Insurtech start-up OKO raises US$1.2m to bring innovative products to smallholder farmers in Africa

UGANDA – Insurtech start-up OKO, a provider of inclusive agricultural insurance to secure farmers’ income across Africa, has closed a seed investment of US$1.2 million led by Newfund and ResiliAnce. Mercy Corps Venture, Techstars, ImpactAssets and RaSa also participated in the round. The start-up which currently operates in Uganda and Mali uses satellite data and mobile payments to create automated insurance products for farmers whose fields are affected adversely by weather occurrences primarily droughts and floods. With the new funding, OKO aims to strengthen its presence in Mali and Uganda…

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AB InBev to invest US$400m in Nigerian unit expansion programme

NIGERIA – World’s largest beer maker, Anheuser-Busch InBev (AB InBev) has said it expects its total investment in the newly built Sagamu Brewery in Nigeria to hit US$400 million. Speaking during a media briefing in South Africa, the company’s chief executive officer, Carlos Brito, said that the investment is expected to improve the firm’s performance in the Nigerian market. He said that the US$250 million brewery has already started operation and capacity will be expanded in phases, but however did not provide a timeline for the next phase. “Nigeria is…

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