Category: FINANCE

Open Access Energy Secures $750K Funding for Best Energy Transition

Editor
Open Access Energy

Open Access Energy (OAE), a South African startup specializing in energy management software, has secured a $750,000 investment from Factor E Ventures, marking the first phase of its $1.5 million seed round. The software company stated that this initial funding will be directed toward addressing the severe energy deficiency in the southern African nation by enhancing the distribution and management of renewable energy. Factor E Ventures’ investment comes at a pivotal moment for both the company and the country. South Africa’s energy sector is currently grappling with significant challenges, including high costs and…

Share this
Read More

Flutterwave Expands Digital Payment Services in Ghana with New License

Editor

Flutterwave, a prominent payments technology company, has received an Enhanced Category Payment Service Provider license from the Bank of Ghana. This development marks a significant expansion of the company’s operations in Africa and enables it to offer a wide array of payment services in the country. Ghana has emerged as an attractive market for Flutterwave’s innovative products. The nation boasts a stable democracy, a young population well-versed in technology, and a high mobile internet penetration rate of 71%. These factors create an environment conducive to rapid digital adoption. The Ghanaian…

Share this
Read More

New Updates: IMF Delays $238 Million Loan for Kenya

Editor
IMF

IMF Delays $238 Million Loan for Kenya  Kenya may need to find alternative sources to finance its current budget due to a delay by IMF [International Monetary Fund] in issuing it a 28 billion shilling loan ($238 million). Kenya included loan funds in the current fiscal year’s budget. Delay may see the nation seeking alternative budget financing. The funding is part of a $2.34 billion extended credit facility and extended fund facility that was agreed to by the IMF more than a year ago for budget support. The loan needs board approval…

Share this
Read More

Safaricom New agreement with Visa to form M-Pesa GlobalPay Visa

Editor

Safaricom has entered an agreement with Visa to form M-Pesa GlobalPay Visa Virtual card which will see the mobile phone-based money transfer service transact in 200 countries. This will allow customers to transact up to Sh150,000 ($1,28370) per payment and Sh300,000 ($2,567.3) per day. The deal is expected to shore Safaricom’s earnings from the mobile money services at a time M-Pesa revenues have been growing steadily. “By partnering with Visa to provide the M-Pesa GlobalPay Visa virtual card, we are looking to bridge the gap for our customers who would…

Share this
Read More

Sophia Bekele DotConnectAfrica Group CEO honored with Awards Across Multiple Continents

Editor

Sophia Bekele DotConnectAfrica Group Founder and CEO, also of US-based CBSegroup was honored with multiple awards across continents. Sophia Bekele was honored with the Silicon Valley’s Women of Influence (WOI) Award and the CEO Today Africa Awards. The Women of Influence award “recognizes established business leaders who have accomplished specific achievements in the business world in this innovation region women with a strong record of innovation in their fields, outstanding performance in their businesses, and a clear track record of meaningful community involvement. Women from every industry and profession who…

Share this
Read More

Tangerine, A Great Tech Company boosts Financial inclusion in Africa

Editor
Tangerine,AFRICA

  Leading financial services and technology platform, Tangerine officially launched on Wednesday 7th July 2021. In September 2019, Tangerine was established following the acquisition of a 100% equity stake in Metropolitan Life Insurance Nigeria by Verod Capital Management, a leading private equity firm investing in growth companies across Anglophone West Africa. Today, Tangerine is positioned to be Africa’s preferred one-stop financial solutions provider, leveraging a tech-driven, flexible, high-access platform to drive business across all the financial services segments in Africa to deepen financial inclusion, facilitate wealth creation, and protection. In…

Share this
Read More

New: Maviance raises 3Million to digitize financial services

Editor

Maviance raises 3Million to digitize financial services Maviance, a Cameroon-based company providing digital financial services like agency banking and bulk bill payments, has raised $3 million in equity financing. The investment is solely from MFS Africa, the cross-border fintech company connecting mobile money providers like MTN to banks like Ecobank across over 34 countries in Africa. MFS Africa’s investment gives it an undisclosed minority stake in Maviance. Maviance’s flagship product is Smobilpay, a platform that integrates payment solutions from banks, mobile money operators, and telecom operators. Smobilpay is connected to…

Share this
Read More

DCA WebForum Hosts Leading Ladies in Africa’s Finance Sector on timely topic of Women Bankers for Women Entrepreneurs: A post 2020 strategy for success.

Editor

  The DCA Group hosted its 5th impactful and insightful Executive Roundtable conversation on the topic of “Women Bankers for Women Entrepreneurs: A post 2020 strategy for success, presenting a unique topic about “What Women Want” in Banking. The virtual meeting dialog consisted of  leading ladies at the Ministry of Trade and Industry Zanzibar, Credit Bank PLC-Kenya, Bank of Ghana, NCBA Bank Group, Absa Bank and African Development Bank Group. The rich discussions encompassed Ambassadors, Ministers, Senior Managers, and Directors in top Banking and Finance Industry who are passionate and well known in…

Share this
Read More

CBK Proposes law for mobile loan apps

Dianne Jacobs
MTN Rwanda

CBK Proposes law for mobile loan apps Digital app lending companies operating in Kenya are set up for a shake-up after the country’s central bank proposed new laws to regulate monthly interest rates levied on loans by digital lenders in a bid to stamp out what it deems predatory practices. If approved, digital lenders will require approval from the central bank to increase lending rates or launch new products. The move comes in the wake of mounting concern about the scale of predatory lending given the proliferation of startups offering…

Share this
Read More

Best Leading DPO Group to be new acquired by Network International for $288m

Editor
Online payments provider DPO Group to be acquired by Network International

DPO Group to be acquired by Network International for $288m DPO Group (DPO), one of the leading, high-growth online commerce platforms in Africa operating across 19 countries, has today entered into an agreement to be acquired by Network International, a leading enabler of digital commerce across the Middle East and Africa (MEA). In a landmark deal for the African payments space, Network International will be acquiring 100% of DPO Group, which will continue to operate under the same brand. Headquartered in Dubai and listed on the London Stock Exchange, Network…

Share this
Read More