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Inspiring Africa's Sustainable Business Growth
KENYA – Stanbic Bank Kenya and the Kenya National Chamber of Commerce and Industry (KNCCI) have signed a partnership to provide financial and non-financial support to Micro, Small and Medium Enterprises (MSMEs). The partnership targets SMEs that are members of KNCCI. The Memorandum of Understanding (MoU) between the two entities was signed at the Busia Youth Polytechnic Ground on the…
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KENYA – The Supporting Access to Finance and Enterprise Recovery (SAFER) project, financed by the International Development Association (IDA) is set to improve access to finance to MSMEs after being severely impacted by the COVID-19 crisis. More than 250,000 micro, small, and medium enterprises (MSMEs) in Kenya will benefit from the program that will address market failures in access to…
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KENYA – The Kenya Private Sector Alliance (KEPSA) has received KSh2.2 million (US$19,362) from the Nairobi Stock Exchange (NSE) which will be directed towards providing affordable loan financing to Micro, Small, and Medium Enterprises (MSMEs). The donation is part of KSh4.8 million (US$42,245) raised during the sixth Annual NSE Charity Trading Day held in 2021. The NSE Charity Trading Day…
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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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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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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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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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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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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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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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