Numida (Uganda) secured US$2.3-million from equity investors led by MFS Africa

Numida, a Ugandan based fintech startup, has secured US$2.3-million from equity investors led by MFS Africa. Numida provides working capital finance to micro and small companies by using artificial intelligence enabled credit scoring and has already provided unsecured lending facilities to over 3,000 businesses in Uganda.

MFS Africa is a fintech company that provides a gateway to send money to mobile wallets in Africa and covers 200 million mobile money recipients across all major networks. MFS Africa connects mobile money systems to each other and to money transfer organizations, banks and other financial institutions, enabling money remittances to and from mobile money accounts. Through partnerships with major mobile network operators like Airtel, Econet, MTN, Orange, Tigo, and Vodafone, MFS Africa has become the largest mobile money gateway in Sub-Saharan Africa through its API platform.

Announcing the Africa E&P Summit and Exhibition

April 2021, London, United Kingdom: Frontier is delighted to announce that the Africa E&P Summit 2021 will take place as a hybrid event on the 22nd and 23rd September at the May Fair Hotel, London United Kingdom and online. The Africa E&P Summit brings together Africa’s upstream industry for a unique event shaped for companies active in Africa’s oil and energy game and provides unrivalled insight into the Continent’s fast changing exploration and energy horizon. The Africa E&P Summit will be hybrid event, encompassing an in-person conference in London in which an online audience also participates.

Gayle Meikle, CEO of Frontier said “We are proud to be embracing change by committing to deliver our flagship event, the Africa E&P Summit in a hybrid format for the first time in the event’s history. We envisage a high-level C-suite audience in-person with the wider industry joining us online. Recent disruptions have accelerated change both in the conference and energy industry and we are delighted to be leading the charge in bringing the first hybrid event in African oil, gas & energy space.”

The Africa E&P Summit and Exhibition brings together Africa’s upstream industry at a world-class venue in London for a unique event shaped for companies active in Africa’s oil & gas game and provides unrivalled insight into the Continent’s fast changing exploration horizon. Hear directly from key players and decision-makers from corporate players active in Africa through to fast-moving independents, finance, legal and service and supply companies and African governments and NOC’s seeking investors.

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Paymob (Egypt) raises US$15-million from existing investors led by Global Ventures

Paymob has raised US$15-million from existing investors led by Global Ventures to expand its digital payments platform. Paymob is an Egyptian digital payment provider that runs millions of transactions for medium businesses in Africa and the Middle East. The solutions allow businesses to accept and send payments to support their online offering to customers since Paymob’s establishment in 2013 by Islam Shawky, Alain El Hajj, and Mostafa Menessy.

Paymob intends to expand its product offering and invest in product development and leverage off its strong partnership with the likes of Mastercard, Vodafone, Bank Audi, Saib and the Egyptian CIB among others. The fintech startup intends to provide its services to Saudi Arabia in 2021.

Global Ventures is a United Arab Emirates based venture capital fund with a focus on artificial intelligence, machine learning, fintech, IoT, health tech, mobility and sustainable energy. Global Ventures has invested in tech start-ups such as Modum, ETHLend, Bankera, Vetri, Bee Cargo Coin,, Hive and Trustwire. The fund is led by Dr Christoph Lymbersky and Benjamin Scherer. The stake acquired by investors led by Global Ventures was not disclosed.

AgDevCo provides mezzanine finance of US$3-million to Uzima Chicken (Rwanda)

AgDevCo has provided mezzanine finance of US$3-million to Uzima Chicken, a poultry company that operates in Rwanda. Uzima Chicken is investing in a new high-quality hatchery facility in the Bugesera District (Rwanda) in order to expand its production capacity of 8 to 10 million birds a year. The expansion is imperative for the company to achieve the economies of scale required to operate profitably in the low margin poultry sector. AgDevCo has been an active investor in Rwanda where it also invested US$450,000 in Kigali Farms (a button mushroom production facility) and US$3-million in Minimex (a commercial maize mill).

AgDevCo is an impact investor specializing in agribusiness investments in Sub-Sahara Africa. AgDevCo’s portfolio consists of over 50 investments in production, processing and distribution. AgDevCo is headquartered in London with representative offices in Zambia, Malawi, Tanzania, Uganda, Rwanda, Ghana and Sierra Leone. Across Sub-Sahara Africa, AgDevCo has invested over $170-million linking over 480,000 smallholder farmers to profitable markets and creating over 11,000 jobs.

