FMO and Sidian Bank partner to support MSMEs affected by Covid-19 in Kenya

KENYA – Dutch development bank FMO and Kenya’s Sidian Bank, have announced the signing of a US$15 million NASIRA loan portfolio guarantee to provide financing for Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic in Kenya. A minimum of 30 percent of the total guarantee facility will be allocated specifically to young and female entrepreneurs. The guarantee…

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Fintech Zanifu gets US$1m funding to bridge MSME financing gap, eyes Ghana, Uganda expansion

KENYA – Zanifu, a Kenyan fintech is set to upgrade its platform and grow the number of micro, small and medium enterprises (MSMEs) it extends stock-financing to after securing US$1 million in Seed funding, reports Tech Crunch. Saviu Ventures, which invested in the start-up’s pre-seed round in early 2020, Launch Africa Ventures, Sayani Investments and a number of angel investors from…

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Verdant Capital and KfW establish new fund to support MSME growth in Africa

AFRICA – Verdant Capital Hybrid Fund (VCHF) has reached its first closing with committed capital of US$36 million. The fund is targeting high developmental impact, including job creation and income generation through Small and Medium Enterprises (SMEs) and micro-entrepreneurship. The fund will be investing hybrid capital and subordinated debt instruments into inclusive financial institutions on a pan-African basis. The fund will…

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Salaam Somali Bank commits US$4m to the best and brightest young entrepreneurs in Somalia

SOMALIA – Salaam Somali Bank, the first privately-owned bank in Somalia, has announced plans to inject US$4 million into the country’s economy between 2022 and 2024 through specialist, zero-interest micro-loans to Somalia’s best and brightest entrepreneurs. The announcement, delivered at the annual Mogadishu Tech Summit was made in front of the country’s leading policymakers, ministers, and private professionals, alongside an…

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IFC partners Equity BCDC to help MSMEs access local currency financing

DRC – International Finance Corporation (IFC), a member of the World Bank, has partnered with Equity Banque Commerciale du Congo (Equity BCDC), a subsidiary of Equity Group, to support the growth of micro, small and medium enterprises (MSMEs). IFC’s loan to Equity BCDC, of up to the equivalent of US$50 million in Congolese francs, will help the bank provide additional…

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Equity Bank gets US$45.5m guarantee facilities from Proparco to support MSMEs

KENYA – French development finance institution Proparco, has granted Equity Bank two guarantee facilities, ARIZ and EURIZ totaling €39 million (US$45.5 million) to help the Kenyan bank further support job-creating MSMEs. Proparco also granted a €550,000 (US$641,432) technical assistance facility to support Equity Group Foundation’s health projects. The EURIZ guarantee and the technical assistance grant benefited from support from the…

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The Egyptian-Saudi Joint Committee launches website to support MSMEs

EGYPT – The Egyptian-Saudi Joint Committee for the Development of Micro, Small, and Medium Enterprises (MSMEs) launched a website to showcase its efforts, as part of US$200 million Saudi grant. The grant is dedicated to supporting the state’s efforts to bridge the gap between financial institutions and MSMEs and enable their access to financing through intermediaries. The launch coincided with…

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Access Bank launches DBA to increase its digital loans for young entrepreneurs

NIGERIA – Access Bank has launched the Diamond Business Advantage (DBA) lite, in a bid to increase its digital loans and enhance access to finance for young entrepreneurs. The bank said the product which is targeted at the youths was designed to add value to micro, small and medium scale enterprises (MSMEs). According to the bank’s Executive Director, Victor Etuokwu,…

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Absa secures US$50m risk sharing facility from CDC Group to supports MSMEs

SOUTH AFRICA – Absa Bank, South Africa’s third-largest bank by assets, will receive a US$50 million risk-sharing financial facility to provide loans to micro, small and medium-sized enterprises (MSMEs) and households. The loans will be in local currency with medium to long-term repayment terms and the capital raised by Absa from the British agency CDC Group will be deployed to Covid-19…

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AfDB approves US$1m grant for local content and SME growth to boost job creation in Mozambique

MOZAMBIQUE – The African Development Bank Group (AfDB), has approved a US$1 million grant to boost local content and development of Small and Medium-Size Enterprise (SME) initiatives in the southern African nation of Mozambique. The grant, from the Youth Entrepreneurship and Innovation Multi-Donor Trust Fund (YEI MDTF), will provide technical and institutional assistance to the Instituto para a Promoção das…

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