Amazon acquires stake in valU worth US$10Mexpands in Egypt

EGYPT – American multinational technology company, Amazon has expanded into the Egyptian market with the acquisition of US$10 million stake in valU. Based on the terms and conditions of the transaction agreement, the option will be exercisable prior to or upon the occurrence of a qualified liquidity event at the level of valU. It will be in the form of…

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eCommerce platform TradeDepot appoints Chidi Akubuiro as MD for West Africa

NIGERIA – TradeDepot, a B2B eCommerce and embedded finance platform in Africa has appointed former Coca-Cola HBC and Hayat Kimya Nigeria Executive, Chidi Akubuiro as its Managing Director for West Africa. Akubuiro will lead further expansion of TradeDepot’s services across more key cities in Nigeria and Ghana and drive growth across English-speaking West Africa. Akubuiro comes into the role with…

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Global e-commerce leader QNET partners Transblue, launches in Nigeria

NIGERIA – Global e-commerce and direct selling leader, QNET Limited, has launched in Nigeria in partnership with Transblue Limited as its lead market partner in one of Africa’s biggest economies. QNET provides customers around the world with unique high-quality products and services while providing an opportunity for Independent Representatives (IRs) to build a sales business by promoting these products. The…

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Ecobank grants US$1.6M to WIC Capital to back female entrepreneurs in Senegal

SENEGAL – Ecobank, a pan-African banking conglomerate has signed a one billion CFA franc (US$1.6 million) collaboration contract with “Women’s Investment Club” (WIC) Senegal to support female entrepreneurship in Senegal. The financial partnership is a core component of the “Ellever” program, which aims to support women’s activities that encourage financial independence by making it easier for them to use modern…

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COFINA taps Oracle financial services to enhance digital capabilities for SMEs in Côte d’Ivoire

CÔTE D’IVOIRE – Compagnie Financiere Africaine (COFINA), an Africa-based financial group in Côte d’Ivoire has tapped Oracle Financial Services to enhance its banking systems. COFINA is focused on mesofinance, a relatively new concept that offers small loans starting from 1,000 Euros specifically for small and mid-sized businesses (SMEs). With the Oracle Banking portfolio, COFINA will bring next-generation digital capabilities to…

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UK invests US$39M to back Africa’s ambitious continental free trade initiative

AFRICA – UK has launched a programme of up to US$39.04 million to support negotiations and implementation of the African Continental Free Trade Area (AfCFTA). The AfCTFA is expected to lift 30 million people out of extreme poverty, create jobs, and provide new commercial opportunities for businesses across Africa and the UK. It comes as Wamkele Mene, Secretary-General of the…

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HashCash launches lending service platform for women entrepreneurs in Morocco

MOROCCO – Global blockchain development company HashCash Consultants, has announced the launching of a micro-loans lending platform in collaboration with a DeFi (decentralized finance) startup to women entrepreneurs of Morocco. The blockchain-powered platform will transfer funds to the women who are registered with their verified digital identities. The platform allows pool-based borrowing wherein lenders provide liquidity to a pool that…

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IFC, African and European Partners launch Alliance to support private sector growth in Africa

AFRICA  – International Finance Corporation (IFC), African and European partners have launched Alliance for Entrepreneurship in Africa to support private sector growth in Africa. The Alliance will combine and focus the technical and financial strengths of its members to improve Africa’s business environment and support the growth and success of small and medium-sized enterprises (SMEs), women in business, and young…

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Virtu signs agreement with Arqaam to expand market access for equity algorithmic trading in MENA

MENA – Virtu Financial has announced a non-exclusive co-operation agreement with emerging markets specialist Arqaam Capital (Arqaam) to deploy Virtu’s global equity execution algorithms to clients in MENA markets. Virtu is a global provider of financial services and products that leverage cutting-edge technology to deliver innovative, transparent trading solutions to our clients and liquidity to the global markets. Under the…

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