DriveWealth partners Chipper Cash to enable affordable access to investing

UGANDA – DriveWealth, LLC, a provider fractional investing and embedded finance, has announced a partnership with Chipper Cash, a fintech startup enabling peer-to-peer money transfers and cross-border payments for nearly four million users. DriveWealth’s real-time fractional trading technology and API-based brokerage infrastructure will enable the Ugandan population to gain affordable access to investing in U.S. equities for the first time. Approximately 66% of Sub-Saharan Africa’s population did not have access to a bank account in 2020, according to the World Bank. Through its partnership with DriveWealth, Chipper Cash is empowering…

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Mobilty startup Treepz closes seed round, acquires Uganda’s Ugabus

NIGERIA – Treepz, a Nigerian shared mobility startup, has closed out its seed round at US$2.8 million and expanded to Uganda with the acquisition of bus company Ugabus. The startup raised a further US$1.6 million in funding, closing its seed round at US$2.8 million, with additional funding coming from the Google for Startups Black Founders Fund Africa, Japanese VC firm Uncovered Fund and Dubai-based VCs including Blanford Capital and Jonomi Capital. Egypt-based fund Jedar Capital also participated in the round with follow-on investments from previous investors. The startup earlier this…

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InfraCo, DOB and Mobility54 invest in Zembo’s Electric Motorcycles

UGANDA – Investment firm InfraCo Africa has partnered with Dutch investor DOB Equity and Mobility 54 to invest €3 million (US$ 3.43m) in Zembo Motorcycles SMC’s electric mobility solution, to improve its operations. InfraCo Africa continues to roll out its green finance in Africa. The Private Infrastructure Development Group (PIDG) investment company is entering into an agreement with DOB Equity, an impact investor dedicated to East African countries, and Mobility 54, a venture capital firm operating in Africa under the umbrella of Toyota Tsusho Corporation and CFAO (Corporation For Africa…

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Swedfund finances floating solar plants study in Uganda

UGANDA – Sweden is providing a grant to conduct analytical studies for the development of floating solar power in Uganda. These plants will be built in the reservoirs of several dams and the project is already subject to a call for tenders. This comes after the Governments of Uganda and Sweden signed a Memorandum of Understanding around several initiatives meant to support the Ugandan energy sector. The Swedish support could turn Uganda into a pioneer in the use of floating solar PV panels in Sub-Saharan Africa. Now that the grant…

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Health tech startup mPharma enters Uganda with Vine Pharmacy acquisition

UGANDA – mPharma, a Ghanaian health startup, has acquired a major stake in Ugandan-based pharmacy, Vine Pharmacy. The move comes two years after mPharma bought Kenyan-based Haltons Pharmacy for US$5 million, signaling the startup’s entry into the East Africa region. mPharma acquired the 55% stake that was previously owned by private equity firm, Abraaj Group, which had folded up after issues about its administration of the US$1 billion healthcare fund it had received from investors, including the Bill and Melinda Gates Foundation. Abraaj had acquired Vine Pharmacy in 2013 when it…

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Allianz completes acquisition of majority stake in Jubilee Holdings Uganda

UGANDA – Munich-based underwriter Allianz SE, has completed the acquisition of a majority stake in Jubilee Insurance Company of Uganda Limited. Allianz, one of the world’s leading insurers and asset managers, became the majority shareholder in Jubilee Insurance Company of Uganda Limited after completing the transaction to acquire a 66% stake in the company from Jubilee Holdings Limited (JHL), East Africa’s largest insurance group. The stake acquired by Allianz represents 29,700,000 ordinary shares of Jubilee Insurance Company of Uganda. JHL will retain a 34% stake, or 15,300,000 ordinary shares, in the company.…

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MTN Uganda to float 20% of shares on the bourse

UGANDA – MTN Uganda has announced its intention to proceed with an initial public offering (IPO) and subsequently list on the Uganda Securities Exchange (USE). The move follows the requisite approval by the Capital Markets Authority (CMA) and Uganda Securities Exchange for MTN Group to sell 20% of its shareholding in MTN Uganda to the public, the telco said in a press statement. MTN Group owns 96% of MTN Uganda. According to the telco, the listing is in line with the group’s strategic priority to create shared value, partly through…

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Fintech startup Fin-e Innovations raises US$300,000 to bridge funding gap of African energy SMEs

UGANDA – Fin-e Innovations, a fintech start-up based in Uganda, has closed pre-seed funding of US$300,000 from an undisclosed party in the United States. The company intends to address the glaring financing gap among local energy SMEs in Africa through an innovative platform connecting last-mile distributors (LMDs) directly with investors. This platform offers different advantages such as reducing investment risk, speeding up the investment cycle, and allowing for small ticket size investments and it will now run its pilot in Uganda, home to a buoyant energy SME eco-system, and later…

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Uganda receives US$91.8m from AFD and EU for water and sanitation in Insingiro District

UGANDA – The government of Uganda has received US$91.8 million in funding from the French Development Agency (AFD) and the European Union (EU). for the implementation of the Isingiro District Water Supply and Sanitation Project. The French Development Agency (AFD) funding of US$83 million is divided into a loan of US$80.6 million and a technical assistance grant worth US$2.3 million. The financing agreement was signed on September 20th, 2021, between the Ugandan Minister of Finance, Planning and Economic Development, Matia Kasaija and the French Ambassador to Uganda, Jules-Armand Aniambossou. The…

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Startup gnuGrid raises US$612,500 seed round, switches into fintech space

UGANDA – Ugandan startup gnuGrid has increased the size of its seed funding round to US$612,500 as it pivots its product offering to move into the fintech space. Launched in 2019 by David Opio and James Dailey, gnuGrid built Solar Sentra, which aimed to streamline and automate the highly fragmented solar industry in Uganda and beyond by using AI-optimised sensors to monitor solar systems and collect data on power usage which is used by solar companies to tailor service delivery.  gnuGrid bundled this hardware with digital payments, predictive analytics, customer profiling and…

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