Moove Africa, a mobility fintech startup operating in six Sub-Saharan African markets, is raising more funds to expand further on the continent. The transaction is the first it ever concluded with an African bank.  Mobility fintech Moove Africa announced, Thursday (July 14), that it secured more than US$200 million in equity and debt financing since the launch of its activities in...

The World Bank estimates that in Madagascar, 1.7 million children (or 40%) under five are stunted. The rate is one of the highest in the world due primarily to chronic malnutrition.   The Malagasy government will benefit from two funding packages totaling US$85 million from the World Bank to enhance a nutrition program being implemented in the country. The funding packages were...

In November 2021, Telkom signed an agreement with Ericsson and NEC XON to expand its 4G network in Kenya. The company, which aims to become an integrated telecom operator, made its broadband network coverage one of its top priorities to compete with market leader Safaricom. Telecom operator Telkom Kenya announces the completion of the first phase of its 4G/LTE network expansion project. The...

Agri fintechs are companies that offer tech solutions to allow financial institutions and rural actors access to financial information, offer or receive loans, manage farms, or trade farm products. In 2021, those startups operating in Africa secured a US$75 million investment. The amount was the lowest globally but, it is up from the amounts the continent raised in 2019 and 2020.  African...

Since late 2021, Benin‘s northern regions have become the regular target of terrorist attacks. The situation prompted authorities to strengthen cooperation with other countries more experienced in the fight against terrorist groups.  Benin recently signed a military cooperation agreement with its neighbor, Niger. The agreement was announced, Tuesday, July 13, by Defence Minister Fortunet...

Publish What You Fund, the global campaign for aid and development transparency, has named the African Development Bank the most transparent organization in the world. The Bank’s Sovereign Portfolio now ranks first out of 50 global development institutions in Publish What You Fund’s 2022 Aid Transparency Index, released today with a top score of 98.5. African Development Bank Group...

Mobile adoption is rising steadily in Africa, driven mainly by digital transformation. This makes the continent an important market for major phone manufacturers.  Jumia recently signed a partnership agreement with Chinese smartphone brand Realme to introduce cutting-edge devices in the Sub-Saharan African market. The move is aimed at accelerating smartphone adoption in the region....

Together with the private equity fund Ascent Rift Valley II, Proparco made a major investment in the Kenyan health sector. Its partner in the deal had already invested in the sector.  Development finance institution Porparco announced, today (July 12) the acquisition of a majority stake in Kenyan private healthcare facility Diani Beach Hospital.  The investment was jointly made with...

Despite their sizeable contribution to economic growth, in Burundi and Tanzania, SMEs lack adequate financing to thrive.  In the framework of its program “Base of the Pyramid,”  the IFC intends to improve the credit system to benefit SMEs. The International Finance Corporation (IFC) will disburse US$105 million to improve credit access for small and medium-sized enterprises (SMEs)...

Nigeria is one of the main telecom markets in Africa. The significant growth it recorded in recent years attracted significant foreign investments.    Canadian smart off-grid company Clear Blue Technologies International announced Thursday (July 7) its expansion into the Nigerian market. According to its release, the expansion is made “to better capitalize on this market and...