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d.light closes $176 securitized financing for off-grid solar in Kenya, Tanzania, Uganda

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Global provider of household products and affordable finance for low-income households, d.light, has announced closing $176 million in securitized financing for off-grid solar in Kenya, Tanzania and Uganda.

According to the CEO of the firm, Nedjip Tozun, the new financing was provided by social impact-focused asset management company, African Frontier Capital.

Tozun, in a statement, said the will use the facility “to scale up its PayGo consumer finance offering to make solar-powered products available to more low-income households and communities without access to electricity.”

He stated that the facility is multi-currency and will enable access to reliable, renewable energy for an estimated six million people across the three countries over the next three years.

“With this new facility, d.light has now closed securitized financing with a total combined purchasing value of USD$718 million across five separate facilities since 2020,” the CEO said.

“This new facility is another landmark step in d.light’s mission to provide people with affordable energy that is also clean, safe and sustainable.

“It lets us expand our reach so that millions of off-grid families across Kenya, Tanzania and Uganda can experience the benefits of solar energy.

“Facilities like this make possible our pioneering PayGo consumer financing model with which we are able to offer solar home systems and high efficiency appliances to the people that need them most in a way that is affordable and sustainable.”

“With this new facility, d.light has for the first time in its history receivables-based financing facilities in each of our PayGo markets – Kenya, Uganda, Tanzania, and Nigeria.

“These facilities allow d.light to remain consistently cash flow positive and remove the requirement for further external equity fundraising to fund our growth.”

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South Africa’s startup Cue launches AI Agents service to enhance customer service

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South African customer service software provider, Cue, has announced the launch of AI Agents, a new service that will empower businesses to automate routine inquiries, personalise customer interactions, and deliver exceptional service at scale.

Rhett Trickett, Chief Product Officer at Cue, who made the announcement in a statement on Monday, said with the AI Agents,
businesses will be able to help customers quickly and efficiently with chatbots and live chat on WhatsApp and social channels.

According to Trickett, the startup has worked with over 300 clients in the last five years, and recently expanded to the United Kingdom.

Cue’s AI Agents are trained on content from websites and company documents provided by businesses, allowing them to understand natural language and respond to a wide range of questions and requests,” he said.

“The service seamlessly integrates with existing workflows, enabling businesses to reduce response times, improve customer satisfaction, and boost agent productivity.

“At Cue, we’re committed to helping businesses deliver exceptional customer service in a rapidly evolving landscape.

“Our AI Agents represent a significant leap forward in customer service automation, enabling businesses to streamline operations, enhance efficiency, and ultimately, build stronger relationships with their customers,” Trickett added.

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Zambian fintech Union54 partners with Paymentology to launch virtual Mastercard debit cards

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Zambian fintech, Union54, has partnered with next-generation payment platform, Paymentology, to launch virtual Mastercard debit cards on its ChitChat social platform.

Perseus Mlambo, CEO of Union54, who made the disclosure in a statement on Friday, said the partnership was timely as it was coming at a time of rapid growth in Zambia’s digital payments sector.

“With 16.4 million mobile connections representing 78.7% of the population, and a projected market growth for digital payments of 16.12% from 2023 to 2027, reaching a size of US$8,441.00 million, Zambia is primed for innovation in financial services,” he said.

“By integrating communication and secure financial transactions on one platform, Union54’s ChitChat has the potential to drive significant economic growth, foster entrepreneurship, and enhance financial inclusion throughout Africa.

“Building on the recent launch of Union54’s ChitChat—a messaging app with an integrated payment wallet—this collaboration introduces a USD virtual Mastercard debit card to the platform.

‘Leveraging over two decades of expertise, Paymentology provides its next-generation payment platform to support Union54’s expansion of ChitChat in Zambia and other African markets during this critical growth phase.”

Union54 which was founded in 2021 by entrepreneurs Mlambo and Alessandra Martini, has quickly gained prominence in Africa’s fintech sector with its flagship product, ChitChat, enabling users to communicate, network, transfer money between wallets, convert USD to local currencies, and send in-app funds to other ChitChat users.

“With the help of Paymentology’s cloud-first, API-driven technology, users can now conduct both in-person and online transactions using their ChitChat virtual Mastercard debit card,” Mlambo said.

“The internet has transformative potential for both individuals and governments. Our goal is to create secure and efficient spaces for communication and transactions. Partnering with Paymentology provides us with the reliability, security, and scalability needed to elevate our offerings. This collaboration will empower our customers with the advanced tools necessary for seamless communication and financial transactions.”

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