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Ghanaian fintech Zeepay raises equity funds to support African, Caribbean expansion

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Ghanaian fintech, Zeepay, has announced securing a round of equity investment aimed at supporting its expansion plans in Africa and the Caribbean.

The fresh funds is coming after the startup had earlier raised $7.9 million in Series A funding round in June 2021 from pan-African investment firms Africa50, Oikocredit, Injaro, Verdant Capital Hybrid Fund, and I&P.

According to founder and CEO, Andrew Takyi-Appiah, Zeepay which came into existence in 2014, “is focused on digital rails to connect digital assets such as mobile money wallets, cards, ATMs, bank accounts and digital tokens to international money transfer operators, payments, subscriptions, international airtime and refugee payments.”

Zeepay has footprints in more than 20 countries globally, and specialises in facilitating the instant settlement of remittances into mobile money wallets in Africa and the Caribbean on behalf of leading international money transfer organizations (IMTOs),” he said.

“Last year, the company settled over 10 million remittance transactions worth over US$3 billion in value.

“The new funds will The funds will go towards supporting Zeepay in expanding its geographical footprint and in deepening its offering to IMTOs as well as senders and recipients of remittances.

“We would like to thank all our stakeholders, including our customers, shareholders, and staff for all the support in bringing this round to a close.

“The raise will greatly assist us to complete our on-going expansion drive into the rest of Africa. Our short to medium plan is to expand our mobile money reach into a minimum of 10 countries within the next two years leveraging remittances in partnership with MoneyGram and delighted to see this vision come through,” Takyi-Appiah added.

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Namibia to receive $138.5 million W’Bank loan

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The World Bank has announced that it has granted a $138.5 million loan to assist Namibia in strengthening its transmission network and integrate renewable energy projects into the grid.

Namibia, one of the driest nations in Sub-Saharan Africa with an abundance of sunshine and wind, aims to establish itself as a hub for renewable energy in tandem with the significant offshore oil and gas discoveries that have made the nation a global centre for exploration.

“Namibia is a uniquely positioned regional leader in the transition towards a greener and more sustainable future,” Satu Kahkonen, World Bank country director for Namibia said in a statement.

This will be Namibia’s first World Bank-financed energy project, and the loan will be utilized by the national electricity utility NamPower as it works to wean itself off of electricity imports from neighbouring nations.

 

Namibia is pursuing a $10 billion green hydrogen project, which, when finished, will be exported to the European Union, in addition to new solar and wind projects.

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Socialist Party accuses Zambian ruling UPND of abducting its candidates

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Zambian opposition party, the Socialist Party (SP), has accused the ruling United Party for National Development (UPND) of masterminding the abduction of its candidate for the Kaunga Ward by-election in Luangwa district of Feira Constituency, Maneya Mwale.

The SP, in a statement in Lusaka, also called on security agencies to arrest the UPND’s Lusaka Province Chairperson, Obvious Mwaliteta, for the alleged abduction of Mwale.

SP’s Vice President, Dr Cosmas Musumali, said Mwaliteta should be arrested together with his District Chairperson, Anderson Banda.

Musumali, who made the call at a media briefing in Lusaka, alleged that Mwaliteta, Banda and other people mentioned kidnapped his party’s candidate.

He also accused the ruling party and President Hakainde Hichilema of being behind such activities that had continued to happen in all the ward elections in the country.

“Those who know this President know that he micromanages everything. He has hands on type of leadership and this kidnapping have not happened once but have been happening, nothing has been done, no one has been arrested, what’s the conclusion, the conclusion is that he is okaying it, he sees nothing wrong with it and the Head of State who swore to uphold the rights and Constitution of Zambia,” Musumali said.

“This is something that can not be done without HH tolerating it, facilitating it and even giving it a go ahead. If it’s done once I would agree with you that some rogue UPND members did it outside his control,” Musumali added.

He also claimed that the UPND was not ready to uphold the democratic tenets of the country and were using all means necessary to win the elections.

“The candidate in Kaunga Ward, like in the other 6 Wards, was abducted during the nominations day, which forced the Socialist Party to look for other candidates and Hichilema has remained silent on such activities,” Musumali noted.

Musumali further called on the Electoral Commission of Zambia to invalidate the nominations for Chikenge and Chisanga wards and set a new date for filling in of nominations.

“We further demand that the Commission should ban the UPND from participating in these two wards due to the crimes committed, which are against the electoral code of conduct,” he demanded.

He expressed that “hell would have broken lose had it been the other way round, and that Socialist Party leader Dr Fred M’membe would have been called all sorts of names by the UPND and their surrogates.”

“This is the winning formular for the UPND, kidnapping, abductions have become child’s play for them, they are endangering people’s lives, you have the audercity to abduct a 22 years old girl and pointing a gun to her head,” Musumali said.

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