Author: Frank

CDcare launches online marketplace for users to buy appliances in instalments

Frank

NIGERIA – CDcare, a Nigerian startup, has developed an online marketplace that lets users buy appliances and pay in monthly or weekly instalments at zero interest. CDcare combines savings and loans features in its marketplace, allowing users to automate the payment of a monthly or weekly amount towards buying an appliance. When up to half of the cost of the item has been saved, it is shipped, and the automatic payments continue until full payment is made. All of this at zero interest. The bootstrapped CDcare, which is in the…

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Real estate company El Baron Developments launches US$41m Vigor project

Frank

EGYPT – El Baron Developments, an Egyptian Real Estate, has launched a new project, Vigor, in the Downtown area at the New Administrative Capital, eastern Cairo, with a total investment of approximately EGP 650 million (US$41.52 million). According to Chairperson and Managing Director Hazem Zarif, the Vigor project is a commercial and medical administrative building situated on 4,700 sqm. It comprises 11 floors; each is 1,138 sqm. The project will offer units with various sizes. A contract was signed with the KAD Commercial Property Management responsible for managing the project…

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MasterCard and The Rise Fund to join Airtel Africa as minority investors

Frank

AFRICA – Airtel Africa, a telecom company, has announced plans to unveil its two new minority investors, MasterCard and The Rise Fund, in agreed transactions valuing part of their business at US$2.65 billion. This was disclosed by the Chief Executive Officer, Airtel, Raghunath Mandava, in a statement issued to announce its full-year result. “In line with our strategy of unlocking value in our mobile money business, we will soon welcome two new minority investors (The Rise Fund and Mastercard) in agreed transactions which value this part of our business at…

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Benin invests in 11 startups under Oumandéra funding scheme

Frank

BENIN – The government of Benin has invested in eleven startups under the Oumandéra funding scheme, after several phases of selection. The funding will enable them to boost their businesses. The eleven startups are part of the first class of 2020–2021 under the Digital Entrepreneurship Support Fund (FAEN). The eleven Beninese startups received checks worth 10 million to over 29 million CFA francs (US$ 18,430 – 53,460), depending on the relevance of their development needs. “Housed under the Digital Entrepreneurship Support Fund (FAEN), Oumandéra is a grant worth between 5…

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Telkom Kenya creates new subsidiaries to enhance service delivery

Frank

KENYA – Integrated telecommunications provider Telkom Kenya, has created two wholly-owned subsidiaries to house its Digital and Financial Services business to enhance service delivery. In a press statement, the firm said the Consumer Service Delivery Unit would remain within Telkom Kenya, insisting that this re-organization of its business will not result in any loss of jobs. The Digital Subsidiary will offer Data Centre Services, Cloud, Managed Services, Connectivity, Broadband, Carrier-to-Carrier traffic, and Backbone Infrastructure. In August 2020, Telkom Kenya began re-organizing its business structure to accommodate the ongoing digital transformation in…

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Startup Mazi Mobility gets backing from venture builder Satgana, launches electric motorcycles

Frank

KENYA – Mazi Mobility, a Kenyan startup, has launched its electric motorcycle fleet with backing from global venture builder, Satgana. Mazi Mobility is using motorcycles, locally known as “bodas” in Kenya to accelerate the transition to efficient, affordable and clean transport in Nairobi. Its flagship motorcycle, the Magnus 3000 (M3K), is a better alternative to petrol-driven bodas, while the startup is also introducing battery swapping stations that provide on-demand energy, reducing transportation costs by 50 percent.  The MK3 offers a choice between a single and dual battery, capable of up to…

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Malawi to construct its first solar-plus storage project

Frank

MALAWI – The government of Malawi, in collaboration with Sungrow, JCM Power, InfraCo Africa, RINA and Innovate UK, will construct its first solar-plus storage project, a first in Sub-Saharan Africa. Located in the Dedza district of Malawi near the town of Golomoti, the 20MWac solar PV and 5MW/10MWh energy storage project is set to become a leading project in sub-Saharan Africa in demonstrating the value of solar PV coupled with energy storage. The project will fully adopt Sungrow’s one-stop solar-plus-storage MV solution comprised of PV inverter, MV station, all-in-one Power Conversion System,…

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Sasol agrees to sell 30% interest in ROMPCO to an acquisition vehicle

Frank

MOZAMBIQUE- Energy and chemical company Sasol South Africa (SSA), a subsidiary of Sasol, has concluded a sale and purchase agreement (SPA), to sell a 30% equity interest in the Republic of Mozambique Pipeline Company (ROMPCO), subject to pre-emptive rights by other shareholders. In a statement, Sasol said ROMPCO is a joint venture between SSA (50%), Companhia Mocambiçana de Gasoduto S.A. S.A.R.L (CMG) (25%) and South African Gas Development Company (SOC) Limited (iGas) (25%). The joint venture owns the 865km gas transmission pipeline from Mozambique to South Africa. The company said…

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World Bank approves US$100m grant to support MSMEs, foster inclusive growth in Mozambique

Frank

MOZAMBIQUE – The World Bank has approved a US$100 million grant from the International Development Association (IDA), in support of the Government of Mozambique’s Economic Linkages for Diversification Project, which supports Micro, Small, and Medium Enterprises (MSMEs), develop their capacities to provide goods and services to larger businesses, as well as serve the growing cities in the centre and north of Mozambique, thus fostering linkages and economic diversification. “Mozambique’s growth has been driven by Foreign Direct Investments (FDI) into capital-intensive industries, which has not translated into adequate levels of job…

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Access Bank Rwanda appoints Faustin Rukundo as new Managing Director

Frank

RWANDA – Access Bank Rwanda Plc. Has announced the appointment of Mr. Faustin Rukundo Byishimo as Managing Director, effective May 1, 2021. He succeeds Mr. Jean-Claude Karayenzi who has been deployed to the Access Bank Group. Mr. Faustin Rukundo Byishimo has a wealth of experience of over 20 years of which 18 in the Banking industry and joins Access Bank from another financial institution where he was, in his last assignment and for the past 5 years, the Executive Director for Business Development. In this role, he led and oversaw…

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