IFC partners with Absa to boost trade finance in Sub-Saharan Africa

SUB-SAHARAN AFRICA – The International Finance Corporation (IFC), HAS welcomed Absa Bank to its Global Trade Liquidity Program (GTLP) to boost access to trade finance in sub-Saharan Africa, especially in low income and fragile countries, supporting a vital driver of growth that has been strained by the COVID-19 pandemic. Through a combined investment of US$250 million, IFC and Absa Bank, one of Africa’s largest financial institutions, will channel credit to a portfolio of trade transactions that are expected to facilitate up to US$1.6 billion in trade over the next three…

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Attijari bank Tunisia secures US$45.36m from IFC to strengthen its capital base

TUNISIA – IFC, a member of the World Bank Group, is providing a €40 million (US$45.36m) subordinated loan to Attijari bank Tunisia, a leading private bank in Tunisia, part of the Attijariwafa bank Group, to help strengthen its capital base and grow its lending operations. IFC’s first loan to Attijari bank Tunisia will help increase its volume of long-term financing for climate-related projects and smaller businesses. The bank has been a pioneer in developing green financing to finance investments such as photovoltaic units, waste treatment plants, and energy efficiency projects,…

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Fish distributor Lake Harvest Zambia introduces mobile payment option in its outlets

ZAMBIA – Cellulant, a leading Pan-African payments company, has partnered with one of Zambia’s leading fish distributors, Lake Harvest to enable mobile payments in all their outlets through the Tingg one-stop digital payment platform. As consumer purchasing habits evolve, Lake Harvest has placed importance on accepting all forms of mobile money to give its customers a seamless payment experience. Lake Harvest highlighted that this was necessitated by demand from their customers who kept requesting easier ways to pay for their goods that didn’t involve the hassle of withdrawing cash from…

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Fintech startup Kippa secures US$3.2m for its small business finance management app

NIGERIA – Kippa, a startup that has financial software for small businesses in Africa, has secured US$3.2 million in pre-see funding in a bid to improve the lifespan of small businesses in Nigeria with its finance management app. The financing round was led by Berlin-based VC Target Global, and other participating VCs like Entrée Capital, Alter Global and Rally Cap Ventures. The startup has also seen investors like — Babs Ogundeyi, Kuda CEO, an investor in Khatabook; Sriram Krishnan, CEO; Chris Bouwer, Raffael Johnen, Auxmoney; and other investors like, Kyane…

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The Gambia ups stake in Shelter Afrique with US$19,200 additional capital payment

KENYA – The Government of Gambia has increased its stake in Shelter Afrique to 0.27% following payment amounting to US$19,218.96 in additional capital. The Gambia is now the 11th country to increase its stakes in the pan-African housing development financier Kenya, Tanzania, Cameroon, Mali, Rwanda, Uganda, Togo, Swaziland, Ivory Coast, and the Democratic Republic of Congo. “We thank the government of The Gambia for choosing to increase her stake in Shelter Afrique despite the prevailing condition, and in particular the Minister of Lands, Regional Government and Religious Affairs Hon. Musa…

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Fintech startup Ozow raises US$48m Series B funding round for expansion

SOUTH AFRICA – Ozow, a South African fintech company, has raised a US$48 million Series B funding round to help it further develop its product offering and expand into new markets. Ozow, which rebranded from i-Pay in April 2019 as it zeroed in on assisting Small and Medium Enterprises (SMEs) with payments, was launched in November 2014 by Thomas Pays, Mitchan Adams, and Lyle Eckstein, who identified a need for an efficient and secure online payment system in the local market. The company enables millions of merchants and consumers with…

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Standard Chartered appoints Bongiwe Gangeni to head Consumer, Private and Business Banking for EMEA region

AFRICA – Standard Chartered has appointed Bongiwe Gangeni as Head of Private & Business Banking (CPBB), Africa & Middle East, and Europe (AME/E), subject to regulatory approval. Bongiwe will be based in Dubai when she joins the Bank in March 2022. Bongiwe is joining Standard Chartered from Absa, where she spent the last 14 years, most recently as a member of the Group Executive Committee, with the dual roles of Deputy Chief Executive Officer for Retail and Business Banking, and Head of Relationship Banking. Bongiwe’s successful career at Absa comprises…

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AfDB Group approves US$40m grant to further capitalise Development Bank Ghana

GHANA – The Board of Directors of the African Development Bank Group has approved a grant of US$40 million from the African Development Fund to the Republic of Ghana to further capitalise The Development Bank Ghana (DBG), a newly established development finance institution in Ghana. The Development Bank Ghana is designed to provide financing to micro, small and medium sized enterprises as well as small corporates in agribusiness, manufacturing and information and communication technology (ICT). “The project to support the DBG is aligned with Ghana’s Beyond Aid Vision and supports…

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Verdant Capital closes four private equity-related transactions in South Africa

SOUTH AFRICA – Verdant Capital, a specialist investment bank and investment manager, has closed four private equity-related transactions in South Africa with important fund raisings for Bridge Taxi Finance and Retail Capital, the sale of Nedan Oil and the sale of Baxi to MFS Africa. Verdant Capital has successfully raised US$20 million in debt financing for Bridge Taxi Finance from a small group of leading international impact investors. The funding will be used to grow the institution’s lease portfolio. In addition, Verdant Capital has raised US$10 million in debt funding…

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AfDB secures US$136m for its Sustainable Energy Fund for Africa

AFRICA – The African Development Bank (AfDB) has announced US$136 million in additional investment for its Sustainable Energy Fund for Africa (SEFA). The announcement was made during the COP26 conference featuring government ministers and a council of leaders in renewable energy. SEFA, a multi-donor trust fund administered by the AfDB, has reaffirmed its support for institutional expansion for its African energy focussed development programs. SEFA’s founding member, Denmark, has disclosed US$14 million in new pledges. Denmark’s Minister for Development and Nordic Cooperation, Fleming Moller Mortensen, deliberated that energy was a…

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