Cameroon ups its stake in Shelter Afrique with injection of US$3.5m fresh capital

KENYA – Pan African housing finance and development institution Shelter Afrique has received US$3,529,801.29 from the Government of Cameroon in additional capital subscription increasing its shareholding by 2% from the current shareholding of 3.61% to the revised shareholding of 5.24%. Cameroon, which recently acceded to the helm of the Institution at the recently concluded 40th Annual General meeting has indeed demonstrated its commitment to strengthening Shelter Afrique’s capital base. The Cameroon Minister for Housing and Urban Development, Her Excellency Madame Celestine Ketcha Courtes was newly appointed as President of the…

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Victoria Oil and Gas raises US$7.5m for Matanda drilling in Cameroon

CAMEROON – Victoria Oil & Gas, the Cameroon-based gas and condensate producer and distributor, has entered into a definitive financing agreement with Meridian Capital to raise maximum gross proceeds of US$7.5mn through the issue of unsecured loan notes. The proceeds of the facility will be utilised for general working capital purposes, including long lead items for the proposed well on the Matanda licence. “The use of such funds includes helping us progress our very prospective Matanda licence in which we have a 75% interest prior to state back-in,” Roy Kelly,…

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Telecommunication company Nexttel set to launch its mobile money service

CAMEROON – Viettel Cameroon SA, a privately-owned mobile telecommunications network service provider which operates under the brand name Nexttel, is set to enter the mobile money market in the country. The market is already dominated by MTN Cameroon and Orange Cameroun which run MTN MoMo and Orange Money respectively. Nexttel General Manager Benoit Yaoussou announced recently that they will roll out their own mobile money service called Nexttel Possa before the end of 2021. Yaoussou said the company will also prioritise the extension and stabilisation of its network. Nexttel already…

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Kenya is set to hand over chairmanship of Shelter Afrique to Cameroon’s Hon. Courtes

AFRICA – Kenya is set to hand over chairmanship of Shelter Afrique’s AGM Bureau to Cameroon after Hon. Celestine Ketcha Courtes she was elected in 2020. Kenya’s Transport, Infrastructure and Housing Cabinet Secretary James Macharia who is the current Chairman of Shelter Afrique Annual General Meeting (AGM) Bureau will hand over the mantle to Hon. Courtes who is the Minister of Housing and Urban Development of Cameroon. He will hand it over at the Company’s 40th AGM and annual housing symposium scheduled to take place between 20th – 26th June…

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Maviance secures US$3m from MFS Africa to expand into other countries

CAMEROON – MFS Africa, a pan-African fintech company operating a digital payments hub on the continent, has provided seed investment of US$3 million to Maviance, a Cameroon-based fintech provider. Maviance will be using the new funding to increase its footprint in its Cameroon and to expand into other countries in the central African economic region (CEMAC).   “The rapid development of digital financial services that we have seen in Cameroon over the past few years is poised to spread across the CEMAC region. This will further accelerate the demand for domestic…

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Shelter Afrique to hold its 40th AGM in Yaoundé, Cameroon

CAMEROON – Yaoundé, the capital city of Cameroon will host Shelter Afrique’s 40th Annual General Meeting (AGM) and annual housing symposium. The event is scheduled to take place between 20th – 26th June 2021 under the theme: Four Decades of Affordable Housing Policies in Africa: Mapping the Next Forty Years. Shelter Afrique Group Managing Director & Chief Executive Officer Andrew Chimphondah and Cameroon’s Minister of Housing and Urban Development Hon. Celestine Ketcha Courtes (who is also the 1st Vice Chairperson of the AGM Bureau) signed the hosting country agreement in…

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ITFC and Cameroon sign US$750m agreement to support the trade sector

CAMEROON – The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group (IsDB) and the Republic of Cameroon have signed two US$750 million agreements to support key sectors through integrated trade solutions. The signing was done virtuallybetween H.E. Alamine Ousmane Mey, Minister of Economy, Planning and Regional Development (IsDB Governor) and Eng. Hani Salem Sonbol, CEO, ITFC. The first signing is a three-year framework agreement amounting to US$750 million under which ITFC will provide to Cameroon a financing envelop of US$250 million annually over a…

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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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