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Strategy

African Development Bank concludes R2 billion investment in Nedbank SDG-linked bonds

The African Development Bank Group has concluded the investment of R2 billion (around $116 million) in Sustainable Development Goals-linked bonds (SDG bonds) issued by Nedbank South Africa. This investment, which is listed on the green bonds segment of the Johannesburg Stock Exchange, will strengthen Nedbank’s capital base and enable it to generate R12 billion ($696 million) in new loans and investments in environmentally friendly and climate-sensitive projects in areas such as renewable energy and affordable housing. This SDG-linked Tier 2 bond issuance, the first of its kind in Africa, is expected to benefit the South African economy through the creation of over 6,000 new jobs and nearly 20,000...

Ghana Board Celebrate $200M Disbursement Of Loan To Boost Cocoa Productivity

Ghana Cocoa Board (COCOBOD) and lenders have welcomed the first disbursement of $200 million of a syndicated loan facility to boost cocoa productivity in the world’s second-largest producer. The occasion was marked by a ceremony held in Accra, Ghana on Tuesday 23 June, followed online by hundreds of observers across the globe. In attendance were COCOBOD and government representatives and participating lenders, which included development finance institutions: the African Development Bank (https://www.AfDB.org/), the Japan International Cooperation Agency (JICA), the Development Bank of Southern Africa and Cassa Depositi e Prestiti Spa. Commercial lenders were represented by Credit Suisse AG, and the Industrial and Commercial Bank of China, London...

Web Events Happening In Africa

Go-to-market strategies for startups Join this virtual AWS Startup Garage webinar to hear from industry leaders who have successfully defined and acquired their target customers, deployed tactical launch plans, and adapted to challenging situations. Date: 30 June, 2pm Location: AWS Activate Product development and validation LaunchLab and Stellenbosch Network will host Anton Pretorius of Sologix as he talks on the business philosophy for growth, “Focus – Fuel – Fight”. Date: 1 July, 1pm to 2pmLocation: Quicket The Sun Exchange’s Abe Cambridge WorkInProgress (WIP), an Absa innovation lab, will be hosting a webinar series titled Wise-Up Wednesday Sessions, featuring the real-life successes and lockdown challenges of South African small and medium enterprises. First up, this week is Abe Cambridge,...

Nigerian micro-investment portal Trove nets new funding, from angel networks

Nigerian micro-investment platform Trove has secured further funding, this time from three local angel networks. Trove’s app enables users to invest in bonds and stocks in Nigeria and in the US. The startup was founded in 2018 by Oluwatomi Solanke, Opeyemi Olanipekun, Osita Akagu and Desayo Aisegiri. Trove secured its latest investment from Lagos Angel Network (LAN), SSE Angel Network (SSEAN), and Diaspora Angel Network (DAN), tech publication Disrupt Africa reported in an article earlier this month. Nigerian startup Trove’s app enables users to invest in bonds and stocks in Nigeria and in the US It comes after the startup announced in May last year that it had received an investment from Ventures Platform to scale its operations...

Safaricom gets Sh1.5bn for police cameras deal

The Treasury has paid Safaricom  Sh1.5 billion after the giant telco threatened to disconnect a security and surveillance system it built on behalf of the National Police Service, parliamentary records reveal The National Assembly’s Budget and Appropriations Committee (BAC) said Safaricom had signalled it would disable the surveillance system over the unpaid bill, an outcome that could have derailed police pursuit of criminals through CCTV cameras mounted in Nairobi. Under the terms of the security contract, Safaricom in 2014 started installing a Sh14.9 billion communication and surveillance system that is linked to police stations to help combat crime in Nairobi and Mombasa. The State was expected to make quarterly...

Daily Digest Wednesday, 24 June 2020

Funding In Southern Africa Zimbabwe’s Centragrid to Scale Up Solar Output Zimbabwean solar power company Centragrid plans to increase generation capacity to 25 megawatts (MW) by October 2021, helping the country chip away at a huge electricity deficit that has hurt mines and kept households in the dark for hours. Read more Funding In West Africa Atlanta Solar Firm Connects More Villages to ‘Mini-Grids’ in Nigeria, Kenya Atlanta-based Renewvia Energy Corp. has taken new steps toward its dream of bringing solar energy to off-grid communities in Africa, building a scalable business in the process. Read more Funding In North Africa Egypt’s Sakneen gets Y Combinator’s backing for its online real estate platform Cairo-based online real estate platform...

Atlanta Solar Firm Connects More Villages to ‘Mini-Grids’ in Nigeria, Kenya

Atlanta-based Renewvia Energy Corp. has taken new steps toward its dream of bringing solar energy to off-grid communities in Africa, building a scalable business the process. In separate projects, Renewvia has netted $1.8 million in funding to enable more of its “mini-grid” projects in Kenya, where it has piloted the concept and built out its business, and Nigeria, where one of the new communities is home to a medical centre. Kenya and Nigeria sit on opposite sides of the massive continent, but they face similar power challenges and share an aggressive approach to the issue of generating clean and reliable energy. Nigeria is a major exporter of oil, yet the nation of nearly 200...

Africa Netpreneur Prize teams up with Ashesi, Dalberg, Janngo, RiseUp, ALU for 2020 Pitch

The Jack Ma Foundation’s Africa Netpreneur Prize Initiative (ANPI) has teamed up with the African Leadership Group, Ashesi, Dalberg, Janngo, and RiseUp as its anchor partners for the second edition of Africa’s Business Heroes prize competition (ABH). Africa Netpreneur Prize officially launched applications on April 6 and aims to work with the local partners to promote the ABH prize competition in their respective regions, helping to identify and engage with potential applicants. According to Jason Pau, Senior Advisor for International Programs for the Jack Ma Foundation, “We are honored to be able to work closely with these exceptional local partners to bring the Africa’s Business Heroes prize competition to all corners of Africa and spotlight...

Daily Digest, Thursday 18 June 2020

Funding In Africa Africa-focused fintech Chipper Cash nets $13.8m Series-A round The funding caps an event filled for the San Francisco-based payment company, founded by Ugandan Ham Serunjogi and Ghanaian Maijid Moujaled two years ago. Read more TransferGo raises $10M additional funding, launches in 11 new markets The startup is also announcing it has launched in 11 new markets, including Japan, New Zealand, Saudi Arabia, Singapore and Ghana. That’s a doubling down on South East Asia and African market expansion, beyond its original focus on Europe. Funding In Southern Africa South Africa: Zeder Investments sold its stake in Quantum Foods South African agribusiness investor Zeder announced it has sold its...

South Africa: Zeder Investments sold its stake in Quantum Foods

South African agribusiness investor Zeder announced it has sold its 32.1% stake (61.6 million shares) in the animal feed company Quantum Foods Holding Limited to Country Bird Holdings, a company operating in the same business segment as Quantum. The transaction was carried out through Zeder’s subsidiary Zeder Financial Services. Zeder Investments will use the R308.1 million ($18 million) cashed from this sale to strengthen its cash reserves and recapitalize its subsidiaries if necessary, during this health crisis period. The firm is also looking for new investment opportunities in promising sectors. Download GetFundedAfrica's e-Guide to fundraising for start-up's Here The operation will allow Country Bird to continue its expansion...