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South African venture capital firm, 4Di Capital, announces new $25 million seed funding

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South African early-stage venture capital fund firm, 4Di Capital, has announced a new $25 million seed funding few months after the company raised $8 million funds from the South African SME Fund.

Founded in 2009, 4Di Capital principal partner, Justin Stanford, said the outfit has since then played a key role in uplifting startups across different parts of the continent with the startups reaping from its hands-on experience and approach in growing and scaling new businesses in Africa.

“Having spent the past 13 years refining our investment strategy and expanding our footprint past South Africa into the East African market and beyond, we look forward to collaborating hand-in-hand with our new partners,” Stanford said in a statement on Wednesday while announcing the funding.

The new fund which was created in partnership with DotEXe Ventures in Mauritius, Stanford said, will help 4Di Capital invest in more viable startups in Africa.

“Unlike other markets globally which have become saturated, the African market still represents an opportunity for investors.

“The investment landscape is less competitive, resulting in more favourable valuations and terms, and thus the opportunity to potentially achieve higher returns,” Stanford added.

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ADB signs $15m transaction guarantee facility with Zimbabwe’s NMB Bank

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The African Development Bank (ADB) has signed a $15 million Trade Finance Transaction Guarantee Facility with Zimbabwe’s NMB Bank aimed at unlocking trade finance opportunities for small and medium-sized enterprises, as well as agri-business and trade distribution value chains in the country.

At the signing ceremony held at the NMB Bank Headquarters in Harare, ADB Country Manager for Zimbabwe, Moono Mupotola, signed on behalf of the Bank while NMB Bank Chief Executive Officer, Gerald Gore, signed on behalf of the bank.

Speaking shortly after the brief ceremony, Mupotola said the African Development Bank’s board had earlier approved the project in November 2023, with the facility offering up to 100% coverage to confirming banks, effectively mitigating non-payment risks linked to NMB Bank’s trade transactions on a per-transaction basis.

“It is tailored to support trade between Zimbabwe and other African countries and with overseas markets by significantly diminishing the risk for international financial institutions actively engaging in trade finance activities with Zimbabwean businesses,” Mupotola said.

“The African Development Bank is committed to supporting the development of the private sector in Zimbabwe. This is a significant step forward in supporting the growth and competitiveness of Zimbabwean businesses.

“By mitigating risk and facilitating access to trade finance, we are empowering SMEs and local corporates to participate more actively in regional and international trade,” she said.

Also speaking, Gore emphasized the agreement’s importance for Zimbabwe’s economic development.

“This facility will be instrumental in enabling NMB to provide crucial trade finance support to a wider range of Zimbabwean businesses. This will not only unlock new trade opportunities but also contribute to job creation and economic growth.

“SMEs often face challenges in accessing trade finance compared to their larger counterparts. This initiative directly addresses this gap, fostering a more vibrant and inclusive business environment in Zimbabwe,” Gore said.

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Ghana’s communications regulator predicts subsea cable repairs could take five weeks

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According to Ghana’s communications regulator, it will likely take at least five weeks to fully restore service relying on the damaged subsea cables causing internet outages throughout West and Central Africa.

Many businesses that are connected to the internet and telecommunications, such as banks, phone companies, money transfer services, and stock exchange markets, have been severely disrupted as a result of the cable break.

Equinix, a data centre operator, reported on Friday that a “external incident” caused a cut to its cable system in the Atlantic Ocean, off the coast of West Africa, near Cote D’Ivoire. It excluded human activity as the reason.

 

The four subsea cable landing service providers—Africa Coast to Europe (ACE), MainOne, which is owned by data centre operator Equinix (EQIX.O), opens new tab, South Atlantic 3 (SAT-3) and the West Africa Cable System (WACS)—as well as mobile network operators were present at the meeting, according to Ghana’s National Communications Authority.

“The cable landing service providers have indicated an estimated time frame of a minimum of five weeks for full service restoration from the time the vessels are dispatched to the various locations,” the regulator said.

It stated that the service providers had determined the general location of the damage and were getting ready to send out repair ships.

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