Emerging market fintech credit provider Lendable unveiled a plan to raise $100 million by the first half of 2022. The resources will be invested in small and medium-sized enterprises (SMEs) to support alternative energy projects and financial services in Africa and Asia. The investor says it will provide credit to more than 150,000 African and Asian fintech startups. These companies will...

A week after it acquired a minority stake in Nigeria’s non-life insurer Royal Exchange General Insurance, AfricInvest announced a new investment.  This time, the beneficiary is Raynal Assurances IARD, Burkina Faso’s third-largest non-life insurer with over 13% of the market share. The operation is made through the investor’s FIVE vehicles dedicated to African financial institutions,...

Egyptian fintech Fawry announced its first commitment outside Egypt. The African unicorn has acquired a minority stake in alsoug.com, Sudan's largest online classifieds and commerce platform. The amount disbursed by the Egyptian company was not disclosed. However, Fawry was participating in a $5 million investment round for the benefit of the online commerce platform. The fintech will...

Emirati group DP World and the British CDC Group announced today a joint investment of $1.72 billion to upgrade port infrastructures in Africa. The resources will be used to modernize the ports operated by DP World in Ain Sokhna in Egypt, Dakar in Senegal, and Berbera in the Somali separatist region of Somaliland. $1billion will be committed by the Dubai-based company and the remaining...

Both the World Bank and the IMF expect sub-Saharan Africa to get out of recession this year. However, only 4 countries in the region (Botswana, Seychelles, Burkina Faso, and Côte d'Ivoire) will record growth of 6% or more. The International Monetary Fund (IMF) estimates, in its new global economic outlook report, economic growth of 3.7% for sub-Saharan Africa in 2021. The Bretton Woods...

South African telecoms group MTN announced last October 8 it will invest $120 million in South Sudan over the next three years. The company wants to improve and upgrade its network in the country. The information was revealed during a courtesy call by MTN Group Chairman Mcebisi Jonas and MTN Group CEO Ralph Mupita to the South Sudanese President Salva Kiir. The leaders discussed several...

Rising payroll taxes in Kenya and the details of the Producer Price Index for businesses reflect an employment recovery in the country. Although this is good news for banking activity, some businessmen are cautious about the future. Various indicators suggest that jobs will continue to grow in Kenya through Q3 2021. According to the Kenya Revenue Authority, payroll taxes or PAYE (Pay As You...

The African Development Bank Group, on 11 October 2021, announces the 36-month debarment of Sino-Kenya Engineering Group Company Limited and Mr. Yuehua Bai, its Managing Director, with effect from 19 August 2021. Sino-Kenya Engineering Group Company Limited is a limited liability company registered under the laws of the Republic of Kenya. An investigation conducted by the Bank’s Office of...

In a gloomy economic context marked by covid-19, the Ivorian government is continuing its tax mobilization plan to support the state budget. The target set for the third quarter of this year has been largely exceeded.   Between July and September this year, the Ivorian General Directorate of Taxes (DGI) has collected $1.3 billion (CFA743.6 billion) in tax revenue. "Our initial tax...

On a visit to Abu Dhabi, the capital of the United Arab Emirates, President Felix Tshisekedi is holding a series of meetings with Emirati partners to attract more investment to the DRC. Targeted sectors include energy, mining, infrastructure, and security. DR Congo's President, Felix Tshisekedi, has secured an investment of $1 billion in addition to 30 tactical armored military vehicles...