Egypt selected as chair for COMESA, pledges to deepen intra-trade opportunities

EGYPT – Egypt is the new Chair of the COMESA Heads of State and Authority after taking over from Madagascar that has been steering the organization since 2016. The exchange of power took place in Cairo, Egypt, during the 21st Summit of the COMESA Authority of Heads of State and Governments. Egypt last hosted the COMESA Summit in 2001. The 2021 Summit whose theme is “Building Resilience Through Strategic Digital Economic Integration” comes three years since the last was hosted by the COMESA Secretariat in Lusaka, Zambia, on 18 –…

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Fintech startup OnePipe raises US$3.5m in seed funding round

NIGERIA – OnePipe, a fintech startup, has raised US$3.5 million in seed funding round as it looks to double down on its embedded finance strategy. The seed funding round was co-led by Atlantica Ventures, Tribe Capital and V&R Associates. The round also includes Canaan Partners, Saison Capital, Norrsken, The Fund and Two Culture Cap, while almost all existing investors participated, like Chris Adelsbach, Techstars, Ingressive Capital, Acquity, P1, Raba and DFS Lab. OnePipe, which raised a US$950,000 pre-seed round late last year, will use this latest capital to scale its…

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Mobility startup Yassir raises US$30m in Series A funding round

ALGERIA – Yassir, an on-demand mobility startup, has raised US$30 million for its Series A round led by A vast network of essential strategic investors. The investors included WndrCo, DN Capital, Kismet Capital, Spike (Stanford Alumni) ventures, and Quiet Capital. Other investors included Endeavor Catalyst (Endeavor’s co-investment fund), FJ Labs, VentureSouq, Nellore Capital, Moving Capital (AKA the Uber Alumni Investment Club), and others. The latest round comes only three months after Yassir raised $13 million in its Seed round. Founded in 2016 by Noureddine Tayebi, Yassir offers ride-hailing and parcel…

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Autotech Fixit45 acquires autocare Parkit, unveils subscription-based VIP programme

NIGERIA – Fixit45, an autotech platform, has announced the acquisition of Parkit, a network of tech-enabled autocare and car wash centres. Fixit45 caters to needs in the repair and maintenance segment while Parkit plays in the auto care vertical. “Parkit was committed to building out and digitizing the fragmented vertical in the autocare and car wash space. They provided business support, training and consumables to businesses and ensured that the experience was rewarding for fleet and car owners,” Justus Obaoye, CEO and Co-Founder, Fixit45 while commenting on the acquisition said.…

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UAE’s dnata announces major investment in Zanzibar aviation industry

ZANZIBAR – Dubai National Air Travel Agency commonly known as dnata, which provides aircraft ground handling, cargo, travel, and flight catering services has signed a concession agreement with the government of Zanzibar, along with Emirates Leisure Retail and SEGAP, a joint venture between airport infrastructure and operations specialists Egis, and private equity fund manager AIIM. Under the partnership, dnata will oversee the operations of Zanzibar Abeid Amani Karume International Airport’s (ZNZ) newly-built international terminal (T3), with SEGAP supporting the Zanzibar Airports Authority (ZAA) in a management capacity. Emirates Leisure Retail…

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Air Tanzania resumes Dar-es-Salaam – Nairobi flights

TANZANIA – Air Tanzania has resumed two daily flights between Dar es Salaam and Nairobi after 20 years since it ceased operations. The national carrier says it will operate an Airbus A220-300 aircraft on the new route as Nairobi becomes a strategic route in African plans. Air Tanzania Chief Executive Officer Ladislaus Matindi said the restart of the Dar-Nairobi route has been prompted by improved bilateral relations, increased trade between the two countries, inter-governmental relations, tourism, an extension of familial and friendly ties, and the need to connect the region…

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Delivery platform ShapShap secures investment from GreenTec Capital

NIGERIA – ShapShap, a delivery platform that specializes in deliveries in Africa’s fragmented logistics industry, has received an undisclosed investment sum from GreenTec Capital Partners, an Africa-focused venture capital firm. ShapShap is currently providing last-mile deliveries in Abuja and Lagos, Nigeria, using an all-in-one platform that connects customers, drivers, and merchants. GreenTec will help ShapShap through the VC’s Venture Building concept under the terms of the agreement. The startup’s significant traction drew GreenTec’s attention. More than 30,000 orders have been processed for more than 4,000 consumers on ShapShap platform, and…

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Norfund and UKCI fund BEE investments into 700 MW wind portfolio in South Africa

SOUTH AFRICA – Norwegian development finance institution, Norfund, and the UK Climate Investments (UKCI) have announced that they will jointly finance the 40% equity participation of H1 Holdings and Pele Green Energy into a 700 MW portfolio of onshore wind farms in South Africa.  A joint venture of H1 Holdings and Pele Green Energy will invest in wind energy projects alongside Enel Green Power. The deal is one of South Africa’s largest renewable energy equity deals valued at around US$100 million. Enel Green Power is set to retain a 60%…

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AfDB and Rockefeller Foundation sign US$1.6b deal for African renewables

AFRICA – The African Development Bank (AFDB) and the Rockefeller Foundation have signed a Letter of Intent to collaborate on decentralized renewable energy (DRE) solutions and grid-based energy transition for the African continent.  The partnership was signed just a few days after the launch of the Global Energy Alliance for People and Planet (GEAPP) at COP26. With catalytic capital from The Rockefeller Foundation, IKEA Foundation and the Bezos Earth Fund, and a consortium of nearly two dozen public and private sector partners, GEAPP aims to accelerate an equitable energy transition in 60+…

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Britam Holdings CEO Tavaziva Madzinga quits after 10 months at the helm

KENYA – Insurance Group Britam Holdings has announced the planned exit of its managing director, Tavaziva Madzinga, after just 10 months in office in its latest executive shake-up. Mr. Madzinga will officially leave Britam in April 2022, giving the company enough time to find his replacement. The announcement comes barely 10 months after he joined the company on 1st February 2021 following the retirement of Benson Wairegi who had served in the company for more than four decades. The insurer has also announced the appointment of Charles Njuguna as the deputy managing…

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