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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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The European Investment Bank has proposed an investment of approximately $85 million in Virunga Africa Fund II, a pan-African private equity fund managed by Admaius Capital Partners that is targeting $500 million.
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Cascador and Sterling Bank have announced a $200 million SME Credit Backstop Fund designed to help Nigerian small and medium-sized enterprises secure larger, longer-term bank loans with lower collateral requirements.
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Nithio has provided financing to Nigerian electric mobility company MAX, bringing its Series B3 funding round to $29 million to support the expansion of electric motorcycles and solar-powered charging and battery-swapping infrastructure across African markets.