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Mastercard and Glovo Partner to Launch School Feeding Program in Kenya and Nigeria

Key Developments

Mastercard and Glovo Partner to Launch School Feeding Program in Kenya and Nigeria

Mastercard and Glovo, a leading app connecting users with diverse services, have joined forces to combat hunger and support education in underserved communities across Kenya and Nigeria.
 

This innovative partnership aims to provide over 300,000 nutritious meals to school children throughout the academic year, addressing food insecurity, malnutrition, and educational barriers.

Driven by a shared commitment to social responsibility, Mastercard and Glovo have identified hunger as a critical challenge impeding children’s learning and overall well-being.

The program focuses on ensuring access to nutritious meals, fostering a positive learning environment, and promoting equitable prosperity in the region.

To achieve maximum impact, Mastercard has partnered with established local charities: Food4Education in Kenya and the Lagos Food Bank initiative in Nigeria.

Every transaction made on the Glovo app using a Mastercard will contribute to these charities, directly funding meals for children in need.

This unique initiative marks a first-of-its-kind effort in both East and West Africa, embodying Mastercard’s commitment to sustainable solutions that benefit communities, the environment, and overall prosperity.

Shehryar Ali, Senior Vice President and Country Manager for East Africa and Indian Ocean Islands at Mastercard, stated:

“This collaboration with Glovo exemplifies our aim to seamlessly foster positive impact. By providing nutritious meals to school children, we can eradicate hunger and create an environment conducive to effective learning.”

Caroline Mutuku, General Manager of Kenya at Glovo, emphasized:

“We believe positive change starts locally. Our partnership with Mastercard tackles the crucial challenge of hunger and promotes equitable prosperity in Kenya and Nigeria. We understand that collective action is key, and we hope to inspire others to join similar initiatives.”

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Nigerian Fintech Mamamoni Secures €250,000 Funding

New Investments

Nigerian Fintech Mamamoni Secures €250,000 Funding

Mamamoni, a Nigerian fintech social enterprise dedicated to empowering low-income women, has received a €250,000 grant from the Challenge For Youth Employment (CFYE).
 

This funding, provided over two years, will fuel the expansion of Mamamoni’s network of female agents, driving financial inclusion across Nigeria.

Founded in 2014 by Nkem Okocha, Mamamoni initially offered microloans sourced from individuals and investment clubs.

However, to meet the surging demand, the company pivoted to an agency banking model in 2022. Today, its 500 female agents process over $2 million monthly across ten states.

“Empowering women is core to Mamamoni,” Okocha states. “Our female-only agent network tackles cultural barriers faced by women in accessing financial services.”

The CFYE grant, backed by the Netherlands Ministry of Foreign Affairs, recognizes Mamamoni’s impactful work.

This funding marks a significant leap for Mamamoni, previously supported by organizations like the Tony Elumelu Foundation and Seedstars.

“Our social enterprise model attracts patient capital, targeting communities often overlooked by traditional investors,” Okocha explains. “This grant validates our approach and empowers us to reach even more women.”

Mamamoni’s success story highlights the potential of fintech in fostering financial inclusion and women’s empowerment.

With the CFYE grant, the company is poised to further its mission, creating a ripple effect of positive change within Nigerian communities.

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Global VC Partech Closes $300 Million Fund for African Startups

New Investments

Global VC Partech Closes $300 Million Fund for African Startups

Leading global venture capital firm Partech has announced the final closing of its Partech Africa II fund, securing €280 million (over $300 million) to fuel the growth of African startups across diverse sectors.
 
This marks a significant increase from the initial $263 million raised in 2023, solidifying the fund’s position as the largest dedicated to African startups.

The second close saw participation from prominent investors like US and Middle Eastern pension funds, sovereign funds, the Dubai Future District Fund (DFDF), and the African Reinsurance Corporation (Africa Re).  

Partech, headquartered in Paris with offices in Dakar, Nairobi, Dubai, Berlin, and now Lagos, has a strong track record of investing in digital and tech companies at various stages.
 
Partech Africa II specifically targets seed and early-stage startups, providing much-needed support during critical phases of growth.

This focus on early rounds aligns with Partech’s commitment to fostering long-term development within the African tech ecosystem.
 
It also addresses the need for increased investment in this vital stage, especially considering the anticipated decline in overall investor activity due to global economic challenges.

“Partech Africa II is not just about capital,” says Tidjane Deme, General Partner at Partech. “Our expanding team will enable us to effectively deploy capital and offer comprehensive assistance to portfolio companies throughout their journey.”

Partech Africa II follows the success of Partech Africa I, which closed in 2018 for $143 million and currently supports a portfolio impacting over 1 million merchants and 20 million end users across Africa.
 
The first fund invested in 17 Series A and B startups from nine countries, including prominent names like TradeDepot, Wave, Yoco, Reliance, and Nomba.

Despite a predicted slowdown in African investor activity in 2023, Partech’s successful fund closure serves as a positive indicator for the future.
 

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