Shoprite Posts $10 Million from Sale of Uganda, Madagascar and Nigeria Assets
South Africa’s retail giant, Shoprite, has posted a $10.27 million gain from the sale of its assets in Uganda, Madagascar and Nigeria, after it classified them as under-performing, prompting its [...]
Kenya Ethiopia Seal Deal for Free Trade Area
Kenya and Ethiopia have sealed a deal for a free trade area, seeking to enhance cross-border trade and movement of people. The two countries signed the Moyale One Stop Border [...]Nigeria Ghana Set to Unveil Central Bank Digital Currencies
Nigeria and Ghana are set to adopt a central bank digital currencies, after Central banks in both countries partnered with foreign financial tech companies to create digital versions of their [...]Blockchain Startups in Uganda Building on Celo
Originally developed as an accounting platform (ledger) for cryptocurrencies, a blockchain is a distributed ledger technology, a way for untrusted parties to use a distributed database to ensure a common [...]
Shelter Afrique eyes regional bonds worth $1.25 billion after fully repaying commercial debts
Shelter Afrique, a Pan-African housing development financier says it has fully paid commercial debts owed to eight lenders three years ahead of schedule, giving the company the leverage to issue [...]AfDB Approves $50 Million for StanChart to Boost Intra-African Trade
The African Development Bank Group (AfDB) board has approved a $50 million Trade Finance Unfunded Risk Participation Agreement (RPA) facility with Standard Chartered Bank. The agreement seeks to boost intra-Africa [...]Kenya's 2020 Exports to EAC Hit $1.44 Billion
Kenya’s 2020 exports to the East African Community (EAC) rose by 12.7% to hit $1.44 billion (KSh158.3 billion), an increase from $1.28 billion (KSh140.4 billion) in 2019, accounting for 64.3% [...]54gene Raises $25 Million in Series B Funding
Nigeria’s genomics research, services, and development startup, 54gene, has raised $25 million in its Series B round of funding. Investors who took part in the funding include Pan-African venture capital [...]Vodacom Commits To Invest in Safaricom Ethiopia
Vodacom Group says it will commit to fund Safaricom Telecommunications Ethiopia PLC, a new telecommunications services company which was awarded a licence to operate telecom services in Ethiopia in May [...]Shelter Afrique Receives an Additional $2.7 Million Investment from Tanzania
Shelter Afrique has received an additional $2.7 million investment from Tanzania, representing an additional 1.24% stake. This new investment now moves Tanzania's shareholding up from 0.3% to 1.54%. Tanzania’s capital [...]Tanzania Ratifies the AFCTA Treaty
Tanzania has ratified the agreement establishing the African Continental Free Trade Area (AfCFTA), joining a pact connecting countries with a total gross domestic product of $3.4 trillion. AFCTA was first [...]IMF Approves $567 Million Loan for Tanzania
The International Monetary Fund (IMF) has approved a $567.25 million loan for Tanzania, aimed at helping the country finance its urgent balance of payments needs arising from the global COVID-19 [...]
