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Tag: Cameroon

Cameroon ups its stake in Shelter Afrique with injection of US$3.5m fresh capital

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KENYA – Pan African housing finance and development institution Shelter Afrique has received US$3,529,801.29 from the Government of Cameroon in additional capital subscription increasing its shareholding by 2% from the current shareholding of 3.61% to the revised shareholding of 5.24%. Cameroon, which recently acceded to the helm of the Institution at the recently concluded 40th Annual General meeting has indeed…

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Victoria Oil and Gas raises US$7.5m for Matanda drilling in Cameroon

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CAMEROON – Victoria Oil & Gas, the Cameroon-based gas and condensate producer and distributor, has entered into a definitive financing agreement with Meridian Capital to raise maximum gross proceeds of US$7.5mn through the issue of unsecured loan notes. The proceeds of the facility will be utilised for general working capital purposes, including long lead items for the proposed well on…

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Telecommunication company Nexttel set to launch its mobile money service

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CAMEROON – Viettel Cameroon SA, a privately-owned mobile telecommunications network service provider which operates under the brand name Nexttel, is set to enter the mobile money market in the country. The market is already dominated by MTN Cameroon and Orange Cameroun which run MTN MoMo and Orange Money respectively. Nexttel General Manager Benoit Yaoussou announced recently that they will roll…

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Kenya is set to hand over chairmanship of Shelter Afrique to Cameroon’s Hon. Courtes

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AFRICA – Kenya is set to hand over chairmanship of Shelter Afrique’s AGM Bureau to Cameroon after Hon. Celestine Ketcha Courtes she was elected in 2020. Kenya’s Transport, Infrastructure and Housing Cabinet Secretary James Macharia who is the current Chairman of Shelter Afrique Annual General Meeting (AGM) Bureau will hand over the mantle to Hon. Courtes who is the Minister…

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Maviance secures US$3m from MFS Africa to expand into other countries

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CAMEROON – MFS Africa, a pan-African fintech company operating a digital payments hub on the continent, has provided seed investment of US$3 million to Maviance, a Cameroon-based fintech provider. Maviance will be using the new funding to increase its footprint in its Cameroon and to expand into other countries in the central African economic region (CEMAC).   “The rapid development of…

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Shelter Afrique to hold its 40th AGM in Yaoundé, Cameroon

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CAMEROON – Yaoundé, the capital city of Cameroon will host Shelter Afrique’s 40th Annual General Meeting (AGM) and annual housing symposium. The event is scheduled to take place between 20th – 26th June 2021 under the theme: Four Decades of Affordable Housing Policies in Africa: Mapping the Next Forty Years. Shelter Afrique Group Managing Director & Chief Executive Officer Andrew…

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ITFC and Cameroon sign US$750m agreement to support the trade sector

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CAMEROON – The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group (IsDB) and the Republic of Cameroon have signed two US$750 million agreements to support key sectors through integrated trade solutions. The signing was done virtuallybetween H.E. Alamine Ousmane Mey, Minister of Economy, Planning and Regional Development (IsDB Governor) and Eng. Hani Salem Sonbol,…

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Fintech startup Diool raises US$3.5m funding to expand its operations

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CAMEROON – Diool, a fintech startup, has raised US$3.5 million in funding from the Lundin family plus existing investors to scale operations, taking its total secured investment to US$4.6 million. The startup’s platform makes it simpler for small merchants to accept payments from their customers and repay their suppliers, using many payment methods. In the two years since the pivot,…

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Cameroon secures US$18M new joint initiative from EIB and Société Générale

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CAMEROON – Société Générale, a French multinational investment bank and financial services company, and the European Investment Bank (EIB) have announced an agreement of a 10 billion FCFA (US$18.09 million) new joint initiative to support economic development across Cameroon. The initiative will include working capital, enable increased backing for investment projects and include more flexible disbursement conditions to reflect the…

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Carrefour set to open fourth outlet in Cameroon in expansion spree

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CAMEROON – French retail group Carrefour in partnership with CFAO retail is planning to open its 4th store in Douala, Cameroon as part of its strategy to conquer the Sub-Saharan African retail market. The new outlet to be opened before the end of the year will be the 3rd in Douala, hosted inside the Douala Grand Mall, reports Business in Cameroon. Carrefour opened…

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