FinTech company Busha raises US$4m to deepen its market position

NIGERIA – Busha, a Nigeria-based digital platform that helps people buy, sell and store cryptocurrency, has raised seed funding of US$4.2 million in a round led by Jump Capital. Cadenza Ventures, Blockwall Capital, CMT Digital, Greenhouse Capital, Raba Capital, and other investors also participated in the financing round. According to the company, the new funding will go towards deepening its market positioning in Nigeria, the leading crypto economy in Africa where all of its users are based. Founded in 2018 by CEO Michael Adeyeri and Chief Product Officer (CPO) Moyo…

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MyBank, Mastercard and Network International launch new debit card to elevate e-commerce in Somalia

SOMALIA – As part of continued efforts to expand access to the digital economy and drive financial inclusion in Somalia, MyBank, Mastercard and Network International have partnered to launch a new Mastercard debit card that seamlessly enables online shopping in Somalia.   The new physical card is a first for MyBank in the country and will enable consumers to transact in-store at various points of sale and at ATMs, while also giving them the ability to make online purchases through e-commerce channels. These services will also benefit underserved sectors in Somalia,…

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Absa Bank profit after Tax jumps 328% to US$72m for period ending September 2021

KENYA – Absa Bank, a financial services group, has recorded a 328 percent jump in its Profit after Tax for the period ending 30 September 2021. The profit rose to KSh8.2 billion (US$72.98m), as compared to KSh.1.9 billion (US$16.91m) recorded in the same period 2020, which was attributed to the strengthening macro-economic environment and resilience in customer operations. The bank also recorded KSh.27.3 billion (US$242.98m) in total income, a 7 percent increase credited to higher increased income which increased by 9 percent year on year due to increased lending. Loans…

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Ecommerce platform Jumia partners fintech vaIU to provide new online payment channels

EGYPT – Jumia, an e-commerce platform, JumiaPay the fintech electronic payments platform, and valU the Buy-Now Pay-Later (BNPL) fintech platform in the Middle East and North Africa, have signed agreements to enable valU to become a payment solution via Jumia and JumiaPay. The partnership allows JumiaPay as a payment gateway to manage the payment operations of valU consumers by linking valU and JumiaPay for electronic payment services. The deal will commence with an offer that clients will benefit from while shopping and paying in instalments over 9 months interest-free through…

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FinTech startup Hollydesk raises US$325k pre-seed funding to expand its services and solutions

EGYPT – Hollydesk, a financial technology startup based in Cairo, has raised US$325,000 in a pre-seed funding round led by the angel investor Faisal Abdel Salam in participation with other investors. The funding will help Hollydesk to scale and pursue further the horizontal expansion of its offerings. The startup further intends to expand its services and solutions in new markets in the region. “We seek to use the new funding to develop technologies for our solutions, assign new competencies within the team, and launch other services that will be announced…

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AfDB grants US$70m to DRC for agro-industrial development

DRC – The Board of Directors of the African Development Bank Group has granted a loan from the African Development Fund (ADF) of US$70.76 million to the Democratic Republic of the Congo (DRC), to implement the Program of support for agro-industrial development in Ngandajika (PRODAN), in the center of the country. This is financing from the Bank’s concessional window. The Congolese government will provide about US$22.37 million in counterpart for the execution of the program over a period of five years, in the province of Lomami, in the center of…

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AfDB grants US$70m to DRC for agro-industrial development

DRC – The Board of Directors of the African Development Bank Group has granted a loan from the African Development Fund (ADF) of US$70.76 million to the Democratic Republic of the Congo (DRC), to implement the Program of support for agro-industrial development in Ngandajika (PRODAN), in the center of the country. This is financing from the Bank’s concessional window. The Congolese government will provide about US$22.37 million in counterpart for the execution of the program over a period of five years, in the province of Lomami, in the center of…

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Nigerian lending marketplace Evolve Credit launches cloud lending software

NIGERIA – Evolve Credit, the Nigerian lending marketplace, has launched Configure, its new cloud lending software that it says will power thousands of new loan providers over the next five years. Configure is an affordable bank-level core lending platform that enables lenders to build, launch, and manage any type of loan product end-to-end across multiple distribution channels. Speaking at the Press Conference, Akan Nelson, Founder and CEO of Evolve Credit, stated that Evolve Credit’s vision has always been the same: to make access to credit and financial products more inclusive,…

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EFG Hermes Holding acquires controlling stake in Arab Investment Bank

EGYPT – EFG Hermes Holding, an Egypt-based investment bank, has finalized its acquisition of a 51% stake in the Arab Investment Bank (aiBANK), marking a strategic entry into the fast-growing and solid Egyptian commercial banking sector. The transaction will see EFG Hermes Holding assume control of aiBANK, with TSFE Financial Services & Fintech Subfund, a subfund fully owned by the Sovereign Fund of Egypt, EFG Hermes Holding’s valued partner, acquiring a 25% stake. “The closing of this landmark transaction with our esteemed partner TSFE will drive the transformation of our…

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Fintech startup KIWE closes first investment round to drive up its growth

EGYPT – KIWE, an Egyptian fintech startup, has closed its first investment round, to drive the startup’s growth by utilising the offerings of its investors. The round was led by dfin Holding with participation from EFG Hermes, Marakez for Development, and a group of angel investors. The investment will be used “We are strong believers of empowering freelancers and business owners by helping them identify their targets, level up their customer experience and accept online and offline payments,” part of a statement by the company said. “Our vision is for…

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