The announcement was made at the Global Africa Business Initiative (GABI), held during the United Nations General Assembly.

AFC will lead the financing of the first phase of the Itana project, which is valued at $100 million.

The corporation is working with Itana alongside partners such as Future Africa, PwC Nigeria, and Charter Cities Institute as part of the Initiative for the Promotion of Digital Economic Zones in Nigeria (DiFZIN).

In August 2024, the Nigerian government established a steering committee dedicated to the development of digital economic zones.

The committee includes key ministers, such as those from finance, justice, industry, trade, investment, communications, and the digital economy.

Africa’s digital economy has seen substantial growth over the past decade, with the number of internet users rising from 216 million in 2015 to 728 million by 2024.

Startup funding has also surged, with African startups raising over $4 billion in 2023, up from less than $200 million in 2015.

However, despite these positive trends, regulatory challenges in key startup hubs like Nigeria have caused many entrepreneurs and investors to hesitate.

Itana aims to address these challenges by fostering more favorable conditions for the digital economy.

Itana, co-founded by CEO Luqman Edu, COO Coco Liu, and Iyinoluwa Aboyeji of Future Africa, is developing a digital economic zone in Lagos, Nigeria.

This zone is designed for businesses in tech, finance, and services seeking to expand across Africa.

Companies that register within the Itana free zone will benefit from exemptions such as corporate income tax and value-added tax, along with the freedom to process payments in any currency and avoid import duties on physical products.

Since its founding, Itana has raised $2 million from investors, including Future Africa, Promonos Capital, and LocalGlobe.

The first phase of its development includes a tech campus in Nigeria that will accommodate up to 5,000 people.

Itana already boasts over 2,000 digital members, and several businesses have been licensed to operate within the zone, with more in the application pipeline.

This funding will allow the company to expand its inventory of solar home systems, providing energy access to 182,000 people, including 145,000 who will receive electricity for the first time.

The investment will be released in two phases. The first tranche of $1 million will be disbursed in US dollars, with repayments made in Malawian Kwacha. To mitigate hedging costs, a subsidy from the TCX EU Market Creation Facility will support this.

The second tranche will be both disbursed and repaid in US dollars. This structure helps Yellow Malawi manage foreign exchange risks and sustain its growth.

Maya Khonje-Stewart, Co-Founder of Yellow Malawi, highlighted the importance of the partnership with Acumen in helping the company achieve its goal of providing clean, affordable, and reliable energy to more Malawians.

“Acumen’s Hardest-to-Reach initiative understands the local context and has designed financing that not only meets our needs but also furthers our mission of expanding energy access,” she stated.

Malawi faces significant energy challenges, with only 11% of its population connected to electricity. While 42% of urban residents have access to power, only 4% of rural households are electrified.

Yellow Malawi, founded in 2018 by Mike Heyink and Maya Stewart, provides solar home systems and mobile phones to rural and off-grid customers in Malawi.

The company has already served over 530,000 customers with energy solutions and 62,000 people with smartphones.

In 2023, Yellow Malawi secured $14 million in Series B funding to support its expansion into Rwanda, Uganda, Zambia, and Madagascar, as well as to launch digital and financial products.

Acumen’s Hardest-to-Reach initiative, a $250 million program, aims to promote clean energy in underserved markets across 16 African countries, including Malawi.

Alongside its investment in Yellow Malawi, Acumen’s H2R initiative has also invested $1.25 million in RDG Collective, a Zambian solar energy distributor.

This investment will provide energy access to 66,000 people and supply 180 small businesses with solar generators, contributing to local economic growth.

With these strategic investments, Acumen’s H2R initiative continues to advance its mission of bringing clean energy to some of the most underserved regions in Africa.

This initiative, known as the Next Narrative Africa Fund, is set to invest in film projects across the continent with budgets ranging between $1 million and $5 million per project.

The fund plans to offer both equity investments and grants to filmmakers.

Over the next four years, the fund aims to raise and deploy its full $40 million, with a target of securing an initial close in the first quarter of 2025 and a final close by the end of the fourth quarter of the same year. Initial investments are expected to begin in 2025.

This fund represents a significant opportunity for African filmmakers as interest in the continent’s film and audiovisual industries continues to grow.

Nigeria’s Nollywood and South Africa’s film sectors have been leading the charge, attracting global attention and delivering impressive returns for investors.

For example, some Nollywood investors have reportedly seen returns up to three times their initial investments.

Since 2016, major streaming platforms like Netflix have invested approximately $178 million in African film content.

The Next Narrative Africa Fund will focus on supporting commercially viable projects with international appeal, with a particular emphasis on films that address themes such as gender and racial equity, democracy, governance, climate, health, and inclusive economic growth.

Projects must be primarily produced in Africa to qualify for investment.

“We’re excited to support creatives who aspire to not only entertain but also inspire and reshape the global narrative around Africa and people of African descent,” said Akunna Cook, CEO and Founder of Next Narrative Africa.

An advisory board composed of entertainment executives, filmmakers, film distributors, and narrative change experts will guide the fund’s investments.

Notable members of the board include Darcy Heusel from Neon, Areej Noor of Statement Films, Dominic Buchanan of Home Team, and Chin Okeke from Misan Partners.

In addition to financing films, the fund will also invest in the broader film and TV infrastructure across Africa.

The awards were presented at the Africa Venture Finance Programme, a week-long event hosted at Oxford University’s Saïd Business School.

This was the third edition of the programme, which is designed to support VC fund managers who focus on early and growth-stage technology companies in Africa.

