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💵AgDevCo invests $7.2M in EFAfrica to boost African farmers

💵AgDevCo invests $7.2M in EFAfrica to boost African farmers

Plus: 📰Ghana pushes forward with Telecel–AirtelTigo merger

Innovation Village
September 05, 2025

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Today’s Menu ☕️

💵 AgDevCo invests $7.2M into EFAfrica Group to empower farmers and SMEs across Africa
💰 Koolboks secures $11M Series A to scale solar-powered cooling across Africa
📰 Ghana pushes forward with Telecel–AirtelTigo merger
📱 WhatsApp Close Friends Status: Share Updates Privately Like Instagram
💰 Tanzanian fintech NALA launches in Kenya with strategic partnerships
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💵 INVESTMENT

AgDevCo invests $7.2M into EFAfrica Group to empower farmers and SMEs across Africa

AgDevCo, the specialist agriculture-focused impact investor, has committed $7.2 million in follow-on funding to its portfolio company EFAfrica Group (EFAG). Structured as a long-term loan, the investment will help EFAG expand its equipment leasing services for farmers and agribusinesses across Africa. EFAG provides access to vital machinery such as tractors and trucks — with lease values ranging from $10,000 to $80,000 — supporting over 1,500 entrepreneurs in Kenya, Tanzania, and Zambia.

The funding will allow EFAG to offer larger lease packages, promote mechanization, and strengthen food security. By addressing financing gaps and enabling farmers to build credit histories, EFAG is driving rural development and sustainable growth...…continue reading

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💰FUNDING

Koolboks secures $11M Series A to scale solar-powered cooling across Africa

Cleantech startup Koolboks has secured $11 million in Series A funding to expand its solar-powered refrigeration solutions across Africa. The round, co-led by KawiSafi Ventures, Aruwa Capital, and All On, brings Koolboks’ total funding to $15.4 million. The company plans to establish its first local assembly plant in Nigeria, lower product costs by up to 20%, and grow its cooling-as-a-service and pay-as-you-go financing models.

Founded in 2018, Koolboks has deployed over 10,000 solar-powered freezers in 25 countries, helping small businesses, mostly women-led, cut food waste and reduce reliance on diesel. Beyond hardware, the startup integrates IoT monitoring, BNPL financing, and a trade-in program to recycle old units. With backing from global partners, Koolboks is positioning itself as a leader in sustainable cooling — tackling food insecurity, boosting incomes, and promoting climate resilience across underserved communities.....…continue reading

📰 NEWS

Ghana pushes forward with Telecel–AirtelTigo merger

The Government of Ghana has approved a merger between Telecel and AirtelTigo to strengthen competition in the telecom sector, where MTN Ghana currently commands nearly 79% market share. Telecel, which recently acquired Vodafone Ghana, will absorb AirtelTigo’s 3.2 million subscribers, creating a combined operator with about 26% of the market.

The government has pledged $600 million over four years to support infrastructure upgrades, network integration, and operational restructuring. AirtelTigo, which has struggled financially with over $10 million in recent losses, sees the merger as a lifeline.

While the move could boost competition and improve services, analysts caution that MTN’s financial muscle — including a $1 billion investment plan and nearly 40% revenue growth in early 2025 — will make it difficult for the new entity to seriously disrupt its dominance.......…continue reading

📱SOCIAL MEDIA

WhatsApp Close Friends Status: Share Updates Privately Like Instagram

WhatsApp is testing a new Close Friends Status feature, allowing users to share updates with a smaller, curated list of trusted contacts—similar to Instagram’s Close Friends. The update gives WhatsApp’s 1.5 billion daily Status users more control and privacy, addressing concerns about oversharing with acquaintances or work contacts.

Close Friends updates will display with a unique ring, remain end-to-end encrypted, and disappear after 24 hours. The feature is currently available to iOS beta testers, with a broader rollout expected soon.....…..continue reading

💰FINTECH

Tanzanian fintech NALA launches in Kenya with strategic partnerships

Tanzanian fintech NALA has entered Kenya’s $4.9 billion remittance market through a partnership with Equity Bank and Pesalink. The collaboration lets NALA bypass Kenya’s lengthy licensing process by leveraging Pesalink’s instant payment network and Equity’s settlement systems, enabling real-time transfers directly into mobile wallets or bank accounts.

With strong diaspora ties in the US, UK, and Europe, NALA aims to compete with giants like M-PESA, Western Union, and MoneyGram by offering faster, more affordable cross-border payments. Backed by this strategic alliance, NALA is positioning itself as a key challenger in one of East Africa’s most competitive financial corridors....…..continue reading