Fintech Fawry invests in Sudan’s alsoug to build new fintech platform

EGYPT – Fawry, a provider of e- payments solutions and digital banking services, has announced that it has finalized an investment in alsoug.com, Sudan’s largest online classifieds platform and marketplace, to help build out alsoug’s new fintech platform, Cashi. Fawry has acquired a strategic minority stake in the alsoug.com/Cashi holding company, marking the Company’s first venture capital investment outside of its Egyptian home market. The investment comes as part of Sudan’s first announced venture capital funding round. Fawry played a leading role in ensuring the success of the US$5 million…

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Ford Motor Company appoints Neale Hill as its president for Africa

AFRICA – Ford Motor Company has appointed Neale Hill as president of Ford Motor Company Africa, effective October 1. His responsibilities have been expanded from the South African operations to include Southern Africa, sub-Saharan Africa, as well as North Africa, which has its regional headquarters based in Morocco, and continues to be led by MD Achraf El Boustani. Hill is to lead the company in transforming and modernising Ford’s business across the African continent. “Globally, Ford is leveraging its resources to best serve our customers and treat them like family,”…

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Azur Innovation Fund invests US$390,000 in transport and logistics startup Cloud Fret

MOROCCO – Azur Innovation Fund, a public-private seed fund aimed at providing money to creative Moroccan entrepreneurs has invested US$390,000 in Cloud Fret. It is the fund’s second investment following that of Epicerie Verte. Cloud Fret is a transport and logistics startup founded in 2020. Its platform connects loaders and transporters as it aims to eliminate empty returns of trucks between the two ends of the Mediterranean. Its aim is to optimise the transport of trucks with the help of artificial intelligence which can track the movement of empty cargo…

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Swvl partners various Egyptian banks to fund the provision of 14-passenger vehicles

EGYPT – Swvl, an Egyptian ridehailing startup, has announced a partnership with various Egyptian banks to fund the provision of 14-passenger vehicles to independent drivers working on Swvl’s unfixed transportation routes. This would help young people earn more money while also supporting the state’s efforts in this area. It will also help the transportation sector, which is expanding rapidly. Swvl’s head of city trips, Ahmed El-Demerdash, said the company has achieved an agreement with Nasser Social Bank to finance passenger vehicles of various brands and models in the Egyptian market…

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Bus-hailing startup Swvl acquire controlling stake in mass transit platform Shotl

EGYPT – Swvl, an Egyptian bus-hailing startup, has acquired a controlling stake in Shotl, a Spanish mass transit platform that partners with municipalities and corporations to provide on-demand bus and van services across Europe, LATAM, and APAC. With a presence in 22 cities across 10 countries, including Brazil, Japan, and a pan-European footprint1, over 350,000 bookings to date, more than 10% market share in Europe, and rapid adoption, Shotl is addressing challenges posed by transportation voids in suburbs, cities, and campuses. Shotl works with governments, towns, and businesses to reach…

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Transport startup Schoolz app raises pre-Seed funding from Saudi Arabian

EGYPT – The Schoolz app, a startup that specializes in participative transportation for school pupils, has received six-figure pre-Seed funding from Saudi Arabian and Egyptian investors. According to Hosni Ahmed, CEO and co-founder of Schoolz, the new financing will be used to launch Schoolz for business following a trial period, as well as the launch of Schoolz cloud services in Saudi Arabia and Egypt. “Schoolz also aims to use those investments to pump funds in business growth of students’ transportation to schools besides launching Schoolz for Business, and this service…

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Concordium, SWVL partner to enhance semi-private mass transit solution

EGYPT – Concordium, a leading blockchain technology company, and Swvl, Inc., a provider of mass transit and shared mobility solutions, have announced a strategic agreement to construct revolutionary next generation mass transport systems for the first time. Concordium will provide a blockchain-based technological platform with the goal of improving Swvl’s customers’ mass transit travel experience. The platform is designed to aid in the resolution of the highly complex logistical difficulties inherent in mass transportation, while also boosting Swvl’s efforts toward decarbonization and smart, green mobility. “Mass transit systems are inherently…

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STMicroelectronics set to launch new electric vehicles chip production at its facility

MOROCCO – STMicroelectronics, a French-Italian multinational electronics and semiconductors manufacturer, is set to inaugurate a new electric vehicles (EV) chip production at its facility in Bouskoura, Morocco. The plant will be dedicated to producing electronic chips for Tesla after STMicroelectronics won a contract with the American electric automaker. Initial production has already begun on the company’s existing lines.  The announcement makes Morocco the first African country to fully venture into the emerging market of electric vehicle export. Globally, there has been a biting shortage of microchips: the Covid-19 pandemic increased…

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ATI closes US$238m financing agreement for health and transportation projects in Ghana

GHANA – The African Trade Insurance (ATI), a pan-African financial institution providing credit and political risk Insurance Products to support African investments, has announced the closing of two €203 million (US$238.8m) financing agreements social loans, to fund four health and two transportation projects in Ghana. The first transaction, a €55 million (US$64.7m) financing package, relates to the construction of two new Trauma hospitals in Obuasi and Anyinam districts, a new Accident and Emergency center at Enyiresi Hospital and the rehabilitation of Obuasi’s current outdated Health Center. Once completed, the four…

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Ride hailing startup Plentywaka patners Autochek Africa for efficient services to its customers

NIGERIA – Plentywaka, an on-demand ride hailing startup, has announced a partnership with Autochek Africa to facilitate vehicle inspection, financing and maintenance for its teeming number of vehicle partners.  This partnership comes in the wake of plans to expand the Plentywaka Dailywaka ride-sharing service to over 7 new routes in a few days. “Just like Plentywaka, Autocheck Africa was born out of a need to disrupt an underutilized and unstructured industry,” Speaking on the partnership Onyeka Akumah, Co-Founder and CEO of Plentywaka said. “Now, a partner or heroes on Plentywaka…

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