Year 8 | Edition 16 | 10 December 2021

FMO and Collaborative for Frontier Finance partner to launch an Emerging Capital Allocators project across Africa

FMO has partnered with Collaborative for Frontier Finance (CFF) to help recruit, train, and support more women and other underrepresented capital allocators in early-stage venture capital (VC) ecosystems across Africa.

The project will provide an opportunity for more aspiring fund managers, particularly in Ghana, Morocco and Tanzania, to gain the necessary experience to start raising capital, managing assets, and closing deals. Ultimately, this will help bring to market more fund managers with a proven track...

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Global digital infrastructure company Equinix acquires Nigeria’s Mainone for $320 million

Equinix, Inc. , the world's digital infrastructure company, has announced its expansion into Africa through its intended acquisition of MainOne  a leading West African data center and connectivity solutions provider, with presence in Nigeria, Ghana and Côte d'Ivoire.

The acquisition is expected to close Q1 of 2022, subject to the satisfaction of customary closing conditions including the requisite regulatory approvals. The transaction has an enterprise value of $320 million and is expected to be AFFO...

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KCB Group terminates acquisition bid for Tanzania’s BancABC

KCB Group announced it has ended its acquisition bid for African Banking Corporation Tanzania Limited (BancABC), following failure to receive certain regulatory approvals within the prescribed timeframe specified in the Agreement.

In November 2020, KCB announced it had entered into a share purchase agreement with, among others, ABC Holdings Limited for the proposed acquisition of BanABC. Joshua Oigara, KCB Group CEO and MD said, ''The completion of the transaction was subject to certain conditions that are...

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Diamond Trust Bank joins the United Nations Global Compact

Diamond Trust Bank (DTB) has become a participant of the United Nations Global Compact, joining thousands of leading companies across the world that have committed to advance principles of responsible and sustainable business.

The bank, which has subsidiaries in four East African countries, joined the world’s largest corporate sustainability initiative anchored in the United Nations at a ceremony in Nairobi presided over by Group Chief Executive Officer and Managing Director, Nasim Devji. Ms Devji noted that...

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DHL Global Forwarding expands presence in Algeria with new offices in Algiers and Hassi Messaoud

DHL Global Forwarding, the international provider of air, ocean, and road freight services, announced it is opening an office in Algiers to meet the growing demand for transport and logistics solutions in Algeria and across North Africa.

The new DHL office, spread across 300 sqm, was put in operation in October 2021. DHL also opened an additional office in Hassi Messaoud to better serve its local Oil and Energy customers with on the ground monitoring, customs clearance, documentations, airfreight and ground freight...

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Standard Bank drives sustainable growth of Africa’s sugar value chain

Many communities within sub-Saharan Africa rely on sugar not only as a source of calorific energy, but for the employment, industrialization, and trade opportunities its value chain provides.

The sugar industry continues to evolve and investment in supporting infrastructure as well as establishing supportive ecosystems and regulatory frameworks can help improve its global competitiveness and boost yield. “Sugar is one of the sub-sectors of agriculture with linkages throughout the...

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MTN appoints Hermann Tischendorf Chief Technology & Information Officer for Digital and Fintech

MTN Group has announced the appointment of Hermann Tischendorf as Chief Technology & Information Officer for Digital and Fintech.

“We are delighted to have a seasoned executive of Hermann’s calibre joining our growing DigiFin team,” says MTN Group Chief Digital and Fintech Officer Serigne Dioum. “He brings the skills and experience that will accelerate innovative digital and fintech advancements in line with our strategic intent of leading digital solutions for Africa progress.” Hermann joins...

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EBRD, Attijari bank and Enda Tamweel partner to support MSMEs in Tunisia

The European Bank for Reconstruction and Development (EBRD) has partnered with Attijari bank and Enda Tamweel microfinance to firm up access to finance for Tunisian micro, small and medium-sized enterprises (MSMEs).

Bank is providing Attijari bank with a second unfunded risk-sharing guarantee of 50 per cent on a loan to Enda Tamweel. Under the EBRD’s Risk Sharing Framework (RSF), Attijari bank will extend a loan of up to TND 40 million to...

