Inspiring Leadership & Sustainable Business Transformation in Africa
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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EGYPT – Blnk, a fintech startup that enables instant consumer credit in Egypt, has raised US$23.7 million in equity and debt funding, and US$8.3 million in securitized bond issuance to accelerate financial inclusion within underserved communities across the country. The funds will support further development of Blnk’s Artificial Intelligence-powered lending infrastructure and the financing of the company’s fast-growing portfolio of customers. …
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KENYA – Absa Bank Kenya has signed an agreement with Interswitch to provide financial assistance to Small and Medium Enterprises (SMEs) to fast track acquisition of KRA’s new electronic tax devices. The partnership between the lender and the electronic payments and infrastructure company comes just three weeks ahead of the November 30 set by the taxman. KRA extended the deadline…
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AFRICA – Quona Capital, an emerging market venture capital (VC) firm, has raised US$332 million for its third fund, exceeding its US$250 million aim and significantly exceeding the US$203 million it disclosed for its second fund in 2020. This raises the VC’s total fund raised to over US$745 million. The funding will help fintechs establish solutions that have an impact on…
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EGYPT – Egyptian fintech startup MoneyFellows has announced the first close of its Series B round funding with a US$31 million investment to help it accelerate its growth and move into new markets. The startup raised a US$4 million Series A round back in 2020, and the US$31 million first close of its Series B was led by CommerzVentures, Middle…
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NIGERIA – The African Development Bank has signed an agreement with First City Monument Bank (FCMB) for a US$50 million line of credit to support access to finance for small and medium-sized and women-empowered enterprises. FCMB will use the line of credit to expand lending activities that will boost the country’s post-pandemic economic recovery and drive more inclusive and climate-resilient…
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NIGERIA – The European Investment Bank (EIB) has agreed to €100 million (US$99.63m) financing with MTN Nigeria Communications Plc (MTN Nigeria) to support the telecommunications company’s network expansion programme. The investment will aid the acceleration of 4G coverage in Nigeria and expand broadband access in line with MTN’s Ambition 2025 strategy. Karl Toriola, Chief Executive Officer, MTN Nigeria, said, “We are committed to leading digital solutions for Nigeria’s progress. This…
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MOROCCO – Bank of Africa – BMCE Group (BOA) has secured €13 million (US$12.95m) financial package from the European Bank for Reconstruction and Development (EBRD), supported by the Green Climate Fund (GCF) and the European Union (EU), to support Morocco’s green transition. Bank of Africa and its leasing subsidiary, Maghrebail, will extend the financing – of which €9.75 million (US$9.71m) will be provided by the EBRD and €3.25…
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KENYA – KCB Bank Kenya has set aside KShs250 billion (US$2.06b) to fund women entrepreneurs in the next five years, cementing the Bank’s role in catalyzing economic growth. In a newly revamped women offering, the Bank will extend the funding to women-led and owned Small and Medium Enterprises (SMEs) across the country. To unlock this, KCB Bank has already…
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ZIMBABWE – The Infrastructure Development Bank of Zimbabwe (IDBZ) has joined forces with Norsad Capital, a provider of private credit to scalable businesses focused on growth to provide much-needed capital to businesses, which can be used to promote economic growth and improve livelihoods. “Our agreement means that we will introduce each other to potential transactions and seek to collaborate and share…
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