Inspiring Africa's Sustainable Business Growth
CAMEROON – BOCOM Petroleum SA, a leading Cameroonian importer and distributor of petroleum products, has secured €50 million (US$52.31m) financing package through a partnership with International Finance Corporation (IFC), a member of the World Bank. IFC will help BOCOM expand access to liquified petroleum gas (LPG) in Cameroon. The partnership is aimed at boosting access to cleaner and more reliable…
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AFRICA – MTN Group, a multinational mobile telecommunications company, has announced the appointment of new CEOs for operations in Cameroon, Rwanda and Uganda effective 1 September 2022. MTN Rwanda CEO Mitwa Ng’ambi becomes CEO of MTN Cameroon, replacing Stephen Blewett, who is leaving the Group. “My thanks to Stephen for his valuable contribution to the MTN Group over the years…
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CAMEROON – The Board of Directors of the African Development Bank (AfDB) has approved a €39.62 million (US$41.73m) loan to Cameroon to improve road access to the industrial and port areas of Kribi, in the south of the country. Designed for implementation of the second phase of the Kribi Industrial and Port Area Access Roads Development Project, the funds will…
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CAMEROON – CCA Bank and Commercial Bank-Cameroun have received US$28.46 million (EUR27m) of new long-term financing from the European Investment Bank (EIB) to support investment by entrepreneurs and businesses across Cameroon and strengthen economic resilience to the COVID-19 pandemic. The two new credit lines will be managed by leading local financial partners, EUR 15 million (US$15.81m) by CCA Bank and…
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CAMEROON – MTN Cameroon and state-owned Cameroon Telecommunications (Camtel) have signed a strategic national network roaming agreement which will see Camtel expand 2G/3G and 4G coverage in areas of the Central African nation not currently covered by its network. “One of MTN Group’s strategic priorities is to build the largest and most valuable platforms, including network as a service,” said…
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CAMEROON – Finafrik Ltd, a private company based in London that specializes in the development of commercial software, has become a shareholder of Maviance PLC, a Cameroonian fintech that controls the digital payments platform Smobilpay. Maviance’s capital has increased to 1.15 billion FCFA (US$1.9m) as a result of this activity which is an increase of just over 140 million FCFA.…
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DRC – NuRAN Wireless Inc., a leading rural telecommunications company, has announced the receipt of a second mandate letter for a senior secured credit facility with a development finance institution (DFI) that provides up to US$9 million in total funding. The purpose of the Loan Facility is to finance a portion of NuRAN’s planned US$30 million of expenditures linked to…
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DRC – NuRAN Wireless Inc., a specialist rural telecommunications company, has announced that it has secured US$15 million in senior secured credit facility with a development finance institution (DFI). The purpose of the Loan Facility is to finance a portion of NuRAN’s planned US$30 million of expenditures linked to the installation of network infrastructure roll-out promoted by NuRAN in 120…
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CAMEROON – Gozem, a West African-based eCommerce startup which offers ride-hailing, logistics, food delivery, and fintech services, has launched is set to launch its taxi-booking app in Cameroon. Gozem was founded in 2019 by Emeka Ajene and Raphael Dana, operating an app that offers transportation, logistics, e-commerce and financial services in primarily-francophone African countries. In addition to increasing competition in…
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CAMEROON – Cameroonian Customs, the Bolloré Logistics group, and Kwipay Central Africa have partnered to establish a platform, Kiwigo, that would allow electronic clearance of goods and services bought from overseas. This means that a person from Cameroon can now place a purchase order on Amazon and have it delivered to Cameroon using legal routes via Kiwigo. The agreement between…
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