💰 Swedfund provides $30 million loan to Access Bank for Nigerian SME development)

Today’s Menu ☕️

💰 Swedfund provides $30 million loan to Access Bank for Nigerian SME development
🤖 OKZ announces termination of cryptocurrency services in Nigeria effective August 16, 2024
🚘 LULA acquires Zeelo’s South African division to boost market presence and drive towards profitability
💰Dopay secures $13.5m in Series A extension to expand services and accelerate growth in emerging markets
🔐Cameroon secures $38 million funding for digital transformation initiatives

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💰FUNDING

Swedfund provides $30 million loan to Access Bank for Nigerian SME development

Nigeria’s Access Bank Plc, which holds the title of the country’s largest bank in terms of assets, has been granted a $30 million loan from Swedfund, the Swedish development finance institution. The loan is aimed at bolstering small and medium-sized enterprises (SMEs) within Nigeria.

This financial support is a segment of a broader $295 million syndicated loan package orchestrated by FMO, the Dutch development bank.

Kitanha Toure, Swedfund’s Regional Director for West Africa, expressed confidence in the partnership with Access Bank, citing the bank’s prominent market position and its dedication to supporting SMEs as pivotal for reaching businesses in need of financial assistance....…....continue reading

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🤖CRYPTOCURRENCY

OKX announces termination of cryptocurrency services in Nigeria effective August 16, 2024

OKX, an international player in the cryptocurrency exchange and web3 service arena, has made a significant announcement regarding the cessation of its operations in Nigeria effective from August 16, 2024. The decision to halt services is attributed to the evolving legal and regulatory landscape in the country. The company communicated this development to its Nigerian user base through an email, explaining that the action aligns with its commitment to continually evaluate the regulatory environment of the markets in which it operates.

As a result of this decision, from the stated date onward, Nigerian customers of OKX will face restrictions on their accounts. They will not be permitted to initiate new trades or engage with the platform’s services, with the exception of withdrawing funds and settling or redeeming any existing positions.…....continue reading

💰FUNDING

Dopay secures $13.5m in Series A extension to expand services and accelerate growth in emerging markets

Dopay, an Egyptian fintech company specializing in digital payroll solutions for the unbanked and underbanked workforce in emerging markets, has successfully completed a $13.5 million Series A extension funding round. The round was led by Argentem Creek Partners, with additional contributions from existing investors.

The company intends to use the newly acquired funds to expedite its growth within Egypt, its primary market. Additionally, Dopay plans to introduce a variety of new financial services and broaden its platform’s capabilities to operate across multiple banks and countries.…....continue reading

🚗RIDE-HAILING SERVICE

LULA acquires Zeelo’s South African division to boost market presence and drive towards profitability

LULA, a corporate commuter ride-hailing service, has successfully acquired the South African operations of Zeelo, a staff bus-sharing startup originally from the United States. The specifics of the cash-only acquisition have not been publicly disclosed by either company.

With this acquisition, LULA aims to capitalize on Zeelo’s substantial local market presence, which boasts a network of over 18,000 riders. Prior to the takeover, Zeelo had reported delivering more than two million rides annually in South Africa.

Zeelo first ventured into the South African market in 2019 and had accumulated total funding of $33.6 million by August 2023. The company has decided to withdraw from South Africa to concentrate its efforts on its operations in the United States, the United Kingdom, and Ireland...…....continue reading

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🔐CYBERSECURITY

Cameroon secures $38 million funding for digital transformation initiatives

Cameroon has forged a financial partnership with South Korea, securing an agreement worth XAF 23.21 billion (approximately $38 million) to fund five developmental initiatives, with a strong emphasis on digital transformation within the nation. Alamine Ousmane Mey, the Minister of the Economy, Planning and Regional Development, has confirmed the allocation of a portion of these funds to the subsequent phase of a critical project aimed at enhancing and digitizing Cameroon’s civil status registration system.

Of the total grant, $4.8 million is earmarked for the establishment of a robust and secure foundational identity system across Cameroon. This investment is expected to lay the groundwork for a more reliable and accessible civil identification infrastructure.

Additionally, the “e-Procurement System Development Project” in Cameroon, which is focused on transitioning the public contracts procurement system to a digital platform, will receive a boost from this agreement. An allocation of $5.6 million from the grant will be dedicated to the project’s second phase, with the goal of streamlining procurement processes and improving both transparency and efficiency in the system....…....continue reading

OTHER STORIES

• Salesforce, the prominent provider of cloud-based software services, has recently implemented a reduction in its workforce, impacting approximately 300 employees as of July 2024.….read more

• Kenyan climate tech start, Bio-Logical, raises $1.3M for facility expansion and farmer support….read more

• Logidoo secures $50K for advancement of AI-enhanced logistics technology….read more

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