Africinvest has successfully acquired a 10.13% stake in I&M Group, totaling 167.53 million shares, from British International Investment (BII). This strategic purchase, valued at Sh6.5 billion, represents a significant premium over the current valuation of the shares at the Nairobi Securities Exchange (NSE).
Ecobank, the pan-African banking leader, is excited to announce that submissions are now open for the seventh edition of its prestigious Fintech Challenge. This annual competition invites both early-stage and mature fintech businesses to partner with Ecobank for the chance to scale their solutions across 35 African countries.
Sahl, an innovative Egyptian fintech company, has successfully raised $6 million in Series A and seed funding rounds. Led by Ayady for Investment and Development, alongside existing investors Egypt Pay, Delta Electronic Systems, and E-Finance, this funding will enable Sahl to enhance its offerings and expand its footprint both in Egypt and across the region.
Access Bank Plc has successfully completed the acquisition of African Banking Corporation of Tanzania (ABCT) Limited, marking another significant milestone in its expansion strategy. This acquisition, initially announced in July 2023, is part of Access Bank’s broader vision to establish a strong foundation in Tanzania for intra-African trade within East Africa and beyond.
Thiqa Digital Finance, a South African finance platform, has joined forces with Uganda’s Paymenow to revolutionize financial access for government employees. Through this partnership, civil servants in Uganda will gain early, interest-free access to their salaries via a mobile app, enhancing their financial flexibility and well-being.
The African Development Bank and Intel have forged a groundbreaking partnership aimed at transforming Africa’s digital landscape. This ambitious initiative, announced at the recent African Development Bank Annual Meetings in Nairobi, Kenya, targets training 3 million Africans and 30,000 government officials in artificial intelligence (AI).
Absa and Renault have joined forces in a strategic alliance aimed at driving market-leading growth for both businesses. The collaboration introduces Renault Financial Services, an Absa finance product designed to offer comprehensive financial solutions to Renault customers across South Africa.
Shelter Afrique, the pan-African housing financier, is transforming into a development bank, seeking institutional investors to bolster its capital after rebranding last year. This transformation allows the institution to onboard private sector players, pension funds, commercial banks, and non-African financial institutions as shareholders, marking a significant evolution in its funding strategy.
