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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Egypt’s contactless grocery delivery platform GoodsMart raises US$3.6m for further expansion

EGYPT – Egyptian grocery delivery platform GoodsMart, has raised US$3.6 million in a funding round led by Sawari Ventures. Founded in 2014, GoodsMart allows customers to browse thousands of premium grocery and home products from a variety of shops and suppliers, place orders, and have goods delivered to their door. On the surface, the company may look like any other grocery delivery startup but the overall user experience and operating model GoodsMart has is completely different. According to reports by Menabytes, its grocery delivery service is contactless as the users receive…

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AgDevCo expands portfolio to develop banana industry in Mozambique

MOZAMBIQUE – Social impact investor AgDevCo has announced its latest investment in Mozambique’s agribusiness sector. The UK-based social impact investor has closed a US$3 million debt investment in Quinta da Bela Vista Limitada (QBV), an irrigated banana estate located in the Boane area in Mozambique. QBV was established in 2016 as a joint venture between Silverstreet Capital’s Silverlands I Fund and Crookes Brothers Limited (JSE: CKS) and currently comprises 128ha of irrigated bananas. QBV’s strategy is to expand the operation to 260ha over the next two years. Crookes Brothers have a proven track record in…

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Telkom SA targets e-commerce, big data, fintech investments to generate new revenue streams

SOUTH AFRICA – With revenue and profit margins from core services coming under pressure due to intense competition, Telkom SA is seeking opportunities in e-commerce, big data, gaming and fintech, to generate new revenue streams. In its integrated report 2021, Telkom says it’s searching for new investment opportunities to provide it with financial stability while transforming to become an end-to-end digital provider. Telkom’s desire to evolve comes on the back of a growing trend in telecoms, which has seen mobile operators transform their operating models to drive growth through new digital…

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Unga Group to sell its subsidiary Ennsvalley Bakery in cost-cutting measure

KENYA – Unga Group, one of the big millers in Kenya, has announced the planned sale of Ennsvalley Bakery assets to cold storage and cold chain logistics company BigCold Kenya subject to satisfaction of certain conditions. The company will be selling its bread business to BigCold as it seeks to cut costs and improve efficiency. According to the Nairobi Securities Exchange-listed miller, Ennsvalley Bakery Limited entered into an agreement to sell all its assets to BigCold Kenya on 26th July 2021. BigCold is the only FSSC 22000 certified company in East Africa…

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British insurer Prudential Plc picks Nairobi for its Africa headquarters

KENYA – British multinational insurance company Prudential Plc will set up its Africa headquarters in Nairobi after signalling its intention to join the Nairobi International Financial Centre (NIFC) as one of its anchor clients. Kenya has been working since 2014 to establish the centre (NIFC), which aims to become a gateway for capital flowing in and out of Africa and to compete with established financial centres like Mauritius. In an interview with Business Daily, NIFC acting chief executive Oscar Njuguna said that Prudential wants to grow its regional business aggressively, having established…

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Payments company Yoco raises US$83m Series C funding round to accelerate growth

SOUTH AFRICA – Payments and software startup Yoco has secured US$83 million in Series C funding to accelerate the development of its platform and expand internationally as demand grows among small businesses for its digital payments tools. Yoco builds tools and services to help small businesses accept card payments in-store and online, access loans, and manage their day to day activities and in less than six years, the startup has become the preferred payments partner for over 150,000 small businesses across South Africa, processing more than US$1 billion in card payments…

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Arab Banking Corporation submits offer to buy all shares of BLOM Bank – Egypt

EGYPT – The Arab Banking Corporation (ABC) has submitted an offer to buy up to 300 million shares representing 100% of the issued capital of BLOM Bank – Egypt at EGP 22.33 (US$1.42) per share. The Egyptian Exchange (EGX) also said that the validity period of the offer is 10 working days, starting from the day following the date of the purchase offer’s publication, and will run until the end of trading on 5 August. Implementation will be carried out on the EGX within five working from the end of…

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E-commerce platform Capiter aims to achieve US$1bn in revenue by 2023

EGYPT – Capiter, the e-commerce platform specialising in the field of fast-moving consumer goods (FMCG) and foodstuffs, has announced that it aims to achieve revenues of US$1 billion by 2023. The target comes as part of the company’s ambitious plan to multiply the volume of its business tenfold, after achieving fruitful results during 2020 despite the novel coronavirus (COVID-19) pandemic crisis. Capiter presents a new concept for the Egyptian market in retail trade, by serving as a link between consumer goods makers, major companies, and wholesalers in the field of…

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