DFC invests US$10m in Nithio FI to scale clean energy financing in Africa

AFRICA – The U.S. Development Finance Corporation (DFC), has invested US$10 million in Nithio’s Financial Intermediary, Nithio FI, an AI-enabled clean energy financing platform, to scale clean energy financing in Africa. Strongly aligned with DFC’s climate-focused investments agenda, this investment enables Nithio to scale its data-driven financing to impact more than 3.5 million people by 2025 and drive climate change adaptation efforts in Kenya, Uganda, and Nigeria. The investment joined alongside FSD Africa Investments and EDFI-ElectriFI, finalized Nithio FI’s first round of US$23 million. Nithio FI is a blended finance, permanent capital vehicle that is purpose-built to…

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Condiment maker GBfoods attains full ownership of Africa’s operations

AFRICA – Global culinary products manufacturer GBfoods has undertaken a share buy-back at its African unit GBfoods, from private equity investment firm Helios Investment Partners. Established in 2017, GBfoods Africa was a joint venture created by Helios and GBfoods through the combination of GBfoods’ existing bouillon cubes business in Africa and the acquisition of brands Gino, Pomo, Jago, and Bama. Under the new deal, Helios has sold its 49% stake in the company to its partner and co-shareholder, after successful execution of its value creation strategy which has resulted in…

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AFC launches US$500m climate-resilient infrastructure fund

AFRICA – The Africa Finance Corporation (AFC) has announced the creation of an investment fund for climate-resilient infrastructure that will be managed by the new fund manager AFC Capital Partners. The Climate Resilient Infrastructure Fund (CRIDF) aims to improve the quality of ports, roads, bridges, railways, telecommunications facilities, clean energy production and logistics in Africa. The fund aims to provide an effective response to rising temperatures due to climate change. The fund manager will be headed by Ayaan Zeinab Adams, a climate investment specialist who has worked with the United…

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Radisson Hotel Group announces a record year in Africa with 13 signings

AFRICA – Radisson Hotel Group, one of the world’s leading hotel groups, has announced a hotel expansion record in Africa with 13 signings to date, translating to a new hotel signed every 20 days. The Group’s expansion drive, adding 2,500 rooms to its African portfolio, includes the announcement of nine hotels in Morocco, the Group’s debut in Djibouti and the introduction of the Radisson Individuals brand in Africa.  Adding to this expansion milestone, the Group has also opened five hotels to date in 2021, including Africa’s second Radisson RED in South Africa and four Radisson Blu resort…

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Orange picks Ericsson for mobile money in Africa

AFRICA – Orange Middle East and Africa is set to deploy Ericsson’s Mobile Financial Services solutions across fourteen of the countries in its Orange Money footprint. Starting with Senegal, Ericsson’s solutions will be rolled out in phases and once operational will provide a more agile and compliant IT architecture to enhance performance in managing the flow of transactions. In addition, by strengthening Orange’s core mobile money platform, Ericsson will help promote financial inclusion and economic development across the continent. “Stable, secure, reliable and compliant mobile financial services are fundamental to…

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Mitsubishi UFJ Financial Group partners Invest Africa for Africa’s sustainable recovery

AFRICA – Mitsubishi UFJ Financial Group (MUFG), a financial service company, is partnering with Invest Africa, a leading trade and investment platform for the Continent, to support the region’s drive towards a sustainable recovery in the wake of the Covid-19 pandemic. The partnership will focus on Invest Africa’s annual flagship conference, The Africa Debate, which regularly assembles African policy makers and business leaders to debate the most pressing issues shaping the Continent’s economies and societies. Dr Christopher Marks, Managing Director and Head of Emerging Markets, EMEA at MUFG will discuss…

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Global Innovation Initiative Group launches US$100m fund to fuel African tech investments

AFRICA – The Global Innovation Initiative Group (GIIG), has announced the launch of GIIG Africa Fund, a Curaçao-based private investment fund aimed at investing in early-stage tech innovation start-ups across Africa. The GIIG Africa Fund will invest annually in the winners’ pool of start-up participants from the African region of the Global Start-up Awards (GSA), an independent start-up ecosystem competition. Through its multi-platform venture-builders, GIIG says it seeks to develop the largest relationship infrastructure of mission-aligned African innovation stakeholders to accelerate the co-creation of disruptive African solutions. According to a statement, the…

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Prudential Plc partners with Invest Africa to support ESG-focused investments across the continent

AFRICA – Prudential Plc has partnered with Invest Africa, a leading trade and investment platform for African markets, to support the development of Environmental, Societal and Governance standards. The partnership will center around Invest Africa’s flagship program, The Africa Debate, which sees the Continent’s business leaders and policymakers assemble annually to discuss future investment priorities for the region. Arjun Mallik, Managing Director, East Africa, Prudential plc, will join a discussion with leading figures in risk management, finance, business and law to outline why ESG policies should be a priority for…

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Mastercard and Paycode partner to improve access to financial services in rural areas across Africa

AFRICA – Mastercard has partnered with Africa’s global startup engagement program Start Path and startup Paycode to deliver their offerings into a single biometric smart card aimed at increasing access to critical services while advancing economic inclusion among Africans living in remote communities. Mastercard’s Community Pass platform will feature in Paycode’s Electronic Data and Payments Technology platform (EDAPT) that provides secure biometric identity including a digital bank account. Individuals will have access to both offline and real-time digital finance services regardless of whether they lack a formal identity document such as a passport or…

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MTN in mobile money pact with Flutterwave

AFRICA – Africa’s biggest mobile operator MTN, has entered a mobile money partnership with one of the continent’s leading fintech, Flutterwave. The partnership will allow businesses integrating Flutterwave in Cameroon, Côte d’Ivoire, Rwanda, Uganda and Zambia to receive payments via MTN Mobile Money (MoMo). MTN MoMo is a fintech platform providing consumers and businesses with an electronic wallet, enabling electronic transfers and payments as well as access to digital and financial services. According to the telco, at the end of June 2021, MTN MoMo had 48.9 million active users and 581,514 merchants.…

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