Nigeria's growing debt profile,SDG Frontier raises $28.78 million, OnePay receives new investment.

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This is your 4- minute round up of the most important business, finance and markets news dominating Africa.Tell a friend or colleague who needs to be well informed by signing up here .

Economic Updates:

  • The inflation rate in Senegal fell to 2 percent in June 2020 from 2.7 per cent in May the lowest inflation rate since February.

  • Mozambique’s annual inflation rate fell to 2.69 per cent in June 2020 from 3.02 per cent in May. This has been the lowest inflation rate since November.

  • Egypt’s inflation rate drops almost 3 per cent, according to figures from the Central Agency for Public Mobilisation and Statistics, Egypt’s inflation rate fell to six per cent in June compared to 8.9 per cent last year.

3 Things to know:

  • Mozambique Liquefied Natural Gas Project to benefit from a further $15.8 Billion. Contracts signed on friday show that the French oil major Total has secured an additional $15.8 billion in funding for its liquefied natural gas project in Mozambique, following one of the largest gas discovery in a decade off Mozambique’s coast.

  • Nigeria’s Debt hits N28.63tn. Data from the National Bureau of Statistics show Nigeria’s total public debt portfolio stood at N28.63 trillion as of March 31 this year.Domestic debt stood at 65.11 per cent of total borrowing while external debt accounted for 34.89 per cent of total borrowing.

  • Income from Kenya’s Horticultural exports grow despite Covid-19. According to data from the Directorate of Horticulture earnings in the first five months of the year rose to Sh72 billion compared to Sh65 billion last year in the same period, an increase of 11 per cent.

Private Equity Deals :

  • SDG Frontier reaches first closing at $28.78 million, with the participation of nine Belgian private investors and Bio, the Belgian Investment Company the SDG reached is first closing this week at $28.7 million. The SDG Frontier Fund is a self-managed co-investment vehicle which invests together with BIO in private equity funds active in Africa and Asia.

Venture Capital Deals:

  • Nigerian group-buying start-up Pricepally has secured funding from German firm GreenTec Capital Partners as it looks to deepen its operations within its Lagos base. Pricepally, a group buying platform that records consumer good demand and matches it with supplies directly from farmers and wholesaler.

  • OnePay, a Moroccan fintech company which intends to act and serve as a reference solution for aggregation of payments and value added services in electronic transactions, announced the $409,000 investment from Marock Numeric Fund II. The funding from the reference investment fund in technology start-ups in Morocco, will be use to expand its network to more users.

  • Lupiya, a Zambian based microfinance start-up received a $1 million investment from US Venture Capital Firm Enygma. The funding will help the company in its goals of financial inclusion with a particular focus on ensuring women can participate in the economy.

  • Mailan SolarX recently completed a Class A fund raising organised by Energy Access Ventures a seed investment fund to expand across West Africa.

M & A Activities

  • Kenyan Centum Investment owned Bakki Holidico Limited has acquired all the shares of the late ambassador Betheul Kiplagat in Sidant Bank raising its stake to 80.19 per cent.

  • The Nairobi based telecommunications firm, Safaricom, announced in its latest annual report the split acquisition with South Africa’s Vodacom of 50 per cent each in M-Pesa Global Services Limited.M-Pesa is a mobile money platform that was acquired by Vodacom from Britain’s Vodafone for Sh2.14 billion.

  • Nigerian leading bank Access Bank plc announced plans for the acquisition of 100 per cent of Cavmont Bank Limited, a Zambia- based financial institution.

Liquidity Actions :

  • The Emerging Africa Infrastructure Fund (EAIF), Private Infrastructure Development Group (PIDG), has agreed to invest up $50m in a bond issue that aims to raise $170m for investment in the Senegal ’s Sonatel business S.A.

  • IFC , a member of the World Bank, announced this week a $5.2 million loan to Nyaho Medical Centre to help expand access to quality healthcare in Ghana. The funding will be used to upgrade the healthcare providers existing hospital and expand its services.

People Moves :

  • Harvard Educated Wilson Banda has been appointed the new Central Bank of Malawi Governor.

  • Africa Guarantee Fund has appointed Jules Ngankam as it’s interim Managing Director

  • South Africa- based insurance group Old Mutual appoints Iain Williamson as new CEO.

Thanks for reading Africa Finance Review!. Have an excellent week ahead. Please send us any feedback, news suggestions to Please ask your friends and colleagues to sign up.

By Africa Finance Review

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