The project seeks to boost the adoption of sustainable and cost-effective transportation solutions for electric motorcycle riders in the city.

The hubs will offer affordable battery rentals, optimized charging facilities, and swift after-sales services, with each hub projected to handle 400 to 500 transactions daily for both battery charging and rentals.

In a press statement, Roam revealed that it is one of three demonstration sites selected in Africa by ENERGICA to develop region-specific, innovative clean energy technologies.

“While Roam focuses on expanding clean transport in Kenya, other demonstration sites include Madagascar, where nano-grids are being developed for renewable water and food production, and Freetown, Sierra Leone, where biogas and water purification systems are advancing energy, water, and fertilizer production,” the company stated.

The new Roam Hubs aim to make electric mobility more accessible, transforming Nairobi’s urban transportation landscape into a cleaner and more efficient system.

Solar charging, which underpins the affordability of the hubs, offers additional savings of KSh 10-15 per kWh compared to conventional electricity.

Roam emphasized the alignment of the ENERGICA project with its broader mission of advancing low-emission transport solutions.

“The ENERGICA project aligns seamlessly with Roam’s mission to provide innovative, low-emission transport solutions,” the statement read.

The fund, known as ACO Fund 3, has received support from prominent international institutions, including the International Finance Corporation (IFC), British International Investment, and the Swiss Investment Fund for Emerging Markets (SIFEM).

Standard Bank of South Africa serves as the credit provider for the initiative.

ACO Fund 3 is designed to provide private credit investments to market-leading companies and infrastructure projects across Africa and other emerging markets, aiming to deliver competitive returns for investors.

Nathaniel Micklem, co-head of Ninety One Emerging Market Alternative Credit, expressed enthusiasm for the fund’s launch.

“Along with our partners, we are very excited to be launching our 19th emerging markets private credit fund. The strategy has a long history of supporting growth and infrastructure companies across Africa and other emerging markets,” he said.

He also highlighted the ACO strategy’s strong performance record, stating it has consistently outperformed public and private credit benchmarks while contributing to the development of capital markets in its target regions.

Kalina B. Miller, IFC’s financial institutions group regional industry manager for Southern Africa, emphasized the fund’s potential impact on economic growth. 

“This milestone marks a significant step in our commitment to fostering private sector-led growth and job creation across Sub-Saharan Africa,” she said.

ACO Fund 3 is poised to strengthen private sector growth and infrastructure development across emerging markets, further solidifying Ninety One’s reputation as a key player in alternative credit strategies.

The investment will support eight hydro-powered mini-grids that are set to benefit over 10,000 individuals and local businesses.

Hydrobox, known for its innovative approach to energy access, builds, owns, and operates containerized hydro power plants.

These plants, designed for cost-efficiency and rapid deployment, provide sustainable energy solutions to areas that are often off-grid and challenging to reach.

Leveraging advanced IoT technology, each hydro unit is remotely monitored and managed, ensuring optimal efficiency and minimal downtime.

The $9 million funding was secured from FMO, the Dutch entrepreneurial development bank, and EDFI Management Company, through ElectriFI, an EU impact investment facility dedicated to clean energy projects in developing nations.

The capital injection will enable Hydrobox to expand its operations and provide electricity to 2,582 households across four mini-grids, benefiting a wide range of clients, including factories, farms, schools, hospitals, restaurants, and households.

Hydrobox’s approach harnesses the power of local rivers to generate sustainable energy, reducing reliance on fossil fuels and lowering carbon emissions.

This strategy not only promotes environmental sustainability but also supports local job creation and economic development.

Thomas Poelmans, CEO and co-founder of Hydrobox, emphasized the importance of the new funding and partnerships.

“Our collaboration with esteemed investors FMO and ElectriFI is a testament to the dedication of our team. With these strong partners and a robust pipeline of projects in Kenya and the DRC, we are on track to make a significant impact on energy access in Africa. By 2030, we aim to reach one million end-users,” he said.

Announced during COP29 in Azerbaijan, the investment will bolster Acumen’s Hardest-to-Reach (H2R) initiative, a non-profit fund designed to enhance solar energy access for underserved communities.

The H2R initiative focuses on providing flexible debt and capital investment to solar companies operating in remote areas of the continent.

Acumen Founder and CEO Jaqueline Novogratz emphasized the initiative’s role in addressing energy poverty.

