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Did you know that over 525 million people used the internet in Africa in 2019? If current growth trends continue, almost 75% of Africans are expected to come online by 2030.
Andile Ngcaba is a South African businessman and technology entrepreneur known for his contributions to the telecommunications industry in Africa.
Ngcaba has held various prominent positions in both the public and private sectors. In the early 1990s, he played a significant role in transforming the South African telecommunications industry while serving as the Deputy Director-General of the South African Department of Communications.
He is the founder and Executive Chairman of Convergence Partners, an investment management firm focused on Africa’s technology, media, and telecommunications sectors. The company aims to support the growth of infrastructure, connectivity, and digital services across the continent.
He has also been involved in various other technology-related ventures and initiatives, including serving as the Council for Scientific and Industrial Research (CSIR) Chairman and the South African Technology Network. Ngcaba has made significant contributions to the development of technology and telecommunications in Africa, and his expertise and leadership have positioned him as a prominent figure in the industry.
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Private equity firm Mediterrania Capital Partners has announced a €100 million co-investment into Coris Holding, the second-largest banking group in the West African Economic and Monetary Union (WAEMU) region.
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Germany’s development finance institution DEG has announced a US$25 million commitment to Helios Fund V, the fifth private-equity vehicle managed by London-based Helios Investment Partners.
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The African Development Bank (AfDB) has pledged US$75 million in financing to Nyanza Light Metals, a South Africa–based company, to help establish a titanium-dioxide pigment production facility in the Richards Bay Industrial Development Zone (RBIDZ), KwaZulu-Natal.