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Angola Cables partners with CVTelecom to boost connectivity in West Africa

CVTelecom (Cabo Verde Telecom) and Angola Cables have signed a joint cooperation agreement to identify synergies to expand connectivity and network capabilities.

According to a statement from the two, the strategic partnership will also streamline closer commercial cooperation in the development of customised networking products and solutions that can be brought to market in the coming months. The SACS, WACS, MONET and EllaLink subsea cables will be part of the strategic plan to offer multiple connectivity and...

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South Africa's Enel Green Power Garob wind farm commences commercial operation

The Enel Green Power RSA (EGP RSA) 145 MW Garob wind farm situated in the Northern Cape, South Africa, has successfully achieved commercial operation. 

The Garob wind farm will be able to generate 573 GWh every year, potentially preventing the emission of approximately 600,000 tons of CO2 into the atmosphere annually. The Northern Cape province is fast becoming a renewable energy hub in South Africa due to the growing number of solar and wind farms in the region. Awarded to Enel Green Power in...

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Egyptian fintech startup Sympl raises $6m to accelerate growth of its merchant network

Sympl, the first ‘Save Your Money Pay Later’ platform in Egypt, announced it raised $6 million funding round led by Beco Capital along with A15, and Global Ventures. 

Sympl will use the proceeds to accelerate the growth of its merchant network to serve multiple product and service categories across online and in-store merchants as well as improving the product offering to better serve the platform customers. Since launching this October, Sympl has had strong traction with both merchants and users in the local Egyptian...

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[Nigeria Business Week] Andrea Ayemoba: Come dry season, food production and supply chain gain emphasis

As we have established time and again, fertile lands and an able, skilled workforce are a vital combination for a thriving agricultural sector. Nigeria is endowed with productive lands; all it needs is the right structures in place to make the best use of it, and governments and entrepreneurs alike are throwing their weight behind this purpose.

The Flour Mills of Nigeria has this week commenced a campaign to maximize food production in the country. A significant amount in excess of N46bn has been generated by farmers and entrepreneurs with a similar goal...

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'Our model is to ensure that Africans in Africa and in diaspora get to own their dream home - Abioye Oke

Nigerian entrepreneur, Abioye Oke founded Lifestyle Asset Hub in April, 2018. Currently registered for operations in Nigeria, Ghana and Rwanda, Abioye’s company provides state-of-the-art housing solutions in the African real estate sector.

Please tell us, what does your company do?

Lifestyle Asset Hub is a pan-African housing solution company with the unique mandate of making luxurious homes affordable and accessible to all Africans. Our strategy is to help individuals achieve their dreams of owning dream...

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[Africa Cloud Review] Simon Ngunjiri: Surge of companies moving to the cloud set to continue throughout 2022

On Monday, we published a column by Andrew Cruise is the managing director at Routed. In the column, Andrew notes that one thing the pandemic taught us is that remote work is a viable alternative to large, expensive offices and IT infrastructure and hardware.

Many African businesses have slashed their office space after realising that they could save money while still being fully operational remotely, and moved everything to the cloud. "Work from home mandated as a result of the pandemic...

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Online Gaming: How to break into the African Market

When it comes to online gaming, the industry is as incredibly competitive as any other aspect of the gaming market, and that means you should always be keeping your eyes open for developing opportunities to get ahead.

To this end, you might wish to consider the possibility of engaging with the African gaming market and introducing a solid online gaming experience. This article aims to highlight a handful of tips on how you might want to go about this, and...

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[Column] Claudio Muruzabal: Making profitability sustainable and sustainability profitable

For the past 18 months, the business world has been so focused on Covid-19 that it’s taken its eye off the other C-word – CSR, or corporate social responsibility.

But you can write this down and take it to the bank: the enterprises that will thrive in a post-pandemic world will be those that put the societal element of sustainability at the core of their business strategies. Before the pandemic, many companies could get away with an old-school approach to CSR and how they engaged and managed their people. They...

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[Africa Tech Review] Duncan Mochama: African startups continue to raise more funding

This has been quite a busy week for African startups. Egyptian fees management and digital collection platform, KlickIt, announced the closing of its first investment round to further develop its platform. 

Sympl, the first ‘Save Your Money Pay Later’ platform in Egypt, announced it raised $6 million funding round led by Beco Capital along with A15, and Global Ventures.  The Mastercard Foundation and the Dunin-Deshpande Queen’s Innovation Centre (DDQIC) announced a partnership offering free...

