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Kenya Unveils First Diaspora Investment Fund

Kenya has introduced its first licensed investment fund for citizens living overseas, in a move that is expected to channel more of the diaspora’s money into development projects across the country. Almost three million Kenyans living in mostly North America and Europe sent an estimated $3bn in remittances to Kenya last year, representing the largest source of foreign exchange for the country. While remittances are usually sent to families, direct investment is also common. Though studies have shown that difficult procedures, lack of information and informal channels often lead to unsuccessful ventures.   Read also; Airtel Africa partners MoneyGram to ease fund transfer Kenya’s diaspora can now make investments...

Solar Home Systems Provider, Lumos Secures US$35m From DFC To Scale Up Operations In Nigeria

NIGERIA – Lumos, Africa’s solar home system provider, has secured US$35m from US International Development Finance Corporation (DFC), to expand its existing market for reliable, accessible and clean solar power in Nigeria. The new financing will enable Lumos to produce an additional 160,000 solar home systems (SHS) to meet ever-increasing demand from homes and businesses across the country. Currently, more than 160 million people in Nigeria have poor or no access to the electricity grid. Hundreds of thousands of new Lumos solar home systems will enable close to a million people to switch to reliable, clean energy, contributing to economic growth and sustainable development in the country. Currently, more...

Endeavor Catalyst Raises $134M For Investments In African Startups

AFRICA – African startups have a hot new fund to tap from courtesy of Endeavor Catalyst, the innovative $100M+ co-investment fund that invests in qualifying rounds of $5M+in both early stage and late stage startups built by Endeavor Entrepreneurs. The fund has closed its third fund at $134 million. Read also; Applications For V&A Waterfront Kitchen Incubator Opens This $134M Fund III represents the largest Endeavor Catalyst fund to date surpassing the $120M target goal originally set and brings Endeavor Catalyst’s total assets under management (“AUM”) up to $250M. The $134 million 3rd Fund “Endeavor Catalyst III” saw investments from Jordan’s Innovative Startups and small and medium enterprises (SMEs) Fund (ISSF) which...

Daily Digest Thursday 24 September 2020

Latest News ZSE Launches Direct Trading Platform With Goal To Get More Ordinary People Investing At the launch event, ZSE noted that the creation of the platform was prompted by a survey conducted earlier this year. The survey concluded that participation by Zimbabwean individuals in capital markets was marginal. Read more Funding In West Africa Greenlight Planet Inc. Secures $90 Million Funding For Expansion Greenlight Planet Inc., the largest provider of solar-powered home energy products in sub-Saharan Africa and South Asia, has secured $90 million in new funding to expand its Pay-As-You-Go (PAYG) solar consumer financing business and consolidate its debt portfolio. Read more Acquisitions & Partnerships Retailability Acquires Parts...

Greenlight Planet Inc. Secures $90 Million Funding For Expansion

Image: Africa Business Communities KENYA – Greenlight Planet Inc., the largest provider of solar-powered home energy products in sub-Saharan Africa and South Asia, has secured $90 million in new funding to expand its Pay-As-You-Go (PAYG) solar consumer financing business and consolidate its debt portfolio. Under its Sun King brand, Greenlight Planet operates the largest direct-to-consumer PAYG solar distribution and service network in the world, having delivered over 1.3 million PAYG solar products to date in Kenya, Tanzania, Uganda, and Nigeria, expanding at a rate of over 65,000 new rooftop solar installations per month. The company employs 1,250 full-time staff worldwide and over 5,500 sales agents, 30% of whom are...

ZSE Launches Direct Trading Platform With Goal To Get More Ordinary People Investing

A fortnight ago we took an exclusive look at Zimbabwe Stock Exchange’s Direct trading platform. The platform that allows ordinary folks like you and me to buy shares from our laptop and smartphone has finally been launched. The problem At the launch event, ZSE noted that the creation of the platform was prompted by a survey conducted earlier this year. The survey concluded that participation by Zimbabwean individuals in capital markets was marginal. ZSE noted that the biggest barriers highlighted by participants were i) a lack of appreciation of the investment process and ii) a perception that investment is for the sophisticated. A solution? ZSE Direct’s mandate is therefore pretty simple. The platform is...

How drones can make inspections smart and automated for utilities

The coronavirus pandemic has hit energy companies in several significant ways. Chief among these is how utilities carry out field inspections of vital equipment during times of lockdown. For many of these power firms, they have found the answer in drones. Unmanned aerial vehicles have long been deployed by some companies for inspections such as those of power lines, substations, solar farms and wind turbines. However, many more have turned to drones during the Covid-19 outbreak. They have seen how they can be vital for keeping a business running in safe ways by enabling contactless and digital processes. Utilities in the US have also found UAVs invaluable for inspections...

Autochek acquires online Car Platforms Cheki Nigeria

Autochek, the automotive technology company recently founded by former Cars45 CEO Etop Ikpe, has announced the acquisition of automotive marketplace Cheki Nigeria, previously part of ROAM Africa’s portfolio of leading online marketplaces. The new platform will relaunch by the end of 2020. Autochek is an automotive technology company that aims to build digital solutions that will enhance and enable a seamless and safe automotive commerce experience across Africa, starting with Nigeria. Having identified a number of challenges in the car purchase market on the continent, the new company plans to use technology to transform the automotive buying and selling experience for African consumers, by creating a single marketplace...

China is pushing its currency into Africa through fintech partnerships

On September 9, UnionPay International announced a partnership with Interswitch East Africa, the regional business of the Nigerian-based Interswitch Group. Under the partnership, Interswitch became a Third-Party Service Provider (TPSP) for China’s UnionPay. This means UnionPay cards will be accepted across ATMs, Points-of-Sale, QR Payments and online payments in the East African region. The recent deal is part of an existing partnership between the two payments heavyweights. In 2013, UnionPay teamed up with Interswitch to allow UnionPay’s cardholders to make transactions at over 11,000 ATMs and 70,000 merchants in West Africa and Uganda. The new partnership extends UnionPay’s reach to more African countries and also allow Chinese travellers to make transactions...

Airtel Africa partners MoneyGram to ease fund transfer

Airtel Africa plc, a telecommunications and mobile money services provider, has announced a strategic partnership with MoneyGram, a global leader in cross-border P2P payments and money transfers. The partnership will ensure that more than 19 million Airtel Money customers across 12 countries can route any MoneyGram transfer received from around the world into their mobile money wallets on their phone. Read also; AfDB Announces AgriPitch 2020 Competition For Agricultural Project Leaders In Africa In a statement issued by the telco and seen by Nairametrics, it was indicated that the development would also enable senders overseas to push funds instantly and directly to an Airtel Money mobile wallet in a more...

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