“H2R has already disbursed $10 million across six countries since its inception. This partnership with IFC allows us to scale our efforts and bring clean energy closer to communities that have been largely overlooked in the climate transition,” she stated.

The initiative aims to reduce greenhouse gas emissions by decreasing reliance on kerosene and diesel while connecting millions of households to solar electricity.

This effort aligns with the World Bank Group’s Mission 300, a collaboration with the African Development Bank, which seeks to connect 300 million people in Africa to sustainable electricity by 2030.

IFC’s investment is expected to drive significant progress toward universal energy access while contributing to regional environmental and economic sustainability.

Representing 21 countries and covering diverse sectors such as embedded finance, SME lending, and digital banking, these startups highlight the continent’s thriving fintech ecosystem.

With 85% of the selected startups featuring female leadership—a significant increase from the program’s first edition—the Accelerator underscores the growing role of women in Africa’s innovation landscape.

Now in its third iteration, the Visa Africa Fintech Accelerator offers participants a 12-week intensive program that equips them with mentorship, resources, and strategic connections to scale their solutions.

The program culminates in an exclusive Demo Day, where startups showcase their innovations to investors, industry leaders, and potential partners.

Launched in 2023, the program has supported up to 45 startups annually with a 12-week intensive mentorship and funding opportunity.

Meet the Startups of Cohort 3

This year’s participants include:

• Credable (Kenya): A digital banking platform enabling financial institutions to embed financial services.
• Fixa (Rwanda): An end-to-end staffing solution for deploying blue-collar workers.
• Kacha (Ethiopia): Ethiopia’s first licensed private payment platform offering mobile money services.
• Melanin Kapital (Kenya): A carbon neobank providing green loans and carbon credits.
• Umba (Kenya): A digital microfinance bank serving Kenya and Nigeria.
• Zendawa (Kenya): An embedded finance solution for neighborhood pharmacies.
• Enza (Egypt): A platform enhancing SME engagement for banks.
• Moneco (Algeria): A neobank connecting Africa and Europe for diaspora banking.
• MoneyHash (Egypt): A payment API aggregator simplifying financial transactions.
• WafR (Morocco): A digital wallet for informal merchants.
• Block Markets Africa (South Africa): Tokenizing assets to create open financial markets.
• Jabu (Namibia): Digital cash management solutions for Southern Africa.
• Ordev (South Africa): Middleware integrating digital services for retail and hospitality.
• Sticitt (South Africa): Simplifying school-related payments.
• Bumpa (Nigeria): Digital commerce solutions for retail and D2C businesses.
• Kredete (Nigeria): A lending marketplace for borrowers and lenders.
• NearPays (Nigeria): A payment platform for tracking cash flow.
• PaySika (Cameroon): Central Africa’s first challenger bank.
• WeWire (Ghana): A B2B cross-border payments solution.

Founded in 2020 by Adham Nauman, Omar Ezz El Din, and Shady El Tohfa, Amenli provides a variety of insurance products, including medical, car, home, and business insurance.

Amenli is also regulated by Egypt’s Financial Regulatory Authority (FRA). It manages claims with insurance providers on behalf of its clients.

The funding round, led by the European Bank for Reconstruction and Development’s (EBRD) Venture Capital arm, follows an earlier $1 million equity round in October 2023.

Amenli, a graduate of the prestigious Y Combinator accelerator program, also received additional backing from Y Combinator in this latest round.

The funds will enhance Amenli’s technological capabilities, diversify its distribution channels, and invest in product development to digitize and streamline the customer experience.

The company plans to leverage FRA initiatives such as electronic Know Your Customer (eKYC) and eSignature to further improve its offerings.

“We are thrilled to have secured this investment from major global investors who share our vision for transforming the insurance industry in Egypt,” said CEO Shady El Tohfa.

“This funding will enable us to accelerate growth, build scalable technology, and significantly enhance our customer experience.”

Bruno Lusic, from EBRD Venture Capital, praised Amenli’s achievements and potential, highlighting the company’s data-driven platform and strong value proposition for SMEs and individual customers.

“Egypt’s largely untapped insurance market offers immense opportunities for rapid growth as adoption increases in the coming years. We are confident Amenli is well-positioned to capitalize on this trend with its advanced technology and strong leadership,” Lusic said.