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Tsitsi Mutendi Is Leading Family Business Governance and Women’s Empowerment in Africa

Tsitsi Mutendi Is Leading Family Business Governance and Women's Empowerment in Africa

Tsitsi Mutendi is a trailblazing entrepreneur, family business expert, and advocate for women’s empowerment, whose work has significantly impacted the African business landscape.

With a career spanning various sectors, including media, education, and consultancy, Tsitsi has earned a reputation as a thought leader in family business governance, succession planning, and family office structuring.

As the co-founder of the African Family Firms (AFF), Tsitsi has been at the forefront of supporting family-owned businesses across Africa.

The AFF is a pan-African organization that provides essential education, resources, and networking opportunities to help family businesses thrive.

Under her leadership, AFF has become a pivotal platform for addressing the unique challenges faced by family businesses in Africa, such as governance, succession, and wealth preservation.

Tsitsi’s most notable achievement is the co-founding of AFF, an organization dedicated to strengthening family-owned businesses in Africa.

Through AFF, Tsitsi has played a crucial role in helping these businesses navigate complex issues related to governance, succession, and longevity.

A passionate advocate for women’s empowerment, Tsitsi has also made significant contributions to mentoring and supporting women entrepreneurs.

Her efforts to promote gender equality in business have inspired many women across Africa to pursue their entrepreneurial dreams.

Tsitsi is also a highly sought-after speaker and thought leader, frequently invited to share her insights at conferences, workshops, and panel discussions.

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50 Entrepreneurs Make Final Cut for Africa’s Business Heroes

Key Developments

50 Entrepreneurs Make Final Cut for Africa's Business Heroes

Fifty promising entrepreneurs from across Africa have been selected as finalists for the fifth edition of the Africa’s Business Heroes (ABH) initiative.
 
The competition, backed by the Jack Ma Foundation and Alibaba Philanthropy, aims to spotlight and support exceptional African business leaders.

Since its inception in 2019, ABH has awarded a total of US$1.5 million annually to ten outstanding entrepreneurs.
 
Beyond financial support, the program offers invaluable opportunities for mentorship, networking, and professional development.

This year’s competition drew nearly 20,000 applications from all corners of the continent. The 50 finalists represent a diverse range of industries and embody the entrepreneurial spirit that is driving Africa’s economic growth.

Zahra Baitie-Boateng, Managing Director for Africa at Africa’s Business Heroes Initiative, expressed enthusiasm for the caliber of this year’s finalists. “We are thrilled to recognize the exceptional talent and potential of these 50 entrepreneurs,” she said. “Their innovative ideas and unwavering dedication to creating positive change inspire us all.”

The ABH initiative has become a platform for showcasing Africa’s entrepreneurial prowess and fostering a vibrant business ecosystem. 
 
The 50 finalists include:
 
