Verdant Capital raises US$9.9m financing for Uganda’s tech-enabled lender Tugende

UGANDA – Pan African specialist investment financial institution Verdant Capital has raised US$9.9 million Series A equity capital for Tugende, a technology enabled MSME lender in East Africa. Verdant Capital is Tugende’s financial advisor and arranger for its equity and debt capital raises The transaction is the most recent for the fintech and financial inclusion investment banking franchise of Verdant Capital. Partech Africa, a member of the Partech Group, a leading global technology venture capital fund, and Enza Capital invested in the US$3.6 million extension round agreed and structured in…

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Asset finance company Tugende raises US$3.6m in series A funding

UGANDA – Tugende, a technology-enabled asset finance company, has raised US$3.6 million equity financing in its Series A round of funding. The investors who took part in the round include San Francisco and Paris-based VC firm, Partech, and Enza Capital. The investment follows the US$6.3 million raised in November 2020 and led by Toyota Tsusho investment fund Mobility 54 bringing Tugende’s total Series A financing to US$9.9 million. Founded in Kampala, the capital of Uganda by Michael Wilkerson in 2012, the company provides a technology-based medium for micro, small and medium…

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Equity Group and FMO sign US$50m loan guaranty facility to support entrepreneurs

KENYA – Equity Bank has entered into a partnership with the Netherlands development bank FMO with the signing of a NASIRA loan portfolio guarantee facility to support Kenyan entrepreneurs. The US$50 million facility is the second NASIRA guarantee signed with Equity with the support of European Union funding. With the funding, Equity Bank Kenya will further support Kenyan entrepreneurs during these challenging times with a special focus on micro, small and medium enterprises (MSMEs), it said in a press statement. The FMO funding will provide a NASIRA loan portfolio guarantee…

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Banque du Caire secures US$100m financing from EBRD for on-lending MSMEs

EGYPT – Banque du Caire, a full-service bank, has secured US$100 million financing package from The European Bank for Reconstruction and Development (EBRD) for trade financing and on-lending to local micro-, small and medium-sized companies (MSMEs). The EBRD will provide a US$50 million loan to help Banque du Caire increase the amount of funding it makes available to Egypt’s MSMEs and support the bank in expanding its MSME lending outside the Greater Cairo region. The EBRD is also extending a US$50 million trade finance limit under the EBRD’s Trade Facilitation…

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Equity Group gets US$75m from AGF to support MSMEs

KENYA – Equity Group has received US$75 million from African Guarantee Fund (AGF) Group to support the bank scale up its lending activities to Micro, Small and Medium Enterprises (MSMEs) in Kenya, Uganda, Rwanda, and the Democratic Republic of Congo (DRC). The financial support will enable these businesses to recover and thrive in the post-Covid-19 era. “This agreement will see that MSMEs can access funding at a much lower cost, especially for women,” said Dr James Mwangi, CEO and Managing Director, Equity Group. According to Henry Rithaa, Chief Executive Officer of Kenya’s…

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Equity Group signs US$100m credit facility with European lenders to support MSMEs

KENYA – Equity Group Holdings has signed a US$100 million loan facility to support Micro, Small, and Medium Scale Enterprises (MSMEs) during the three years the Covid-19 pandemic is expected to adversely affect the business operating environment as a result of the adoption of Covid-19 coping and containments measures.   The Kenyan lender has signed the facility with leading European development banks namely, Team Europe, Germany’s DEG, the Netherlands FMO and the UK’s CDC Group. To cushion businesses from Covid-19 crisis, Equity launched an offensive and defensive approach to support customers to…

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Fintech startup Popote raises funding from investment firm GreenHouse Capital

KENYA – Fintech startup Popote, which tackles financial control problems threatening SMEs in Africa, has raised a funding round from Lagos-based fintech investment company GreenHouse Capital to help it scale. Launched in 2014, Popote launched its primary product, a payment, expense management and accounting solution called PopotePay, in 2017. The startup also offers other solutions aligned to its long-term vision to be the world’s leading provider of financial technology-driven solutions that promote team collaboration, mobility, and convenience. Sam Wanjohi, the founder, and chief executive officer (CEO) of Popote, said making payments in…

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Attijari Bank secures funding from EBRD to strengthen access to finance for MSMEs

TUNISIA – The European Bank for Reconstruction and Development (EBRD) has announced in a press release its plan to strengthen access to finance for Tunisian micro, small and medium-sized enterprises (MSMEs). The Bank is providing Attijari Bank of Tunisia with an unfunded risk-sharing guarantee of 50 per cent on a loan to Enda Tamweel, the leading microfinance institution in the country. Under the EBRD’s Risk Sharing Framework (RSF), Attijari Bank of Tunisia is extending a loan of up to TND20 million (US$7.33m) to Enda Tamweel for on-lending to local MSMEs…

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Arab Tunisian Lease secures US$6m EBRD loan to increase access to finance for MSMEs

TUNISIA – The European Bank for Reconstruction and Development (EBRD) is strengthening small businesses in Tunisia with a €5 million (US$6.13m) loan to Arab Tunisian Lease (ATL Leasing) to increase access to finance for micro, small and medium-sized enterprises (MSMEs). The loan is supported by the European Union (EU) under the EU Initiative for Financial Inclusion, a comprehensive programme to help MSMEs in the southern and eastern Mediterranean region to become more competitive and grow. It provides finance and know-how to boost development and create jobs. Small and medium-sized enterprises…

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