Private equity firm Ascent Capital acquires majority stake in Valley Hospital Limited

KENYA – Ascent Capital, a leading East African private equity firm in the region, through its Ascent Rift Valley Fund II LP has acquired a significant equity stake of Valley Hospital Limited located in Nakuru City, Kenya. Founded in 1996, Valley Hospital was one of the first private for-profit hospitals in Nakuru City and a pioneer in offering quality and…

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ACT Afrique Group appoints Mr. Papa Oumar Syr Diagne as Director, Head of Financial Advisory

SENEGAL – The pan-African strategic, financial and communications advisory firm ACT Afrique Group has appointed Mr. Papa Oumar Syr Diagne as Director, Head of Financial Advisory by decision of  April 15, 2022. In his new role, Papa together with the team will continue to propel the platform’s goal of serving a wide range of clients in the public and private…

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Software startup Bamba secures US$3.2m seed fund to scale its app

KENYA – Bamba, a mobile-first enterprise software for micro-merchants in Africa, has secured US$3.2m in seed funding to scale its app and build its team. Venture capital firm 468 Capital led the round with participation from Presight Ventures, Jigsaw VC, and high-profile angels Mato Peric, Leonard Stiegeler, Laurin Hainy and Thomas Stafford. Ex-Wells Fargo exec says the company held ‘fake…

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ING finances its first social impact loan in Ghana to boost education sector

GHANA – International corporate banking institution that operates as a subsidiary of ING Bank, ING has financed its first social impact loan in Ghana ING’s Structured Export Finance teams in Amsterdam and Frankfurt, with support from the Sustainable Finance team, closed the US$185.37million commercial and credit export facility, which is covered by SERV (Swiss Export Risk Insurance) The loan, which…

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Egyptian healthcare startup Doxx raises US$1.5M in a seed round for expansion

EGYPT – Doxx, an Egypt-based healthcare startup, has raised US$1.5 million in seed round and plans to expand to close the loop on patients’ requirements while becoming the preferred app for doctors and patients. Following the seed funding led by VC Openner and Elevate, the start-up has launched first fully integrated digital platform in the MENA region connecting medical professionals…

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Fintech Tala appoints Munyi Nthigah as its General Manager for Kenya

KENYA – Digital credit provider Tala has announced the appointment of Munyi Nthigah as its General Manager for Kenya. In his new role which he takes up immediately, Nthigah will oversee end-to-end business growth and overall operations for Tala Kenya’s 120-person team, accelerating Tala’s position as one of Africa’s leading fintech. “Mr. Nthigah brings a wealth of fintech experience to…

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Skaleet partners Mobiblanc for cutting-edge technology to serve banks across Africa

MOROCCO – Skaleet, an international fintech providing a next-generation Core Banking Platform (CBP), has partnered with Mobiblanc, an Agile Digital Services Enterprise (ESN), to offer turnkey solutions to financial institutions across Africa. The partnership will ensure that financial institutions have the capacities to launch new digital and innovative financial solutions that they can provide to their customers, whether businesses or…

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Oracle opens new research and development lab in Morocco

MOROCCO – American multinational computer tech firm Oracle has announced it will establish a new branch of Oracle Labs, Oracle’s advanced research arm, at Casanearshore Park in Casablanca, Morocco, to house up to 100 researchers. Researchers at the new facility will use Oracle’s cloud, AI, and machine learning technologies to tackle the most pressing challenges facing business, science, and the…

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Shell subsidiary acquires ExxonMobil’s offshore concession in Egypt

EGYPT – BG International Limited., a subsidiary of Shell plc., has signed a Farm Out Agreement (FOA) with ExxonMobil Egypt Limited to acquire a 100% stake in the ExxonMobil-operated North East El-Amriya Offshore Area. The completion of the ownership transfer process is subject to the approval of the relevant government and regulatory agencies. A Farm Out Agreement (FOA) is a…

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Fintech startup FlexPay raises funding to help in its growth plan

KENYA – FlexPay, a Kenyan fintech startup, has raised funding from the Cairo Angels Syndicate Fund CASF), a micro venture capital fund that invests in early-stage startups in the Middle East and Africa as it looks to supercharge its growth and help more people avoid debt. FlexPay is an online and offline payment gateway that allows merchants to offer interest-free targeted…

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