Bank Archives - Venture Deals Africa https://venturedealsafrica.com/tag/bank/ All the news about venture deals in africa, tech news startup reviews and funding news. Mon, 13 Jan 2025 11:40:38 +0000 en-US hourly 1 https://wordpress.org/?v=6.7.1 https://venturedealsafrica.com/wp-content/uploads/2025/01/cropped-VDA-32x32.png Bank Archives - Venture Deals Africa https://venturedealsafrica.com/tag/bank/ 32 32 Egypt’s Agri-Tech Innovator ReNile Secures $450K to Drive Sustainable Farming Solutions https://venturedealsafrica.com/egypts-agri-tech-innovator-renile-secures-450k-to-drive-sustainable-farming-solutions/ https://venturedealsafrica.com/egypts-agri-tech-innovator-renile-secures-450k-to-drive-sustainable-farming-solutions/#respond Mon, 13 Jan 2025 11:40:36 +0000 https://venturedealsafrica.com/?p=24204 Founded in 2017, ReNile is an Egyptian agri-tech startup that has carved a niche in the world of smart farming solutions. The company’s mission is to revolutionize agriculture by integrating advanced technology to boost productivity and sustainability. ReNile specializes in providing end-to-end solutions that address the core challenges of modern farming. Its innovative product range […]

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Founded in 2017, ReNile is an Egyptian agri-tech startup that has carved a niche in the world of smart farming solutions. The company’s mission is to revolutionize agriculture by integrating advanced technology to boost productivity and sustainability.

ReNile specializes in providing end-to-end solutions that address the core challenges of modern farming. Its innovative product range is designed to monitor and optimize critical factors such as water, soil, and air quality. By leveraging cutting-edge Internet of Things (IoT) technology, ReNile enables farmers to closely monitor environmental conditions, automate routine processes, and improve overall operational efficiency.

The startup’s IoT systems empower farmers with real-time data insights, allowing them to make informed decisions that enhance crop yields and reduce resource wastage. From automating irrigation systems to monitoring soil health, ReNile’s solutions help streamline farming practices and ensure sustainable use of natural resources.

ReNile’s commitment to innovation and sustainability has attracted significant investor interest. The company recently raised an impressive US$450,000 in funding from undisclosed investors. This fresh capital injection will enable ReNile to scale its operations and expand its reach beyond Egypt.

With ambitious plans to enter the Saudi Arabian and Kuwaiti markets, ReNile aims to address the growing demand for smart farming solutions in the region. These markets present immense opportunities for agricultural innovation, and ReNile is poised to play a key role in transforming traditional farming practices into tech-driven, efficient systems.

As the global agriculture sector faces increasing pressure to produce more with fewer resources, ReNile’s smart farming solutions stand out as a beacon of hope for sustainable and efficient food production.

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Africa Investment Forum 2024 Attracts $7.6 Billion in Investment Interest for Nigeria, Says Dr. Akinwumi Adesina, AFDB President https://venturedealsafrica.com/africa-investment-forum-2024-attracts-7-6-billion-in-investment-interest-for-nigeria-says-dr-akinwumi-adesina-afdb-president/ https://venturedealsafrica.com/africa-investment-forum-2024-attracts-7-6-billion-in-investment-interest-for-nigeria-says-dr-akinwumi-adesina-afdb-president/#respond Sun, 12 Jan 2025 17:47:12 +0000 https://venturedealsafrica.com/?p=24198 Quick Read: The Africa Investment Forum (AIF) 2024 secured $7.6 billion in investment interest for Nigeria, emphasizing transformative projects in sectors like infrastructure, energy, agriculture, and technology. Held in Rabat, Morocco, the event connected global investors with African opportunities under the theme, “Leveraging Innovative Partnerships for Scale.” Dr. Akinwumi Adesina, AfDB President, highlighted the forum’s […]

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Quick Read: The Africa Investment Forum (AIF) 2024 secured $7.6 billion in investment interest for Nigeria, emphasizing transformative projects in sectors like infrastructure, energy, agriculture, and technology. Held in Rabat, Morocco, the event connected global investors with African opportunities under the theme, “Leveraging Innovative Partnerships for Scale.” Dr. Akinwumi Adesina, AfDB President, highlighted the forum’s role in driving economic growth and sustainable development. Overall, the forum attracted $29.2 billion in investment interest across the continent.


Africa Investment Forum (AIF) 2024 has secured $7.6 billion in investment interest for Nigeria, a significant milestone for the nation’s economic growth. This was disclosed by Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), in a tweet following the conclusion of the event.

“I am delighted the Africa Investment Forum 2024 mobilized $7.6 billion of investment interest for Nigeria. It was great to have several State Governors: Lagos, Kaduna, Katsina, Kwara, and Plateau, and (later) Ogun. We will keep working to support & boost investments to Nigeria,” Dr. Adesina said.

Event Highlights
Held from December 4 to 6, 2024, in Rabat, Morocco, the Africa Investment Forum Market Days brought together key stakeholders under the theme, “Leveraging Innovative Partnerships for Scale.” The forum underscored its dedication to driving transformative investments across Africa through strategic collaborations.

