The investment, provided by MASSIF, a financial inclusion fund managed by the Dutch entrepreneurial development bank FMO, will fuel the company’s expansion and further bridge the SME finance gap in Africa.

Founded in 2015, Fido has been leading the way in providing accessible credit to individuals and businesses in Ghana and Uganda.

By leveraging technology and alternative data, the platform has granted loans to over 650,000 customers who may not have a traditional financial track record.

The latest funding round will enable Fido to increase its loan book in existing markets and explore new African countries.

This expansion aligns with the company’s mission to support underserved communities, particularly those at the bottom of the pyramid.

MASSIF’s investment in Fido demonstrates its commitment to financial inclusion and the empowerment of micro, small, and medium-sized enterprises (MSMEs).

By partnering with Fido, MASSIF aims to address Africa’s $331 billion SME finance gap and provide innovative digital lending solutions to underserved populations.

Fido’s successful Series B funding underscores the growing demand for accessible and inclusive financial services in Africa.

As the company continues to expand its reach and impact, it is poised to play a vital role in driving economic development and empowering individuals and businesses across the continent.

The global engineering and construction contractor’s investment follows extensive discussions and negotiations with Ugandan President Yoweri Museveni earlier this year.

UTel, once Uganda’s national telecom provider, faced financial challenges that led to its placement under a court-appointed administration in November 2022.

As a result, the company relinquished all its assets and business operations.

To facilitate the investment, UTel has agreed to cede 60% of its shares to Rowad Capital.

The Dubai-based company is expected to invest an initial $225 million in the telecom sector, aiming to revitalize UTel’s operational capabilities and enhance its market competitiveness.

The broader strategy behind this investment seeks to revamp Uganda’s telecom industry and attract foreign investment.

By aligning with the country’s regulatory framework, the government hopes to create a more dynamic and competitive telecom landscape.

In line with Ugandan regulations, UTel is required to list at least 20% of its shares on the Uganda stock exchange within two years.

This move aims to ensure transparency and public participation, a practice already adopted by major players like MTN Uganda and Airtel Uganda.

ElimuTab, founded in 2022 by Anthony Kahinga and Grace Wairimu, is pioneering the development of locally tailored educational tablets designed to enhance learning outcomes for Kenyan students.

ElimuTab’s tablets come preloaded with a comprehensive suite of educational resources, including curriculum-approved e-books, engaging apps, and interactive content.

These resources are carefully curated to support students in preparing for exams, reviewing core subjects, and even learning the basics of coding.

David Kleiterp, co-head of investments at Untapped Global, expressed his enthusiasm for the investment, stating, “Our mission is to empower impact-driven SMEs in emerging markets, and ElimuTab perfectly aligns with this goal. By providing affordable, locally-relevant educational tablets, they are democratizing access to quality education in Kenya.”

Kleiterp further emphasized the importance of education in driving economic empowerment, highlighting that ElimuTab’s innovative solution is addressing a critical challenge on the African continent.

“This investment is not just about a product; it’s about opening doors to a brighter future for countless students across Kenya,” he added.

Untapped Global’s investment in ElimuTab underscores its commitment to supporting local innovation and scaling solutions that have a positive impact on communities.

By investing in such startups, the firm is contributing to the transformation of Africa’s economy and ensuring that future generations have the opportunity to thrive.