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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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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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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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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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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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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