Crypto exchange Yellow Card secures US$15m Series A for its expansion plan

AFRICA – Yellow Card, the Pan-African cryptocurrency exchange, has announced a US$15 million Series A, to expand its personnel, develop new products, and expand into more African countries. The round, which is the largest ever by an African cryptocurrency exchange, was led by Valar Ventures, Third Prime, and Castle Island Ventures with participation from Square, Inc., Blockchain.com Ventures, Coinbase Ventures, Polychain Capital, BlockFi, Fabric Ventures, Raba Partnership, MoonPay, GreenHouse Capital, and more. Third Prime was appointed to the crypto company’s board of directors as a result of the latest investment.…

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Swvl partners various Egyptian banks to fund the provision of 14-passenger vehicles

EGYPT – Swvl, an Egyptian ridehailing startup, has announced a partnership with various Egyptian banks to fund the provision of 14-passenger vehicles to independent drivers working on Swvl’s unfixed transportation routes. This would help young people earn more money while also supporting the state’s efforts in this area. It will also help the transportation sector, which is expanding rapidly. Swvl’s head of city trips, Ahmed El-Demerdash, said the company has achieved an agreement with Nasser Social Bank to finance passenger vehicles of various brands and models in the Egyptian market…

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Sterling Bank partners aviation and cargo conference to improve business through airports

NIGERIA – Sterling Bank has announced partnership with the first aviation and cargo conference to help grow export and cargo business through the airports. The bank said it is reinforcing its emerging position as the biggest supporter of transport and travel business in Nigeria, as clearing agents at the Murtala Muhammed International Airport, Lagos have confirmed that Nigeria imports tonnes of cargo by air everyday but exports very little and many freighters that arrive Nigerian airports fully laden with goods depart from the country empty. To address this problem the…

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Arab Bank launches its fintech-focused accelerator program in Egypt

EGYPT – Arab Bank, a financial institution, has launched its fintech-focused corporate accelerator program AB Accelerator in Egypt, following its successful launch in Jordan in 2018. The launch of this programme in Egypt comes as part of the bank’s strategic efforts to foster and support innovation in the fintech sector towards offering responsive and agile banking solutions in line with the evolving needs and expectations of clients across different segments. The AB Accelerator programme aims to accelerate the adoption of emerging technologies and solutions within the Arab Bank and support…

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Wafa Life Insurance Egypt to formally start business in Egypt by the end of 2021

EGYPT – Wafa Life Insurance’s Egypt division has announced that it is set to formally start business in Egypt by the end of 2021, saying the decision is the culmination of a series of negotiations with Egyptian authorities. The company, which is a subsidiary of Morocco’s Wafa Assurance and part of the Attijariwafa bank group, announced in July that it had received official permission from the Egyptian government to begin business operations in the country. You can have a read Here. Chief executive of Wafa Life Egypt Abeer Saleh said…

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Vista Group Holdings SA secures US$69m Intra Africa Investment Finance Facility from Afreximbank

WEST AFRICA – African Export-Import Bank (Afreximbank) has closed a €59.2 million (US$69.72m) Intra Africa Investment Finance Facility to finance Vista Group Holdings SA’s acquisition of majority stakes in two banks. The banks are Banque Internationale pour le Commerce et l’Industrie de la Guinée (BICIGUI) and Banque Internationale pour le Commerce, l’Industrie et l’Agriculture du Burkina (BICIAB). The stakes in the two banks, which operate in Guinea and Burkina Faso respectively, are being acquired from BNP Paribas who is exiting these markets for operational reasons. The shift to African control…

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FCMB secures US$50m loan from AfDB for local enterprises and women-empowered businesses

NIGERIA – First City Monument Bank (FCMB) has secured US$50 million loan from the African Development Bank (AfDB) to channel to local enterprises and women-empowered businesses in the agribusiness, manufacturing, healthcare and renewable energy sectors.  Thirty percent of the funds, which are intended to mitigate effects of the challenging Covid-19 environment, are earmarked for underserved women-empowered businesses. In addition, the Bank will provide a technical assistance grant of US$200,000 through its Affirmative Finance Action for Women in Africa (AFAWA) initiative supported by the Women Entrepreneurship Finance Initiative. The grant will…

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Orange Egypt partners National Bank Egypt to manage its Orange Cash services

EGYPT – Orange Egypt has entered into an agreement with the National Bank of Egypt (NBE), in preparation to manage its Orange Cash services that is aimed at boosting Orange customers experience. Orange customers will have the acces to the best secured and innovative services while paving the way for offering new attractive offers by utilizing the NBE’s wide range of services and capabilities in the Egyptian market. The partnership with NBE is a significant step that will enable Orange to benefit from the bank’s role and experience in managing…

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Attijariwafa bank Egypt issues its first sustainability report

EGYPT – Attijariwafa bank Egypt, a commercial bank and financial services company, has issued its first sustainability report covering the period from 2019 to 2020 that is in line with the Global Reporting Standards. This also comes in line with the country’s direction towards sustainable development and as part of its belief in the importance of the banks’ role in financing UN Sustainable Development Goals (SDGs) and in accordance with Egypt’s vision 2030 and Attijariwafa bank Group’s strategy. The report illustrates the bank’s sustainability efforts towards supporting the economic, social…

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FinTech firm Coven Works Inc partners digital financial company Shecluded

NIGERIA – US-based Artificial Intelligence (AI) educational FinTech firm, Coven Works Inc, has partnered with Shecluded, a digital financial company for women in their determination to encourage women in Nigeria to pursue career paths in the technology industry. The partnership will provide easy access to financing options for women who want to commence their career journey in Data Science, Chatbot Engineering and Cloud, as well as in Artificial Intelligence (AI). Shecluded is a fintech company that combines easy access to credit with wealth advisory, growth loans and capacity building to…

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