Waza, a fast-growing fintech company operating in Ghana and Nigeria, has secured $8 million in funding to simplify business payments for African enterprises dealing with global vendors and suppliers. Founded in January 2023, Waza has quickly established itself as a key player in B2B payments and liquidity solutions for emerging markets, successfully closing a multi-million-dollar funding round that includes both debt and equity.
Local health startup Hewatele has secured $20 million (Sh2.5 billion) in financing to significantly scale up its medical oxygen production in Kenya. This investment, which includes both debt and equity, is aimed at increasing Hewatele’s oxygen production capacity from two tonnes to 20 tonnes per month. The funding will support the construction of a new liquid oxygen production facility, expected to enhance production and reduce costs for healthcare providers by up to 30 percent.
MetroTrans Investment Limited has made a significant investment of Sh103 million in the modernization of its fleet, acquiring 14 new Hino buses as part of its strategy to enhance public transportation services. These buses, locally assembled by CFAO Mobility Kenya and financed by Family Bank, are a testament to the company’s commitment to providing reliable and efficient transport solutions for Nairobi’s growing population.
The U.S. and Mogo, a prominent asset financier, have partnered to advance electric mobility in Kenya. U.S. Ambassador to Kenya Meg Whitman, during a visit to Mogo’s electric vehicle showroom in Nairobi, commended Kenya’s strides towards decarbonizing its transport sector. Mogo, along with two other e-mobility companies, has secured approximately Sh3.9 billion ($30 million) from the U.S. International Development Finance Corporation (DFC) to support green transportation initiatives.
Zambia has announced a significant investment of K22 million (US$839,000) to support innovators and inventors in bringing their prototypes to life. This funding is targeted at addressing pressing national challenges, with a particular focus on projects related to energy deficits, climate change, and drought. The government aims to harness creativity and expertise to develop solutions that can effectively tackle these critical issues.
The Impact for Northern Kenya (INK) Fund, financed by USAID Kuza, has significantly impacted over 12,000 micro, small, and medium-sized enterprises (MSMEs) in the region. This $43 million fund, launched in 2021, aims to drive economic growth and empower underserved populations in northern Kenya’s counties. It has also been pivotal in creating over 25,000 direct…
Mogo Kenya is set to significantly impact the electric mobility landscape with plans to finance over 10,000 electric bodabodas over the next two years. This initiative is part of a broader funding effort supported by the United States International Development Finance Corporation (DFC). Mogo Kenya is one of three e-mobility companies in Kenya that have collectively secured $30 million (Ksh 3.9 billion) to advance electric mobility across the country.
Lucky ONE, the leading Egyptian consumer credit fintech, has successfully secured $3 million in a convertible note. This funding is a crucial milestone in its journey towards achieving profitability by Q1 2025.
