Fintech startup Diool raises US$3.5m funding to expand its operations

CAMEROON – Diool, a fintech startup, has raised US$3.5 million in funding from the Lundin family plus existing investors to scale operations, taking its total secured investment to US$4.6 million. The startup’s platform makes it simpler for small merchants to accept payments from their customers and repay their suppliers, using many payment methods. In the two years since the pivot, Diool has signed up more than 2,000 merchants, who have transacted more than US$120 million via its platform. “Our next stage is growing the team and product to scale in…

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Cameroon secures US$18M new joint initiative from EIB and Société Générale

CAMEROON – Société Générale, a French multinational investment bank and financial services company, and the European Investment Bank (EIB) have announced an agreement of a 10 billion FCFA (US$18.09 million) new joint initiative to support economic development across Cameroon. The initiative will include working capital, enable increased backing for investment projects and include more flexible disbursement conditions to reflect the acute and sudden challenges facing African business. The scheme is available immediately and will be managed by Société Générale in Cameroon. “This new credit line will unlock investment and support…

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Carrefour set to open fourth outlet in Cameroon in expansion spree

CAMEROON – French retail group Carrefour in partnership with CFAO retail is planning to open its 4th store in Douala, Cameroon as part of its strategy to conquer the Sub-Saharan African retail market. The new outlet to be opened before the end of the year will be the 3rd in Douala, hosted inside the Douala Grand Mall, reports Business in Cameroon. Carrefour opened its first outlet in the country in 2017 in Bonamoussadi, Douala. In September it opened its second store in the city. In the framework of its sub-Saharan Africa expansion plan,…

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Gaming startup Kiro’o Games raises US$342K, launches its first game on playstore

CAMEROON – Kiro’o Games, a gaming startup, has announced it has raised US$342,000 as part of a fundraising campaign it launched in 2019. Buoyed by the funding, the startup has announced the launch of its very first game on PlayStore. Kiro’o Games, sometimes known as Kiro’o Studios, is a Cameroonian privately held video game, animation, development and publishing company based founded in 2003 by Madiba Olivier, and headquartered in Yaoundé. Entitled “The Mboa Manager”, this game, explains Olivier Madiba, the founder of Kiro’o Games, marks the entry of the Cameroonian…

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Gabon Development Bank sells its stake in BVMC

CAMEROON – Gabon Development Bank (BGD) has announced its decision to withdraw from the Central African Stock Exchange (BVMC) by selling its 32.15% stake. The move is a strong assurance to several investors who were worried about the fact that BGD which is the BVMAC’s leading shareholder is in liquidation. Gabon Development Bank which has been ailing for years is now under liquidation, a situation many experts thought would affect the credibility of the BVMAC which has embarked on a dynamization process. The withdrawal is an opportunity for Cameroon to…

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German firms Ossberger, Strabag AG to set up operations in Cameroon

CAMEROON – Hydropower manufacturer Ossberger and construction company Strabag are currently negotiating with Cameroonian ministries to set up operations in the country. That was revealed after a meeting between the new German ambassador to Cameroon Corinna Fricke and Alamine Ousmane Mey, Cameroon’s Minister of Economy (MINEPAT), in Yaoundé on September 23. “Other German investors are currently negotiating with various Ministries to set up operations in our country. They are namely Ossberger that specializes in mini-hydro power plants, and Stragbag, which operates in the construction of road and rail infrastructures, etc,” the Ministry indicated. Ossberger is the…

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Cameroon, IFAD join hands to boost food security, support small-scale farmers

CAMEROON – The International Fund for Agricultural Development of the United Nations (IFAD) has announced a $59.9 million investment to fund a six-year extension of the successful Commodity Value Chain Development Support Project (PADFA) in Cameroon. Gilbert F. Houngbo, IFAD President, and Alamine Ousmane Mey, Minister of Economy, Planning and Regional Development of the Republic of Cameroon met virtually to sign the financing agreement for the second phase of the Commodity Value Chain Development Support Project (PADFA II). Cameroon has great potential to meet its food demand and improve the…

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Cameroonian agro-pastoral company signs US$16.2m agreement with API for construction of dairy plant

CAMEROON – Cameroonian agro-pastoral and industrial company of Ngaoussai in Adamaoua region, has signed a XAF9 billion (US$16.2m) investment agreement with Investment Promotion Agency (API) for the construction of a dairy plant. The plant will be utilized for the processing of milk, yoghurt, cheese and biogas. Upon completion of the project, it is set to create about 220 jobs, reports Business in Cameroon. Going by the country’s 2013 law on private investment which was revised in 2017, the structure will benefit from tax and customs incentives for five to ten years. Adamawa…

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Ecobank appoints Alain Nkontchou as Board Chairman of ETI

AFRICA – Ecobank, a pan-African banking group, has announced the appointment of Mr Alain Nkontchou, a Cameroonian and Independent Non-Executive Director since 2015, as Board Chairman of its holding company, Ecobank Transnational Incorporated (ETI). In accordance with ETI’s Articles of Association, Mr Emmanuel Ikazoboh, a Nigerian, ended his six-year tenure as Chairman on 30 June 2020 having reached the retirement age of 70. “I am honoured to be appointed as Chairman of Ecobank Transnational Incorporated. Having served on its Board since 2015, I have seen Ecobank’s resilience and its proud…

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MTN Group makes new appointments of the CEO for Cameroon and Benin

AFRICA – MTN Group, a telecom company, has named Stephen Blewett, the current CEO of its operation in Benin, to lead its larger business in Cameroon and Uche Ofodile, the current CEO of MTN Liberia, will become the CEO of the Benin business. “I would like to congratulate Stephen and Uche on their appointments,” said MTN Group president and CEO Rob Shuter. “Both are renowned for harnessing the power of people to move businesses forward. This is evident in the significant improvements in employee engagement, as well as overall performance,…

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