Inspiring Sustainable Business in Africa
KENYA – Absa Bank Kenya has signed an agreement with Interswitch to provide financial assistance to Small and Medium Enterprises (SMEs) to fast track acquisition of KRA’s new electronic tax devices. The partnership between the lender and the electronic payments and infrastructure company comes just three weeks ahead of the November 30 set by the taxman. KRA extended the deadline…
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NIGERIA – The European Investment Bank (EIB) has agreed to €100 million (US$99.63m) financing with MTN Nigeria Communications Plc (MTN Nigeria) to support the telecommunications company’s network expansion programme. The investment will aid the acceleration of 4G coverage in Nigeria and expand broadband access in line with MTN’s Ambition 2025 strategy. Karl Toriola, Chief Executive Officer, MTN Nigeria, said, “We are committed to leading digital solutions for Nigeria’s progress. This…
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AFRICA – Mastercard, a payment-processing corporation, has partnered with Cellulant, a Pan African payments company, to allow Cellulant customers across Africa to shop and pay online with global merchants wherever Mastercard is accepted. The Mastercard virtual payment solution, linked to Cellulant’s payment gateway – Tingg, can unlock a host of opportunities for consumers, whether they have a bank account or…
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KENYA – State-controlled National Social Security Fund (NSSF) has bought an additional 18.8 million shares worth KSh703 million (US$5.8m) in listed tier-one lender KCB Group in the third quarter of this year, the latest in a series of incremental purchases. According to KCB, NSSF raised its ownership to 291.35 million shares in the bank at the end of September equivalent…
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NIGERIA – Nigeria’s technology-enabled asset finance company, Mkobo Microfinance bank, has announced its partnership with Glovo to help finance motorcycles for young unemployed Nigerians, interested in becoming couriers. In line with Mkobo’s mission to improve the lives of economically active Africans, the financing will be done through the Lifeline Asset Finance (LAF) program. Under the LAF program, Mkobo finances income-generating…
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KENYA – KCB Bank Kenya has partnered with Mobex to give its customers an opportunity to seamlessly receive funds from the diaspora to their accounts in Kenya. Mobex is an affiliate company of Terra-Pay Group, a UK-headquartered digital payments infrastructure and solutions provider. With TerraPay onboard, KCB Bank seeks to fortify its position as a key player in strengthening the…
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BOTSWANA – Yellow Card, a Pan-African cryptocurrency exchange, becomes the first cryptocurrency company on the continent to be granted a Virtual Asset Service Provider (VASP) licence to operate in Botswana. The licence, in accordance with Section 11 of the Virtual Asset Act, 2022, was issued by the Non-Bank Financial Institutions Regulatory Authority [NBFIRA] on the 29th of September 2022 and…
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RWANDA – The European Investment Bank (EIB) and the Development Bank of Rwanda (BRD) have signed a new cooperation agreement for female entrepreneurs in Africa, Asia and Latin America through EIB’s SheInvest initiative. The agreement will allow BRD to improve women’s access to finance and create specialized advisory services for female entrepreneurs operating micro, small, and medium-sized businesses in Rwanda.…
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EGYPT – MoneyHash, Egyptian fintech startup, has launched its services across Africa after a successful launch in the MENA region earlier this year. The startup announced a US$3 million pre-seed funding round in February as it emerged from beta, and has now expanded across Africa. MoneyHash has now rolled out its product in Sub-Saharan Africa, starting with Nigeria, Kenya and…
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EGYPT – valU, an Egypt-based Buy-Now, Pay-Later (BNPL) lifestyle-enabling fintech platform, has announced the purchase of a minority share in local fintech company Kiwe, the first social payment app in Egypt that allows onboarding of the unbanked group. EFG Hermes Finance, EFG EV Fintech, dfin Holding, and Marakez are among the company’s current shareholders. The acquisition of a minority share…
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