Sawari Ventures raises US$28-million to invest in Egyptian private sector companies

Sawari Ventures has reached financial close for its Egyptian based fund of US$28-million which will be deployed towards the Egyptian small to medium enterprises as well as the emerging venture capital (VC) market. The amount was raised from mainly Egyptian companies which are the National Bank of Egypt, Banque du Caire, Suez Canal Bank, Banque Misr, Misr Insurance Group and Ekuity.

Sawari Ventures is an Egyptian venture capital firm with a US$70-million fund known as the Sawari Ventures North Africa Fund. The Egyptian based firm typically invests in tech and knowledge-driven companies in Egypt, Tunisia and Morocco. The fund is regulated by the Financial Regulatory Authority of Egypt and has invested in more than 30 companies in the North African region.

Tanda secures equity funding led by HAVAÍC, Zedcrest Ventures, DFS Lab and Victor Asemota (Kenya)

Tanda has secured funding from investors in a funding round led by HAVAÍC, Zedcrest Ventures, DFS Lab and Victor Asemota. Tanda is an agency banking platform that allows shop owners to access inventory on credit and become access points for essential services such as airtime, utility payments, banking and insurance services for their customers. The startup was established in 2018 and now has a network that supports 58 banks, telecommunications companies, over 12,000 merchants and over 300,0000 customers among many others. The funding will be used to expand its services in the East Africa region. The equity funding amount or the stake acquired was not disclosed.

HAVAÍC is an investment and advisory firm that specialises in investing and supporting early-stage, high-growth post-revenue African businesses driven by technology with global prospects. Zedcrest Ventures supports early-stage startup teams in Africa, Asia, Europe and other parts of the world and focuses on pre-funding stage projects that have the potential for huge impact. DFS Lab invests in founders building the future of digital commerce in Africa by supporting promising early-stage startups. Victor Asemota is an entrepreneur based in Nigeria who founded SwiftaCorp a pioneering African software and technology services group with subsidiaries and operations in over 14 African countries. He is also the co-founder of MFISA a unique African Mobile Financial Services Accelerator that has powered a number of payment platforms around Africa.

Zambia International Mining & Energy Conference & Exhibition

The Zambia International Mining & Energy Conference & Exhibition, which has been for the last decade, Zambia’s leading mining and energy meeting will celebrate its 10th anniversary with a virtual edition, taking place from 4 – 5 May 2021. The organisers of ZIMEC 2021, notably the Ministry of Mines and Minerals Development, Ministry of Energy, Chamber of Mines, Zambia in partnership with AME Trade Ltd, have decided for the safety of our participants to organise this year’s edition online.

ZIMEC 2021, will feature a virtual exhibition, a networking application allowing for participants to contact each other directly and private meeting rooms.

The main theme of ZIMEC 2021 will be “Dialogue and partnerships – unlocking investment, recovery and growth.” This pertinent theme will examine the challenges of the relationship between the public and private sector, the financial recovery from the COVID-19 pandemic and how to secure investment in post pandemic mining and energy sectors. The conference sessions will focus on fiscal regimes, diversification of the mining sector, project finance, sustainability, environmental issues, the mining value chain, the downstream petroleum sector, innovation, and technology.

Despite the pandemic, it has been an excellent year for Zambia with regards to copper production. 882,061 tonnes of copper were produced in 2020, up 10.8% from 796,430 tonnes in 2019. The country’s goal is to generate more than 900,000 tonnes of copper in 2021, and soon to exceed 1 million tonnes per annum. The outlook for copper demand is optimistic due to the global trend of moving to electric cars and the amount of copper used to manufacture them. Zambia is respectively Africa’s 2nd and globally the 7th largest copper producer.

Cobalt production witnessed a decline from 367 tonnes (2019) to 287 tonnes (2020) this was due to operational issues and reduced cobalt mineralisation. Nickel production was a major success growing from 5,712 tonnes in 2020 from 2,500 tonnes in 2019. Manganese production rose from 15,904 tonnes in 2019 to 28,409 tonnes in 2020. Zambia’s emerald mine at Lufwanyama which has been closed for a year due to COVID-19 will resume activities in April 2021.

