Inspiring Sustainable Business in Africa
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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KENYA – Pan African housing finance and development institution Shelter Afrique has received US$3,529,801.29 from the Government of Cameroon in additional capital subscription increasing its shareholding by 2% from the current shareholding of 3.61% to the revised shareholding of 5.24%. Cameroon, which recently acceded to the helm of the Institution at the recently concluded 40th Annual General meeting has indeed…
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CAMEROON – Victoria Oil & Gas, the Cameroon-based gas and condensate producer and distributor, has entered into a definitive financing agreement with Meridian Capital to raise maximum gross proceeds of US$7.5mn through the issue of unsecured loan notes. The proceeds of the facility will be utilised for general working capital purposes, including long lead items for the proposed well on…
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CAMEROON – Viettel Cameroon SA, a privately-owned mobile telecommunications network service provider which operates under the brand name Nexttel, is set to enter the mobile money market in the country. The market is already dominated by MTN Cameroon and Orange Cameroun which run MTN MoMo and Orange Money respectively. Nexttel General Manager Benoit Yaoussou announced recently that they will roll…
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