This loan is part of a larger $295 million syndicate led by FMO, the Dutch development bank.

“Access Bank’s strong market presence and commitment to SMEs makes them a valuable partner in reaching businesses that need financing,” said Kitanha Toure, Swedfund’s Regional Director for West Africa.

Roosevelt Ogbonna, MD/CEO of Access Bank Plc, highlighted the loan’s significance at a signing ceremony in Hague, Netherlands.

“This facility strengthens our capacity while bolstering Africa’s trade potential,” he said. “We aim to leverage these funds to stimulate growth across various sectors, create jobs, and expand financial inclusion.”

This marks the third such collaboration between FMO and Access Bank, reflecting a shared goal of boosting Nigeria’s economy and job creation.

In 2018, Access Bank secured $10 million as part of a $100 million loan arranged by a consortium of European development finance institutions.

SMEs, estimated at nearly 40 million, are the backbone of the Nigerian economy.

These informal businesses account for roughly 90% of jobs and contribute over 45% to the country’s GDP. Microbusinesses make up a significant portion (nearly 99%) of this network.

The investment will fuel TurnStay’s expansion efforts across Africa and solidify its presence in the local market.

TurnStay offers a payment processing solution specifically designed for the African travel and tourism industry.

Their technology aims to address the high costs traditionally associated with processing payments for hotels and travel companies.

“We’re thrilled by the confidence these investors have placed in our business model,” said Alon Stern, co-founder of TurnStay.

Stern, who previously co-founded consumer finance company Slide Financial, explained that TurnStay “creates a localized payment experience, allowing customers to pay in their home currency using familiar methods.”

He added that TurnStay’s solution has demonstrably reduced processing costs for clients by up to 70%, while also minimizing failed transactions.

TurnStay was founded in 2021 by Stern and James Hedley, co-founder of ticketing platform Quicket.

They identified a critical challenge in the African travel sector: the high fees associated with traditional payment processing for travel businesses.

TurnStay claims to significantly reduce these costs through innovative technology and API integration.

This allows travel companies to attract more direct bookings, bypassing the hefty commissions charged by online travel agencies.

This translates to a direct boost in profitability for travel and tourism businesses throughout the continent.

The African travel and tourism industry is a significant market, projected to reach a revenue of $24.42 billion by 2024 and is expected to continue growing steadily in the coming years.

TurnStay’s expansion plans position them to capitalize on this growth by offering a solution that benefits both travel businesses and international tourists.

This expansion aims to improve the livelihoods of smallholder farmers in the country.

The funding round was led by investment firms CrossBoundary and Redshaw Advisors, alongside existing investors including the Steyn Group.

“This funding is crucial for scaling up our operations at Mount Kenya,” said Rory Buckworth, co-CEO of Bio-Logical. “It also allows us to replicate this model for future expansion, with plans to establish three additional sites across Kenya within the next 18 months.”

This investment comes months after Bio-Logical secured $1 million in seed funding to establish its first facility.

The company’s long-term goals include supporting one million smallholder farmers and sequestering one million tons of carbon dioxide annually by 2030.

Bio-Logical’s technology transforms agricultural waste into biochar, a charcoal-like substance that captures carbon and improves soil health.

This process not only benefits the environment but also empowers farmers by providing them with affordable, climate-resilient fertilizer.

“Smallholder farmers are often hit hardest by climate change, despite contributing very little to the problem,” said Philip Hunter, co-CEO of Bio-Logical.