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Nigerian fintech startup Kuda hits 6 million customer milestone as it continues to redefine financial inclusion in Africa

New Investments

Nigerian fintech startup Kuda hits 6 million customer milestone as it continues to redefine financial inclusion in Africa

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Kuda, one of the leading digital banks in Africa, has surpassed the six-million customer milestone, solidifying its position as a trailblazer in driving financial inclusion across the continent.

Founded in 2019, Kuda has rapidly evolved into one of the most prominent fintech startups in Africa, offering innovative financial solutions and reshaping the way individuals access and manage their money.

As the fintech sector continues to gain momentum across Africa, the company has been at the forefront of revolutionizing traditional banking services and making them accessible to the unbanked and underbanked populations.

Through its mobile app, the digital bank addresses the challenges of physical branches, reaching remote areas where banking services were once scarce.

By providing access to essential banking services, Kuda empowers individuals to save, invest, and engage in economic activities that were previously challenging due to the lack of access to traditional financial services.

As Kuda continues to flourish, its sights are set on broader horizons. The company plans to expand its presence into more African countries, cementing its position as a pan-African financial institution.

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“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.

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Egyptian fintech startup Money Fellows secures $4 million from Arzan Venture Capital

New Investments

Egyptian fintech startup Money Fellows secures $4 million from Arzan Venture Capital

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Arzan Venture Capital, a leading venture capital firm, has announced a significant investment of $4 million in Egyptian fintech startup, Money Fellows.

The strategic funding is set to accelerate Money Fellows’ mission of transforming traditional savings and credit associations through its innovative tech-driven platform.

Money Fellows has been gaining widespread recognition for its groundbreaking approach to ROSCAs, traditional rotating savings and credit associations that have been a cornerstone of financial solidarity for generations.

By harnessing the power of technology, Money Fellows has reimagined this centuries-old practice, providing users with a modern, efficient, and inclusive digital platform to participate in these financial circles.

Arzan Capital’s decision to invest $4 million in Money Fellows underscores the startup’s potential and its immense promise for revolutionizing Egypt’s fintech landscape.

One of Money Fellows’ primary objectives is to foster financial inclusion across Egypt by offering accessible financial services to individuals underserved by traditional banking institutions.

The platform enables members to pool their financial resources, creating a cycle of contributions and payouts, eliminating the need for high-interest loans or credit cards.

With Arzan Capital’s investment, Money Fellows plans to accelerate the platform’s expansion, reaching out to a broader audience in both urban centers and rural areas.

This will empower more Egyptians to take control of their finances, build creditworthiness, and achieve their financial goals, ultimately contributing to the country’s overall economic development.

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“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.

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Empowering Women, Empowering Communities: How Uganda’s Solar Sister is Bridging the Energy Gap with Women-led Solutions

StartUp Spotlight

Solar Sister: How Uganda's Solar Sister is Bridging the Energy Gap with Women-led Solutions

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In the heart of Africa, where energy poverty has long been a persistent challenge, a trailblazing social enterprise named Solar Sister is making a significant impact.

Founded on the principles of sustainability, gender empowerment, and community development, Solar Sister has emerged as a beacon of hope, bringing clean energy solutions to underserved communities and transforming lives one solar light at a time.

At its core, Solar Sister is on a mission to combat energy poverty by providing access to affordable and sustainable clean energy solutions. But the organization’s vision extends far beyond mere illumination.

Solar Sister recognizes the transformative power of women as key drivers of change in their communities. By empowering local women as clean energy entrepreneurs, the organization aims to create a ripple effect that touches not only households but also entire communities.

The essence of Solar Sister’s approach lies in its unique and community-driven model. The organization identifies and trains women entrepreneurs, also known as Solar Sister Entrepreneurs, equipping them with the tools and knowledge to become clean energy advocates.

Armed with a range of solar-powered products, these women take on the roles of trusted distributors and educators within their communities.

Solar Sister is driving socio-economic transformation by allowing women to run their businesses and participate in the clean energy sector. These women become role models for others, challenging traditional gender norms and contributing to more equitable societies.

Solar Sister’s impact goes beyond just providing access to clean energy. The organization actively supports the United Nations Sustainable Development Goals (SDGs) by promoting gender equality, clean energy, and economic growth.

Solar Sister’s work has a direct and tangible effect on the lives of those it reaches. With access to clean energy, households can now study, work, and engage in productive activities after sunset.

What started as a small initiative in Uganda has now grown into a far-reaching movement. Solar Sister’s success in Uganda has spurred its expansion to other African countries, amplifying its impact across the continent.

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Zembo

This week we feature Uganda’s Zembo in our startup spotlight.

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Solar energy company Starsight Energy secures $20 million to power East Africa with solar energy

Key Developments

Solar energy company Starsight Energy secures $20 million to power East Africa with solar energy

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Starsight Energy, one of the leading solar energy solutions providers, has secured a $20 million investment.

The funding injection aims to accelerate the expansion of clean energy access across the East Africa region and marks a significant milestone in the company’s mission to drive sustainability and economic growth.

The company specializes in providing comprehensive, sustainable, and technologically advanced solar energy solutions to businesses, industries, and communities in the region.

The $20 million investment comes from a consortium of international investors, including the Netherlands Development Finance Company (FMO) and the Global Climate Partnership Fund (GCPF).

The funding demonstrates growing confidence in the potential of East Africa’s renewable energy sector and the significant impact Starsight Energy can have on the region’s economic and environmental sustainability.

With this substantial investment, Starsight Energy is poised to scale up its operations and expand its solar energy infrastructure across East Africa.

The company plans to use the funds to deploy more solar energy systems in key industries such as manufacturing, telecommunications, and healthcare, as well as in rural and underserved communities.

Starsight Energy’s expansion plans not only promise to provide access to reliable and sustainable energy but also offer a substantial boost to local economies.

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