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Africa Tag

Is Africa Heading Towards A Cashless Society?

Cash may have traditionally been king, but Covid-19 has contributed to a faster pace of digital payment adoption. Recently on AlphaCode’s monthly Industry Insights webinar, two global fintech players discussed the emergence of a plethora of digital payments and debated if cash is on its way out. Omosalewa Adeyemi, Head of Global Partnerships and Expansion at Flutterwave (a technology company that helps businesses in Africa and across the world send and receive payments) and Nicolas Vonthron, co-CEO of Mama Money (a rapidly growing international payment operator using mobile technology to reach new markets and underserved communities with a key focus on financial inclusion and social upliftment); explored the future of payments and...

Africa’s Great Green Wall Just 4% Complete Halfway Through Schedule

The world’s most ambitious reforestation project, the Great Green Wall of Africa, has covered only 4% of its target area but is more than halfway towards its 2030 completion date, according to a status report. More funds, greater technical support and tighter oversight will be needed if the plan to plant 100m hectares of trees and other vegetation is to be realised, say the authors of the study, which was unveiled on Monday at a meeting of regional ministers. The Great Green Wall was conceived in 2007 by the African Union as a 7,000km (4,350-mile) cross-continental barrier stretching from Senegal to Djibouti that would hold back the deserts of the...

Ghanaian tech-based management consultancy Africa Foresight Group raises $700k funding

The Ghana-based Africa Foresight Group (AFG), which has developed a platform offering access to the largest network of freelance management consultants on the continent, has raised a seed funding round worth over US$700,000. Founded in 2016, AFG allows leading companies, investment funds and development partners to hire teams to make the right strategic decisions and achieve sustainable success, utilising an online platform and machine learning to build an entirely new model for consulting in Africa. The startup’s proprietary technology platform matches teams with open project opportunities, manages performance data, and supports the invoicing and payments process, amongst others. AFG has more than 100 consultants – “foresighters” – in its...

AFRICA: Med’Innovant Africa 2020 will award innovations for the sustainable city

Euroméditerranée, a French public urban development institution, is launching the 2020 edition of its Med'Innovant Africa competition dedicated to sustainable cities. Start-ups interested in this innovation competition are invited to apply before August 31, 2020. The Med’Innovant Africa 2020 is launched. The second edition of this innovation competition is dedicated to the sustainable city, more than ever at the heart of urban development strategies in Africa. The aim of this competition is to stimulate the search for innovative solutions to imagine the resilient African and Mediterranean sustainable city of tomorrow. “By putting resilience at the heart of this second edition, the objective of Med’Innovant Africa is to...

CDC Group, Finnfund Invests $70m Into AfricInvest Fund IV To Support Startups And Businesses Across Africa

The CDC Group and Finnfund have made a $70-million commitment to AfricInvest Fund IV, a generalist Pan-African fund aiming to foster the growth of African enterprises across the continent. Fund IV will invest in mid-cap and growth-oriented companies in sectors including financial services, agribusiness, logistics, manufacturing, healthcare and education. Here Is What You Need To Know CDC, the UK’s impact investor and development finance institution, committed $50-million and Finnfund, the Finnish development financier, committed $20-million. AfricInvest Fund IV is aimed at general African enterprise growth through investing in mid-cap and growth-focused financial services, agribusiness, logistics, manufacturing, health and educational businesses, and will receive USD 50 million from CDC and USD...

The Coca-Cola Foundation Commits $ 17 Million Across Africa for Covid-19

Global beverage giant Coca-Cola through its arms, Coca-Cola Systems and Coca-Cola Foundation plans to help those most vulnerable as part of efforts towards the prevention of the spread of the virus and contributing to the recovery of local economies across Africa. In partnership with local NGOs, Coca-Cola will deploy a range of resources, including capabilities, funds and products to support governments, communities and local economies in their urgent efforts to contain the spread and impact of the Coronavirus since its outbreak on the continent. The Coca-Cola System is committing US$13million to support the continent through the various phases of the COVID-19 pandemic. In addition, The Coca-Cola Foundation (TCCF) has granted just under $4 million...

Making Finance Work For Agriculture in Africa [Part 2]

Recap A continuation from last weekend's article which discussed 'Agriculture In Africa'. Some of the key points described include - agriculture as a wealth sector in Africa, agricultural imports and exports, agriculture’s contribution to employment in Africa and unlocking agriculture value chains in part 1 (Read HERE) This week focuses on: GetFundedAfrica’s role in tracking Africa’s recent Agricultural Development Case Studies Understanding GFATracking and data capturing Conclusion Case Studies In the past, we profiled some institutional investors in Africa's space HERE, analysed significant investments such as Twiga & Grainpulse and featured the continent's outlook HERE For this section we look at snaphosts of others sources for agricultural sector...

Universal Launches Def Jam Africa as Its Latest Big Bet on the Continent

Def Jam is going international. A little more than a half a year after launching Def Jam South East Asia, Universal Music Group today announced Def Jam Africa, a new division based in Johannesburg, South Africa, and Lagos, Nigeria, that will focus on "hip-hop, Afrobeats and trap talent in Africa" and report to Universal Music Sub-Saharan Africa & South Africa Managing Director Sipho Dlamini. Over the past few years, the major labels have invested more aggressively in Africa – both to market streaming services and, especially, to sign talent -- and Universal now has offices in South Africa, Nigeria, Kenya, the Ivory Coast, Cameroon, Senegal, and Morocco. Until...

Nigerian agri-tech startup Farmcrowdy’s impact platform CrowdyVest has launched a bus-hailing service

Nigerian agricultural crowdfunding startup Farmcrowdy, through its general investment platform CrowdyVest, has launched bus-hailing service PlentyWaka.  Formed in 2016, the Farmcrowdy platform connects small scale farmers across Nigeria with access to finance sourced from individuals and corporates via its online platform, and has so far empowered over 25,000 farmers across 14 states. The company has been in the process of reorganising recently, bundling its sister companies Farmgate Africa and Agricsquare into a bigger Farmcrowdy in July, and spinning out CrowdyVest, an investment platform created to deploy crowdsourced capital into agriculture, transportation and beyond. See related posts: Villgro Kenya Awards $60,000 to East African HealthTech Startups CrowdyVest has now launched PlentyWaka, a bus-hailing service that already...

Daily Digest Wednesday, 29 April 2020

Funding in North Africa Egypt raises $1.13bln to acquire 1,300 railcars The Board Chairman of Egyptian National Railways (ENR) has received an official loan authorization from the Hungarian ambassador to Egypt, Railway News reports. This is the final step in the approval process for the $1.13 billion financing for the purchase of 1,300 new railcars. Read more Egypt Tops North Africa And The Middle East In Number Of Startup Funding Deals For Second Consecutive Year More startups in Egypt have raised funds from investors than in any other country in the whole of North Africa and the Middle East (MENA) in the first quarter of 2020 (January-March) Read more...