Mama Money to launch WhatsApp-powered bank card
Industry and Investment News
Hi all,
it’s time again for our investment and industry news roundup covering Sub-Saharan Africa.
The highlights this week:
Mama Money to launch WhatsApp-powered bank card partnering with Access Bank and Paymentology
Significant boost to Kenya’s e-mobility sector with Norfund’s commitment of over $300 million
Exciting Fintech funding news with some major announcements like Nala’s $40 million Series A or TymeBank’s $78 milion pre-series C round
Keep reading to learn more!
😍 Investment news we love:
Green Financing
Africa50 has pledged to invest $100 million in renewable energy in Africa by joining IRENA's Energy Transition Accelerator Financing platform.
Impact Bridge Asset Management launched IB Impact Direct Debt, a €50m fund to finance social and environmental impact projects in developing countries.
Start-Up & SME Financing
SPE Capital raised $140 million to invest in North Africa's small and growing businesses.
Innovate Africa Fund has launched with a $2.5 million rollout to support up to 20 startups in its first year, targeting issues like insecurity, unemployment, and poverty through purpose-driven technology.
Oasis Capital Ghana announced the first close of its $100 million Oasis Africa Fund II, securing $33.3 million to support West African SMEs.
👎 Why we need to keep pushing:
VC investments in Africa have reached a four-year low, with startups raising $780 million in the first half of the year; climate tech attracted 45% of the funding and female-led startups continued to receive minimal investment.
What's worth knowing in:
🥑 Agriculture/ Food systems:
South Africa: Farmers in South Africa are increasingly using drones for precision farming to enhance resource management and food traceability, providing critical data and topography analytics for improved agricultural efficiency amid economic pressures.
South Africa: Pumpkn, addressing the funding gap in agriculture by facilitating financial support for agribusinesses, has secured investment from Renew Capital and uses data-driven credit assessments to help lenders identify viable agri-SMEs.
🌳 Ecosystems
Ivory Coast: Ivory Coast received its first $35 million payment under the Emissions Reductions Payment Agreement, becoming the fourth African country to benefit from this forest carbon offset mechanism.
💡 Energy and infrastructure
South Sudan: EIF and Finnfund are providing $20 million to CREI to fund the solarization of telecommunications infrastructure in South Sudan.
🚕 Mobility and transport systems
Rwanda: BasiGo Rwanda received a RWF 300 million grant from Ireme Invest to enhance its electric bus charging infrastructure in Kigali.
South Africa: South African startup Shesha aims to disrupt the e-hailing market dominated by Uber and Bolt by leveraging local knowledge, prioritizing safety, and addressing driver concerns.
Kenya: Norfund will invest $307 million in Kenyan electromobility solutions, focusing on start-up BasiGo, as announced by Norway's Foreign Affairs Minister in Nairobi.
Mozambique, Zimbabwe, and Botswana are collaborating on upgrading the Beira-Zimbabwe-Botswana railway system and constructing a new deepwater mineral port in southern Mozambique to boost trade
🏭 Industrialisation
South Africa: Geobrugg Africa has inaugurated its first high-tensile steel production facility in Lanseria, Gauteng.
Rwanda: Rwanda-based producer Pink Mango is working to unravel the industry’s ills
💧 Water systems
Namibia: Namibia has initiated the construction of its second desalination plant (set to begin operations by early 2027) to address severe water shortages caused by a century-long drought.
💻 Digital transformation
South Africa: Cross-border money transfer startup Mama Money has partnered with Access Bank and Paymentology to launch a WhatsApp-powered bank card.
Zambia: Chisepo Chirwa, co-founder and CEO of Bosso, an e-commerce platform for building materials, secured $400,000 in pre-seed funding to address affordable housing shortages and provide better access to quality building materials.
South Africa: TymeBank raised USD 77.8 million in a pre-Series C round led by Norrsken22 and Blue Earth Capital, aiming to use the funds for further operations in South Africa and the Philippines, and for future expansion in Southeast Asia.
Tanzania: Money transfer fintech Nala raised $40 million in Series A funding to support its global expansion and improve payment reliability to Africa by developing its own payment infrastructure.
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Thanks for reading,
Carolin