AfDB and AfCFTA sign US$11.24m institutional support grant agreement

AFRICA – The African Development Bank (AfDB) and the African Continental Free Trade Area (AfCFTA) Secretariat have signed a US$11.24 million institutional support grant agreement. The Protocol of Agreement is an US$11.24 million support package meant to enhance the Secretariat’s effective implementation. The AfCFTA Secretariat, currently in phase II of its implementation phase, will benefit from this support package, which…

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Cloud banking platform Mambu secures investment from 4G Capital

AFRICA – Mambu, a leading cloud banking platform, has secured an investment from 4G Capital, a neobank powering micro and small business growth in Africa. 4G Capital provides unsecured business loans along with enterprise training and access to digital solutions. Mambu’s platform will enable the neobank to scale and expedite its digital journey to meet customer business needs. “Our investment…

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Monetic Group raises funding from 500 Global to build Kalispot network in West and Central Africa

SENEGAL – Outsource Monetic Group, an American and Senegalese fintech based in Atlanta, has announced the closing of a pre-seed fundraising round with 500 Global, a startup accelerator company based in San Francisco, USA. The fintech also announced the launch of the pilot phase, in Senegal and Côte d’Ivoire, of its private ATM network branded KaliSpot. The KaliSpot network is…

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Ethiopian Airlines becomes the 1st African carrier to order Airbus A350-1000

ETHIOPIA – Ethiopian Airlines Group, the flag carrier of Ethiopia, Africa’s largest airline group, has upsized four of its A350-900 on order to the largest variant of the A350 Family, the A350-1000, becoming Africa’s first customer for the aircraft. The aircraft will give the state-owned carrier a competitive edge over its African peers like Kenya Airways (KQ) and South African…

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Housing development financier Shelter Afrique records US$1.04m in net profit for 2021

AFRICA – Pan African housing development financier Shelter Afrique has posted an operating profit of US$1.04 million up from operating loss of US$0.58 million the Company recorded in 2020, backed by impairment recoveries and effective cost control measures.  The Company contained its operating expenses at US$8.04 million in 2021 down from US$8.44 million in 2020, representing a 10% decline. It…

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Radisson Hotel Group continues with its Africa’s expansion spree in first half of 2022

AFRICA – Radisson Hotel Group, a multi-national hospitality company, has continued its ambitious African growth strategy in the first half of 2022 and confirmed more than eight hotel openings and market entries with over 1,000 rooms across the region. At the start of 2022, the Group set out plans to add more than a dozen hotels across the continent and…

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Ecommerce company QNET launches first African training centre in Ghana

GHANA – QNET, an e-commerce based direct selling company, has established its first-ever training centre in the Sub-Saharan Africa region in collaboration with Botsumtwi Limited. Located in East Legon, Accra, this new training centre will see the company bringing world-class training workshops and educational programmes for its community of distributors to participate in to enhance their management skills, increase business…

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Liquid Technologies launches Africa’s first Cyber Security Fusion Centres in South Africa

SOUTH AFRICA – Liquid Cyber Security, a business of Cassava Technologies, has launched the first of its matrix of Cyber Security Fusion Centres in Johannesburg, South Africa. With this Fusion Centre, Liquid aims to bolster the cyber security industry in the country by managing the growing threat of cyberattacks to governments and enterprises of all sizes. For the first time,…

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AfDB approves US$175m agreement facility with TDB to trade in Africa

AFRICA – The African Development Bank (AfDB) has approved a US$175 million Trade Finance Funded Risk Participation Agreement facility between the African Development Bank and Trade & Development Bank (TDB). The agreement is expected to boost intra-Africa trade, promote regional integration, and reduce the trade finance gap in Africa. The Bank will provide liquidity of up to 50% (the other…

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AfricInvest, VC firm Cathay Innovation close US$112m Pan-African Venture fund

AFRICA – Investment company AfricInvest and venture capital firm Cathay Innovation, have announced the final close of their joint Pan-African Venture fund, Cathay AfricInvest Innovation Fund (CAIF) at €110 million (US$112.53m). The fund is backed by LPs such as EIB, AfricaGrow, FMO, Bpifrance, Triodos Investment Management, Proparco, SIFEM, BIO and, among others, as well as a diverse pool of globally…

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