Tech

IFC partners SA health-tech group Lenmed Hospital to expand quality healthcare services in Africa

Published

5 months ago

June 19, 2024

The International Finance Corporation (IFC), a member of the World Bank Group, has entered into a partnership with South African health-tech startup, Lenmed Hospital Group, aimed at increasing access to quality healthcare, especially in underserved communities in South Africa, Botswana, Ghana, and Mozambique.

Under the terms of the partnership, IFC will provide Lenmed with an initial investment sum of R200 million senior loan to help help the company expand its healthcare services over the next four years through the acquisition of new facilities, the purchase of medical equipment, and by hiring and training additional medical staff.

Lenmed on its part, will also expand the number of beds in its hospital portfolio from 2,318 to almost 3,000.

Amil Devchand, Lenmed’s Chief Executive Officer (CEO), said the IFC’s loan is part of a larger, syndicated loan package with three other South African lenders, Rand Merchant Bank, Ashburton Asset Managers, and ABSA Bank, which runs into a total of R2.5 billion.

“The combined financing will also support Lenmed’s plans to expand into other African countries and help meet the company’s refinancing and working capital requirements,” said Devchand.

“In addition to financing, IFC will also help Lenmed improve its environmental and social standards and ensure sustainability across its operations.

“We are extremely excited to have concluded this significant debt package with IFC and our other funding partners, which underscores the confidence in both our Group and the work that we do.

“This additional capital will allow us to continue driving towards achieving our ambitious growth strategy while, at the same time, fulfilling our core purpose of creating healthier and more prosperous communities.”

Cláudia Conceição, IFC’s Regional Director for Southern Africa who also spoke on the partnership, said:

“Our investment in Lenmed will increase access to quality healthcare in South Africa and in other African countries, enabling more people to access the services they need.

“IFC complements public healthcare efforts by leveraging private sector funding and expertise to increase access and meet growing demand for services.”

Related Topics:Featured Funding Healthcare IFC.Investment Lenmed Hospital Group

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Tech

Fintech startup DigMo launched in Zambia to gamify financial planning

Published

11 hours ago

November 24, 2024

Isaac Dachen

DigMo, a gamified fintech startup which helps users to build wealth tools from low to middle-income earners, has been launched in Zambia.

CEO of the DigMo Group, Sylvia Brune, who made the announcement, says the platform which is licensed by the Bank of Zambia to operate a wallet, offers a secure, free digital money account with a special account for users to play a financial planning game which incentivises customers to get started putting money away for the future.

“By giving customers the chance to win big rewards, DigMo is encouraging sustainable habits,” said Brune.

She stated that with an initial rollout in Zambia, DigMo wallet’s first offering, Save to Win, will make putting money away regularly, easy and rewarding with no fixed costs or fees.

“DigMo Save to Win allows users to start with small amounts – from just ZMW10 (US$0.37) – for the chance to win prizes of up to ZMW500,000 (US$19,000).

“We are committed to financial planning innovation for low and middle-income earners across Africa. To achieve this meaningful impact, we approach this like a game studio – where we constantly create and test many new products until we find those with an outsized impact,” Brune said.

“If we just take existing products and make them more affordable or accessible, it is unlikely that we can dramatically change behaviours.

“To succeed, we have engaged directly with users, observing and learning from them to develop DigMo, a solution that will dramatically improve their financial well-being and meet their unique needs,” she added.

Tech

Kenya’s startup BuuPass partners with GiftPesa to launch digital travel vouchers

Published

2 days ago

November 23, 2024

Isaac Dachen

Kenyan digital ticketing and transportation management solutions startup, BuuPass, has entered into a partnership with fintech company, GiftPesa, to introduce digital travel vouchers ahead of the holiday season.

In a statement by BuuPass cofounder and CEO, Sonia Kabra, the move will offer a more flexible and convenient way for Kenyans to manage and gift travel arrangements during the bustling holiday period.

“We’ve noticed a growing demand for digital solutions in the travel industry, especially during peak periods like the holiday season,” said Kabra.

“This partnership with GiftPesa enhances the travel experience for our customers, offering them a convenient way to send travel tickets as gifts and have a safety net for unconfirmed travel dates.

“Unlike traditional paper vouchers that can expire or get lost, GiftPesa vouchers are valid for 12 months and can be redeemed in parts at over 3,000 outlets across the country.

“This flexibility allows recipients to use the vouchers for multiple trips or select their preferred destination, making travel more accessible,” she added.

Founded in 2016 by Kabra and Wyclife Omondi, BuuPass is a leading B2B2C mobility marketplace that enables users to search, compare, and book travel tickets via web, app, or USSD, while its SaaS platform helps bus operators manage their operations, inventory, and sales.

GiftPesa, on the other hand, is a fintech startup that provides businesses and individuals with a platform for creating digital vouchers.

The partnership between the two companies will introduce digital travel vouchers, helping users manage and gift travel arrangements during the bustling holiday period.