Ecobank Group records 10% profit in revenue for the first quarter of 2021

AFRICA – Ecobank Transnational Incorporated (ETI) has released its unaudited results for the first quarter (Q1) ended March 31, 2021, showing growth in key performance indicators. The pan-African bank posted revenue of N214.3 billion (US$563.43m), showing an increase of 10 per cent from N194.860 billion (US$512.32m) recorded in the corresponding period of 2020. Operating profit before impairment charges stood at N67 billion (US$176.15m) compared with N48.795 billion (US$128.29m) in 2020, which is 37 per cent higher. The bank increased its impairment charges by 48 per cent from N15.454 billion (US$40.63m)…

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E-commerce company Jumia launches new initiative to support SMEs

EGYPT – Jumia, an e-commerce program, has announced its aim to inspire SMEs reach new consumers and increase their sales by encouraging the purchase of their products and enhance the role of local production to boost the country’s economy. Jumia launched a new initiative at the beginning of the Holy month of Ramadan under the theme of “Support Them … Buy Their Products”, as part of its support for the local industries, especially small and micro-enterprises. This is a part of Jumia’s exerted effort over the past few years to…

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Trina solar appoints Solar Power Etal as its new supplier in Nigeria

NIGERIA – UAE-based Trina Solar, a global PV and smart energy total solution provider, has signed a distributor agreement with Solar Power Etal to supply Trina Solar’s products and solutions in Nigeria. With Nigeria having enormous solar energy potential, this agreement will ensure the availability of Trina Solar’s tier 1 PV modules in this key West African market and will further boost the company’s ambitious expansion across the continent. “The region is clearly witnessing a significant boom in the renewable energy industry and we are already seeing a big rise…

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East Africa Bank of Djibouti partners with IFC to strengthen its risk and credit framework

DJIBOUTI – The International Finance Corporation, (IFC), part of World Bank Group and Djibouti-based East Africa Bank (EAB), have signed a partnership to help EAB better mitigate financial risks which have been amplified by the COVID-19 pandemic and improve its sustainability. Under the agreement, IFC will help EAB strengthen its risk, trade, and credit management framework and capacities in line with international best practices to ensure it achieves sustainable growth considering the adverse impact of the COVID-19 pandemic on the world economy. EAB is a fully Shariah-compliant bank with seven…

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Investment firm dedicated to African luxury brands Birimian, officially launched

NIGERIA – Birimian, the first operational investment company dedicated exclusively to African luxury and premium heritage brands, has been launched. Birimian will support designers on the continent and in the diaspora to facilitate and accelerate the growth of their businesses regionally and internationally. It will be a bridge between the continent’s entrepreneurs and creative talent, and strategic stakeholders in the international fashion and luxury industries. Delivered through a combination of mentoring, financial and operational support, Birimian will establish an ecosystem designed to create value for African entrepreneurs and help independent…

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Integrated Customer Experience platform for businesses Ajua acquires Kenya-based AI platform WayaWaya

KENYA – Ajua, the integrated Customer Experience Management solution for businesses in Africa, has acquired WayaWaya, the Kenya-based Artificial Intelligence [AI] and Machine Learning [ML] known for its innovative Janja platform, that enables borderless banking and payments across apps and social media platforms, for an undisclosed sum. WayaWaya founder and lead Janja product builder, Teddy Ogallo, will now join Ajua as VP of Product APIs and Integrations. The acquisition of WayaWaya allows Ajua to integrate Janja to automate much of the customer experience journey by integrating janja.me product into their…

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WaterEquity secures US$25m funding from DFC to finance water and sanitation projects

AFRICA – The U.S. Development Finance Corporation (DFC) has provided US$25 million to WaterEquity Fund, a facility designed to support institutions that finance water and sanitation projects in Africa and other regions of the world. The US$25 million is the first tranche of a US$100 million loan. “At least five million people will be able to access improved water and sanitation services on these three continents,” said the DFC. The loan is being provided with “the issuance of fixed income instruments in accordance with the International Capital Market Association (ICMA) guidelines on…

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AXA Mansard Pensions Ltd rebrands to Tangerine Pensions Ltd after its acqusition

NIGERIA – AXA Mansard Pensions Limited has announced a rebrand and change of name to Tangerine Pensions Limited, this is after receipt of all necessary approvals from the National Pension Commission (PenCom). This follows completion of the acquisition of 100% of AXA Mansard Pensions Limited’s equity by Eustacia Limited, a company controlled by Verod Capital Management Limited. Verod is a leading West African private equity firm, focused on creating economic value across Africa. The firm is active across various sectors, including, life and general insurance, other financial services, light manufacturing,…

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Game publishing startup Galactech secures US$36k funding from Go-Ventures

TUNISIA – Galactech, a game publishing startup located within the Megrine Business Center, has won the first edition of a challenge organised by Tunisie Telecom (Tunisia’s state-owned telecom company) in partnership with Go-Ventures,  the Tech-startup fund of Go Malta, a subsidiary of Tunisia Telecom. The startup aggregates various entertainment services like video games, Video-on-Demand (VOD) and Media-on-Demand (MOD) through different telecom operators in the Middle East and Africa, in partnership with other startups and content creators in the region.The challenge was intended to support Tunisian startups in their quest for…

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Kenya Airways and advanced air mobility company Skyports partner to launch drone delivery service

KENYA – Kenya Airways PLC, has signed a Memorandum of Understanding (MoU) with Advanced Air Mobility (AAM) company, Skyports to collaborate on launching permanent unmanned aerial vehicle (UAV) operations in Kenya.  The collaboration brings together Kenya Airways’ significant expertise in aviation services and Skyports’ drone delivery logistics service – Delivery by Skyports. The partnership aims to explore the commercial viability and impact of various medical, logistical and inspection use cases alongside Kenya’s leading public and private institutions in the next few months. The target for the launch of the first…

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