  1. Adewale Yusuf – CEO, AltSchoolAfrica
  2. Adriaan Kruger – Co-Founder, nuvoteQ
  3. Alexander Odhiambo – Co-Founder, Solutech Limited
  4. Amir Tuodor – Co-Founder, Ted Solar
  5. Ady Coulibaly – Operations Manager, Bolingo Consult Ltd
  6. Angelo Pascal Tubibu – CEO, Congofresh
  7. Bamba Lo – Co-Founder & CEO, Paps
  8. Boubacar Biro Balde – Founder & CEO, SodiShop
  9. Clement Owusu-Donkor – Founder, Aquantuo
  10. Daniel Mukisa – CEO, Ridelink Limited
  11. Denis Karema – Co-Founder, SokoFresh
  12. Elizabeth Njuguna – Director, Risiih Investments Limited
  13. Emmanuel Tuyisenge – Temaco Builders Ltd
  14. Eric Onchonga – Co-Founder, Irri-Hub
  15. Eya Hammouda – HK Consulting
  16. Eyitayo Ogunmola – CEO, Utiva
  17. Farah Ahmed Farag –  Founder & CEO, The Baby Garage
  18. Godwin Benson – Co-Founder & CEO, Tuteria
  19. Hadeel Fayek – CEO, Joviality for Cosmetics
  20. Hadeer Soliman – Founder, The Happiness Factory
  21. Helmy Abouleish – CEO, SEKEM
  22. Henri Ousmane Gueye – Co-Founder, EYONE
  23. Ikechukwu Anoke – Founder & CEO, Zuri Health
  24. Jihan Abass – CEO, Lami
  25. Jolis Nduwimana – Founder, WEGE COMPANY
  26. Judith Marera – Founder, Lanforce Energy
  27. Laila Hassaballa – Co-Founder, Bellies En-route
  28. Lotfi Darragi – Founder, ReBootKamp
  29. Louisa Kiwana Olafuyi – Co-Founder & Director, Kunda Kids
  30. Maman Abdou – Founder, TECH-INNOV
  31. Martin Ssali – Founder, Smart Foods Limited
  32. Mathildah Amollo – Founder, GREATLAKES FEEDS LTD
  33. Matina Razafimahefa – Co-Founder & CEO, Sayna
  34. Maxima Nsimenta – CEO, LIVARA
  35. Mercy Mwende – Co-Founder, Thalia Psychotherapy
  36. Mina Shahid – CEO, Numida
  37. Mobolaji Ajayi – CEO, Purelife Health
  38. Muriuki Collins – Co-Founder, TERRA
  39. Najim Abdulrazak – CEO, Noba Africa Agro Allied Limited
  40. Olubunmi Otufowora – CEO, Boomsky Smoothies
  41. Omar Sefiani – Co-Founder, Sobrus
  42. Peter Kironji – Founder, Twiva
  43. Philippe Nkouaya – Co-Founder, PHILJOHN TECHNOLOGIES
  44. Rasha Rady – COO, Chefaa
  45. Richard Duodu – CEO, Metaschool Ltd
  46. Salma Bougarrani – Co-Founder, GREEN WATECH
  47. Samuel Munguti – Co-Founder, Shamba Pride
  48. Samuel Rigu – CEO, Safi Organics
  49. Tisya Mukuna – CEO, La Boite (La Kinoise)
  50. Victor Maina – Founder, Duhqa Ltd
 
Learn more about them here – https://www.africabusinessheroes.org/en/the-prize/finalists?year=2024&type=top50&page=1

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VC Firm HAVAÍC Secures $15 Million for Third African Innovation Fund

New Investments

VC Firm HAVAÍC Secures $15 Million for Third African Innovation Fund

Venture Capital firm HAVAÍC has successfully raised $15 million in commitments for its third African Innovation Fund, marking the first close of the $50 million fund.

The investment comes from cornerstone investors Universum Wealth and The SA SME Fund, as well as a network of local and international family offices.

The fund aims to invest in 15 high-growth African startups in the seed, Series A, and Series B stages.

With a focus on businesses demonstrating regional and global potential, HAVAÍC seeks to expand its portfolio, which already boasts over 20 million customers worldwide.

This announcement solidifies HAVAÍC’s position as a leading investor in the African tech ecosystem.

The firm’s previous funds have yielded impressive results, including a 400% increase in annual revenue and a landmark fifth exit in 2023.

Ian Lessem, Managing Partner at HAVAÍC, expressed enthusiasm about the fund’s potential to drive economic growth and job creation in Africa.

“Our partnership with institutional investors empowers us to support more African entrepreneurs in scaling their businesses and creating positive change,” he said.

Jonathan Sieff, Managing Partner at Universum Wealth, praised HAVAÍC’s track record and investment strategy. “We are confident in HAVAÍC’s ability to deliver exceptional returns for our clients,” he stated.

Ketso Gordhan, CEO of The SA SME Fund, highlighted the fund’s alignment with the organization’s mission to support innovative solutions to social challenges. “We are excited to partner with HAVAÍC in their new fund,” she said.

HAVAÍC’s recent investments include sports data and analytics company Sportable, as well as follow-on investments in RNR, RapidDeploy, hearX Group, and AURA.

Several of its portfolio companies have achieved significant recognition, with RapidDeploy, hearX Group, FairMoney, and AURA ranking among Fast Company’s Most Innovative Companies and the Financial Times’ fastest-growing companies in Africa.

