Tech

Safaricom signs multiple agreements with four Kenyan banks to drive sustainability agenda

Published

1 year ago

September 4, 2023

The largest telecommunications operator in Kenya, Safaricom, on Monday, announced signing multiple agreements with four banks in the country as as part of its drive to fund a Sustainability Linked Loan (SLL) plan aimed at strengthening its Environmental, Social and Governance (ESG) agenda.

The deal, which is worth KSH 20 billion, is the largest ESG loan facility ever undertaken in East Africa and the first of its kind for Safaricom, according to its Chief Executive Officer, Peter Ndegwa.

The funding is provided by a consortium of four banks consisting of Standard Chartered, Standard Bank, ABSA, and KCB, and will enable Safaricom to access funding based on its progressive achievement of set milestones across key ESG areas, according to Ndegwa.

“In line with our focus to advance our sustainable business agenda, this funding will unlock our ability to create more diversified investments that will support transformative investments in new technologies, systems and services that allow us to comprehensively manage our ESG footprint,” said Ndegwa.

He added that the huge investment would also “contribute to the growth of Kenya’s sustainable financing market, which remains a key priority for the government of Kenya as part of its Vision 2030 plans.

“This deal is a significant milestone for Safaricom as it aligns our financial strategy with our sustainability agenda, a reflection of our commitment to transforming lives by partnering for growth.

“This significant milestone indicates the continued momentum towards building a more robust sustainable, and diversified financial ecosystem in the region.”

Related Topics:Featured Kenya Safaricom Standard Chartered Bank ESG

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Tech

Tanzanian fintech startup Tunzaa announces capital raise for expansion

Published

8 hours ago

December 4, 2024

Isaac Dachen

Tanzanian fintech startup, Tunzaa, has announced raising fresh funds to enable it carry out its expansion plans.

The fintech, which has developed an innovative payments API enabling e-commerce transactions to be processed in installments, said in a statement that it secured the funding from Warioba Ventures.

A statement by Warioba Ventures said:

“This investment underscores our commitment to fostering solutions that address the unique challenges of African markets while creating a ripple effect of financial empowerment and economic growth.

“We believe Tunzaa is poised to redefine how payments and savings are integrated into the e-commerce experience, setting a new standard for financial inclusion and innovation.”

Tunzaa offers flexible installment that empowers consumers to access products more conveniently while promoting financial inclusion and economic empowerment.

The platform inspires a culture of savings by enabling consumers to save towards specific goals through gamified incentives.

Tech

Egyptian freight-fowarding startup Nowlun raises $1.7m in seed funding

Published

2 days ago

December 3, 2024

Isaac Dachen

Egyptian digital freight forwarding platform, Nowlun, has announced raising $1.7 million in seed funding, which is a significant milestone for the Middle East and North Africa (MENA) logistics sector.

The seed funding round, according to Nowlun’s CEO, Moataz Khamis, was led by Nama Ventures and A15, with participation from Sanabil 500 Global and prominent angel investors.

In a statement announcing the funding, Khamis said the investment will fuel Nowlun’s ambitious expansion plans and accelerate the development of its innovative technology platform, which is transforming the logistics industry by offering instant, transparent, and competitive ocean freight rates, streamlined shipment management, and real-time visibility into cargo movements.

Founded in 2021 by Khamis, Mahmoud Khaled, and Ahmed Emara, Nowlun has rapidly established itself as a key player in the MENA logistics market, integrating all major shipping lines, providing businesses with unparalleled access to real-time pricing and enabling them to make faster, more informed decisions.

“Nowlun’s advanced shipment management system offers a comprehensive control tower, allowing users to track their cargo in real-time, receive instant notifications, and proactively manage any issues,” Khamis said.

“Throughout my decade in logistics, I’ve witnessed the daily inefficiencies shippers face.

“Driven by a sense of responsibility, my team and I are committed to transforming the industry using cutting-edge technology. This funding will empower us to further simplify the shipping process and make shippers’ lives easier,” he added.