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Money Deals
Competition in the remittance space has intensified with the entry of new players as the race for a share of the annual $95.6 billion in cross-border remittances flowing into Africa heats up. Airtel Africa has partnered with MasterCard to unveil a new service for cross-border remittances. Their deal will see customers in Kenya and 14 other African nations become the first beneficiaries of the service.
Airtel Africa and MasterCard will provide a seamless digital experience for consumers, connecting them with millions of peers worldwide. With a mushrooming diaspora community, remittances are now the largest source of forex in many African economies.…
- PROPARCO and the IFC, are scaling up of renewable energy production in both Kenya and DRC.
- The two organisations will support Nuru, an early-stage company that provides decentralized and low-carbon power solutions in DRC.
- PROPARCO will invest in the first close of E3 Low Carbon Economy Fund I (LCEF), which based in Kenya.
Two renewable energy investments in the Democratic Republic of Congo (DRC) and Kenya will receive financial backing to enhance their low-carbon power solutions.
The move comes after PROPARCO and IFC announced plans to support scale up of renewable energy in the two countries. PROPARCO and IFC are members of the Alliance for Entrepreneurship in Africa.
The two organizations declared support for Nuru, an early-stage startup that offers decentralized and low-carbon electricity solutions in the DRC, during the Paris summit for a new global funding agreement.
“Our support for Nuru, delivered with partners through the Alliance for Entrepreneurship …
- Last year, about 90 percent of climate change-related disaster losses in Africa were not insured.
- Global insurance broker Gallagher Re says affordability of premiums, quality of data, and technical capacity is hindering insurance uptake.
- DRC has appointed Gallagher Re to find ways to enhance the country’s insurance penetration rate in mining industry.
Climate change has led to an increase in the frequency and intensity of extreme weather events such as droughts, and floods in many parts of Africa. These extreme weather events are resulting in significant damage to property, infrastructure, and livelihoods.
Flooding induced by climate change
Last year, for instance, at least 2,000 people died in Africa as a result of unprecedented flooding, which was partly induced by climate change. South Africa (Durban) and Nigeria were particularly hit hard following above-average rains in the year under focus.
Storm Issa, which is now regarded as one of the greatest storms …
- TransCentury Plc’s right issue is set to be reopened following approval from the Capital Markets Authority (CMA) after the initial issue failed to hit a 50 per cent threshold.
- Unfortunately, the rights issue performed below expectations, and as a result, CMA has invoked its powers under Section 14 of the Public Offers and Listings Regulations to allow TransCentury to reopen the issue.
- The rights’ issue will be open from March 20 -30 this year with additional information provided in the secondary prospectus to be issued by March 17 as the firm seeks shareholders’ approval to enable the conversion of shareholder loans to ordinary shares as a mode of payment for rights.
TransCentury Plc’s right issue is set to be reopened following approval from the Capital Markets Authority (CMA) after the initial issue failed to hit a 50 per cent threshold.
TC shareholders had until January 23, 2023 to take …
- I&M Group PLC has appointed East African Breweries Limited Group Chief Financial officer Risper Genga Ohaga as an Independent Non-Executive Director of the Company.
- Ohaga is a seasoned finance professional with over 23 years’ experience in Financial Management, Strategy, Audit and Risk Management spanning multiple countries.
- She holds a Bachelor of Commerce (BCom) from University of Nairobi, is a Certified Public Accountant of Kenya (CPA-K) and a Certified Internal Auditor (CIA).
I&M Group PLC has appointed East African Breweries Limited Group Chief Financial officer Risper Genga Ohaga as an Independent Non-Executive Director of the Company.
Ohaga is a seasoned finance professional with over 23 years’ experience in Financial Management, Strategy, Audit and Risk Management spanning multiple countries. She holds a Bachelor of Commerce (BCom) from University of Nairobi, is a Certified Public Accountant of Kenya (CPA-K) and a Certified Internal Auditor (CIA).
“The Board is pleased to welcome Ms. Ohaga …
- Global deal activity down 27.5 percent Month-on-Month (M-o-M) and 46.7 percent Year-on-Year (Y-o-Y) in January 2023.
- All the deal types under coverage witnessed massive double-digit decline
- According to the data, a total of 3,667 deals* were announced globally during January 2023, which is a decline of 27.5 percent compared to 5,055 deals announced during the previous month and a massive 46.7 percent Y-o-Y (Year on Year) decline over January 2022.
Mergers and acquisitions, private equity, and venture financing deal activity is off to a slow start in 2023 globally as the first month of the year itself saw a significant contraction in deals volume according to the latest data from GlobalData, data and analytics company.
According to the data, a total of 3,667 deals were announced globally during January 2023, which is a decline of 27.5 percent compared to 5,055 deals announced during the previous month and a massive 46.7 …
- Equity Bank (Kenya) Limited (EBKL), has completed the acquisition of certain assets and liabilities of teachers-owned Spire Bank Limited following regulatory approvals.
- With completion of the transaction, customers holding deposits in Spire Bank, other than the remaining deposits from Spire Bank’s controlling shareholder, and specified loan customers will now transition to become EBKL customers, having new Equity Bank accounts.
- The decision to acquire Spire Bank’s certain assets and liabilities was inspired largely by the banks’ history with teachers who have continued to support the Bank over the years.
Equity Bank Kenya Limited (EBKL) has completed the acquisition of certain assets and liabilities of Kenyan teachers’ owned Spire Bank Limited following receipt of regulatory approvals.
The bank had to get approvals from the Cabinet Secretary Treasury and Planning under Section 9 (1) of the Banking Act, the Central Bank of Kenya under Section 9, ( 5) of the Banking Act, the …
- Female-led and female-founded ventures attracted even less funding in 2022 than they had in 2021.
- Female-led start-ups in Africa have raised $188m (4%) in 2022, while male-led ventures raised $4.6bn (96%).
- The number of $100k+ deals announced by female-led start-ups has also seen a YoY decrease, (128 in 2022 vs. 141 in 2021) and relatively (13% vs. 16%).
Female-led and female-founded ventures attracted even less funding in 2022 than they had in 2021, latest data from Africa’s The Big Deal shows.
According to the report, female-led start-ups in Africa have raised $188m (4%) in 2022, while male-led ventures raised $4.6bn (96%). In other words, 25x times less funding has been invested in female-led start-ups in 2022, compared to their male-led counterparts.
“Year-on-year, the amount of funding raised by female CEOs has decreased between 2021 and 2022, both in absolute ($188m in 2022 vs. $290m in 2021) and relative numbers (3.9 …
- Agriculture deals worth $25Mn will be struck next month as investors throng the Kenyan capital for the 6th edition of Africa Agri Expo (AAE) in February 2023.
- Over 100 investors and potential business leads in the agriculture value chains from 35+ countries, are keen on setting up businesses and distribution set-ups in Kenya.
- The agricultural 2-day event will happen on 8th February to 9th February at the Kenyatta International Convention Centre (KICC) and is designed to provide solutions to Farmers, Agribusiness professionals, Agronomists, Government representatives to improve their yields and revenue.
Agriculture deals worth $25 million are expected to be struck next month as investors throng the Kenyan capital for the 6th edition of Africa Agri Expo (AAE) in February 2023.
TAB Group Chief Executive Officer Tahir Bari said over 100 investors and potential business leads in the agriculture value chains from 35+ countries are keen on setting up businesses …
