The Egyptian-Saudi Joint Committee launches website to support MSMEs

EGYPT – The Egyptian-Saudi Joint Committee for the Development of Micro, Small, and Medium Enterprises (MSMEs) launched a website to showcase its efforts, as part of US$200 million Saudi grant. The grant is dedicated to supporting the state’s efforts to bridge the gap between financial institutions and MSMEs and enable their access to financing through intermediaries. The launch coincided with the International Day of Micro, Small, and Medium-sized Enterprises that falls on June 27 and which was declared by the UN General Assembly to raise public awareness of their contribution…

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Access Bank launches DBA to increase its digital loans for young entrepreneurs

NIGERIA – Access Bank has launched the Diamond Business Advantage (DBA) lite, in a bid to increase its digital loans and enhance access to finance for young entrepreneurs. The bank said the product which is targeted at the youths was designed to add value to micro, small and medium scale enterprises (MSMEs). According to the bank’s Executive Director, Victor Etuokwu, entrepreneurship is essential for the growth of any nation. “DBA Lite is a product of the erstwhile Diamond bank via the Diamond Business Account (DBA) and that was one of…

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Absa secures US$50m risk sharing facility from CDC Group to supports MSMEs

SOUTH AFRICA – Absa Bank, South Africa’s third-largest bank by assets, will receive a US$50 million risk-sharing financial facility to provide loans to micro, small and medium-sized enterprises (MSMEs) and households. The loans will be in local currency with medium to long-term repayment terms and the capital raised by Absa from the British agency CDC Group will be deployed to Covid-19 affected companies seeking financing. “We are thrilled to once again partner with Absa. This is CDC Group’s first risk-sharing facility, providing a local currency solution to micro, small and medium-sized…

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AfDB approves US$1m grant for local content and SME growth to boost job creation in Mozambique

MOZAMBIQUE – The African Development Bank Group (AfDB), has approved a US$1 million grant to boost local content and development of Small and Medium-Size Enterprise (SME) initiatives in the southern African nation of Mozambique. The grant, from the Youth Entrepreneurship and Innovation Multi-Donor Trust Fund (YEI MDTF), will provide technical and institutional assistance to the Instituto para a Promoção das Pequenas e Médias Empresas, or IPEME,  for the direct support of start-ups and Small Medium Enterprises , with a particular focus on youth-led and women-owned  in business. The Mozambique YWEB…

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MCF, TAEF, CDC launch private debt vehicle INMA Finance for MSMEs

TUNISIA – Mediterranean Corporate Finance (MCF), the Tunisian American Enterprise Fund (TAEF) and the Caisse des Dépôts et Consignations (CDC) have announced the launch of the private debt vehicle INMA Finance. INMA Finance is intended to support directly or indirectly (through microfinance or leasing etc.) the development of Tunisian micro, small and medium enterprises (MSMEs) by offering them tailor-made financial instruments adapted to their needs and constraints. “Resolutely turned towards boosting the development of MSMEs and with a view to deploying its Smart Capital in an inclusive and innovative way,”…

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Fintech Ukheshe expands to Asia-Pacific as it introduces innovative payment solutions

SOUTH AFRICA – Ukheshe Technologies, South African fintech, will expand its footprint into the Asia-Pacific region as it introduces innovative digital-first payment solutions via key partnerships in what is emerging as a lucrative growth market for the B2B payment technology specialist. Ukheshe has developed a technology platform that helps banks and telecoms provide Small Medium and Micro Enterprises (SMME) with affordable digital banking and payment services, with client acquisition, onboarding and distribution costs that are a fraction of traditional merchant accounts.  It currently provides the platforms and technology that support nine…

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AUDA-NEPAD and Ecobank Group partnership to launch financing component under the 100,000 MSMEs Initiative

AFRICA – The African Union Development Agency NEPAD (AUDA-NEPAD)) and the Ecobank Group, its strategic partner on the development of the 100,000 Micro, Small and Medium Enterprises (MSMEs) Initiative, are set to launch the financing component as from 27 May 2021.AUDA-NEPAD launched the 100,000 MSMEs Programme to accelerate African economic transformation, provide the needed skills, and build resilience against the economic shock triggered by the global Covid-19 pandemic. The ‘100 000 MSMEs’ initiative seeks to build the capacity of 1,000,000 enterprises in Africa through entrepreneurial and business training to improve access…

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World Bank approves US$100m grant to support MSMEs, foster inclusive growth in Mozambique

MOZAMBIQUE – The World Bank has approved a US$100 million grant from the International Development Association (IDA), in support of the Government of Mozambique’s Economic Linkages for Diversification Project, which supports Micro, Small, and Medium Enterprises (MSMEs), develop their capacities to provide goods and services to larger businesses, as well as serve the growing cities in the centre and north of Mozambique, thus fostering linkages and economic diversification. “Mozambique’s growth has been driven by Foreign Direct Investments (FDI) into capital-intensive industries, which has not translated into adequate levels of job…

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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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