🏦 AFC Surpasses $1 Billion Revenue

Today’s Menu ☕️

🏦 AFC Surpasses $1 Billion Revenue with Strong 2024 Performance
🚀 Sweden Unveils Its Largest African Innovation Hub in Lagos
💰 Umba Secures $5 million to Scale Secured Lending in Kenya
💵 Verdant Capital increases investment in LOLC Africa to $13.5 million
💵 IFC invests $100 million in Raxio Group to accelerate data center development across Africa

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🏦 FINANCIAL SERVICES

AFC Surpasses $1Billion Revenue with Strong 2024 Performance

Africa Finance Corporation (AFC), the continent’s leading infrastructure solutions provider, has announced a record-breaking financial performance for the year ended December 31, 2024, with revenue exceeding $1.1 billion—the highest in the Corporation’s history.

This milestone marks a defining moment in AFC’s mission to close Africa’s vast infrastructure gap by catalyzing scalable, de-risked investments that attract global capital and deliver long-term development outcomes. The Corporation recorded a 22.8% increase in total revenue, while total comprehensive income rose by 22.3% to $400 million, up from $327 million in 2023.

“Our results send a strong message—strategic investment in African infrastructure creates lasting value for both beneficiaries and investors,” said Samaila Zubairu, President & CEO of AFC. “In 2024, we crossed the billion-dollar revenue threshold, delivered game-changing projects, and strengthened our financial resilience. This proves the scalability of our model, which blends purpose with performance.”....…continue reading

🚀 INNOVATION

Sweden Unveils Its Largest African Innovation Hub in Lagos

Sweden has deepened its commitment to Africa’s innovation ecosystem with the launch of its largest innovation hub on the continent—right in the heart of Lagos, Nigeria. The initiative signals a new chapter in bilateral cooperation between Sweden and Nigeria, built on mutual interests in technology, sustainable development, trade, and education.

Sweden’s newly announced innovation hub in Lagos is the fifth in Africa, but notably the largest yet—underscoring the Nordic nation’s strategic interest in Nigeria’s fast-growing tech and startup landscape. The hub is expected to serve as a launchpad for tech-based collaborations, skills development, and startup incubation.

Minister Carlson noted that Sweden’s interest in Nigeria is driven by the country’s innovation potential. “We see real opportunities in technology, infrastructure, and sectors like healthcare and agriculture,” he said. “This innovation hub is a reflection of our vision for a shared future shaped by knowledge, enterprise, and inclusion.”.......…continue reading

💰 FUNDING

Umba Secures $5 million to Scale Secured Lending in Kenya

Africa-focused digital bank, Umba, has raised a $5 million debt facility to accelerate its secured lending operations in Kenya, a strategic pivot that signals the company’s maturing financial model and long-term vision for inclusive digital banking in Africa.

The funding, which comes exclusively from US-based Star Strong Capital, marks a shift in fintech funding narratives—from runway-extending capital to revenue-generating investment. Umba will use the funds to expand its vehicle financing and small and medium enterprise (SME) loan offerings in Kenya, a country where it operates through Daraja Microfinance Bank, in which it acquired a majority stake in 2022.

“This is revenue-generating capital, rather than runway-extending capital,” said Tiernan Kennedy, Umba’s CEO and co-founder. “We’re focused on scaling products that are already performing in the market.”.​......…continue reading

💵 INVESTMENTS

Verdant Capital increases investment in LOLC Africa to $13.5 million

Verdant Capital has announced a significant boost to its investment in LOLBBC Africa, with the Verdant Capital Hybrid Fund committing an additional $4.5 million. This latest investment increases the total commitment to LOLC Africa to $13.5 million, following an initial investment of $9 million that was completed in June 2023.

The structure of both investments is designed as holding company loans, which are strategically allocated to LOLC Africa’s operating lending subsidiaries. These subsidiaries are spread across several African nations, including Zambia, Rwanda, Egypt, Kenya, Tanzania, Nigeria, Malawi, Zimbabwe, Ghana, and the Democratic Republic of Congo. This widespread allocation underscores the fund’s commitment to enhancing financial services across the continent.........…continue reading

💵 INVESTMENTS

IFC invests $100 million in Raxio Group to accelerate data center development across Africa

The International Finance Corporation (IFC), the private investment arm of the World Bank, has announced a significant investment of $100 million in Raxio Group, aimed at bolstering the development of data centrEs across Africa. This substantial funding is set to facilitate the construction of data facilities in several key countries, including Ethiopia, Angola, Mozambique, the Democratic Republic of Congo, and Ivory Coast........…continue reading

 OTHER STORIES

• InfiniLink secures $10 million funding to revolutionize optical data connectivity for AI-driven data centers…..continue reading

• Village Capital Launches 2nd Edition of Greentech Africa Accelerator Programme to Support Sustainable Startups.........continue reading

• DOB Equity invests in FarmWorks to empower smallholder farmers in Kenya……continue reading

• Interview: Thesify Co-founder on AI’s Role in Shaping the Future of Academic Content in Africa…..continue reading

• Microsoft Unveils 10 Powerful New Features for Copilot AI Assistant…..continue reading

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