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Digital payments services provider Cellulant to begin operations in Uganda 

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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Fintech platform Tugende closes US$10m pre-Series B equity funding to drive financial inclusion

UGANDA – Tugende, the fintech platform for MSME credit and asset-financing in East Africa, has closed in Q2 pre-Series B equity funding from existing shareholders led by Partech and two new investors, including Women’s World Banking. Along with a recent debt closing, the combined US$10 million investment further strengthens Tugende’s balance sheet, allowing it to increase portfolio growth and address…

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Ugandan minibus ridesharing service Easy Matatu secures investment from Renew Capital

UGANDA – Renew Capital, an impact investment firm focused on developing small and medium-sized enterprises (SMEs) in Africa via its network of investors, the Renew Capital Angels, has made a new investment in Easy Matatu, a Ugandan minibus ridesharing service. The funding will be used to expand Easy Matatu’s end-to-end technological platform, which allows customers to reserve a seat on…

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Eutelsat and Liquid sign agreement to enable SMEs in Africa to access internet via satellite

AFRICA – Eutelsat Communications and Liquid Intelligent Technologies (Liquid), have signed a multi-year, multi-beam agreement for capacity on the EUTELSAT KONNECT satellite. This is meant to address the connectivity needs of Small and Medium Enterprises (SME) and Small Office / Home Office (SOHO) customers in Uganda, South Sudan and the Eastern regions of the Democratic Republic of Congo. Under the…

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Aptech Africa commissions kWp solar PV system for green mobility start-up Zembo

UGANDA – Aptech Africa, a solar energy provider, is commissioning an 8.5 kWp solar photovoltaic system to recharge the batteries of electric motorbikes belonging to the Kampala-based green mobility start-up Zembo. With 250 electric motorbikes transporting 800 passengers a day in Uganda, the mobility start-up Zembo is continuing its journey towards decarbonisation of transport. As part of this ambition, the…

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Fintech startup Chipper Technologies Uganda joins USE stockbroker list

UGANDA – Uganda Securities Exchange (USE), the country’s principal stock exchange, has announced the admission of Chipper Technologies Uganda Limited trading as Chipper as a new trading participant or a stockbroker on its market and as a USE Securities Central Depository Agent (SCDA). As a trading participant, Chipper’s core mandate is to enable existing and potential investors to execute transactions…

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Tropical Bank partners BACB for capacity and transaction support

UGANDA – British Arab Commercial Bank (BACB), an international wholesale bank, has signed a collaboration agreement with leading Uganda-based commercial lender Tropical Bank Limited to mutually support a range of projects and trade opportunities. London-based BACB has agreed to provide additional capacity and transaction support allowing Tropical Bank to increase the growth trajectory of its business activity. “I am delighted…

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Two-wheeler financer Watu Credit secures US$7m from Verdant Capital Hybrid Fund

UGANDA – Verdant Capital, a specialist corporate finance firm, has announced that its Verdant Capital Hybrid Fund has made its first investment, in Watu Credit Uganda Limited. The investment of US$7 million will help Watu expand its footprint of two-wheeler financing throughout the country. This represents an important milestone for Watu in Uganda, it’s second largest market after Kenya, where…

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Uganda Airlines appoints Jennifer Bamuturaki as new Chief Executive Officer

UGANDA – Uganda Airlines has appointed Jennifer Bamuturaki as its new Chief Executive Officer. Ms Bamuturaki has been serving as interim CEO for more than a year after the firm suspended and later fired former CEO Cornwell Muleya, some board members and some staff over allegations of corruption and mismanagement. In a letter from the works and transport minister, Gen.…

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Telecoms company MTN appoints new CEOs for Cameroon, Rwanda and Uganda

AFRICA – MTN Group, a multinational mobile telecommunications company, has announced the appointment of new CEOs for operations in Cameroon, Rwanda and Uganda effective 1 September 2022. MTN Rwanda CEO Mitwa Ng’ambi becomes CEO of MTN Cameroon, replacing Stephen Blewett, who is leaving the Group. “My thanks to Stephen for his valuable contribution to the MTN Group over the years…

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