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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 MNT-Halan Expands into Turkey with Acquisition of Tam Finans

Key Developments

Egyptian Fintech MNT-Halan Expands into Turkey with Acquisition of Tam Finans

Egyptian fintech giant MNT-Halan has announced its entry into the Turkish market through the acquisition of Tam Finans, a leading commercial finance company in the country.
 
The deal, which saw MNT-Halan acquire Tam Finans from Actera Group and the European Bank for Reconstruction and Development (EBRD), will bolster the fintech’s global expansion strategy.

Founded in 2018, MNT-Halan has rapidly grown to become a leading provider of financial services in Egypt, offering a range of products including small and micro-business lending, consumer finance, payments, and e-commerce.
 
With a user base exceeding 2.2 million and over $4.4 billion in disbursed loans, the company has solidified its position as a key player in the Egyptian fintech ecosystem.

Tam Finans has a robust loan book valued at over $300 million and a strong presence in the Turkish market.
 
The acquisition is expected to significantly enhance MNT-Halan’s capabilities and accelerate its growth trajectory.

Mounir Nakhla, Founder and CEO of MNT-Halan, expressed enthusiasm about the deal, stating, “The combination of Tam Finans’ expertise and MNT-Halan’s technology will create a powerful force in the Turkish market. We are confident in our ability to deliver innovative financial solutions to millions of businesses and consumers in Turkey.”

The acquisition follows MNT-Halan’s recent $157.5 million fundraising round, which was earmarked for international expansion.
 
The company’s rapid growth and strategic acquisitions position it as a major contender in the global fintech landscape.

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Zemedeneh Negatu: The Strategic Leader Behind Africa’s Aviation Success and Investment Growth 

Zemedeneh Negatu: The Strategic Leader Behind Africa's Aviation Success and Investment Growth

Zemedeneh Negatu is a distinguished Ethiopian-American business leader, global strategist, and investor, renowned for his significant contributions to economic development and investment across Africa.

As the Global Chairman of Fairfax Africa Fund, a Washington, D.C.-based investment firm, Zemedeneh has been instrumental in facilitating large-scale investments and transformative projects on the continent.

His visionary leadership and expertise have established him as one of Africa’s most influential business figures.

Zemedeneh was born in Ethiopia but has built an impressive career that spans across multiple continents.

His Ethiopian heritage and American nationality uniquely position him as a bridge between Africa and the global business community.

This dual identity has enabled him to leverage international networks to attract and channel investment into Africa, fostering economic growth and development.

He is currently the Global Chairman of Fairfax Africa Fund, where he oversees investment strategies that target key sectors such as infrastructure, energy, and financial services.

Prior to his role at Fairfax, Zemedeneh held various executive positions that further honed his expertise in investment and economic strategy.

His deep understanding of global markets and African economies has made him a trusted advisor to governments and multinational corporations alike.

One of his most notable contributions was his involvement in the privatization and restructuring of Ethiopian Airlines.

Under his guidance, the airline transformed into one of Africa’s most successful and profitable carriers, setting a benchmark for other national airlines on the continent.

His work has earned him numerous accolades, including being named one of the “100 Most Influential Africans” by New African magazine. This recognition underscores his influence and the respect he commands within the African and global business communities.

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IFC, Proparco, and Helios Partner to Invest in Africa’s Sports and Entertainment Industry

New Investments

IFC, Proparco, and Helios Partner to Invest in Africa's Sports and Entertainment Industry

The International Finance Corporation (IFC), Proparco, and Helios Sports and Entertainment Group have announced a strategic partnership to drive growth in Africa’s sports and entertainment sector.

The collaboration aims to identify and invest in opportunities that can stimulate economic growth, create jobs, and foster development across the continent.

The partnership will prioritize sectors offering dynamic growth and youth employment opportunities, with the goal of also expanding related industries including tourism, real estate, and media.

Recognizing the untapped potential of Africa’s creative industries, including sports and entertainment, the partnership seeks to address the longstanding gap in financing for these sectors.

The partnership aims to stimulate private sector investment to develop local talent and foster sustainable economic growth.

