Kenya Airways signs codeshare agreement with British Airways

KENYA – National carrier Kenya Airway has announced a new codeshare agreement with British Airways, allowing its customers to connect to 26 destinations across the UK and Europe on routes operated by BA, including Glasgow, Madrid, Milan, Amsterdam and Frankfurt. Customers flying to Nairobi with British Airways will be able to connect to 20 destinations across East and Central Africa, including Douala, Zanzibar, Lusaka, Mombasa, Addis Ababa, and Entebbe. The agreement will also provide travelers with more options to reach holiday destinations such as Mauritius and Seychelles. British Airways currently…

Read More

Car sharing marketplace Zoomcar launches in Egypt

EGYPT – Zoomcar, a car sharing marketplace covering emerging markets, has announced their launch of operations in Egypt through a press conference. Zoomcar, who dominates the car sharing market in India, has expanded to the MENA region and recently appointed Hany Olama as their country head in Egypt to help scale their car sharing marketplace. The company announced their plans to have 5,000 cars by March 2022, with an intention to scale to 20,000 cars on the marketplace by the end of 2022. “At Zoomcar, our mission is to democratize…

Read More

E-finance Investment Group admits its shares to Egyptian Stock Exchange

EGYPT – E-finance Investment Group, an electronic payment solutions provider, has admitted its shares to the Egyptian Stock Exchange on October 20 at an initial price of 13.98 Egyptian pounds (US$0.89) per share, after raising 5.84 billion Egyptian pounds (US$372 million) during its recent IPO on the Egyptian Stock Exchange. When the stock market closed, E-finance’s share price was 21 Egyptian pounds, up 50.2 percent for a company that is still in its infancy on the stock market, with a market capitalization of 22 billion Egyptian pounds (about US$1.4 billion).…

Read More

Omnia Holdings offloads stake in Umongo Petroleum for US$68.5m

SOUTH AFRICA – Diversified chemicals company Omnia Holdings, which said that it had sold a majority stake in Umongo Petroleum for R1 billion (US$68.5 million), is now ’actively pursuing’ acquisitions in mining and agriculture to add to its war chest as well as considering a possible ’special dividend’ to shareholders or a share buyback at the end of the financial year, reports IOL News. Omnia and minority shareholder Autumn Storm Investment had negotiated the deal in a transaction, which will see Orkila South Africa (Orkila), a subsidiary of Azeli, a…

Read More

Fintech Galaxy raises US$2m Seed funding, partners GIZ

MENA – Fintech Galaxy, the UAE-based open innovation platform, has raised US$2 million in Seed funding to further bolster the development and rollout of its Open Finance platform, as it looks to expand its reach and boost financial inclusion across key Middle East and North Africa (Mena) markets. The Seed round was led by Jordan’s Ahli Fintech and joined by Raz Holding Group, OMQ Investments, Egypt’s EFG EV Fintech and INSEAD Saudi Angel Investors. Fintech Galaxy is building an Open Finance platform, with a vision to redesign financial services with…

Read More

Frazium Energy seals deal to develop 100MW solar plant in Eswatini

ESWATINI – Australian renewable energy independent power producer, Frazium Energy, has signed an agreement with the government of Eswatini (formerly known as Swaziland) for the development of a 100 MW solar plant in the Southern African Kingdom.  Frazium Energy says the development will require around €100 million (US$115 million) in investment and will include a battery energy storage system (BESS). The agreement signed with Eswatini grants Frazium Energy rights to operate the renewable energy facility for 40 years. “We are so grateful to the government of Eswatini for their support, confidence, and belief…

Read More

Equity Bank revamps its online banking solutions to drive customer convenience

KENYA – Equity Bank has revamped its online banking offering, previously known as Eazzy Net, in line with the bank’s One Equity strategy to provide a seamless customer experience across all banking channels. The newly revamped platform dubbed Equity Online provides a unified service offering across channels, an improved customer experience with simpler customer journeys, fresh and user-friendly interface and more digital financial services such as buying Mpesa float, paying for parking among others. The move comes in the backdrop of a growing demand for efficient and flexible online banking…

Read More

Africell opens high-tech data center in Angola

ANGOLA – Mobile network operator Africell has taken another major step towards launching services in Angola by opening a data centre in Luanda, a facility resulting from substantial financial investment and will be the cornerstone of Africell’s network in Angola, providing a platform for a digital ecosystem for mobile users, entrepreneurs and innovators. “The opening of the data centre is a significant milestone,” said Christopher Lundh, CEO of Africell Angola.  “We want to lead a digital transformation. Africell is investing in technology that will provide Angola with faster, more affordable and more…

Read More

Radisson Hotel Group to double its West and Central Africa portfolio by 2025

AFRICA – Radisson Hotel Group, one of the world’s leading hotel companies, has identified West & Central Africa as key markets in its African development strategy, growing its portfolio from one hotel in 2008 to the current portfolio of 25 hotels in operation and under development. With its robust expansion strategy, the Group is on track to cement its leadership and double its portfolio to 50 hotels by 2025. Despite the Covid-19 pandemic, West & Central Africa remains a strategic territory for Radisson Hotel Group’s expansion. In 2020, the Group was able…

Read More

ITFC signs US$116.4m Murabaha Financing Agreement with SENELEC to support Senegal’s energy sector

SENEGAL – The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, approved US$116.4 million Murabaha financing to SENELEC (Senegal National Power Company) to help meet the growing electricity demand, improve the reliability of power supply, reduce losses, and expand access to previously unserved communities. The company’s strategic mandate is to ensure the production, transmission, and distribution of electricity in Senegal and this approval reflects ITFC’s commitment to supporting the availability and affordability of electricity in member countries. The facility is purposed to cover…

Read More