SBI Motor Japan establishes its first office in Dar es Salaam

TANZANIA – BSMO Company Ltd and SBI Africa Company Ltd have established the SBI Motor Tanzania office in Dar es Salaam, making it their first office in Africa. The group has also partnered with Saint Parts Company LTD to provide a free repair service for cars purchased from the SBI Motor website. This new service, according to a press release on March 24, 2021, aims at providing support for customers who are now required to inspect their vehicles locally. The new development comes as a result of the recent change…

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Investment holding firm Remgro ups stake in Vumatel and DFA in a rights issue

SOUTH AFRICA – Investment holding firm Remgro, has increased its stake in Community Investment Ventures Holdings (CIVH), the parent of Vumatel and Dark Fibre Africa (DFA), following a rights issue used by CIVH to raise capital for expansion and reduce debt. Remgro disclosed in its interim results for the six months ended 31 December 2021, that its stake in CIVH has increased marginally from 54.7% to 55.2% through the share subscription offer, in terms of which it subscribed for an additional 54,738 shares in CIVH for a total consideration of just…

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CardinalStone Capital Advisers announces US$64m final close of its private equity fund

NIGERIA – CardinalStone Capital Advisers (CCA), a Lagos based private equity fund manager, has announced the final close of its maiden private equity fund, the CardinalStone Capital Advisers Growth Fund LP (CCAGF) at US$64 million. The Fund which recorded its first close in December 2018 and final close in September 2020, was established to support the growth and institutionalization of small and medium-sized enterprises (SMEs) operating in two of West Africa’s leading economies—Nigeria and Ghana. “We are pleased with the successful close of our Fund in the prevailing challenging environment.…

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Brightskies, Alexandria University secure US$0.32m to develop Egypt’s first electrical powertrain system

EGYPT – Brightskies, an Egyptian privately owned Technology Company & Digital Transformation enabler, and Alexandria University have secured EGP 5 million (US$0.32m) fund from Egypt’s Information Technology Industry Development Agency (ITIDA) to design and develop the first electrical powertrain system in Egypt. The ‘ZEUS’ project marks a new era for the automotive industry in Egypt as it is the first time for an Egyptian company to design and develop an electrical powertrain system locally. Under this agreement, ITIDA will be funding the ‘ZEUS’ project and developing a link between Egyptian…

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Dimension Data appoints Nompumelelo Mokou as managing director of its Southern Africa business

SOUTH AFRICA – Information technology services company Dimension Data has appointed Nompumelelo Mokou as managing director of its Southern Africa business, effective 1 April. This is another leadership change that comes hot on the heels of the company uniting its four brands of Dimension Data, Internet Solutions, Britehouse and ContinuitySA into a single entity or ‘One Dimension Data’. Mokou started her career at Dimension Data in 2016 and has most recently headed up its Intelligent Customer Experience business for the Middle East and Africa region. Before joining the company, she…

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Azuri Technologies, MultiChoice partner to launch DStv on PayGo solar TV in Kenya

KENYA – Azuri Technologies, the first company to launch a complete pay-as-you-go solar TV package in Kenya, and MultiChoice Kenya have announced a partnership to bring DStv content to off-grid households in Kenya. The partnership bundles Azuri’s recently announced TV400 product, the 32″ solar powered TV and household energy solution, with the DStv HD decoder to offer customers access to leading world class entertainment, local and international news, documentaries, and educational content. Simon Bransfield-Garth, CEO of Azuri said, “We are delighted to partner with Multichoice to bring the world-leading DStv content to…

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First National Bank acquires 100% stake in fintech firm Selpal

SOUTH AFRICA – One of South Africa’s big five banks First National Bank (FNB), has acquired fintech firm Selpal for an undisclosed amount. In a press statement, FNB said the purchase aligns with its commitment to increase the level of financial inclusion in South Africa. “Community-based businesses have an important role to play in driving economic activity and creating employment opportunities in townships and rural areas in South Africa,” said FNB CEO Jacques Celliers. “As the banking sector, we can help facilitate this by accelerating financial inclusion through tailored financial services to elevate…

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Fintech startup Bankly secures US$2m in seed round to accelerate its consumer acquisition

NIGERIA – Bankly, a fintech startup digitizing cash for the unbanked, has announced that it has raised US$2 million in a seed round to accelerate its consumer acquisition and offer direct-to-consumer (DTC) products to Nigeria’s unbanked and underbanked populations. The seed round was led by Vault with participation from Plug and Play Ventures, Rising Tide Africa and Chrysalis Capital. With the fundraise, Bankly aims to increase its 35,000-customer base in cash-dependent communities by growing the number of its physical “cash in” points by expanding its 15,000 person agent network and…

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IFC, HSBC announce final close of REGIO fund to further develop green bond market

AFRICA – IFC, a member of the World Bank Group, and HSBC Asset Management have announced the final closing of the HSBC Real Economy Green Investment Opportunity GEM Bond Fund (REGIO), boosting access to climate finance and helping further develop the market for green bonds. REGIO, the first green bond fund focused on well-diversified climate-smart investments in “real economy” issuers in emerging market countries, closed with total investor commitments of US$538 million following further investment from two European investors. The aim of the fund is to help these economies in…

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Nedbank gets US$200m loan from IFC to drive renewables in South Africa

SOUTH AFRICA – Financial services group Nedbank has received a US$200 million loan from the International Finance Corporation (IFC), a member of the World Bank, to drive renewable energy projects in South Africa. Arvana Singh, head of sustainable finance solutions at Nedbank’s Corporate Investment Banking (CIB), said the US$200 million loan facility will complement Nedbank’s already well-established green finance operations, grow its climate portfolio, and expand its support of renewable energy projects that are key to the continued evolution of South Africa’s green economy. The announcement comes a week after the country’s…

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