Zeepay Ghana acquires Zambia mobile money operator Mangwee

Zeepay, the leading African challenger fintech with operations in over 10 African countries, acquired a 51 percent stake in Mangwee Mobile Money Zambia. The stake was acquired through a new issuance of shares. Mangwee started operations in 2018, and was initially set up to operate as an alternative wallet targeting university students in Zambia with the aim of driving the cost of mobile money services downward. Zeepay is the leading African challenger fintech with active operations in over 10 African countries. The company specializes in paying remittances into mobile money wallets across Africa and is regulated by both the Bank […]

Tugende launches boat engine financing, further strengthening its product portfolio

Since launching its business in 2012, Tugende has consistently delivered strong growth while maintaining industry-leading portfolio quality. Tugende is a technology-driven innovative financial services company providing financing of productive assets and related services to its clients, including to family members. Although the business was originally focused on one product, motorcycle taxis, in one country, Uganda, the company launched its Kenyan operations 18 months ago and is successfully scaling its business in that market. To enhance its growth profile, Tugende conducts a diligent product development process that screens assets that have a latent demand for credit from MSMEs, runs a pilot […]

Covid-19 reverses electricity access progress in Africa

Access to electricity across Africa is increasingly viewed as an impact “success story”. Testament to this claim: the number of people gaining access to electricity in Africa doubled from 9 million a year between 2000 and 2013 to 20 million people between 2014 and 2019, outpacing population growth. As a result, the number of people without access to electricity, which peaked at 610 million in 2013, declined progressively to around 580 million in 2019. Much of this recent dynamism comes from a small number of countries leading the progress, for example Kenya, Senegal, Rwanda, Ghana, and Ethiopia. However, the demonstration […]