Sanlam and Absa to merge their investment management businesses

SOUTH AFRICA – Sanlam, Africa’s largest non-banking financial services group, and Absa, one of Africa’s largest diversified financial services groups, have announced that they have reached an agreement to combine their investment management businesses, reports IOL News The move will result in an asset management company with assets under management, administration, and advice in excess of R1 trillion (US$66.4 billion). The transaction will see Absa exchange its investment management business, Absa Investments, for a stake of up to 17.5% in Sanlam Investment Holdings Proprietary Limited (SIH). Absa Investments comprise Absa…

Read More

Adiwale Partners raises US$69m, reaches final close of its first fund

WEST AFRICA – Adiwale Partners, an SME fund primarily targeting investments, has announced completed the final closing of its very first West African investment fund, Adiwale Fund I of around 60 million euros. The company, co-founded in 2016 by two former partners of Cauris Investment Management, raised a total of 60 million euros (US$69.6 million). This amount is below the target size of 75 million euros (US$87 million) expected by the private equity fund manager. Its two co-founders, Jean-Marc Savi de Tové and Vissého Gnassounou also regret that this final…

Read More

Untapped Global partners mobile payment company Paga to empower small businesses

NIGERIA – Untapped Global, an investment company focused on emerging markets, announced a scale up of its partnership with Paga, the mobile payment and financial services company, to finance point-of-sale devices (POS) for merchants in Nigeria. The collaboration between Paga and Untapped focuses on empowering small businesses to accept digital payments and bring financial services to the masses. The financing is structured to lower the overall cost of entry for merchants to acquire a handheld POS terminal and other digital tools for their businesses, making it easy for them to…

Read More

MTN Uganda to float 20% of shares on the bourse

UGANDA – MTN Uganda has announced its intention to proceed with an initial public offering (IPO) and subsequently list on the Uganda Securities Exchange (USE). The move follows the requisite approval by the Capital Markets Authority (CMA) and Uganda Securities Exchange for MTN Group to sell 20% of its shareholding in MTN Uganda to the public, the telco said in a press statement. MTN Group owns 96% of MTN Uganda. According to the telco, the listing is in line with the group’s strategic priority to create shared value, partly through…

Read More

Smallholder farmers, rural cooperatives secure US$34m from Zanaco to accelerate investment

ZAMBIA – Smallholder farmers and rural cooperatives across Zambia will benefit from a new €30 million (US$34.81m) initiative from Zanaco and Team Europe to accelerate agricultural investment launched in Lusaka and Luxembourg. The new initiative will improve agricultural productivity, upgrade agricultural processing, and support a sector severely impacted by COVID-19 challenges and is supported by a best-practice assistance program. The financing scheme will be managed by Zanaco and is backed by the European Union and European Investment Bank, as part of the broader Team Europe support for sustainable commercialisation of…

Read More

Guaranty Trust Bank gets US$14.46m from IFC loan for SME lending

KENYA – Guaranty Trust Bank Kenya is set to receive Kshs 1. 6 billion (US$14.46 million) from The International Finance Corporation (IFC) for onward lending to small and medium-sized firms (SMEs). The loan is part of IFC’s funding of financial institutions in emerging markets under its Covid-19 crisis response program. The loans are designed to be disbursed to companies whose cash flows have been disrupted by the pandemic, helping to boost their working capital among other needs. “The proposed loan of US$14.46 million is a one-year loan, with the option…

Read More

ARM-Harith set to launch ACT Fund for urban climate infrastructure solutions

MAURITIUS – ARM-Harith Infrastructure Investments, an infrastructure fund manager, has announced the official launch of the ARM-Harith Cities and Climate Transition Fund (ACT Fund), which is endorsed by the Global Innovation Lab for Climate Finance. The US$250 million target fund has been designed in collaboration with the Global Innovation Lab, a public-private partnership initiative funded by the Dutch, German, Swedish and UK governments, as well as the Rockefeller Foundation. The ACT Fund represents a pillar of ARM-Harith’s sustainable infrastructure investment platform and will invest in urban climate infrastructure solutions with…

Read More

Female led startup Bitmama raises US$350,000 pre-seed funding for its expansion plan

NIGERIA – Bitmama, a female-led African blockchain startup, has announced a pre-seed raise of US$350,000 to will enable it to grow its operational presence, expand its team as well as penetrate new markets across the continent. The round was led by San Francisco-based VC, Flori Ventures, with participation from Nigeria-based investment fund Emergence Capital, Fedha Capital, and a host of VCs and angel investors. Founded in 2019 by Ruth Iselema, Bitmama provides a secured blockchain infrastructure that allows users across Africa to perform cryptocurrency transactions. The startup currently operates in…

Read More

GE Renewable Energy set to expand Aftissat wind farm by 200 MW

MOROCCO – GE Renewable Energy, has been selected by Énergie éolienne du Maroc (EEM), a subsidiary of Nareva Holding, to expand the Aftissat wind farm by 200 MW. GE Renewable Energy is a Paris (France) based company and a subsidiary of the American conglomerate General Electric (GE). GE will deploy its Cypress technology including the installation of 40 onshore wind turbines with a nominal capacity of 5 MW, with a rotor diameter of 158 m. The contract is awarded to GE Renewable Energy by Énergie éolienne du Maroc (EEM), the…

Read More

Real estate company El Asreya Development rebrands as part of its strategic and expansion plan

EGYPT – El Asreya Developments, a leading real estate company, has been rebranded as Atric Developments, as part of its strategic and expansion plan to keep pace with developments in Egypt’s real estate market. Chairperson of Atric Developments Ashraf Naguib said in a press conference that the move comes after very detailed and accurate studies of the market. He added that the company delivered recently the Divina Gardens project, the first villa compound in Shorouk city, which was sold out and delivered a year earlier than scheduled. Naguib praised the…

Read More