Prudential plc has announced a groundbreaking partnership with Google Cloud to transform the insurance industry through artificial intelligence. This strategic alliance aims to develop AI-powered products and applications that will revolutionize interactions among customers, agents, and employees. The collaboration marks a significant milestone as it introduces the first AI Lab dedicated to insurance in Asia and Africa.
Bolt has announced a strategic partnership with microfinance company Hakki Africa to offer vehicle financing for its drivers. This collaboration aims to deploy 1,500 vehicles over the next 18 months to drivers on Bolt’s platform who meet specific criteria. The initiative will allow driver partners to benefit from lower loan down payments and performance-based incentives, making vehicle ownership more attainable.
Selar, Africa’s leading marketplace for digital creators, is expanding its footprint into Kenya, recognizing the country as the largest market in East Africa with a vibrant community of creators. The platform offers a robust e-commerce store builder that empowers creators to monetize their digital products, such as courses, e-books, music, art, and more. This expansion aligns with Selar’s mission to drive economic growth by providing Kenyan creators with the tools to effectively showcase and sell their digital content.
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.
Mastercard has partnered with Scale to accelerate the deployment of fintech solutions across Africa and the Middle East, addressing key technical and commercial barriers. This collaboration is set to benefit a range of ecosystem players, including fintech companies, aggregators, enablers, PSPs, and telcos, by simplifying the process of launching payment programs and providing vital support for sustainable growth.
Jumia has successfully closed the sale of 20 million ordinary shares, achieving its funding target of $99.6 million. The transaction, detailed in a recent securities filing, was completed with an average share price of approximately $4.95, slightly above Friday’s trading price. Notably, liquor and wine maker Pernod Ricard acquired 1.27 million shares valued at around $6 million.
The Malawi Communications Regulatory Authority (MACRA) has announced plans to address the significant digital divide in the country, where 40% of citizens currently lack internet access. To bridge this gap, MACRA is set to launch a local smart device assembly program aimed at producing affordable mobile phones. While no specific timeline has been provided, this initiative represents a crucial step towards enhancing digital inclusion in Malawi.
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.