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News Headlines

26-01-2022 | 15:13:00
Sodexo appoints Colm O'Mahony CEO of Africa & Middle East
Before joining Sodexo, O'Mahony held various roles in the catering and events industry in the UK and has been at the helm of managing numerous iconic events across the country’s sports and leisure industries.

26-01-2022 | 13:20:43
[Nigeria] Air Peace takes delivery of new A320 fleet
Nigerian-based airline, Air Peace, has taken delivery of two Airbus A320 aircraft, bringing the carrier’s Airbus fleet to four A320 aircraft.

26-01-2022 | 12:57:00
Homes & Villas by Marriott International launches in South Africa
Homes & Villas by Marriott International announced that almost 300 exclusive Cape Town, Johannesburg and Durban homes have been added to the platform.

26-01-2022 | 10:54:06
Paramount group appoints Steve Griessel as Group CEO
South African-born Griessel, a global business executive who served as CEO of several companies in South Africa and the United States, including two public companies, brings more than 30 years of business leadership and senior management experience to the group.

26-01-2022 | 09:42:00
NAS renews ISAGO certification in Cote d’Ivoire to enhance safety and quality
National Aviation Services (NAS), the aviation services provider in emerging markets, successfully renewed its IATA Safety Audit for Ground Operations (ISAGO) certification in Abidjan, Cote d’Ivoire for the third time.

26-01-2022 | 09:19:00
DHL Express SSA certifié top employer 2022 en Afrique
DHL Express, le leader mondial du transport express international, a été une nouvelle fois désigné « Top Employer » du continent africain par le Top Employer Institute.

26-01-2022 | 09:18:40
Boeing, Injaz al-Arab, and JA Africa partner to empower over 5,000 young African entrepreneurs
INJAZ Al-Arab, a member of Junior Achievement (JA) Worldwide, the world’s largest non-profit business education organization, has announced the strengthening of its partnership with Boeing.

26-01-2022 | 08:47:42
DHL Express SSA certified as top employer Africa 2022
DHL Express, the world’s leading international express provider, has once again been recognized as a Top Employer on the African continent by the Top Employer Institute.

25-01-2022 | 14:01:54
Orange Corners South Africa and AstraZeneca South Africa join forces to support for young entrepreneurs
Orange Corners South Africa (OC) and AstraZeneca South Africa have officially announced a new partnership to support Orange Corner’s programme in South Africa focused on creating an enabling environment for young entrepreneurs.

24-01-2022 | 12:54:54
South African Airways resumes flights to Durban
South African Airways (SAA) is to resume flights to Durban with three times daily return service effective 4th March 2022.

21-01-2022 | 15:23:06
GhanaWeb TV garners nearly 5 million views in first month of launch
Ghana’s first Advertising-based Video on Demand (AVoD) and free streaming news channel, GhanaWeb TV, has recorded 4.6 million views in the first month of its launch in November 2021.

20-01-2022 | 13:39:34
Netflix commits $1 million towards scholarships in Africa
The scholarship fund forms part of Netflix’s global Netflix Creative Equity Fund launched in 2021 to be allocated to various initiatives over the next 5 years with the goal of developing a strong, diverse pipeline of creatives around the world.

19-01-2022 | 10:33:35
Africa50 and Power Grid Corporation of India partner to pioneer Africa's first transmission PPP project in Kenya
Africa50, the pan-African infrastructure investment platform and Power Grid Corporation of India Limited (POWERGRID) signed a Joint Development Agreement to continue to develop the Kenya Transmission Project on a public-private partnership basis.

19-01-2022 | 09:41:00
Mastercard builds on its diversity commitment by joining pledge to accelerate gender balance in the UAE private sector
As part of its ongoing commitment to advance diversity and gender balance across its own operations, the technology industry, and the wider ecosystem, Mastercard has jointly signed an official pledge to meaningfully advance gender balance in the UAE.

18-01-2022 | 15:31:46
Dangote advocates unity, cooperation among Africans to get global recognition
President of Dangote Group, Aliko Dangote, has charged African leaders and citizens to be united in the promotion of the continent’s intrinsic greatness through improved trade relations amongst African countries.


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