Jambojet Halts Plans to Resume Flights to Uganda Rwanda
Jambojet has halted plans to restart direct flights to Entebbe, Uganda and Kigali, Rwanda due to strict COVID-19 containment measures that have caused a decline in demand on the route. [...]
South African fintech Jumo raises $120 million for expansion
South African fintech firm JUMO has raised $120million in a round led by Fidelity Management Research Company, LLC with the participation from Visa and London-based investment management firm Kingsway [...]World Bank Debars Africa Development Professional Group
The World Bank Group has announced the 21-month debarment of Africa Development Professional Group Ltd. (ADP), a Nairobi based company that provides consultancy and advisory services on management, investments, business solutions, corporate [...]Vodacom Group to acquire controlling stake in Vodafone Egypt for US$2.738 Billion
Vodacom Group on Wednesday announced that has agreed terms with Vodafone to acquire its controlling stake in Vodafone Egypt, one of Africa’s premier telecom operators. Subject to regulatory and shareholder [...]Uganda Loses $720 Million on the Back of New 5% Tax on Gold Exports
Uganda has lost an estimated $720 million in missed gold exports since July this year as exporters boycott a new tax. In April, the government imposed a levy of 5% [...]IFC, Liquid Intelligent Technologies Partner to Grow Africa's Digital Space
International Finance Corporation(IFC), the private sector lending arm of the World Bank Group has partnered with Liquid Intelligent Technologies- A South African technology group, to expand data centre capacity and [...]
Tanzania to Borrow $2.34 Billion for 2022/2023 Budget
Tanzania has announced plans to borrow at least $2.34 billion from foreign sources to finance its proposed 2022/2023 budget of $17.1 billion. According to Finance minister Mwigulu Nchemba, 7.7% ($1.32 [...]Moody’s affirms African Development Bank AAA rating with a stable outlook
Moody's Investors Service has affirmed African Development Bank's AAA long-term issuer and senior unsecured ratings with a stableoutlook. According to Moody’s, the key factors underpinning the affirmation include robust capital [...]MTN Offers Bonus Shares to Kenyan Investors as it Sweetens $ 250 Million Uganda IPO
MTN International, a Johannesburg-based carrier, is offering bonus shares to Kenyan Investors keen to buy into the sale of 20% stake of MTN Uganda, in an Initial Public Offer (IPO) [...]MTN Seeking to Raise $244 Million from Sale of Nigeria Shares via Public Offer
MTN Group has announced plans to proceed with a public offer to sell up to 575 million shares in its Nigeria business, worth about $244 million. This continues its plan [...]Kenya's Workpay Expands to Nigeria
WorkPay, a Kenyan startup that provides a cloud-based workforce management system with human resource (HR) and payroll management for small businesses in Africa, has expanded to Nigeria which will act [...]DFC Delays Disbursement of KSh54Billion Loan to Safaricom- led Consortium
A US government agency has delayed the disbursement of a US$500Million (KSh53.97 billion) loan to finance the entry of a Safaricom-led consortium into the Ethiopian telecoms market, citing uncertainty over [...]
