Tag: Mauritius

I&M Holdings pumps US$3.67m in Mauritian subsidiary Bank One

Frank

MAURITIUS – Financial services group  I&M Holdings has invested an additional US$3.67 million in its Mauritian subsidiary Bank One in the year ended December 2020 to boost its capital position. The move came as Bank One sought to strengthen its capacity to handle existing and potential defaults in the course of the Covid-19 pandemic that has hurt bank earnings in most parts of the world. The Nairobi Securities Exchange (NSE) listed firm owns 50 percent of the Mauritian lender, with the other half held by the island nation’s conglomerate CIEL…

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Investment bank SouthBridge in innovative joint venture deal with NACP, picks Charles Kié as a CEO

Frank

MAURITIUS – Investment bank SouthBridge Investments (SBI) and New African Capital Partners (NACP) have announced the launch of their joint venture named SBNA that will act as a “permanent capital fund” aiming to attract investors who take a long-term view on Africa. The joint venture intends to directly invest in Africa’s future with long-term capital, focusing on FinTech, the financial sector integration, and micro and meso finance. Charles Kié, CEO and co-founder of New African Capital Partners, will head SBNA. Mr. Kié’s professional career includes top jobs at Citibank, Banque…

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Mauritius gets US$289m loan from JICA for Covid-19 fight

Frank

MAURITIUS – The Japan International Cooperation Agency (JICA) has extended an Official Development Assistance loan of up to US$289 million to support Mauritius’ response to the Covid-19 pandemic and rebuild its economy. The loan, signed on 24 February, is a parallel co-financing agreement between JICA and the African Development Bank under the Enhanced Private Sector Assistance for Africa (EPSA) joint initiative to spur private sector-led sustainable and inclusive growth in Africa. The co-financing arrangement will help the Mauritius government contain the pandemic, secure livelihoods, and boost the resilience of the…

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Mauritius Commercial Bank exits payments processor ICPS

Frank

MAURITIUS – Mauritius Commercial Bank (MCB) has announced that it has agreed to sell all the 80% shares it held in payments processor ICPS for an undisclosed amount. The lender will subsequently sell the shares  Morocco’s payment solution provider HPS, which already owned 20% stake in the company.   This acquisition is part of HPS’s strategy for growth and development abroad. The company is committed to providing payment solutions and services for issuers, retailers, and mobile network operators worldwide. The strategy, which began in 2010, has enabled HPS to acquire…

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Escotel Mauritius secures US$26m in guarantees from MIGA for its solar power generation

Frank

MAURITIUS – The Multilateral Investment Guarantee Agency (MIGA) has issued guarantees of up to US$25.6 million to Escotel Mauritius covering its investments in solar power generation in Liberia and Sierra Leone for a period of up to ten years. The MIGA guarantees provide protection to Escotel Mauritius against the risks of Transfer Restriction, Expropriation, and War and Civil Disturbance. MIGA’s guarantees will support the provision of electricity and logistical services to power existing and future cell phone towers (Telecommunication Network Sites (TNS) in Liberia and Sierra Leone Escotel projects will…

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Evolution II Fund and partners close US$35m commitment to establish and finance energy services firm ESCOTEL

Frank

SOUTH AFRICA – Inspired Evolution, an Africa-focused investment advisory firm that specialises in clean and renewable energy, has led a US$35 million equity investment by its Evolution II Fund and co-investors, Norfund and Sagemcom, to establish and finance ESCOTEL, an energy services company currently focused on Sub-Saharan Africa countries. Headquartered in Mauritius, ESCOTEL has been set up to provide energy services to mobile tower owners and operators, owning and operating decentralised renewable energy infrastructure across Africa. ESCOTEL will initially supply, install, operate, and maintain decentralised solar and storage hybrid power…

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AfrAsia bank names Inderjit Bedi as it’s new chairman

Frank

MAURITIUS – AfrAsia Bank Limited, commonly known as AfrAsia Bank, has announced the appointment of Mr Inderjit Bedi, as its new Chairman by the board members during a board meeting held on 30 November 2020. Mr Bedi was selected to the position unanimously with an earlier recommendation by the Corporate Governance Committee. Mr Bedi, a British citizen, is a banker with over 30 years’ experience in both commercial and investment banking and has occupied senior management positions at some of the most prestigious and largest global financial institutions. Prior to…

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Africa Capital Alliance backs Accelerex Holdings with US$20m investment

Frank

MAURITIUS – Accelerex Holdings Mauritius, has announced signing an investment agreement with regional private equity firm, Africa Capital Alliance, for the Capital Alliance Private Equity IV (CAPE IV) fund to invest US$20 million in Accelerex. The investment will make CAPE IV become a strategic partner in Accelerex and to hold three seats on the company’s board. Accelerex, which is the parent company of African fintech powerhouse, Global Accelerex Limited, was set up for investment into digital financial technology companies across Africa. Global Accelerex was incorporated in 2008 and started payments…

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SBM bank to shut 5 branches in Kenya

Frank

KENYA – SBM Bank Kenya, a subsidiary of State Bank of Mauritius (SBM), has announced that it will close five of its Kenya branches in December as the bank reviews its branch network “in light of proximity to their client locations and their other flagship branches”. SBM announced the move in a notice on November 12, closing Ngara, Dagoretti Express, Lunga Lunga Branch, Jomvu Express, and Mombasa Moi Avenue Branch. According to the bank notice, the review is necessary to rationalize their presence in different locations in line with current and…

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Mauritius secures funds from AfDB to fund clean-up of marine oil

Frank

MAURITIUS – The government of Mauritius has secured a US$500,000 emergency assistance grant from the African Development Bank to support international clean-up efforts after a significant oil spill earlier this year off the coast of East African country. The funding, to be sourced from the Special Relief Fund, will complement ongoing activities by the government of Mauritius, development partners, and other actors involved in the salvaging and cleaning operations. It will also be used to conduct damage and loss assessments, along with other socio-economic evaluations. Martin Fregene, AfDB Bank Director…

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