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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 …
- Serviced office space provider, Workstyle Africa, has announced plans to invest $2 million to open five one-stop-shop entrepreneurship centres and work spaces in East Africa.
- The firm has partnered with SNDBX International, a business growth ecosystem, to open the centers.
- Each Workstyle location will have a SNDBX wing with more than 20 resident business support experts.
Serviced office space provider, Workstyle Africa, has announced plans to invest $2 million to open five one-stop-shop entrepreneurship centres and work spaces in East Africa.
The firm has partnered with SNDBX International, a business growth ecosystem, to open the centers aimed giving entrepreneurs and SMEs within these spaces personalized access to round the clock business experts to support their growth.
Workstyle Africa builds and manages beautifully designed, high end, flexible workspaces at competitive pricing, while enabling companies to manage new hybrid-work models and enhancing their employees’ work environment.
“Each Workstyle location will have a
- Investment in African startups in the energy sector more than doubled in 2022 to hit $874 million compared to $413 million in 2021 making it the biggest winner in 2022.
- The energy sector was followed closely by the logistic & transport sector which experienced year on year growth of 38 percent, surpassing Fintech in Q4.
- Retail came next at $455m in investment, while other significant sectors growing year on year included Telecom, Media & Entertainment, Agriculture & Food and Deeptech.
Investment in African startups in the energy sector more than doubled in 2022 to hit $874 million compared to $413 million in 2021 making it the biggest winner in 2022.
This is according to latest data from The Big Deal which attributes the growth to two huge investments made in the region during the period under review that includes PEG Africa’s acquisition by Bboxx estimated at $200m and Sun King’s …
- LG Electronics and Korea Food for the Hungry International (KFHI) have announced a $30,000 challenge for social enterprises solving social issues in the communities in which they reside.
- The challenge dubbed 2023 LG Ambassador Challenge seeks to promote and support the growth and self-reliance of local communities through social groups.
- LG Electronics and KFHI will award three problem-solving projects with $10,000 each that will go towards solving social issues in the communities in which they reside.
LG Electronics and Korea Food for the Hungry International (KFHI) have announced a $30,000 (Sh3.7 millon) challenge for social enterprises solving social issues in the communities in which they reside.
The challenge dubbed ‘2023 LG Ambassador Challenge’ seeks to promote and support the growth and self-reliance of local communities through their social groups.
In its third edition, this year’s challenge aims for sustainable community development by focusing on and enhancing the capacity of community …
The reduction in the world population of billionaires was down to war, the pandemic, and what Forbes described as sluggish markets. All the billionaires of the world are collectively worth US$ 12.7 trillion dollars!
For perspective, if the common market that AfCFTA area aims to achieve in Africa is realized, it would be worth one-third of the collective wealth of the world’s global billionaires.
The wealth of the 2,668 billionaires collectively is 4 times higher than China’s foreign exchange reserves. As spectacular as this may sound this collective number of the wealth of billionaires is US$ 400 billion lower than the collective tally for 2021.…
Patrice Thlopane Motsepe has entrepreneurship baked in his bones.
It seems the South African born mining magnate has natural instincts for enterprise.
Looking at his accomplishments in the mining industry and business world its not hard to imagine that he possesses the so called “animal spirits” that renowned British economist John Maynard Keynes said drives entrepreneurs and causes them to see opportunities for value where others cannot.
- Patrice Motsepe is a South African billionaire who has made a fortune estimated by Forbes to be in the region of US$ 2.6 billion.
- His fortune has come from investments in the mining industry through a company he founded in 1997 called African Rainbow Minerals Limited.
- African Rainbow Minerals is involved in the mining of gold, platinum, coal, ferrous and base metals.
According to Forbes, Motsepe’s personal fortune is estimated to be in the region of US$ 2.6 billion. Motsepe founded and …
