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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Ecobank Group secures US$112m credit facility from EIB to support SMEs

AFRICA – Ecobank Group, the pan-African banking group, has signed an agreement for a €100 million (US$112.22m) long-term credit facility over 9 years with the European Investment Bank (EIB) to support the recovery of African SMEs from the COVID-19 pandemic. The facility is split into three regional facilities: West & Central Africa, Eastern Africa, and Southern Africa. Funding will be provided through Ecobank affiliates, for investment projects undertaken by private sector companies. The EIB made the facility available through its COVID-19 Rapid Response Facility, for private sector entities active in…

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Mobility startup Shuttler raises US$1.6m seed round to scale its operations across Africa

NIGERIA – Shuttlers, a tech-enabled mobility startup, has raised a US$1.6 million seed round and shared plans to scale operations across cities in Africa. The seed round led by VestedWorld, a Chicago-based, Africa-focused venture capital company, and also featuring Interswitch, Rising Tide Africa, Launch Africa Ventures, EchoVC Partners, CMC 21, Alsa, ShEquity, Five35, Consonance, CcHub Syndicate, Sakore, and Nikky Tarus. “These are exciting times for us at Shuttlers, and I will like to take the opportunity to thank our investors for believing in what we are building,” said Olokesusi. “This…

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Imperial Logistics acquires 24% stake in Africa-focused online portal FIGJAM

AFRICA – Imperial, the African-focused integrated market access and logistics solutions group, has taken a 24 percent stake from November 1, 2021, in FIGJAM, a sales force automation solution provider in Africa.  FIGJAM was founded in 2013 to create an online portal through which businesses can actively manage field operations by focusing on and building technology to reach the geographically fragmented markets more easily in Africa. “Our investment in FIGJAM is in line with Imperial’s mobile commerce digital initiative and will provide our Market Access business, which has a footprint…

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Tony Elumelu Foundation funds 5000 SMEs for its 2021 Entrepreneurship Programme

AFRICA – The Tony Elumelu Foundation (TEF), the leading philanthropy empowering African entrepreneurs from all 54 African countries, has selected 4,949 entrepreneurs from across Africa for its 2021 Entrepreneurship Programme. The 2021 beneficiaries were selected from a pool of over 400,000 applications, based on their innovation, performance, and growth potential to create jobs and eradicate poverty on the continent. Consisting of both new start-ups and existing small businesses, the 2021 Tony Elumelu Entrepreneurs have undergone world-class business training, mentorship and coaching and will have lifetime access to the Tony Elumelu…

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Standard Chartered appoints Bongiwe Gangeni to head Consumer, Private and Business Banking for EMEA region

AFRICA – Standard Chartered has appointed Bongiwe Gangeni as Head of Private & Business Banking (CPBB), Africa & Middle East, and Europe (AME/E), subject to regulatory approval. Bongiwe will be based in Dubai when she joins the Bank in March 2022. Bongiwe is joining Standard Chartered from Absa, where she spent the last 14 years, most recently as a member of the Group Executive Committee, with the dual roles of Deputy Chief Executive Officer for Retail and Business Banking, and Head of Relationship Banking. Bongiwe’s successful career at Absa comprises…

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AfDB secures US$136m for its Sustainable Energy Fund for Africa

AFRICA – The African Development Bank (AfDB) has announced US$136 million in additional investment for its Sustainable Energy Fund for Africa (SEFA). The announcement was made during the COP26 conference featuring government ministers and a council of leaders in renewable energy. SEFA, a multi-donor trust fund administered by the AfDB, has reaffirmed its support for institutional expansion for its African energy focussed development programs. SEFA’s founding member, Denmark, has disclosed US$14 million in new pledges. Denmark’s Minister for Development and Nordic Cooperation, Fleming Moller Mortensen, deliberated that energy was a…

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Global communications company launches its RTE in Africa

GHANA – Viasat Inc., a global communications company, has announced the launch of its first Real-Time Earth (RTE) facility in Africa, located in Accra, Ghana. Viasat worked in partnership with the Ghana Space Science and Technology Institute (GSSTI), a government-based institution under Ghana Atomic Energy Commission (GAEC), It is focused in coordinating all space, science, technology and related activities in Ghana, to bring new space opportunities and jobs to the region, while expanding Viasat’s ability to deliver critical earth observation and remote sensing data on-demand around the world. With this…

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Flutterwave in aggressive Africa expansion with creator platform Disha acquisition

AFRICA – Flutterwave, the Silicon-Valley based and Pan-African focussed payments company has acquired Nigeria creator platform Disha in an undisclosed deal but is expected to be a six-figure amount. Disha is a platform allowing digital creators to curate and receive payments from their content and portfolios worldwide. Early 2021, Disha made an announcement of its closing down for unclear reasons. Under the terms of the deal terms, Disha will carry on operating as a separate brand and the start-up’s 20,000 users will earn value from their digital content using Flutterwave’s pay-out and…

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MFS Africa raises US$100m to expand its digital payments gateway

AFRICA – MFS Africa, Africa’s largest digital payments network, has raised US$100 million through an equity and debt financing round, marking another milestone in MFS Africa’s expansion, following a series of acquisitions and investments in other African fintechs, including the recently announced acquisition of Baxi in Nigeria. The new investor, AfricInvest FIVE, is one of the most experienced private equity investors in the continent and co-led the round with existing investors Goodwell Investments and LUN Partners Group. CommerzVentures, Allan Gray Ventures, Endeavor Catalyst and Endeavor Harvest also joined the round…

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