Connect with us

VenturesNow

Rensource Energy raises €500,000 to solve Nigeria’s electricity problem

Nigeria’s Rensource Energy, has raised €500,000 to contribute to solving Nigeria’s problem with electricity by helping small and medium-sized enterprises to replace the heavy usage of fossil fuel-powered generators with solar systems

Published

on

Nigeria’s Rensource Energy, has raised €500,000 to contribute to solving Nigeria’s problem with electricity by helping small and medium-sized enterprises to replace the heavy usage of fossil fuel-powered generators with solar systems.

This loan from investors on Trine will provide at least 4,000 shops in Nigeria access to electricity. Founded in 2015 with over 1500 customers, Rensource’s aim is to make Nigeria the first country in the world to rely predominantly on distributed, renewables-based power generation.

In January this year, Rensource Energy raised $3.5 million in bridge financing to hire more personnel, expand operations into Kano and Abuja, and expand its its product base.The round was led by Mauritius Amaya Capital Partners with participation from Omidyar Network and South Africa’s CRE Venture Capital.

The firm previously raised a $1.1 million led by CRE Venture Capital and Sissili Limited and was also part of the XL-Africa acceleration program.

Read Also: Kenya’s $3bn show-piece railway project makes $100m loss in first year

In total, the firm has raised $5.5 million in external equity since 2016 from shareholders, such as Bamboo Capital and Amaya Capital who both have made significant investments in the renewable energy sector.

The power-as-a-service subscription based energy service uses solar-hybrid systems that gets installed at the customer, generating and storing electricity.

The firm works as power as a service on a subscription model where the customer pays a monthly fee and Rensource provides equipment, power and maintenance.

VenturesNow

Nigeria’s central bank bans govts, banks, others from owning Bureaus de Change amid FX crisis

Published

on

Governments, commercial banks, merchant banks, other financial institutions (OFIs) and public officials are among the groups that the Central Bank of Nigeria (CBN) has prohibited from directly or indirectly owning Bureaus de Change (BDCs) amidst the country’s growing shortage of foreign exchange.

This was made public by CBN today in its Guidelines for the Management of BDCs in Nigeria. The apex bank stated that without permission, no one was allowed to conduct BDC activity in Nigeria.

The guidelines’ Section 2.0 stated: ”The following shall not be allowed to participate in the ownership of BDCs, directly or indirectly: Commercial, merchant, non-interest and payment service banks, OFIs, including holding companies and payment service providers, serving staff of financial services regulatory and supervisory agencies;

“Serving staff of regulated financial services providers, Governments at all levels, and public officers as defined in 5th Schedule Part IV of the Constitution of the Federal Republic of Nigeria;

“Non-Governmental organizations, cooperative societies, charitable organizations, academic and religious institutions, non-Nigerian non-resident natural persons, non-Nigerian resident natural persons, non-resident non-regulated companies, telecommunication services providers;

“Sanctioned individuals and entities, a shareholder in another BDC (whether directly or indirectly), or any other entity that the CBN may from time to time designate.”

The largest economy in Africa has matured foreign exchange forwards worth over $7 billion, which, despite the CBN’s assurances that the backlog will be cleared, is a major source of concern for investors as the naira continues to decline owing to currency shortages.

Approximately $2.5 billion of the backlog in sectors such as manufacturing, aviation, and petroleum has been fully paid.

Continue Reading

VenturesNow

IMF sees progress on the Egypt credit programme despite Gaza’s pressure

Published

on

The International Monetary Fund (IMF) has reported that talks to expand Egypt’s loan programme are going well.

The IMF stated that Egypt needed a “very comprehensive support package” to deal with its economic problems, which include pressure from the Gaza conflict.

The principal programme revisions under the combined first and second reviews of Egypt’s current $3 billion loan were agreed upon by IMF staff and Egyptian authorities, according to IMF spokesperson Julie Kozack at a routine news conference.

She also stated that “authorities have expressed a strong commitment” to these reforms and declined to discuss details of the Egypt package as the negotiations are continuing.

Kozack while responding to questions on the impact on the talks of challenges posed by the expected entry of Gaza refugees into Egypt, said, “There is a need to have a very comprehensive support package for Egypt, and we’re working very closely with both the Egyptian authorities and their partners to ensure that Egypt does not have any residual financing needs and also to ensure that the programme is able to ensure macroeconomic and financial stability in Egypt.”

The IMF later clarified in a statement that the comprehensive policy package would “support the economic reform programme” in Egypt.

Due to the effects of the Israel-Hamas conflict, the IMF revised down its GDP growth estimate for the Middle East and North Africa and opened a new tab for 2024, which is 2.9%, down 0.5 percentage points from October. Egypt’s projected 3.0% growth rate in 2024 was downgraded by 0.6 percentage points.

According to Kozack, the IMF is still keeping an eye on the financial effects of the attacks on the Red Sea and Suez Canal, which are causing trade flows to reroute around the Cape of Good Hope in South Africa and increase the duration and expense of Europe-Asia travel.

Continue Reading

EDITOR’S PICK

Culture8 hours ago

Ugandan TikToker remanded in prison for insulting President Museveni, traditional ruler

Popular Ugandan TikToker, Ibrahim Musana, also known as “Pressure 247”, has been remanded in prison for allegedly insulting President Yoweri...

Tech9 hours ago

Uganda’s Diamond Trust Bank partners TerraPay for ease of global money transfers

Leading Ugandan bank, Diamond Trust Bank Uganda (DTBU), has entered into a partnership with global cross-border payments network company, TerraPay,...

Sports9 hours ago

Kenyan President Ruto promises Kiptum’s widow new house, job, Ksh.5m cash

Kenya’s President, William Ruto, has promised that the State will build a new and befitting house for the family of...

VenturesNow12 hours ago

Nigeria’s central bank bans govts, banks, others from owning Bureaus de Change amid FX crisis

Governments, commercial banks, merchant banks, other financial institutions (OFIs) and public officials are among the groups that the Central Bank...

VenturesNow12 hours ago

IMF sees progress on the Egypt credit programme despite Gaza’s pressure

The International Monetary Fund (IMF) has reported that talks to expand Egypt’s loan programme are going well. The IMF stated...

Metro12 hours ago

Zambia: Govt restates commitment to policies that will unite citizens

Zambia’s government has restated its commitment to implementing policies that will further unite the citizens. This assurance was given by...

Metro12 hours ago

‘Nigerian govt will go after economic saboteurs,’ Information Minister vows

The Nigerian government says it will go after saboteurs of the country’s economy in the face of challenges which have...

Sports1 day ago

World Athletics President believes late Kiptum would have broken 2-hour marathon mark

World Athletics President, Lord Sebastian Coe, believes late Kenyan world marathon record holder, Kelvin Kiptum, would have become the first...

Tech1 day ago

South African mobile operators announce new services to combat fraud

South African mobile operators have unveiled new Application Programme Interfaces (APIs) services that will help checkmate and combat internet fraud...

Culture1 day ago

Kenyan teacher sets new world record for longest science class

A Kenyan science teacher, Rose Tata Wekesa, has broken the Guinness World Record for conducting the longest science class, clocking...

Trending