AppZone acquires switching license from the Central Bank of Nigeria

NIGERIA – Appzone, a sub-Saharan African payment infrastructure company, has been granted approval in principle by the Central Bank of Nigeria (CBN) to operate under the switching and processing license category. The switching license would allow the company to directly interact and collaborate with key payment stakeholders, including the Nigeria Central Switch hosted by the Nigerian Interbank Settlement System (NIBSS),…

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World Bank to fund US$30B projects in Nigeria, other countries

NIGERIA – The World Bank is set to disburse a total of US$30 billion to fund existing and new projects in Nigeria and other countries as part of a global response to combat the ongoing food security crisis. The international financial institution, in a statement on the funding plan, noted that the financing will include US$12 billion funding for new…

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Nigerian healthtech start-up, Carepoint bags US$10M for African expansion

NIGERIA – Pan-African technology-driven healthcare startup, CarePoint has secured a US$10 million bridge round to accelerate its growth across Africa. The latest funding round was led by TRB Advisors and brings the total funding raised by CarePoint to US$30 million. It follows a US$18 million Series A round announced  mid-November last year. New and existing investors that took part in…

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Rural Electrification Agency plans 10,000 mini-grids for Nigeria’s rural farmers

NIGERIA – The Rural Electrification Agency (REA) is set to deploy about 10,000 mini-grid solutions to power rural farmers by the year 2030 as part of efforts to boost food production in the country. The scheme, Energizing Agriculture Programme is being supported by Rocky Mountain Institute and the Global Energy Alliance for People and Planet. In addition, it is expected…

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Nigerian digital freight forwarding start-up Topship bags US$2.5M in seed round

NIGERIA – Nigerian digital freight forwarding start-up, Topship has secured US$2.5 million in a seed round, just months after finishing the YC winter batch, to scale operations across Africa. The round was led by Flexport with the participation of Y Combinator-Soma Capital, Starling Ventures, Olive Tree Capital, Capital X, and True Capital. Individual investors in the round include Mercury CEO…

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Nigerian fintech start-up Bridgecard secures US$440k pre-seed funding for expansion

NIGERIA – Nigerian fintech start-up Bridgecard has secured a US$440,000 pre-seed funding round to expand its user base and build out its platform in Nigeria. The pr-seed funding round was led by ABV funds with participation from Ingressive Capital, Voltron Capital, Venture Platform, Velocity Digital, and Berrywood Capita. Other angel investors in this round include Johnson Yaya, Kennedy and Duke…

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Identitypass secures US$2.8M seed funding for biometric identity verification across Africa

AFRICA – Lagos-based digital security platform, Identitypass has secured US$2.8 million in seed funding to extend its biometric identity verification service across Africa. The funding round was led by Marc Ventures Capital, and from Y Combinator, Soma Capital, True Capital Fund, and Sherwani Capital LP, among other funds. The startup will use the funding to increase its current facilities, roll…

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Nigeria’s Interswitch secures US$110M funding from LeapFrog and Tana Africa

NIGERIA –Africa’s top technology-driven enterprises focused on payment digitization, Interswitch has secured US$110 million in joint investment from LeapFrog investments and Tiana Africa Capital. The digital payment company is Africa’s second unicorn, and its latest investment will help it to scale digital payment services across the continent. This news is coming almost three years since Interswitch’s last disclosed funding round…

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Nigerian clean-tech startup Kaltani secures US$4M to expand plastic recycling

NIGERIA – Nigerian clean-tech plastic waste recycling company Kaltani has secured US$4 million in seed funding to expand its recycling operations across the country. The startup will use the funding to open 20 new collection and aggregation centers across Nigeria and increase its staff strength to over 500 people. This development will augment Kaltani’s capacity substantially, allowing the company to…

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B2B marketplace Sabi appoints two new Advisory Board Members

AFRICA – Sabi, a B2B marketplace serving Africa’s informal economy, has announced the appointment of two new Advisory Board members to help bolster the company’s network. The new Advisory Board members, Sapna Goyal and Bame Pule will help improve the infrastructure for informal business. Sapna is currently the Corporate Development Director (strategic investments, partnerships, and M&A) at udaan.com, the leading…

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