IsDB approves US$20m loan for rural electrification project in Togo

Islamic Development Bank Group

TOGO – The Islamic Development Bank (IsDB) has approved a €17.38 million (US$20.11m) loan for rural electrification project in Togo that relies mainly on solar mini-grids provided by private companies. The Islamic Development Bank (IsDB) financing was approved at its 342nd Board of Directors meeting in Jeddah, Saudi Arabia. It is a loan of €17.38 million (US$20.11m) for the electrification of rural areas of Togo through small autonomous solar power plants, connected to mini-grids. These solutions are particularly appropriate for rural areas where the extension of the national electricity grid…

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Solar provider Bboxx partners with Government of Togo to sell smartphones on Pay-As-You-Go basis

TOGO – Bboxx, a Pay as you go solar provider, and the Government of Togo, represented by the Ministry of Digital Economy and Digital Transformation, have announced the first ever Memorandum of Understanding) to sell smartphones in Togo on “Pay-As-You-Go” basis. The MoU will improve digital inclusion and the delivery of digital public services through deployment of smartphones in Togo. The programme will follow three phases with the rollout of handsets expected in 2022, as part of the “Togo Smartphone” initiative. Phase 1 will focus on delivering sophisticated market research,…

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Arise B.V invests US$75m in Ecobank Transnational to meet its general corporate obligations

TOGO – Ecobank Transnational Incorporated (ETI), the Togo based parent company of the Ecobank Group, has announced a US$75 million Additional Tier 1 (AT1) investment by Arise B.V, a leading equity investor in Africa. This Basel III compliant instrument is the first AT1 instrument issued by ETI and a landmark transaction in the sub-Saharan Africa region. The investment will optimise and improve ETI’s Tier 1 capital by US$75 million. Basel III is an international regulatory accord rolled out by the Basel Committee, which introduced a set of reforms intended to…

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Ivorian fintech startup Cinetpay launches its digital payment platform in Togo

TOGO – Ivorian fintech startup Cinetpay has announced the launch of a digital payment platform for school and university fees in Togo. According to a press release, the Ivorian startup’s platform regroups electronic payment terminals (EPTs) and web platforms that will enable schools and universities to collect registration and tuition fees via mobile money and other electronic channels. “This platform will allow them to collect online registration and tuition fees, to track all payments in real-time and to automatically send a reminder by email, SMS or Whatsapp to parents, as…

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Ecobank group launches the 4th edition of its Fintech Challenge

TOGO – The pan-African banking group, Ecobank group, is inviting African Fintech entrepreneurs to join the 4th edition of the Ecobank Fintech Challenge. The Fintech Challenge is in line with the Bank’s commitment to championing digitization by giving innovative African start-ups the opportunity to promote their fintech solutions. The start-ups can potentially partner with Ecobank to scale their solutions across Ecobank’s 33 African markets as well as its international operations in France.  All selected Finalists will be inducted into the Ecobank Fintech Fellowship following the Finals and Awards ceremony slated…

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Government of Togo opens first data centre in its country’s capital

TOGO – Togo has opened the first data centre which has been officially opened for business in the country’s capital of Lomé as part of the Togolese government’s National Development Plan to ensure the country’s digital transformation and economic repositioning. Togo’s National Development Plan has sought to leverage the country’s geographic position by transforming Lomé into a regional trading centre and transport hub. The plan implemented business reforms and completed large infrastructure projects to attract investment; and it established the Business Climate Unit to coordinate economic reforms and play a…

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UNDP-Togo, FAIEJ launch US$476,000 per year fund for young entrepreneurs

TOGO – The Support Fund for Economic Initiatives for Young People (FAIEJ) and the United Nations Development Program (UNDP-Togo) has launched a new fund for the benefit of young Togolese entrepreneurs. The 265 million FCFA per year (US$476k) Togolese Facility for the Acceleration and ‘Innovation (FTAI), will help companies who are innovative and ambitious. The fund will also provide financial assistance to startups and incubators, with the goal of assisting in the formation of new enterprises and jobs for young people. “It is a fund that functions as a catalyst…

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Guinea, Togo join the leading infrastructure solutions provider AFC

WEST AFRICA – Africa Finance Corporation (AFC), the leading infrastructure solutions provider in Africa, has onboarded the Central Bank of Guinea and the Togolese Republic as its newest shareholders, cementing AFC’s pan-African representation. One of AFC’s first Member States in 2008, the Corporation has invested approximately US$300 million to spur employment opportunities and sustainable economic development from Guinea’s vast mineral resources. Developments co-financed by AFC include the high-grade bauxite Alufer Mine in 2017, which marked one of the largest foreign investments in the west African country since the 2014 Ebola…

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Fintech company Semoa, Ecobank to enable mobile money users carry out banking faster and easier

TOGO – Fintech company Semoa has partnered The Ecobank Group to enable mobile money users in Togo to carry out banking faster and easier, across West African Economic and Monetary Union (WAEMU) through a new digital banking service via Whatsapp called “Express cash by Semoa”. The Ecobank Group, whose network covers 35 countries across Africa, is the first bank to integrate this type of service at its ATMs and Express Point Agency locations. Customers simply send a Whatsapp message – which means the service is available 24/7 – to Semoa’s…

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AMEA Power commissions its 50MW solar photovoltaic plant in Togo

TOGO – AMEA Power, a subsidiary of UAE-based Al Nowais Investments (ANI), has announced the official commissioning of its 50MW solar photovoltaic (PV) plant in Blitta, Togo. This marks the country’s first utility-scale renewable energy project developed by an Independent Power Producer (IPP), and one of the largest solar PV IPP plants in West Africa. Officially named Sheikh Mohamed Bin Zayed, after His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, the PV plant has been delivered in record time, with just 18 months between the…

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