InsurTech start-up Evolutics secures US$250k to add digital infrastructure in its offering

NIGERIA – EvoluticS, an InsurTech start-up that offers software solutions, has secured US$250,000 in funding to offer digital infrastructure to insurance companies in Africa. The funding round led by Mercurial Advisory and Dinku Transnational of Dubai will enable Evolutics provide digital support to help drive penetration in both life and general insurance as well as healthcare in the continent. The…

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Access Bank secures US$280m investment from DFC to support SMEs

NIGERIA – DFC, the U.S. International Development Finance Corporation, is set to invest US$280 million in Access Bank in Nigeria alongside Access Bank Managing Director Roosevelt Ogbonna. The loan will help address the financing gap for small- and medium-sized enterprises (SMEs) and advance financial inclusion in Nigeria, including through the bank’s commitment to supporting women-owned and -led businesses. “DFC’s investment…

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Fintech infrastructure startup Bloc acquires payments company Orchestrate

NIGERIA – Bloc, the Nigerian full-service fintech and Banking-as-a-Service (BaaS) infrastructure provider, has announced its acquisition of Getwallets, the wallets-as-a-service provider that has now recently pivoted to become payments orchestration company Orchestrate. The strategic acquisition of Orchestrate will enable Bloc to focus its core product strategy on delivering seamless BaaS and banking services while Orchestrate leads its fintech infrastructure with…

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Diamond Trust Bank Kenya launches new branches in expansion drive

KENYA – Diamond Trust Bank Kenya Limited (DTB) has opened three new brick-and-mortar branches as part of its growth strategy. The three new branches are located at Imara Daima (Imaara Mall), Kamakis (Viashla Business Centre) and Kahawa Sukari (Ruhan Plaza) and have pushed DTB’s physical branch network in Kenya to 64. Speaking at the opening of the three new branches,…

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EIB, Banque Misr enhance cooperation to support SMEs and sustainable financing in Egypt

EGYPT – The European Investment Bank (EIB) and Banque Misr have partnered to enhance cooperation to further strengthen support for SME lending and increase financing for companies in Egypt. The first technical assistance programme will further strengthen credit risk management and the adoption of SME financing best practice to enable Banque Misr to increase financing for smaller companies. The second…

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Wave Mobile Money secures US$91m investment from IFC

WEST AFRICA – IFC has announced a US$91.6 million investment agreement in Wave Mobile Money S.A. (Senegal) and Wave Côte d’Ivoire S.A., two major mobile money service providers in their respective markets, to strengthen financial inclusion and support economic growth in Senegal and Côte d’Ivoire. The funding from the IFC and other investors will allow Wave to expand its operations…

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MIGA issues US$98.3m guarantee to boost sustainable refinancing of solar power plants in Egypt

EGYPT – Virtuo Finance has secured US$98.3 million guarantee from Multilateral Investment Guarantee Agency (MIGA), an international financial institution, to boost the sustainable refinancing of six operational solar power plants in Egypt’s Benban Solar Park (Power Plants), the largest photovoltaic (PV) solar park in Africa. The refinancing will reduce financial costs, improve overall financial viability, and generate cost savings to…

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Abeg Technologies granted mobile money operator license by Central Bank of Nigeria

NIGERIA – The Central Bank of Nigeria (CBN) has granted an Approval In Principle (AIP) to Abeg Technologies Limited, a product of Piggytech Global Limited, as a Mobile Money Operator (MMO) in Nigeria. With the platform becoming Nigeria’s first social commerce platform to secure the CBN’s AIP for an MMO license, the announcement marks a crucial development in the company’s…

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The National Bank of Egypt launches its first branch in South Sudan

EGYPT – The National Bank of Egypt (NBE), Egypt’s largest bank¸ has launched in South Sudan, opening its first branch in Juba with a capital of US$30 million. Vice Chairperson of the NBE Yahya Aboul Fotouh said that the bank’s presence in Juba achieves more cooperation and development in Africa. The bank’s presence in Africa will provide various banking and…

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Absa Bank Kenya partners Visa to launch a domestic and cross-border remittance service

KENYA – Absa Bank Kenya, a commercial bank, has partnered with global payments technology platform Visa to launch a domestic and cross-border remittance service that will allow seamless money transfers across people and businesses via the Visa Global network. Dubbed, Absa Visa Send Money, the solution will allow Absa debit and credit cardholders to transfer funds from their Visa Card…

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