This week’s roundup of news, trends and insights for you the time-conscious Africa-focused business executive finance professional, and policymaker.
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South Africa-based Sanlam and MTN $100m Insurtech Joint Venture.
South Africa-based Sanlam, Africa’s largest non-bank financial service group has formed a $100million 50-50 joint venture with one of Africa’s largest mobile operators and South Africa’s MTN. The strategic insurtech alliance will rollout insurance and saving products targeting the continent’s fast-growing consumer market.
Why is this important: Africa’s fintech market is growing with immense opportunities, such an alliance will lead to a mutually beneficial relationship between MTN leveraging their mobile infrastructure and continent-wide footprint while providing Sanlam the opportunity to extend their brand and product offering to new markets. It is also a template for other players in the fintech ecosystem to work together, create new products, increase competition, better pricing to the Africa consumer.
Private Equity Deals :
IFC is considering an equity investment of US$5 million in Brimore the biggest social commerce app in Egypt and Africa. The funding will be used to expand the company’s operations.
Venture Capital Deals:
Pearl Capital Partners’s Yield Uganda investment fund has invested £2.5 million in Pura Organic Agro Tech Ltd. The investment was structured as both straight equity and debt investment.
Egypt-based fintech CreditFins a credit card management platform has raised an undisclosed pre-seed funding round lead by Flat6Labs, AUC Angels, TA Telecom Holding, and other angel investors.
Kuda Bank a London-based, Nigerian-operating startup has closed a $55 million Series B via its London entity. The new investment will be used to fund new services in the country and expand its footprint to other African countries.
M & A Activities:
Bahrain-based Arab Banking Corporation (Bank ABC) has completed its $425m acquisition of 99.5% of BLOM Bank Egypt enabling it to expand its presence in the Middle East and North Africa. Egypt’s Financial Regulatory Authority (FRA) approved the compulsory purchase.
South Africa-based Revego Africa Energy Limited has acquired some leading wind assets namely Mainstream wind assets, Loeriesfontein 2 Wind Farm, Khobab Wind Farm, and Noupoort Wind Farm, situated in the Northern Cape, through its Revego Africa Energy Fund.
Morocco-based private equity CDG Invest PME( CIP) has agreed to sell a majority stake in Techniques Science-Sante (T2S), IM Alliance, Cyclopharma, and Binarios, the largest and most diversified group of MedTech companies in Morocco, to funds managed by Helios Investment Partners.
The annual inflation rate in Botswana to 8.9 % in July of 2021 from 8.2 % in the previous month
The annual inflation rate in Angola rose for the fourth straight month to 25.72 % in July of 2021, its highest since October of 2017.
The annual inflation rate in Namibia eased to 4% in July of 2021 from 4.1 % in June which was the highest inflation rate since May of 2019.
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