Insurance firm Britam appoints Tom Gitogo as Managing Director

KENYA – Britam, an insurance group, has appointed Tom Gitogo as the new managing director, marking a return to the firm he once served as finance director. Mr Gitogo takes over from acting MD Charles Njuguna on September 1. Mr Njuguna, the finance director, took over from Tavaziva Madzinga in April, following his exit after just 10 months in office.…

Read More

Cloud banking platform Mambu secures investment from 4G Capital

AFRICA – Mambu, a leading cloud banking platform, has secured an investment from 4G Capital, a neobank powering micro and small business growth in Africa. 4G Capital provides unsecured business loans along with enterprise training and access to digital solutions. Mambu’s platform will enable the neobank to scale and expedite its digital journey to meet customer business needs. “Our investment…

Read More

MetroFibre Networx secures US$297m debt finance from Standard Bank

SOUTH AFRICA – MetroFibre Networx, a South African company that provides uncapped household and enterprise fibre network coverage, has secured R5 billion (US$297 million) in debt financing from Standard Bank to expand its fibre-optic data network rollout across the country. The financing, according to Standard Bank, will be used to expand MetroFibre’s connectivity into homes and businesses in under-serviced communities…

Read More

United Bank for Africa appoints Oliver Alawuba as Group Managing Director

AFRICA – United Bank for Africa, a multinational pan-African financial services group, has announced the appointment of Oliver Alawuba as Group Managing Director. Oliver will oversee all the Group’s banking operations across its twenty African country network and globally in the United Kingdom, the United States of America, France, and the United Arab Emirates. He joined UBA in 1997 and…

Read More

Absa bank secures US$124m loan from IFC to increase access to affordable housing

SOUTH AFRICA – The International Finance Corporation (IFC) and Absa Bank Limited, one of the leading providers of residential mortgages in South Africa have partnered to support the expansion of housing finance targeting lower-to-middle income households IFC’s local currency loan of up to 2 billion South African rand (US$124 million) will help expand Absa’s affordable housing mortgage portfolio in South…

Read More

Access Bank secures US$280m investment from DFC to support SMEs

NIGERIA – DFC, the U.S. International Development Finance Corporation, is set to invest US$280 million in Access Bank in Nigeria alongside Access Bank Managing Director Roosevelt Ogbonna. The loan will help address the financing gap for small- and medium-sized enterprises (SMEs) and advance financial inclusion in Nigeria, including through the bank’s commitment to supporting women-owned and -led businesses. “DFC’s investment…

Read More

Family Bank, World Navi sign financing deal for import of second-hand vehicles

KENYA – Family Bank, a commercial bank, and World Navi, a leading Japanese exporter of used units to Africa and Europe, have signed a deal that will see customers access up to 80 per cent asset financing and 100 per cent import duty financing as they import second hand vehicles. The partnership will enable individuals, motor vehicle dealers and SMEs…

Read More

BII partners Standard Bank for battery storage and solar projects in South Africa

SOUTH AFRICA – British International Investment (BII), the UK’s development finance institution (DFI) and impact investor, has partnered with Standard Bank and H1 Holdings to successfully reach financial close on the first sizable battery energy storage and photovoltaic (PV) solar project in South Africa. The partners are investing to back three unique Kenhardt projects, powered entirely by renewable sources. The…

Read More

Kacha Digital Financial Services becomes first private mobile money company in Ethiopia

ETHIOPIA – The National Bank of Ethiopia has formally granted a mobile money licence to Kacha Digital Financial Services S.C., making it the first private company to hold such a license. Kacha, which has a registered capital of 200 million Birr (US$3.80m), heralds the start of a new era for expanded private sector involvement in the framework of the country’s…

Read More

Fintech infrastructure startup Bloc acquires payments company Orchestrate

NIGERIA – Bloc, the Nigerian full-service fintech and Banking-as-a-Service (BaaS) infrastructure provider, has announced its acquisition of Getwallets, the wallets-as-a-service provider that has now recently pivoted to become payments orchestration company Orchestrate. The strategic acquisition of Orchestrate will enable Bloc to focus its core product strategy on delivering seamless BaaS and banking services while Orchestrate leads its fintech infrastructure with…

Read More