“Africa’s sports and entertainment industry is poised for significant growth,” said Makhtar Diop, managing director of IFC.

Tope Lawani, co-founder and managing partner of Helios Investment Partners, expressed enthusiasm about the partnership, highlighting Helios’ long-term commitment to Africa and its focus on creating sustainable businesses with positive social impact.

The partnership between IFC, Proparco, and Helios marks a significant step towards unlocking the economic potential of Africa’s sports and entertainment industry.

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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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Fanta Condé: Empowering West Africa’s Economic Growth through Strategic Investments

Fanta Condé: Empowering West Africa's Economic Growth through Strategic Investments

Fanta Condé is a distinguished professional from Guinea, West Africa.

Her career has been marked by significant achievements in the field of investment and finance, particularly in emerging markets.

Born and raised in Guinea, Fanta has built an impressive international career, blending her African roots with a global perspective.

She pursued her undergraduate studies in Finance at Baruch College, City University of New York, where she also minored in Spanish.

This combination of finance and language studies equipped her with a strong foundation in global financial markets and cross-cultural communication.

Fanta furthered her education by earning an MBA from The Wharton School of the University of Pennsylvania.

She began her career as an investment banking summer analyst at JPMorgan, one of the largest financial institutions globally.

During her time at JPMorgan, she worked in the Healthcare coverage group and the Latin America M&A group, gaining valuable experience in high-stakes financial transactions and mergers and acquisitions.

She later joined BlackRock in New York, where she played a key role in expanding the company’s proprietary investment management technology platform, Aladdin.

Her work at BlackRock involved enhancing the platform’s capabilities and broadening its reach to new service providers, demonstrating her ability to drive technological and business growth within a leading global asset management firm.

Fanta’s career took a significant turn when she joined CrossBoundary, a firm specializing in unlocking capital for sustainable growth in underserved markets. 

As a Managing Director, she co-leads the West Africa Investment Advisory team, where she focuses on facilitating investments across various sectors in the region.

Her work at CrossBoundary has been pivotal in driving economic development in West Africa, particularly in sectors such as agribusiness and waste management.

Condé’s achievements are marked by her ability to bridge the gap between global capital markets and emerging economies. 

At CrossBoundary, Fanta has been instrumental in leading projects that attract investment into critical sectors in West Africa, thereby contributing to the sustainable development of the region.

Her leadership at CrossBoundary is not only a testament to her professional acumen but also highlights her commitment to fostering economic growth in her home continent.

By facilitating investments that drive development, Fanta has positioned herself as a key player in the investment landscape of West Africa.

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Egypt’s Synapse Analytics Secures $2 Million to Expand AI Financial Solutions

New Investments

Egypt's Synapse Analytics Secures $2 Million to Expand AI Financial Solutions

Synapse Analytics, an Egyptian artificial intelligence (AI) startup, has secured a $2 million investment to expand its AI-powered solutions across the Gulf Cooperation Council (GCC) and Africa.

The funding round was led by venture capital firm Silicon Badia and Hub71, Abu Dhabi.

Founded in 2018 by Ahmed Abaza and Galal El Beshbishy, Synapse Analytics aims to empower businesses with AI for improved decision-making.

The startup focuses on the financial sector, addressing challenges like financial inclusion and access through advanced AI software for credit scoring, cross-selling, pricing optimization, and customer identification.

Synapse Analytics’ flagship product, Konan, is a Machine Learning Operations (MLOps) platform that facilitates the integration of AI into financial institutions’ operations.

Doxter, another key offering, automates document extraction and processing for efficient data management.

“Our technology seamlessly integrates AI with existing systems, enabling financial institutions to rapidly launch AI-powered solutions while maintaining robust risk management,” said Galal El Beshbishy, COO of Synapse Analytics.

“We’re excited to shape the future of financial decisions and drive innovation in this crucial sector.”

The investment will fuel Synapse Analytics’ growth, allowing the company to expand its reach and impact.

With partnerships with major banking product providers like Amazon Web Services (AWS) and Crealogix, the startup is well-positioned to capitalize on the burgeoning AI market in Egypt, projected to reach $877.30 million in 2024.

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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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