Zambia has significant solar energy potential, averaging about 2,000-3,000 hours of sunshine per year. There are significant opportunities for providers of solar energy technology to cooperate with the public, private sector, and NGO’s. National access to electricity is just 31%, demand for electricity is growing at a rate of 3% per annum. The country has an installed capacity of 2,800 Megawatts (MW), 85% of which is hydro based. New government legislation enacted in 2019, notably the Electricity Act and the Energy Regulation, mean there is scope for greater liberalisation of the energy market, facilitating independent power producers (IPPs) to play a more active role in the generation, transmission, and distribution of power in Zambia.

FlexClub raises US$5-million form investors led by Kindred Ventures

FlexClub, a South African startup, has raised US$5-million in a funding round led by Kindred Ventures. FlexClub is a platform that provides investors the ability to purchase a vehicle, then connect that vehicle to an Uber driver who uses earnings to pay a weekly rental charge. The vehicle is managed and serviced by FlexClub and the fees generated provide fixed-rate interest income for the investor. The Uber driver is provided the option of buying the car after a period of 12-months.

The company was established by Tinashe Ruzane who saw this as a great model to finance multiple asset classes in emerging markets where lending options are not readily available to Uber drivers. Flexclub previously raised $1.2-million in 2019 through a seed round led by CRE Venture Capital.

Kindred Ventures is a seed stage venture capital fund established in 2014 by Steve Jang and Kanyi Maqubela who are based in California, USA. The fund has invested in companies based in North America, Asia Pacific, Europe, Latin America, Middle East and Africa and was an early backer of startups such as Coinbase, Blue Bottle Coffee, Postmates, Zymergen and Expa.

Adumo raises US$15-million from the IFC

Adumo, a South African based fintech company has raised US$15-million from the IFC. Adumo is a smart payment solutions fintech company that provides its services to small businesses, private retailers as well as large multinational companies. Adumo has a group of operating companies known as Sureswipe, iKhokha, Humble, Innervation Pan African Payment Solutions and Innervation Rewards. The group operates in 14 African countries and has previously attracted investors such as Crossfin Technology and Apis Partners.

IFC is the finance provider of the World Bank with more than 60 years of experience in unlocking private investment and therefore delivering more than $285-billion in financing for businesses in developing countries.

The 7th Mozambique Mining, Oil & Gas and Energy Conference and Exhibition

The 7th Mozambique Mining, Oil & Gas and Energy Conference and Exhibition is on the 21st – 22nd of April, under a hybrid format. The 2021 edition is officially endorsed by the Ministry of Mineral Resources and Energy of Mozambique and by ENH – Empresa Nacional de Hidrocarbonetos. This year, the 7th MMEC, will include a lead conference, held under the theme “Utilizing Natural Resources as the Catalyst for Economic Development and Diversification”, but also 2 webinars on the 23rd of April, focused on “Looking ahead-considering green growth for the natural resources sector” and “The future of Mozambique extractive industry, what is next?”.

For the safety and security of all our attendees, this edition is organised under the hybrid format, due to limited number of seats on site, in Maputo, the event will be accessible virtually with new online features, allowing participants to attend all sessions and post-event webinars from the comfort of their homes. Moreover, the virtual App, gives the opportunity to interact with other participants, arrange meetings, see exhibitors, sponsors description, and access the virtual exhibition hall.

MMEC is the most successful industrial exhibition in Mozambique and is estimated to attract participants from over 30 countries, including the participation of Ministers, Senior Directors of governmental companies, strategic development partners, operators from the oil & gas, mining, and energy sectors, as well as institutional investors and service providers with whom the other attendees will be able to interact, share trends, exchange contacts and establish the largest commercial partnerships.

MMEC is a biennial international comprehensive event covering the entire extractive industry with key objectives of promoting investments in these sectors; sharing knowledge and experiences; advancing partnerships; hear from key policy makers from regional and international partner organisations and positioning newly qualified Mozambican students within the industry.

The event will continue to present Mozambique as a business-friendly country where policy reforms are being implemented to encourage the flow of domestic and foreign direct investment into the extractives industry. This is the largest and most successful industry focused exhibition in Mozambique, as the event attracts visitors with budget and decision-making power to engage with technology and solution providers.

The 2021 edition counts with the special support from the following partners and sponsors: Ministry of Mineral Resources and Energy of Mozambique, ENH – Empresa Nacional de Hidrocarbonetos, Associação Geológica Mineira de Moçambique (AGMM), Electricidade de Moçambique (EDM), Instituto Nacional de Petróleo (INP), matola Gás Company, Gigawatt Moçambique and Total, Standard Bank, EY, Morais Leitão, and Department of International Trade (DIT).

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