Fintech startup CreditFins secures Pre-Seed funding round

EGYPT – CreditFins, Credit Card management platform and fintech startup, has successfully acquired an undisclosed amount in a Pre-Seed funding round led by Flat6Labs, AUC Angels, TA Telecom Holding, and other strategic angel investors with backgrounds in technology and investment. This latest funding round adds to the 10PP growth in early-stage investments (of ticket sizes lower than US$500,000) Egypt observed in H1 2021 YoY. Fintech startup CreditFins helps users repay their Credit Card debt while saving money. It is a cheaper, more convenient solution for debt repayment through fixed, lower…

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Qatar Investment Authority invests US$200m in Airtel Africa’s mobile money unit

AFRICA – Telecoms operator Airtel Africa has announced that it has secured another investment from Qatar Holding LLC for its mobile money arm. Qatar Holding LLC IA is an affiliate of the Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar with over US$300 billion in assets. The Middle Eastern corporation is set to invest US$200 million into AMC BV through a secondary purchase of shares from Airtel Africa. In April 2021, Mastercard invested US$100 million in Airtel Mobile Commerce BV (AMC BV) — the mobile money business of telecom Airtel Africa…

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Fintech startup Piggyvest acquires Savi.ng to build its customer base

NIGERIA – Piggyvest, a fintech startup which helps around three million users save and invest money, has acquired counterpart Savi.ng as it looks to build its customer base further. Launched in 2016 as Piggybank before a 2019 rebrand, Piggyvest is an online savings and investment platform targeted primarily at low and middle income Nigerians, allowing them to deposit and put aside small amounts on a daily, weekly or monthly basis. The startup has seen strong growth, repaying billions of naira to its users and already surpassing its 2020 figures in…

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Equity Bank Tanzania introduces remittance services

TANZANIA – Equity Bank Tanzania has introduced two new remittance services in an effort to boost inter-country and regional remittance transactions in Tanzania. The two platforms introduced in the market are Equity Bank Interbank transfers and Sadc Integrated Regional Electronic Settlement System (Siress) Services. The former allows real-time transactions for Equity Bank customers in any Equity Bank group branches while the latter opens up remittance transactions within the 16 Southern African Development Community (SADC) member states. Equity Bank managing director Robert Kiboti said in Dar es Salaam that the services…

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Cameroon ups its stake in Shelter Afrique with injection of US$3.5m fresh capital

KENYA – Pan African housing finance and development institution Shelter Afrique has received US$3,529,801.29 from the Government of Cameroon in additional capital subscription increasing its shareholding by 2% from the current shareholding of 3.61% to the revised shareholding of 5.24%. Cameroon, which recently acceded to the helm of the Institution at the recently concluded 40th Annual General meeting has indeed demonstrated its commitment to strengthening Shelter Afrique’s capital base. The Cameroon Minister for Housing and Urban Development, Her Excellency Madame Celestine Ketcha Courtes was newly appointed as President of the…

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Mauritius Commercial Bank signs a US$20m term loan facility with Bank of Kigali to support its growth objectives

MAURITIUS – The Mauritius Commercial Bank Limited (MCB) and Bank of Kigali Plc have successfully signed US$20 million deal between them to provide additional liquidity to Bank of Kigali Plc over a 1-2 year period to facilitate execution of its lending strategy. Despite the challenging market conditions, Bank of Kigali Plc maintains strong financial performance and continues to attract the support of financial institutions, showcasing investors’ confidence in the bank. The loan proceeds will be used mostly to fund their general corporate projects. Bank of Kigali Plc remains a systemically…

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American University in Cairo, International Financial Corporation to support entrepreneurship

EGYPT – The Center for Entrepreneurship and Innovation (CEI) at The American University in Cairo (AUC) signed an agreement with the International Financial Corporation (IFC) to support entrepreneurship. IFC will provide support to CEI within the next 18 months, to adopt and customize the Massachusetts Institute of Technology – Venture Mentoring Services (MIT VMS) program to the local context.  CEI will receive the MIT VMS license to become a certified MIT VMS member and will establish a network of qualified mentors to guide aspiring and established entrepreneurs in Egypt throughout…

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Fintech startup Julaya secures US$2m pre-Series A funding to expand its products

CÔTE D’IVOIRE – Julaya, fintech startup which provides businesses and institutions with an online platform to disburse payments to mobile money and mobile banking wallets, has received US$2 million in pre-Series A funding to grow and expand its product in West Africa. Founded in 2018 by Mathias Léopoldie and Charles Talbot, Julaya has a customer base that ranges from SMBs to large corporates and government institutions and includes brands such as the e-commerce company Jumia. The startup, which previously raised US$250,000 in 2018 and US$550,000 in 2019/2020, in June raised…

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Contact Financial Holding partners online real estate platform Sakneen

EGYPT – Contact Financial Holding, a leading structured finance investment firm, has partnered with Sakneen, an online real estate platform, to enable clients to search for homes and finance them all through one platform. Sakneen’s search engine provides users with a wide inventory of high-quality listings with accurate prices and a seamless user experience. The platform is unique in offering new properties from over 110+ developers, as well as existing homes on the secondary market.  Also, users can access all the information they need to make the right investment decision…

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Link Commerce and Cellulant partner to avail digital payment options for easier purchases from global retailers

AFRICA – Pan-African payments company Cellulant, has partnered with Link Commerce, a turn-key B2B eCommerce platform, to avail relevant digital payment options to consumers in Africa; making it possible to purchase goods directly from global retailers online. The number of online shoppers in Africa has surged annually by 18% since 2014, according to a report by UNCTAD and as of 2019, the number of digital buyers in Africa experienced an increase to 233 million. The number of e-commerce users in the continent was projected to grow significantly in the next…

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