leading Insurance company in Kenya, has announced plans to sell properties valued at KSh8 billion (US$68.59m) and quit the annuity business in a move to restructure its balance sheet and boost capital. The insurer said it has decided to cut annuity business, including investments in property which it terms as an expensive…

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World Bank to fund US$30B projects in Nigeria, other countries

NIGERIA – The World Bank is set to disburse a total of US$30 billion to fund existing and new projects in Nigeria and other countries as part of a global response to combat the ongoing food security crisis. The international financial institution, in a statement on the funding plan, noted that the financing will include US$12 billion funding for new…

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Egypt signs MoU with Energy 3 to produce biofuel, graphene from waste

EGYPT – The Egyptian Ministry of the Environment has signed a Memorandum of Understanding (MoU) with Energy3 International (E3i) to convert solid waste into biofuel, hydrogen, and graphene for industries in Fayoum. The governorate of Fayoum in Egypt is once again at the heart of a solid waste recovery project, after the inauguration in January 2022 of four biogas production…

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Emirates telecommunications, Etisalat buys 9.8% of Vodafone Int’l for US$4.4B

EGYPT – Emirates Telecommunication Group Company PJSC (Etisalat) has acquired 9.8 percent stake in Vodafone International Group for US$4.4 billion. The move came days after Emirates said it was looking to expand into new markets in Africa, Europe, and Asia, and into areas outside telecoms such as financial technology, as it seeks to drive growth, according to Reuters. It added…

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