BODAWERK Rebrands To GOGO, Launches New Electric Motorcycle & Partners With Watu To Fund Expansion In Uganda

Launched in Uganda 6 years ago, BODAWERK, now known as GOGO, is a technology company on a mission to help accelerate a sustainable transition to renewable energy in Africa through its technology and products. GOGO is now working to double the number of electric vehicles in Uganda over the next two years. In addition, GOGO has just announced a partnership with Watu Credit Uganda Ltd. to help bring over 1,000 new EVs to the Ugandan market by the end of 2023.

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Mastercard & Equity Bank team to foster financial inclusion in Uganda

Mastercard and Equity Bank Uganda signed a memorandum of understanding to improve financial inclusion for digitally excluded individuals, communities, and businesses in Uganda. Mastercard Community Pass is a set of platform services that enables digital inclusion and provides a commercially sustainable approach to scaling delivery of agriculture, micro-commerce, aid, and healthcare services.

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Korean agency to invest in vegetable seed development to boost farmer incomes

The Korea International Cooperation Agency (KOICA), announced that it will start construction of a test cultivation complex for vegetable seed development for farmer’s income growth and to promote scientific farming in Uganda.

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Kenya and Uganda in deal to promote regional tourism

The two countries are banking on regional cities-eased travel requirements to improve the balance of trade by jointly promoting beaches and parks in the regions where citizens of the two countries are only allowed to use their national identity cards to cross the boarders.

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President Museveni commissions Dei Biopharma Pharmaceutical and Vaccine Plant

The President of Uganda Yoweri Kaguta Museveni, commissioned the Dei Biopharma manufacturing facility in Matugga, near Kampala. The pharmaceutical plant will produce high quality yet affordable medicines across a range of therapeutic medications including cancer and malaria treatment, that will make a difference to millions of families across Africa.

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Uganda and "SCCI" boost cooperation and private sector growth

The Sharjah Chamber of Commerce and Industry (SCCI) held the "UAE-Uganda Business Forum" in honour of a high-level delegation from the Republic of Uganda's visit to the Emirate of Sharjah. At the forum, they talked about how to strengthen ties between the two countries and how the chamber and embassy can help.

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Volcanoes Safaris announces 2023 plans to open 5th lodge in Kibale, Uganda

As we step into a new era of travel, one which prioritizes planetary wellbeing, authenticity and transparency, Volcanoes Safaris, pioneers of gorilla and chimpanzee eco-tourism in Uganda and Rwanda since 1997, reflects on the last 25 years while looking ahead as they announce the launch of their 5th lodge to open in 2023 near Kibale National Park in Uganda for chimpanzee trekking

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Djibouti bank acquires Ugandan entity in expansion move

Salaam African Bank (SAB) headquartered in Djibouti has acquired Top Finance Bank Limited in Uganda in an expansion move, Uganda’s central bank, Bank of Uganda, said Monday. 

Bank of Uganda in a statement issued here said it has approved the acquisition in line with the country’s financial laws. 
Incorporated in 2007, the SAB is a provider of financial products and services mainly in the East African region. Enditem 

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Kenyan fintech Asante announces $7.5m Series A funding for pan-African expansion

Kenya-based fintech startup Asante has announced a US$7.5 million Series A investment to help its credit offerings to a host of African countries.

Asante has developed a digital lending platform that uses alternative data and a proprietary AI loan decisioning management system to approve loans to micro, small and medium sized enterprises (MSMEs) in Sub-Saharan Africa.

The company works directly with ecosystem channel partners, including telcos, mobile-based marketplaces, airlines, retailers, payment processors, insurance companies, smartphone phone OEMs and large FMCGs, to collect conventional and non-conventional MSME data, with the prior consent of the clients, in order to reduce the cost of customer acquisition and due diligence while providing sufficient alternative data for credit underwriting.

Asante has executed over 16 strategic corporate channel partnerships, giving Asante direct access to 2m MSMEs with a monthly lending opportunity in excess of US$200 million. Incorporated in Mauritius, Asante has grown exponentially since it commenced operations in 2018, and now operates in Kenya and Uganda.

The startup has active plans to be in 12 countries by 2025, and looks set to realise part of that goal after announcing a US$7.5 million Series A round anchored by Goodwell Investments with participation by other investors including Sorenson Impact Foundation and Forsage Holdings.

The Series A investment enables Asante to scale its credit offerings to the underserved segment of MSMEs in Kenya and Uganda, and expand to Nigeria and Rwanda.

“We are delighted to welcome our new investors including Goodwell, Sorenson and Forsage in our inaugural institutional fundraise. Together, we will advance access to finance, and financial independence and wellbeing for the millions of small businesses on the continent,” said Chidi Okpala, founding chief executive officer (CEO) of Asante.

“With over 650 per cent growth in lending activities since Q1 2021 and a sustained average all-in default rate of 2.5 per cent, Asante is well-positioned to fast track scale and deepen our impact in our operating markets. Our bold post-COVID response is helping small businesses recover, reconstruct and reposition for growth while ensuring that thousands of jobs are safeguarded. We look forward to a round extension very early in the new year to support the solid growth momentum.”

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Caltex Starts Manufacturing Local Lubricants In Kenya:

FAL Manufacturing Limited (AML), which is owned by Tristar Group, has officially launched the local manufacturing of Caltex lubricants in East Africa a month after signing a license agreement with Chevron Brands International LLC to produce, distribute and market Caltex lubricants in Kenya, Uganda, Tanzania, Rwanda, Burundi and Democratic Republic of the Congo (DRC). 

Tristar Group CEO Eugene Mayne, who spoke during the launch, said that local manufacturing will add value to enable the firm to take the Caltex lubricants brand to a strong market position by supplying high-quality lubricants backed by competitive prices and service.

“We are confident that with more than eight years of local market knowledge, we are confident that there is a growing need for high quality lubricants in the region and we are extremely pleased with this move to be able to sell and distribute locally manufactured, cutting edge Caltex lubricants,” Mayne said.

During the initial stage, Caltex lubricants that will be blended locally are Havoline and Delo engine oils.

Douglas Rankine, the firm’s General Manager Middle East and Africa – Fuels & Lubricants. said the “Caltex Delo advanced products are designed to deliver high-level engine and transmission protection with optimized fuel economy, for improved running costs, less downtime, and helps to save money.

In 2013, Chevron signed a lubricants distribution agreement with Africa Fuels & Lubricants Limited, an affiliate of AML.

“The success of this new brand licensing model is anchored by the strong equity we have in our brands and a focus on implementing a compelling customer experience through our integrated fuels and lubricants business and strategic partnerships. We look forward to a long, and successful relationship with AML,” said Rachna Kaul, Vice President, Europe, Africa, Middle East, South Asia Sales & Global Marine.

Douglas Rankine, GM Middle East & Africa – Fuels & Lubricants. added that “as part of this new relationship with AML, Chevron is excited to grow the Caltex brand across Eastern Africa and will continue to explore future growth opportunities in new and existing markets.

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