Nala, an African remittance startup, has raised a remarkable $40 million in Series A funding, marking one of the largest transactions of its kind in Africa. This round, oversubscribed and led by Acrew Capital, with support from DST Global and other notable investors, underscores confidence in Nala’s vision and growth potential.
TymeBank, the pioneering South African digital bank, is set for strategic leadership changes as Karl Westvig takes the helm as Chief Executive Officer from October 1, 2024. This transition allows current CEO Coenraad Jonker to focus fully on his role as Executive Chairman of Tyme Group, following the bank’s milestone achievement of reporting its first-ever profit in December 2023.
Kingdom Bank has expanded its footprint in Kenya with the opening of its 22nd branch in Meru County, marking the third branch launch this year. This strategic move underscores the bank’s commitment to supporting the vibrant agricultural community and fostering local business growth in the region.
Twenty-five Kenyan students under the Huawei Seeds for Future programme completed an enriching one-week immersion into digital technology skills during an ICT study tour in Shanghai, China. This initiative, which coincided with MWC Shanghai 2024, selects students from Sub-Saharan Africa to equip them with digital skills for innovation and job market readiness.
Through its Kenyan subsidiary, NIPSEA Paint Kenya, Nippon Paint is set to introduce a diverse range of products including automotive refinishing, car care, wood coating, and industrial coatings. This move marks a significant step in establishing a strong presence in the African market.
Pumpkn is revolutionizing agribusiness financing in Africa, securing funding from Renew Capital to address the critical funding gap that hampers the growth of agricultural small and medium-sized enterprises (agri-SMEs). By leveraging data for credit assessments, Pumpkn enables lenders to identify bankable businesses and manage loan portfolios, making agribusiness financing commercially viable and accessible.
The Cape Verde Tech Park has swiftly established itself as a vibrant technological hub, surpassing expectations in less than a year of operation. Funded by the African Development Bank Group with €45.59 million, this state-of-the-art facility aims to empower African youth through soft skills training and employment opportunities in the Fourth Industrial Revolution.
Africa50, a leading infrastructure investment platform, has committed US$100 million to advance renewable energy initiatives across Africa through its partnership with IRENA’s Energy Transition Accelerator Financing (ETAF) platform. This investment underscores Africa50’s commitment to sustainable development and carbon neutrality on the continent.
