Fintech firm Bankingly raises US$11m equity financing to expand its business

KENYA – Financial technology firm, Bankingly, has raised US$11 million in equity financing as it seeks to expand in Kenya and regional countries. Investors who took part in the funding round include Dalus Capital, Washington-based IDB Lab, South Africa’s IDC Ventures, Athos Group, UAE-based Kube Ventures, Mexico’s Grupo Finacess, Paraguay’s iThink VC, US-based Sonen Capital and Netherlands’ Oikocredit. The new…

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Taxi hailing firm Little ventures into logistics to diversify its business

KENYA – Little Cab, an online ride-hailing platform, has announced that it will be taking part in the logistics business. According to a statement by the CEO, Kamal Budhabhatti, development follows a successful run-in corporate can hailing, which the cab launched a few years ago. “We learned and mastered the art of Corporate Ride Hailing – and became a dominant…

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Investors and companies form USA sign agreement for business projects in Tanzania

TANZANIA – Tanzania and the Government of USA have signed seven agreements for business projects which are set to be implemented in Tanzania by investors and companies from the United States of America. According to a statement issued by the directorate of presidential communications, the deals with key private sector companies are worth a total of US$5.04 billion (KSh11.3trillion) and…

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French investments in Egypt hit US$4.41Bn, PM Madbouly

EGYPT – French investments in Egypt have reached US$4.41 billion according to Egypt’s Prime Minister Mostafa Madbouly. The Prime Minister asserted that the partnership between Egypt and France is based on the key role both Egyptian and French companies and institutions play in achieving development by doing business in joint projects. Such ventures benefit the two friendly countries, stimulate genuine…

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Virtu signs agreement with Arqaam to expand market access for equity algorithmic trading in MENA

MENA – Virtu Financial has announced a non-exclusive co-operation agreement with emerging markets specialist Arqaam Capital (Arqaam) to deploy Virtu’s global equity execution algorithms to clients in MENA markets. Virtu is a global provider of financial services and products that leverage cutting-edge technology to deliver innovative, transparent trading solutions to our clients and liquidity to the global markets. Under the…

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Jiji completes acquisition of Ghanaian rival Tonaton in a consolidation move

GHANA – Classifieds site Jiji has acquired Ghanaian-based classifieds site Tonaton in a consolidation move in Ghana adding to its leading market positions in Kenya, Uganda, and Tanzania, the amount of the transaction was undisclosed. Tonaton, a subsidiary of Saltside, was the main Jiji competitor in Ghana at the time of its purchase by Jiji earlier this month. The acquisition…

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Morocco’s e-commerce flourishes beyond the Covid-19 pandemic

MOROCCO – Morocco’s e-commerce websites have recorded a 46% boost in the volume of transactions following the four-month lockdown in 2020, marking a 25%year-on-year year increase in the money spent on online purchases. Morocco’s high internet penetration rate, reaching 75% of the country’s 37-million citizens, coupled with a robust road network has contributed to the rise in e-commerce. The sector…

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Telemedicine startup Guidepost raises funding to help its business

SOUTH AFRICA – Guidepost, a diabetes health and insurtech and telemedicine startup, has raised an undisclosed amount of further funding to help it increase its impact. The startup, which also allows insurers to significantly better manage their diabetes risk, raised funding from Rand Merchant Investments (RMI) through AlphaCode in November of last year, and has now secured additional funding from…

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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…

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Jumia Partners Pizza Hut to boost operational performance in Nigeria

NIGERIA – Jumia, leading e-commerce player in Africa, through its Food Marketplace division has entered into an on-demand pizza delivery partnership with Pizza Hut in a bid to boost operational performance and last mile delivery in Nigeria. Tony Ozanne, chief executive at Marathon Restaurant Africa, which manages and operates Pizza Hut in Nigeria, added that the partnership will play a…

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