Independent ATM deployer Outsource Monetic launches in West and Central Africa

WEST AFRICA – The Atlanta based United States independent ATM deployer, Outsource Monetic has officially started its commercial and technical operations in the West and Central Africa region. Outsource Monetic is the first Independent ATM Deployer (IAD) to operate in the 8 countries of the West African Economic and Monetary Union (Benin, Burkina Faso, Côte d’Ivoire, Guinea Bissau, Mali, Niger, Senegal and Togo) and the 6 countries of the Economic and Monetary Community of Central Africa (Cameroon, Central African Republic, Chad, Congo, Equatorial Guinea and Gabon). “We are thrilled and…

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Global Partners for Education backs Ethiopia, Mozambique and CAR with US$300m in grants

ETHIOPIA – The Global Partnership for Education (GPE) has approved US$300 million in new grants to transform education systems in the Central African Republic, Ethiopia and Mozambique. The three new grants bring GPE’s total approved funding in 2020 to nearly US$1.5 billion for improving children’s education in lower-income countries. That record level of approvals includes more than US$500 million to help countries respond to COVID-19. Mozambique’s US$140 million grant is the single largest grant ever provided by GPE to a partner country. The grants will help strengthen the education sector in the…

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Private equity fund manager XSML announces its US$54m ARF III first close

AFRICA – XSML, a private equity fund manager active in Central and East Africa, has announced the first close of its African Rivers Fund III (ARF III) at US$54 million. According toAfrica Global Funds, Barthout van Slingelandt, Managing Partner of XSML, said that the Fund is expecting to reach the final close within the next 12 months and is targeting US$85m. “We have now successfully closed our third fund, African Rivers Fund III, within ten years of operation and in a challenging COVID environment.  This demonstrates the continued interest and…

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Seed Co International profit rise by 62% coupled with strong product demand

AFRICA – Regional seed producer, Seed Co International Limited has reported a 62% rise in profit for the year ended March 31, 2020 to US$6.07 million from US$3.77 million achieved in the prior year, on the back of strong product demand across the region. Its revenue increased by 19% from US$60.1m registered in 2019 to US$71.3m, due to sharp depreciation of the Zambian Kwacha against the reporting currency. According to the group, the past season was mixed, marked by good rainfall in Eastern and Central Africa which drove seed demand. But…

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