Browsing: small businesses

SEACOM
  • The funding will see SEACOM grow its broadband cable network and cloud-based product offering in sub-Saharan Africa. 
  • Under the new deal, IFC will provide a $207 million long-term loan to SEACOM. 
  • The funding will support SEACOM to become the next-generation cloud-based IT service business. 

SEACOM has partnered with the International Finance Corporation (IFC) to increase the access to broadband IT services for small and medium-sized businesses across Africa. The partnership will see SEACOM, a digital infrastructure and IT services company, grow its broadband network and cloud-based offerings in sub-Saharan Africa.

IFC will offer SEACOM a $207 million loan, which includes $70 million from IFC’s own financing. A total of $42.24 million co-financing will come from institutional investors through IFC’s Managed Co-Lending Portfolio Program. Another $94.76 million will be mobilized from Nedbank Limited and Mauritius Commercial Bank.

SEACOM expanding cloud-based services

“Access to affordable, good-quality internet is central to economic …

  • Stanbic Bank has revealed that it has empowered over 45,000 women entrepreneurs in the last three years
  • Under its DADA initiative, the bank further revealed it had provided innovative solutions to women amounting to KSh 6.9 billion  ($58.5 million) in lending
  • As a way of supporting women growth, the bank has been providing training and capacity building which have so far benefitted more than 17,000 women

Kenyan-based lender Stanbic Bank has revealed that it has empowered over 45,000 women entrepreneurs in the last three years.

The bank further revealed it had provided innovative solutions which have enabled Dada’s access KSh 6.9 billion  ($58.5 million) in lending.

The bank has additionally provided credit guarantee schemes to the tune of over KSh 1 billion ($8.4 million) and over KSh 40 million ($339,587) in grant funds.

Under the credit guarantee scheme, the bank is working with the African Guarantee Fund (AGF) and the …