Inspiring Sustainable Business in Africa
UGANDA – Kenyan-founded digital payments services provider Cellulant has been granted a licence by the National Bank of Uganda to offer online payment solutions. The firm has been granted a Payments Systems Operator licence in line with the National Payments System Act, 2020, which seeks to streamline burgeoning fintech space in Uganda. By obtaining the license, Cellulant will be able…
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EGYPT – Blnk, a fintech startup that enables instant consumer credit in Egypt, has raised US$23.7 million in equity and debt funding, and US$8.3 million in securitized bond issuance to accelerate financial inclusion within underserved communities across the country. The funds will support further development of Blnk’s Artificial Intelligence-powered lending infrastructure and the financing of the company’s fast-growing portfolio of customers. …
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AFRICA – Quona Capital, an emerging market venture capital (VC) firm, has raised US$332 million for its third fund, exceeding its US$250 million aim and significantly exceeding the US$203 million it disclosed for its second fund in 2020. This raises the VC’s total fund raised to over US$745 million. The funding will help fintechs establish solutions that have an impact on…
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NIGERIA – The African Development Bank has signed an agreement with First City Monument Bank (FCMB) for a US$50 million line of credit to support access to finance for small and medium-sized and women-empowered enterprises. FCMB will use the line of credit to expand lending activities that will boost the country’s post-pandemic economic recovery and drive more inclusive and climate-resilient…
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MALAWI – European Investment Bank (EIB) and First Capital Bank (FCB) have signed a 7-year €12.5 million (US$12.3m) loan facility to support sustainable agriculture for socioeconomic development and poverty alleviation in Malawi. The financing is part of the long-term EUR 25 million (US$24.7m) scheme aimed to accelerate agricultural investment in the country. The facility, which has been provided through the…
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MOROCCO – Bank of Africa – BMCE Group (BOA) has secured €13 million (US$12.95m) financial package from the European Bank for Reconstruction and Development (EBRD), supported by the Green Climate Fund (GCF) and the European Union (EU), to support Morocco’s green transition. Bank of Africa and its leasing subsidiary, Maghrebail, will extend the financing – of which €9.75 million (US$9.71m) will be provided by the EBRD and €3.25…
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KENYA – KCB Bank Kenya has set aside KShs250 billion (US$2.06b) to fund women entrepreneurs in the next five years, cementing the Bank’s role in catalyzing economic growth. In a newly revamped women offering, the Bank will extend the funding to women-led and owned Small and Medium Enterprises (SMEs) across the country. To unlock this, KCB Bank has already…
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ZIMBABWE – The Infrastructure Development Bank of Zimbabwe (IDBZ) has joined forces with Norsad Capital, a provider of private credit to scalable businesses focused on growth to provide much-needed capital to businesses, which can be used to promote economic growth and improve livelihoods. “Our agreement means that we will introduce each other to potential transactions and seek to collaborate and share…
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NIGERIA – The International Finance Corporation (IFC) has offered a US$35 million financing package to Jubaili Agrotec, a Nigeria-based agrochemicals manufacturer and distributor, to increase smallholder farmers’ access to key input and boost food production to strengthen food security in sub-Saharan Africa. The bank said that the financing package would help Jubaili expand its production capacity in Nigeria, Ghana, Tanzania…
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AFRICA – Brazil’s payments FinTech Ebanx is expanding beyond its Latin American roots for the first time and bringing its digital solutions to Africa. Founded in Brazil, Ebanx spent 10 years expanding to 15 Latin American countries and is now focusing on Africa, which it believes is the next big growth frontier for digital payments and the digital market. “This is the…
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