TymeBank, a South Africa-based digital retail bank has secured a $110 million Series B investment from private equity fund Apis Growth Fund II and JG Summit Holdings, a renowned conglomerate in the Philippines. This investment is one of the largest foreign investments any fintech company has secured in South Africa.  “The establishments of digital banks in South Africa is in its...

Since January 2021, Africa has mobilized a total of $895 million in private equity investment, we learned. The largest PE transaction was carried out by SPE Capital Partners for its first fund targeting Africa and the Middle East. The company raised $258 million for an initial target of $200 million. "This is an important milestone for our young company. We are grateful for the...

Mobile operator Expresso Senegal, a subsidiary of Sudanese Sudatel, has finally received the green light of the telecom regulator to launch 4G, after several months of negotiations. The agreement was signed last February 26, 2021, when a delegation of the Sudanese telecom group arrived in Senegal. Led by Magdi TAHA, CEO of Sudatel, the delegation was granted an audience by President Macky Sall...

Tunisia's state wage bill increased to 17.6% of GDP. According to the International Monetary Fund (IMF), which issued a new document on the country’s economic situation, this ratio is one of the highest worldwide.Like many other countries, Tunisia had to hire additional health workers to deal with Covid-19. It is estimated that the health sector accounted for 40% of new hiring in the country in...

This year, Congo is expected to achieve a budget surplus, a sharp recovery after the deficit in 2020. The good news was reported last week by the International Monetary Fund. IMF says 2020 had been a tough year due to the covid-19 pandemic and the decline in oil prices, one of the country’s main exports. While Congo has been facing a debt crisis that has made economic recovery difficult in...

The Japan International Cooperation Agency (JICA) has extended an Official Development Assistance loan of up to 30 billion Japanese yen ($289 million) to support Mauritius’ response to the COVID-19 pandemic and rebuild its economy. The loan, signed on 24 February, is a parallel co-financing agreement between JICA and the African Development Bank under the Enhanced Private Sector Assistance for...

Real estate ad platform Mubawab, 51%-owned by the Emirati Emerging Markets Property Group (EMPG), is investing $10 million to strengthen its footprint in the Maghreb region. "Mubawab's vision in supporting real estate professionals reinforces our choice to consolidate its position as a major real estate player in the Maghreb," said Haider Ali Khan (pictured), EMPG's managing director for...

The Government of Benin has unveiled a plan to hire contractors for the implementation of the ePassport project. During the Council of Ministers held on February 24, the Head of State Patrice Talon gave the green light for the selection of providers to be entrusted with this task. According to the government, "completely digitalizing the processing of passport applications" is essential to...

Namibia is setting up a common plan with Botswana to find a solution to the water scarcity issue they are both facing. The information was reported yesterday by Botswana’s President Mokgweetsi Masisi on Twitter, following a meeting with his Namibian counterpart Hage Geingob. The meeting saw the two Presidents discuss the water challenges their population face and the ways to solve the problem...

Mobile operator Vodafone Egypt will acquire 20% of the capital of e-payment service providers Bee and Masary. An initial memorandum of understanding was signed yesterday between the telecom company and Ebtikar Holding for Financial Investments S.A.E (Ebtikar). The latter is an investment vehicle dedicated to the non-banking financial services sector, created in June 2017 by B Investments, MM...