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🏢 AFC secures $255M to advance sustainable infrastructure across Africa

🏢 AFC secures $255M to advance sustainable infrastructure across Africa

Plus: 🚙 Chinese truck giant TIM Motors in Nigeria

Innovation Village
July 22, 2025

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Today’s Menu ☕️

🏢 AFC secures $255M to advance sustainable infrastructure across Africa
🔋 Qoray partners with TotalEnergies to strengthen EV after-sales support in Nigeria
🚙 Chinese truck giant TIM Motors launches passenger cars in Nigeria to challenge used-car dominance
💵 Lime Consumer Finance Launches in Egypt with $9.4M Backing to Revolutionize Education Financing
🛒 Takealot Group expands Mr D into on-demand marketplace beyond food delivery

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INFRASTRUCTURE

AFC secures $255M to advance sustainable infrastructure across Africa

The Africa Finance Corporation (AFC) has secured a landmark $255 million loan facility from a consortium of leading UAE banks, marking its debut in the UAE Dirham loan market. This strategic financing move enhances AFC’s funding diversification while supporting its mission to drive sustainable infrastructure development across Africa.

Structured with Sustainability Performance Targets (SPTs), the loan ties lower borrowing costs to the achievement of environmental benchmarks, reinforcing AFC’s commitment to green finance. “This facility aligns our funding strategy with our goal to catalyse infrastructure-driven growth and industrial development,” said Banji Fehintola, AFC Executive Board Member.

The loan was led by top UAE banks, including Abu Dhabi Commercial Bank, Emirates NBD Capital, First Abu Dhabi Bank, Mashreqbank, and the National Bank of Ras Al Khaimah.

It follows a series of innovative financing deals by AFC, such as a $1.16 billion syndicated loan and a $500 million hybrid capital instrument. The partnership reflects the growing alignment between African infrastructure ambitions and the UAE’s emerging role as a hub for climate-aligned finance.…...…continue reading

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FACT FILE!

🔋 ELECTRIC VEHICLES

Qoray partners with TotalEnergies to strengthen EV after-sales support in Nigeria

Qoray, a Nigerian electric vehicle (EV) company, has signed a strategic Memorandum of Understanding (MoU) with TotalEnergies Marketing Nigeria Plc to address a major challenge to EV adoption in Nigeria—reliable after-sales service. Under the agreement, TotalEnergies will provide diagnostics, maintenance, and repair services for Qoray’s four-wheeler EVs through selected Quartz Auto Service centers across the country.

Qoray CEO Olabanjo Alimi emphasized that dependable support is essential for building consumer confidence in EVs. “We’re not just delivering vehicles—we’re building a trusted ecosystem,” he said.

TotalEnergies, a global energy firm advancing clean energy, views this partnership as a key step in enabling sustainable mobility in Nigeria.

While Nigeria’s EV market is still nascent, rising interest, favorable policy shifts, and growing environmental awareness are setting the stage for growth. This collaboration aims to integrate service infrastructure with vehicle deployment, reducing friction for EV users and positioning Nigeria as a future leader in green transportation and innovation...........…continue reading

🚙 VEHICLES

Chinese truck giant TIM Motors launches passenger cars in Nigeria to challenge used-car dominance

The MGHS SUV

TIM Motors, a Chinese automaker known in Nigeria for its heavy-duty trucks, has officially entered the country’s passenger vehicle market, aiming to disrupt the dominance of imported second-hand cars. At a Lagos launch event, CEO Leon Zhan introduced a new range of affordable sedans and SUVs tailored to Nigerian consumers, positioning them as reliable alternatives to the estimated 500–600 “tokunbo” vehicles imported monthly from North America.

TIM Motors plans to replace up to 20% of used cars in Nigeria and grow new car ownership to 50,000 users in three years, a major leap from the current 15,000 annual new car sales. The lineup includes petrol, hybrid, and electric models priced below popular Japanese brands, with financing support from C&D and five-year warranties.

To support growth, TIM is building showrooms in Ikeja and Victoria Island, and aims to launch a local assembly plant in Abeokuta by 2026, along with a mechanic training program. This integrated strategy seeks to build trust and reshape Nigeria’s auto market with quality, affordability, and after-sales service.........…continue reading

💵 CONSUMER FINANCE

Lime Consumer Finance Launches in Egypt with $9.4M Backing to Revolutionize Education Financing

Lime Consumer Finance has launched in Egypt with a $9.4 million investment, offering accessible, tech-enabled education financing. A wholly owned subsidiary of First Abu Dhabi Bank Group (FAB) and licensed by Egypt’s Financial Regulatory Authority (FRA), Lime allows families to pay tuition fees for nurseries, schools, and universities in installments of 6 to 12 months, with approvals granted digitally within minutes. Targeting a market where over 30% of the population is under 15, Lime addresses the urgent need for structured and affordable education finance.

Led by CEO Ahmed Mohsen and supported by a multidisciplinary board, Lime is aligned with Egypt’s national financial inclusion goals. While education is the starting point, the platform is built for future expansion into sectors like healthcare and housing. More than a lender, Lime positions itself as a long-term partner in financial planning, signaling a new chapter in Egypt’s fintech ecosystem by offering practical, life-enabling financial solutions for families.........…continue reading

🛒 MARKETPLACE

Takealot Group expands Mr D into on-demand marketplace beyond food delivery

Takealot Group, South Africa’s leading e-commerce firm and a subsidiary of Naspers, is transforming its food delivery app Mr D into a comprehensive on-demand convenience marketplace. Initially focused on restaurant meals, Mr D began expanding during the COVID-19 lockdowns and now delivers items like pet food, toys, and groceries. Recent partnerships, including one with Toy Kingdom, demonstrate its strategy to support retailers lacking fast-delivery infrastructure.

CEO Frederik Zietsman emphasized that Mr D is central to Takealot’s next growth phase, especially as Amazon enters the South African market. The company aims to diversify its offerings beyond food, targeting high-demand categories such as DIY, pharmacy, baby products, and sports gear. Currently, food makes up 70% of orders, but Mr D plans to reach a 50-50 balance between food and non-food within five years.

With its scalable logistics and tech backbone, Mr D is positioning itself as South Africa’s go-to platform for instant convenience, fending off competition from both global and local players....…continue reading