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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Afreximbank signs MoU with APPO to create energy bank in Africa

AFRICA – Pan-African multilateral trade finance institution, the African Export-Import Bank (Afreximbank), has signed a Memorandum of Understanding (MoU) with the African Petroleum Producers Organization (APPO) for the creation of a multi-billion-dollar energy bank. Aimed at scaling up private sector investment in African oil and gas projects, the bank will provide critical financing for new and existing oil and gas…

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Africa’s agri-tech company, TINGO merges with financial services provider MICT

AFRICA – African agri-tech company Tingo and financial services provider MICT have executed a definitive merger agreement to consolidate both operations across the African and Asian markets. The merger is anticipated to create a US$900 million annual revenue and is also expected to spark a global expansion strategy. The combined technology stack of both Tingo and MICT is expected to…

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Wärtsilä introduces decarbonization services business model to support net-zero CO2 emissions

AFRICA – The technology group Wärtsilä, has launched its decarbonization services strategy aimed at identifying solutions needed to decarbonize power systems and reducing CO2 emissions for clients in the mining and industrial sectors. The service utilizes Wärtsilä’s sophisticated power system modeling and optimization tools alongside in-house expertise to reduce power system emissions. It also ensures power availability with the lowest…

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Identitypass secures US$2.8M seed funding for biometric identity verification across Africa

AFRICA – Lagos-based digital security platform, Identitypass has secured US$2.8 million in seed funding to extend its biometric identity verification service across Africa. The funding round was led by Marc Ventures Capital, and from Y Combinator, Soma Capital, True Capital Fund, and Sherwani Capital LP, among other funds. The startup will use the funding to increase its current facilities, roll…

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Infraco Africa provides US$15m to Bboxx to accelerate in existing and new markets

AFRICA – InfraCo Africa, part of the Private Infrastructure Development Group (PIDG), has signed an agreement committing to provide US$15 million by way of convertible loan notes to Bboxx, a next generation utility ramping up the provision of clean, reliable, and affordable energy access to underserved communities in Africa. To date, Bboxx has successfully delivered clean energy solutions for over…

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B2B marketplace Sabi appoints two new Advisory Board Members

AFRICA – Sabi, a B2B marketplace serving Africa’s informal economy, has announced the appointment of two new Advisory Board members to help bolster the company’s network. The new Advisory Board members, Sapna Goyal and Bame Pule will help improve the infrastructure for informal business. Sapna is currently the Corporate Development Director (strategic investments, partnerships, and M&A) at udaan.com, the leading…

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Dutch Development Bank to increase loan lending operations in Africa

AFRICA – The Dutch development banking group Entrepreneurial Development Bank (FMO) is poised to boost loan guarantees in Africa’s vulnerable countries through the Nasira program. FMO plans to broaden the range of its pre-existing Nasira program, a financing tool dedicated to young women entrepreneurs in Sub-Saharan Africa and countries with border proximity to Europe. By extending the program’s outreach, FMO…

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United Nations plans to accelerate access to clean energy by 2025 in Africa

AFRICA – The United Nations (UN) has announced a new plan to accelerate the transition to renewable energy in the least developed countries, particularly in Africa. The organization intends to catalyze the mobilization of US$600 billion for electrification and access to clean cooking by 2025. In Africa alone, 550 million people still do not have access to electricity according to…

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Frost & Sullivan appoints Robin Joffe as Partner-Managing Director of Middle East, Africa, and South Asia

AFRICA – American business consulting firm, Frost & Sullivan has appointed Robin Joffe as Partner-Managing Director of its Middle East, Africa, and South Asia (MEASA) operations. Joffe brings over 25 years of international business experience in market entry across Asia, the United States, and Europe. He has successfully designed, implemented, and driven growth strategies developed top talent, and identified new…

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