GCB Bank Limited launches new branch at Tema Metropolitan Area

GHANA – GCB Bank Limited (GCB), a banking company, has opened a new branch in the Community 25 of Tema Metropolitan Area of the Greater Accra Region. This is in response to the growing business population, opportunities and for the convenience of businesses and customers in the environs. The new branch is located within the Tema Community 25 Shopping Mall and will offer banking services to customers and residents in the area. “We can all heave a heavy sigh of relief as we bring to an end the long and…

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Absa Kenya partners with Melanin Kapital to support startups

KENYA – Absa Bank Kenya has joined hands with Pan African impact investment platform Melanin Kapital, to launch an investor readiness program for startups, reports The Star. The initiative places startups driving social impact on the path to accessing up to Sh3 million (US$27,181) in unsecured lending. Dubbed Tuungane2x to See Her Empowered, it is expected to reach 1,000 women-focused startups and enhance financial inclusion by providing them with financial training, investment-readiness capacity building, structured mentorship, structured networking, and access to finance.  The partnership leverages Absa Bank’s expertise as a holistic…

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Sahel Capital, KfW launch US$24m Social Enterprise Fund for Agriculture in Africa

NIGERIA – Lagos-based  private equity firm Sahel Capital has launched a US$24 million Social Enterprise Fund for Agriculture in Africa (SEFAA), sponsored by the German development bank, KfW. Sahel will act as investment adviser to SEFAA, an impact fund with the goal of reducing poverty by investing in social agricultural enterprises (SAEs) in sub-Saharan Africa. In addition to SEFAA’s targeted impact of reducing poverty through its investments, the fund is also expected to create and preserve jobs and deliver on six of the UN sustainable development goals (SDGs 1, 2, 3, 4, 5…

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Chipper Cash launches with free P2P money transfers in South Africa

SOUTH AFRICA – Chipper, a fintech start-up that facilitates free peer-to-peer (P2P) money transfers and instant cross-border payments in Africa, officially launched Chipper Cash to offer domestic P2P money transfers in South Africa. Chipper Cash will enable South Africans to enjoy free unlimited instant domestic money transfers, invest in cryptocurrencies, and buy and send airtime and data to loved ones. Chipper was founded in 2018 by Ham Serunjogi (CEO) and Maijid Moujaled (President) and it is headquartered in San Francisco, USA. As Chipper Cash is experiencing rapid user adoption, Chipper has…

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Burkina Faso secures US$69m from AfDB to finance access to electricity in peri-urban areas

BURKINA FASO – The African Development Bank (AfDB) has approved a new €59.43 million (US$69.63m) loan to Burkina Faso to finance access to electricity for 218,400 households in peri-urban and rural areas. The financing granted by the African Development Bank (AfDB) is intended to accelerate access to electricity in Burkina Faso through two government-led projects. These are the Electrification and Development of Electricity Connections Project (Pedecel) which will be implemented between October 2021 and December 2025. The Yeleen project benefits from this new financing from the pan-African bank. The project…

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Co-operative Bank and AGF ink US$6.8m deal to boost green energy financing in Kenya

KENYA – The Co-operative Bank of Kenya has signed a loan portfolio guarantee agreement with the African Guarantee Fund (AGF) for small and medium-sized enterprises amounting to Ksh750 million (US$6.8 million) to boost financing of green transactions in Kenya. The guarantee facility will enable the bank, on the one hand, to strengthen its commitment to financing Micro, Small and Medium-Sized Enterprises (MSMEs), and promote emerging corporates in Kenya that are involved in green energy and solar installation projects. According to data from the International Renewable Energy Agency (IRENA), increased demand and…

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Fintech Finclusion acquires payroll software startup HelloHR

SOUTH AFRICA – Just days after raising US$20 million from Lendable, Finclusion Group has acquired HelloHR, a South African payroll software startup, in a move that will allow Finclusion Group provide holistic financial wellness products through employers, access to its wage-streaming, financial wellness and insurance products. In a press statement, Finclusion Chief Executive Officer Timothy Nuy said the acquisition marks the start of a symbiotic partnership that enhances both companies’ individual product offerings. “HelloHR will contribute to the Finclusion Group platform, strengthening all offerings through improved customer experience and increased customer…

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Sidian Bank signs US$9m deal with Oikocredit for SME lending in Kenya

KENYA – Sidian Bank, a mid-tier bank focusing on Small and Medium Enterprises (SMEs) in Kenya has signed US$9 million deal with the Netherlands-based social impact investor, Oikocredit. The bank secured a funding deal that will enable the bank to support onward lending to the SME sector in Kenya. The funding will be utilized to support the bank’s growth plans to further its strategy of providing affordable credit to its SME clients and privately-owned business enterprises as it works towards empowering entrepreneurs to realize their potential through providing tailor-made financial…

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Simon Denny to head Goldman Sachs South Africa unit

SOUTH AFRICA – Goldman Sachs Group has hired Simon Denny, head of Banking Africa at Barclays Plc, to run investment banking at its South African unit, the U.S. banking giant told Reuters on Monday, reports Moneyweb. Goldman has been building up its activities in the region and seeking to win business as the continent’s most advanced economy emerges from the Covid-19 pandemic, making fertile ground for deals, debt-raising, and restructuring. “Simon joins the firm as a managing director and head of investment banking in South Africa,” Goldman said in response…

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Shelter Afrique settles its commercial debts, eyes regional bonds

KENYA – Shelter Afrique, a Pan-African housing development financier, has fully paid commercial debts owed to eight lenders, giving the company the leverage to underwrite new debt. In 2018, Shelter Afrique signed a Debt Restructuring Agreement with the eight lenders – six DFIs and two commercial banks to restructure its debt with a new 5 – Year tenor to run from June 2019 to June 2024. The US$186 million including accrued interest owed to African Development Bank, Agence Française de Developpement, Commercial Bank of Africa, European Investment Bank, German KFW,…

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