E-commerce booms in South Africa, Nigeria and Kenya – Visa

SSA – Report by global payments solution company Visa, shows that over the last three years, South Africa, Nigeria and Kenya have maintained their positions as the top three market contributors to e-commerce in the Sub-Saharan Africa region. In 2020, West African nation Ghana also broke ground, tied in third place with Kenya. The report dubbed “E-commerce developments across Sub-Saharan Africa” white paper, highlights Sub-Saharan Africa’s steady growth potential, despite it being one of the smallest regions for e-commerce globally. Visa’s research reveals that during the COVID-19-induced lockdown, Sub-Saharan Africa…

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Oil & gas company Tullow Oil completes sale of its interest in Dussafu Marin to Panoro Energy

GABON – Tullow Oil, an Oil and gas company, has completed the sale of its 10% working interest in the Dussafu Marin permit asset in Gabon to Oslo-listed Panoro Energy. Tullow Oil announced that it had already received a payment of US$39 million for the Dussafu asset earlier in the day as well as a U$5 million contingent consideration relating to the Equatorial Guinea transaction. Following the completion, Panoro-Gabon holds a 17.4997% non-operated working interest in the Dussafu Marin permit. “We are extremely pleased to have completed the acquisition of…

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Africa Finance Corporation membership hits 31, aims to bridge the continent’s infrastructure gap

AFRICA – Africa Finance Corporation (AFC), a pan-African multilateral development financial institution established in 2007, has announced that it has now reached 31 member states constituting more than half the continent. In the first quarter of the year 2021, membership by Burkina Faso, the Democratic Republic of Congo, and Morocco added up the number to 31 member states.    “This is a landmark achievement for AFC as we continue to expand our footprint across the continent,” said Samaila Zubairu, President and CEO of AFC. “It is my pleasure to welcome…

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Logistics provider Speedaf express closes Series A+ financing round led by Trustbridge

AFRICA – Speedaf express, a China-Africa integrated logistics service provider, has closed a Series A+ financing round led by Trustbridge with participation from Northern Light Venture Capital and Vision Capital. The investment will be used for logistics network expansion in emerging markets, IT system construction and talent team structuring. “We sincerely thank our new and original shareholders for their trust and support of Speedaf express. This is an important milestone in the development of Speedaf express,” said Gary Suo, CEO of Speedaf express. Vision Capital led Round A financing for…

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UBA, DEG to support SMEs with US$50m term facility agreement

NIGERIA – The United Bank for Africa (UBA) Plc, and Deutsche Investitions- und Entwicklungsgesellschaft mbH, (DEG) the German Development Finance Institution, have entered into a partnership aimed at supporting small and medium scale businesses (SMEs) in Nigeria. According to a statement, both institutions have signed a US$50 million term facility agreement with a tenor of six years and is targeted at supporting SMEs and family-owned businesses in Nigeria. UBA America’s Chief Executive Officer, Sola Yomi-Ajayi, was quoted to have said UBA remains passionate about the growth of the private sector…

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Huawei launches IdeaHub series products in partnership with TD Africa

AFRICA – Huawei, a multinational technology company, has partnered with TD Africa to unveil the IdeaHub series products, a cutting-edge solution targeting the enterprise market. The Huawei IdeaHub series is an intelligent endpoint, which integrates multiple functions, including multi-screen collaboration between mobiles and PCs, interactive whiteboard, remote collaboration, FHD video conferencing and built-in HD AppGallery. Furthermore, the IdeaHub is a brand-new productivity tool designed by Huawei to create an all-scenario smart office. It aims to bring digital to every meeting room and open office, promoting office and production efficiency for…

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Ivory Coast to add value to cocoa waste, invests US$244m in cocoa-powered bio-diesel plant

IVORY COAST – Ivorian specialist in the biomass sector, Société des Energies Nouvelles (SODEN), has partnered with US Trade and Development Agency to establish a cocoa-powered renewable energy plant. The project, which will innovatively put to use the cocoa-waste is expected to cost about 131 billion West African CFA francs (US$244m). Ivory Coast is the world’s leading producer of cocoa beans contributing over 40% of the global supply. The cocoa beans which are exported to power the US$130billion per annum cocoa and chocolate industry, make up a small portion of…

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Ukheshe: Digitizing Banking And Payment Across Africa And The World

Ukheshe Technologies aims to be one of the next unicorns to emerge from Africa. With the fintech space getting more crowded to meet the rising demand for financial solutions, the South African fintech firm has set its sights on the rest of Africa and the Middle East, Asia and Europe. We have a discussion with the company’s CEO Clayton Hayward on the company’s impact and future plans.

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IFC in deal to boost Victoria Falls flights and promote tourism

ZIMBABWE -The International Finance Corporation (IFC), a member of the World Bank, will partner Zimbabwe’s Ministry of Environment, Climate, Tourism and Hospitality Industry in efforts to attract more airlines and flights into the country’s premier tourist destination, Victoria Falls. The partnership, which also include partners like CPCS Transcom a consultancy firm and Cape Town Air Access, a project of  Wesgro, the Tourism, Trade, and Investment Promotion Agency for South Africa’s Western Cape, is focused on helping Zimbabwe conduct data analysis and facilitate dialogue with airlines to recover and strengthen Victoria…

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Packaging Industries Ltd: Award Winning Packaging Firm Eyes Growth

Packaging Industries Limited is proud of its achievements in facilitating trade and boosting the economy and creating jobs in Kenya. A leading manufacturer of high-quality packaging solutions, the company has recently received an international packaging award that adds a feather to its many years of impact.

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