Inspiring Leadership & Sustainable Business Transformation in Africa
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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NIGERIA – Nigeria’s technology-enabled asset finance company, Mkobo Microfinance bank, has announced its partnership with Glovo to help finance motorcycles for young unemployed Nigerians, interested in becoming couriers. In line with Mkobo’s mission to improve the lives of economically active Africans, the financing will be done through the Lifeline Asset Finance (LAF) program. Under the LAF program, Mkobo finances income-generating…
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NIGERIA – Bumpa, a social commerce platform that helps entrepreneurs build custom e-commerce websites, has raised US$4 million in seed funding led by Base10 Partners. The funding saw participation from Plug & Play Ventures, SHL Capital, Magic Fund, Jedar Capital, DFS Labs, FirstCheck Africa Angel Program, E62 Ventures, Club 14, and Fast Forward Ventures. According to a statement from the…
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NIGERIA – Nigerian fintech startup, Maplerad has raised US$6 million in seed funding led by Peter Thiel’s Valar Ventures. The fund will enable the acquisition of more customers for Maplerad, enhance the process to get additional licenses and build its team, as well as deepen its reach across Africa. Other investors were Golden Palm Investments Corporation, Michael Vaughn — ex-COO,…
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NIGERIA – Lifestores Healthcare, a Nigerian healthtech startup, has raised US$3 million in an oversubscribed pre-Series A round aimed at expanding its pharmaceutical marketplace across Nigeria. The company will use the funding to expand in Nigeria, enhance its software, and target new client demographics. It will also grow its senior management, sales, and engineering teams. “We’re proud and happy to…
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NIGERIA – Stears, a pan-African data and intelligence company, has closed a seed round of US$3.3 million led by MaC Venture Capital with participation from Serena Ventures, Melo 7 Tech Partners, Omidyar Group’s Luminate Fund, Cascador, and Hoaq Club. Stears was also recently accepted into the Google for Startups Black Founders Fund 2022 cohort, which included some non-dilutive funding. The…
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NIGERIA – FSDH Merchant Bank of Nigeria has received a US$25m trade finance facility from the African Development Bank Group (AfDB) to spur over US$200m in agriculture, manufacturing, and energy transactions in the next 3 years. The Board of Directors of the AfDB has approved a US$15 million trade finance line of credit and US$10 million transaction guarantee for the merchant…
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ANGOLA – Access Holdings Plc, the holding company of Access Bank Pl, has announced its planned acquisition of a majority equity stake of 51 per cent in Finibanco, an Angolan Bank. Finibanco is a full-service commercial bank with over 20 branches and around US$300 million in total assets in Angola. Sunday Ekwochi, the company secretary said that the transaction would…
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NIGERIA – Spleet, a real estate technology startup, has successfully received a seed round of US$2.6 million to extend its residential rent-focused solutions across Africa. The funding was spearheaded by MaC Venture Capital. Noemis Ventures, Plug and Play Ventures, Metaprop Venture Capital, HoaQ Fund, Assembly Fund, Ajim Capital, Francis Fund, and Eduardo Campos are some of the investors in this…
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