Hosted by Boost Africa and AfricaGrow, the event brought together 41 leading fund managers representing 31 African VC funds.

First Circle Capital’s all-female team won the “Most Promising Fund Manager” award for their work investing in early-stage fintech founders.

SpeedInvest was recognized with the “Best Deal” award for their investment in Nigeria-based Moove, a fast-growing company offering vehicle financing and supply chain solutions.

Lastly, Keet van Zyl, founding partner of South Africa’s Knife Capital, received the “Lifetime Achievement Award” in recognition of his contributions to the venture ecosystem and his leadership in the industry.

The award winners were selected from a shortlist by their peers, with a final decision made by a panel of judges that included limited partners.

The week-long event attracted participation from notable funds such as Partech, AfricInvest, TLcom Capital, and Norrsken22.

It provided a platform for investors to exchange ideas and discuss solutions tailored to Africa’s unique challenges, fostering growth in the continent’s tech venture capital sector.

Over half of the attendees were women, signaling progress in gender inclusivity within VC leadership.

Speaking about the event, European Investment Bank (EIB) vice-president Ambroise Fayolle stated, “We are proud of Boost Africa’s role in supporting a vibrant and resilient VC ecosystem in Africa and helping African entrepreneurs transform their ideas into successful businesses. The EIB remains committed to financing new technology and ideas that will address global challenges.”

The funds will support SPMS’s expansion strategy, enabling the company to triple its cultivated land and accelerate its growth.

SPMS, founded by agronomists Samir Jbali and Samir Belhouari, has been a key player in Morocco’s agricultural sector since its inception.

Originally specializing in cherry tomato production in 1992, the company expanded into red fruits, including raspberries, blueberries, and blackberries, in 2014 through a partnership with Driscoll’s, a global leader in fresh berries.

Headquartered in Agadir, Morocco, SPMS currently operates across 101 hectares and employs over 2,000 workers, most of whom are trained in modern agricultural practices.

With Vantage Capital’s investment, SPMS plans to scale its operations to over 300 hectares.

“We are excited to have Vantage Capital’s support as we pursue our long-term growth strategy,” said Samir Jbali, CEO of SPMS. “This investment is a key milestone that will enable us to strengthen our market presence.”

Luc Albinski, Executive Chairman of Vantage Capital, expressed enthusiasm for the partnership.

“We are proud to support SPMS in this next phase of growth. The agricultural sector in Morocco is thriving, and SPMS has shown exceptional leadership in the industry.”

This marks Vantage Capital’s fourth investment in Morocco, with the firm being supported by Clifford Chance for legal counsel, Deloitte for financial and tax advice, and Ibis Consulting for environmental review.

The investment represents a significant boost for the agricultural sector in Morocco, with SPMS poised for further growth in the years to come.

The project involves the construction of a 219-kilometer pipeline that will transport desalinated water from the Atlantic coast to central Morocco.

This initiative aims to ensure a sustainable water supply for both OCP’s operations and local communities.

OCP’s Chairman and CEO, Mostafa Terrab, highlighted the project’s significance, stating:

“This is a testament to OCP’s commitment to sustainable development and innovation. By securing a reliable source of desalinated water, we are not only enabling the continued growth of our operations but also providing essential resources to local communities.”

The project aligns with OCP’s broader goal of relying entirely on non-conventional water sources and powering its operations with renewable energy.

By 2030, the pipeline is expected to be powered exclusively by renewable energy.

Beyond this initiative, OCP has been actively involved in combating food insecurity and supporting local farmers across Africa.

The group’s efforts include donating fertilizers, providing agronomic support, and improving soil health.

Morocco has been grappling with severe droughts in recent years, leading to water shortages that have impacted both agricultural and industrial sectors.

King Mohammed VI recently emphasized the urgent need to address the country’s water crisis and implement sustainable solutions for water resource management.

The OCP-IFC partnership is a significant step towards addressing these challenges and ensuring long-term water security in Morocco and the broader African region.

This investment will fuel the company’s growth and accelerate the development of its AI-powered recruitment solutions.

Founded in 2021, Kwiks streamlines the hiring process by connecting companies with top freelance headhunters.

The platform’s innovative approach has gained traction in the Moroccan market, and this new funding will enable Kwiks to expand its reach and enhance its services.

“We are thrilled to have Azur Innovation Management as a strategic partner,” said Amine Khayatei Houssaini, CEO of Kwiks.

“Their investment will allow us to further develop our AI-driven solutions and provide even greater value to our clients.”

The funding will enhance Kwiks’ recruitment platform, including developing advanced AI features that automate candidate screening and matching.

This will help companies hire more efficiently and effectively, saving time and resources.

“Our goal is to revolutionize the recruitment industry by leveraging technology to connect companies with the best talent,” said Karim Kaoukabi, co-founder of Kwiks.

“This funding will help us achieve that goal and position Kwiks as a leader in the HRtech space.”

The investment will fuel ABC’s growth plans, including expanding its client base, increasing agent coverage, and introducing new financial services.

ABC, established in 2017, is a licensed Payment Systems Operator focused on providing accessible financial services to underserved communities in Uganda.

Richard Jabel, ABC’s CEO, expressed his enthusiasm for the partnership, stating that the investment will enable the company to further enhance its services and improve access to basic financial services through mobile phones, agents, and merchants.

Goodwell’s investment comes at a time when Uganda’s financial technology landscape is experiencing rapid growth.

Other notable payment providers, such as Flutterwave, eTranzact, and NALA, have also secured licenses to operate in the country, indicating a growing demand for digital payment solutions.