New Pan-African's Payment and Settlement System (PAPSS) launched.
Also, Phatisa's new acquisition, Kenya’s KMRC bond issuance, FinDev Canada‘s $13 million participation in Energy Entrepreneurs Growth Fund (EEGF).
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Pan-African Payment and Settlement System (PAPSS) launched.
The Pan-African Payment and Settlement System (PAPSS) was launched in Accra as a platform that will save Africa more than US$5 billion annually in payment transaction costs, while it plays an increasingly significant role in accelerating the continent’s transactions.
Why is this important? The Africa payment space is going through a revolutionary phase with startups challenging the status quo. This comes with its challenges like the high transaction costs. As Africa governments build momentum around a strong intra-continental trade community an efficient payment and settlement system (PAPSS) offers the easy movement of money for traders through cashless means and increased growth opportunities.
Private Equity Deals:
FinDev Canada and its 2X Canada facility have participated in the $13 million in Energy Entrepreneurs Growth Fund (EEGF). The Energy Entrepreneurs Growth Fund offers financing and technical assistance to early and growth-stage companies that increase access to clean, safe and affordable energy for off-grid households and businesses in Sub-Saharan Africa.
Venture Capital Deals:
Egyptian Tawfeer Market, an online grocery retail startup operating from Alexandria, has raised a US$500,000 seed round.
Ajim Capital has launched a $10 million fund to invest in African tech start-ups.
Nigeria- Based HR startup Seamless HR has raised $10 million in Series A funding for its next phase of growth and regional expansion.
Ivorian-based e-commerce ANKA $6.2 million in pre-Series A funding round The investment was led by Investisseurs & Partenaires, a French venture capital firm, Engimo, VestedWorld, Groupe Prunay, Rising Tide Africa, and SAVIU Ventures.
Kenyan consumer credit startup raised Lipa later $12 million with investors including Cauris Finance, Lateral Frontiers VC, GreenHouse Capital, SOSV, Sayani Investments, and Axian Financial Services. The new funding round will be used to expand its offer to Ghana, Tanzania, and Nigeria
M & A Activities:
Leading sub-Saharan African private equity manager Phatisa has acquired 100% of South African-based biotechnology company Deltamune from HL Hall & Sons Investments, for an undisclosed sum.
Eco Atlantic an oil and gas company has signed a Memorandum of Understanding to acquire 100% of Azinam Group that owns offshore oil and gas assets in Namibia and South Africa, in return for a 16.65% equity stake in the enlarged group on completion of the acquisition.
Liquidity Events:
Kenya’s leading mortgage finance company KMRC is targeting to raise an initial Sh1.4B corporate bond issuance that leads to a total of Sh 10.5B for lending to financial institutions.
Fundraising Events:
Verdant Capital Hybrid Fund (VCHF), a new fund to support micro, small and medium-sized enterprises (MSME) growth in Africa, has reached its first closing with committed capital of $36m.
African Development Bank (AfDB) has announced a $14 million grant to boost food security, value addition, and trade in South Sudan.
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