Ugandan solar startup SolarNow has secured a US$6 million debt facility to help it reach more clients and expand access to pay-as-you-go (PAYG) solar power. The facility is lead by SunFunder with the participation of responsAbility Investments AG and Oikocredit. Disrupt Africa has previously profiled SolarNow, which sells solar systems to rural households and businesses in Uganda with a 24-month credit facility in order to make them affordable. The US$6 million facility is SolarNow’s second structured asset finance instrument arranged by SunFunder, and the fifth transaction between the two overall. “We are thrilled to continue building our fruitful relationship with SunFunder. So far, it has allowed us to focus entirely on our growth and profitability reaching more than 25,000
The International Monetary Fund (IMF) estimates that by 2035, Africa’s working age population (15-69) will exceed the rest of the world’s, reaching an estimated 1 billion. With an annual job creation rate of only 3 to 4 million, there is a crucial need to generate more opportunities. To maximise the economic dividends of its rising working-age demographic, Africa needs to shift from a mostly informal jobs sector to a service-based economy centred around technological innovation. This is why Google’s plan to empower Africa is important. On Thursday, July 27, 2017, Google held a “Google for Nigeria” summit in Lagos to outline its plans to create technology-based opportunities and foster Africa’s and especially, Nigeria’s growing startup culture. The company announced a broad digital s
Ian Arunga wears many hats: he is an art director; fine artist; blogger; children’s books author; and an undeniably dapper guy. And one year ago, the Kenyan citizen founded Dapper Monkey, an online store that caters exclusively for men’s clothing. He speaks to Footprint to Africa about his experience running the start-up and his views on the regional e-commerce space in general. What motivated you to venture into business, the fashion business at that? For as long as I can remember, I have always loved fashion. My mother was a fashion designer and I think that rubbed off on me from a very tender age. As I grew older, a lot of people would often ask where I purchase my clothes. These questions were so frequent, that my partner and I decided to make a business out of it. F
By Davina Myburgh, director of Core Credit for TransUnion Africa Technology, and a greater understanding of what makes humans unique on a biological and behavioural level, have accelerated and expanded the biometric field to practically limitless applications in the modern business landscape. Biometrics may at the outset seem like a space-age, technology driven discipline, but using unique physical characteristics as identifying features is nothing new. Artefacts discovered in ancient Babylon and China have been uncovered bearing handprints and fingerprints that scholars believe were used for everything from business to criminal prosecution. Technology, and a greater understanding of what makes humans unique on a biological and behavioural level, have accelerated and ...
The Central Bank of Nigeria (CBN) has introduced two new financial instruments known as – Funding for Liquidity Facility (FfLF) and Intra-day Facility (IDF), at its window, for access by non-interest financial institutions (NIFIs) under its regulation. The central bank stated this in a circular signed by its Director, Financial Markets Department, Dr. Alvan Ikoku, a copy of which was posted on its website on Friday. This central bank listed some of the features of the FfLF to include that it would provide liquidity facility on overnight basis only and to be terminated on next business day. Some other features include: “Authorised non-interest financial institutions to provide eligible securities to the CBN as collateral for the facility. The value of the collateral to be maxim
Over 25m Ghana Cedis interest paid to MTN mobile money users in the middle of the year 2017 MTN Ghana has made payments of over GHS25million in interest to about 7.8 million Mobile Money users for the first half of 2017. The GHS25million comprises GHS13.6million paid in May for quarter one and GHS11.5million paid in August for quarter two this year to mobile money users. MTN made the payment in collaboration with the 16 partner banks of MTN Mobile Money. The second half 2017 payment brings the total to over GHS70million in interest payments made by MTN to subscribers since January 2016. Commenting on the interest payment for the first half of the year, the General Manager for MTN Mobile Financial Services, Eli Hini said, “MTN is committed to adhering to the rule
Zen Petroleum working together with its Bulk Distribution Company (BDC) partner and BP Trading is the first Oil Marketing Company to introduce Low Sulphur Diesel to their cherished customers in Ghana. 11 million litres of 38 ppm Low Sulphur Diesel was delivered into the country over the weekend, exclusively for the customers of Zen and the company is happy to have taken the lead to support the National Petroleum Authority directive to move from 3000 ppm Sulphur Diesel to Low Sulphur Diesel in Ghana. Zen is the 4th largest Oil Marketing Company in Ghana and is very well known for delivering a superior consumer experience with premium quality fuel and lubricants and an unmatched customer service. The commercial sector is a significant operating area of Zen and this is a sec...
Emirates’ has announced it will increase the frequency of flights between Dubai and Khartoum from five to seven a week starting August 8, 2017. As with Emirates’ current flights between the two cities, it will also operate a Boeing 777 on the additional services, offering customers a choice of cabins with 8 luxurious private suites in First Class, 42 lie-flat seats in Business Class and plenty of room to relax in Economy Class with 304 seats. “Emirates’ decision to commit two additional scheduled flights a week is a clear indication of customer demand for our award-winning products and services. Our expanded schedule will provide customers with greater flexibility in their travel plans and allow more options for them to connect seamlessly to other flights on Emirates’ ext
MTN Ghana has been adjudged the Corporate Social Responsibility (CSR) Company of the year at the Ghana Information Technology Awards (GITTA) held in Accra. The company was honoured for its impactful interventions that have transformed and brightened many lives in the area of healthcare, education and economic empowerment. The GITTA award comes barely three months after MTN Ghana Foundation was awarded Corporate Philanthropist of the Year at the National Philanthropy Excellence Awards. Commenting on the award, Corporate Services Executive of MTN Ghana, Cynthia Lumor, said “we are honoured that our efforts to help others by investing in communities have been recognised. Our mission is to make our customers’ live
The MTN Foundation has partnered Women In Tech Africa to launch GirlCode, an all-women code camp, which will begin applications from 31st July, 2017. The maiden camp will host 40 women who will be taught several topics relating to software development, validating ideas, and building a business. At the launch of the event last Wednesday, Cynthia Lumor, Executive Director of the MTN Foundation, noted that the initiative marks a turning point in the development of ICT in Ghana. The MTN Ghana Foundation, she said, is embarking on the project with the primary objective of encouraging young women to participate in coding, an area typically dominated by men. “It is my desire that the outcome of the project would ensure an increase in the number females actively involved in dev