President Nana Akufo-Addo launches policy and grant support for SMEs

GHANA – The President of the Republic of Ghana, Nana Addo Dankwa Akufo-Addo, has launched the Ghana Enterprises Agency (formerly NBSSI), the National Micro, Small and Medium-Scale Enterprises (MSMEs) and Entrepreneurship Policy, and the GEA Grant Support for SMEs. They will be under the Ghana Economic Transformation Project, which is backed by the World Bank. The President indicated that the National Micro, Small and Medium Enterprises and Entrepreneurship Policy is the first of its kind in Ghana. “It is a policy designed to direct the growth of the sector, provide…

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UBA, DEG to support SMEs with US$50m term facility agreement

NIGERIA – The United Bank for Africa (UBA) Plc, and Deutsche Investitions- und Entwicklungsgesellschaft mbH, (DEG) the German Development Finance Institution, have entered into a partnership aimed at supporting small and medium scale businesses (SMEs) in Nigeria. According to a statement, both institutions have signed a US$50 million term facility agreement with a tenor of six years and is targeted at supporting SMEs and family-owned businesses in Nigeria. UBA America’s Chief Executive Officer, Sola Yomi-Ajayi, was quoted to have said UBA remains passionate about the growth of the private sector…

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NBE secures US$100m loan from EBRD to support SMEs

National Bank of Egypt partners IFC

EGYPT – National Bank of Egypt (NBE) has secured US$100 million loan from European Bank for Reconstruction and Development (EBRD) to support the country’s small and medium-sized enterprises (SMEs).    The loan will benefit Egypt’s SMEs in terms of energy efficiency, climate change mitigation and the introduction of adaptation technologies, according to the EBRD.    NBE will on-lend the funds to SMEs operating in the sectors of industry, commerce and agriculture to help improve the use of energy, water and land resources, as well as investments in high-performing technologies, which is expected to support…

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Google launches series of programmes to support the growth and recovery of SMEs

AFRICA – Tech-giant Google has launched International Small Business Month, a series of programmes that aim to support the growth and recovery of SMEs in Africa. Mojolaoluwa Aderemi-Makinde, Google’s head of brand and reputation for Africa said that the programmes are tech-driven and will enable SMEs in Africa to expand their customer base. “As more consumers start their journey looking for products and services online, we want to do more to help retail small businesses digitise and better leverage online tools for growth. One thing we know for sure is…

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CIH Bank secures US$73.06m from European Investment Bank to support SMEs

MOROCCO – The European Investment Bank (EIB) has provided Moroccan CIH Bank with a €60 million (US$73.06m) funding destined to support SMEs affected by the global health crisis generated by Covid-19 pandemic. The EIB funding is part of the European Union’s external lending mandate and falls under the Bank’s Covid-19 response and the Team Europe program. The support is intended to help develop the private sector by focusing on SMEs, increasing competitiveness, and creating jobs. The financing agreement provides for sharing the EIB’s expertise in promoting green financing and optimizing…

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DFC, FMO launch US$75m financing facility for SMEs and new investment

AFRICA – United States International Development Finance Corporation (DFC) and FMO, the Dutch entrepreneurial development bank, have announced the DFC-MASSIF COVID-19 Response Co-Financing Facility. The US$75 million facility seeks to bring liquidity to financial intermediaries to support micro-, small- and medium-sized enterprises impacted by the COVID-19 crisis and promote new investment to support economic sustainability in developing countries. It is also focused on low-income countries and underserved groups like women, youths, and entrepreneurs active in agriculture or rural areas. “As the COVID-19 pandemic continues to adversely affect financial markets, especially…

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Fintech company Ntisa launches retail management software solution for small scale business

NIGERIA – Ntisa Limited, a financial technology (fintech) company, has launched retail management software solution that will enable small scale business owners manage all aspects of their business from sales-point to payment. The solution, also known as Ntisa, was launched recently in Lagos. The easy-to-use software application was locally developed with full local content and it comes as an affordable end-to-end retail management software application, with specific features such as inventory, dispatch, as well as business performance management. The product suite offers: Ntisa Point of Sales (POS), Ntisa Merchant App…

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Kenya’s payments firm Cellulant launches its platform for SMEs and large businesses in Nigeria

NIGERIA – Cellulant, the Kenyan-based payments firm has rolled out a new digital payment platform for SMEs and large businesses in Nigeria. The company has unified its offering into Tinng, a digital payments platform enabling businesses to seamlessly accept payments from their customers conveniently and affordably. Tingg aims to boost growth for businesses by standardizing the payment experience for the end-user and simplifies the tools and processes for a merchant to manage their collections. Tinng was launched back in 2019. The all-in-one, multi-functional consumer super app lets users pay for…

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Private equity Ascent Capital raises US$102m to invest in SMEs across East Africa

KENYA – Private equity fund Ascent Capital has raised from US$102 million from the World Bank and top sovereign funds for investment in local companies across Eastern African. The capital was raised from the World Bank Group’s private sector arm, the International Finance Corp (IFC), the UK government-owned finance agency, the CDC Group, Dutch development financier FMO, and the French development finance institution, Proparco alongside other high net worth investors. The fund said it will invest between US$5 million and a maximum of US$19.5 million in firms across growth sectors…

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African Guarantee Fund receives US$20m capital injection from IFU for green SME financing

AFRICA – The African Guarantee Fund has received a capital increase of US$ 20 million from the Danish Investment Fund for Developing Countries (IFU) to facilitate green SME financing in Africa. The capital increase is partially financed by the Danish Government, as part of the Danish “COVID-19 Development Assistance” package. Inclusive of the additional US$20 million, the total Danish investment in AGF amounts to US$71.8 million.   The capital increment into the African Guarantee Fund will increase the Fund’s capacity to unlock financing for Small and Medium Enterprises (SMEs) in Africa. SMEs in…

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