Nigeria emerged as one of the event’s major highlights, with state governors from Lagos, Kaduna, Katsina, Kwara, Plateau, and Ogun States showcasing investment-ready projects to a global audience of investors. Their active participation reflected Nigeria’s commitment to attracting substantial international investments to address critical sectors, including infrastructure, energy, agriculture, and technology.

Accelerating Africa’s Economic Transformation
Since its inception in 2018, the Africa Investment Forum has established itself as a premier platform for mobilizing investments to propel Africa’s economic transformation. Its flagship event, the Market Days, connects project sponsors, government leaders, and investors, facilitating seamless deal closures.

The event’s curated boardroom sessions streamline the investment process, matching viable projects with capital from commercial banks, institutional investors, and development partners. This approach ensures direct negotiations and accelerates deal-making.

The $7.6 billion investment interest secured for Nigeria underscores the forum’s effectiveness and the growing confidence in the country’s economic potential.

Innovative Partnerships Driving Impact
The 2024 theme, “Leveraging Innovative Partnerships for Scale,” highlighted the importance of collaboration in fostering sustainable growth. The AIF continues to champion innovative financial models and strategic partnerships to address Africa’s most pressing development challenges.

Dr. Adesina reiterated the AfDB’s unwavering commitment to supporting Nigeria and other African nations in unlocking their investment potential. “We remain focused on driving investments that create jobs, reduce poverty, and foster sustainable development,” he noted.

A Vision for Africa’s Future
During his speech at the event, Dr. Adesina reflected on the forum’s broader mission. “As we all gathered here in Rabat, we joined our hands and hearts, with determination to drive investments into Africa, to accelerate its growth, to move forward successful projects with continuity, and to forge new alliances for stability and resilience of the economies of Africa. We came here to this historic royal city of splendor, Rabat, a World Heritage Site, to make history,” he said.

Beyond Nigeria, the forum achieved a broader success, attracting $29.2 billion in investment interest across various projects. This achievement reinforces the AIF’s role as a catalyst for transformative development across the continent.

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Nigerian Stock Market Hits N64 Trillion Landmark with MTNN and HONYFLOUR Leading the Charge https://venturedealsafrica.com/nigerian-stock-market-hits-n64-trillion-landmark-with-mtnn-and-honyflour-leading-the-charge/ https://venturedealsafrica.com/nigerian-stock-market-hits-n64-trillion-landmark-with-mtnn-and-honyflour-leading-the-charge/#respond Fri, 10 Jan 2025 10:26:27 +0000 https://venturedealsafrica.com/?p=24188 On January 9, 2025, the Nigerian stock market celebrated a remarkable achievement as the All-Share Index (ASI) skyrocketed to a historic high of 105,530.74 points, reflecting a robust increase of 1,300.01 points. This milestone, which represents a 1.25% rise from the previous day, broke through the significant 105,000 barrier and dismantled a resistance level that had held since March 2024. Despite this bullish performance, trading volume saw a decline of 23.4%, dropping to 489 million shares, indicating a decrease in market participation.

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Quick Read: On January 9, 2025, the Nigerian stock market’s All-Share Index (ASI) surged by 1,300.01 points, closing at a record high of 105,530.74, surpassing the 105,000 mark. Despite this significant increase, trading volume fell by 23.4% to 489 million shares, indicating reduced market participation. Notably, MTNN and HONYFLOUR led the gainers with increases of 10.00% and 9.89%, while RTBRISCOE experienced the largest decline, dropping by 10.00%.

Nigerian stock market, tracked by the All-Share Index (ASI), concluded the trading day on January 9, 2025, with a significant milestone. The ASI gained 1,300.01 points, closing at an all-time high of 105,530.74.

Breaking the 105,000 Barrier

This robust performance not only broke through the 105,000-point barrier but also marked a 1.25% increase from the previous day’s close of 104,230.73. The index dismantled the resistance level of 104,562, which had held firm since March 2024.

Decline in Trading Volume

Despite the bullish price action, trading volume experienced a sharp decline of 23.4%. The number of shares exchanged dropped from 639 million to 489 million, reflecting reduced market participation.

Surge in Market Capitalization

Market capitalization climbed to N64.3 trillion, a significant increase from the previous session’s N63.5 trillion. This was fueled by rising stock prices across 13,010 transactions.

Top Performers

MTNN and HONYFLOUR led the gainers with impressive increases of 10.00% and 9.89%, respectively. These performances underscored growing investor confidence in these nigerian stocks.

Top 5 Gainers:

  • MTNN: Up 10.00% to N242.00
  • HONYFLOUR: Up 9.89% to N9.11
  • UNIVINSURE: Up 9.86% to N0.78
  • TRANSCOHOT: Up 9.78% to N127.35
  • IKEJAHOTEL: Up 9.31% to N13.50

Notable Decliners

On the flip side, RTBRISCOE recorded the steepest decline, dropping 10.00%, followed closely by SUNUASSUR with a 9.99% decrease.

Top 5 Losers:

  • RTBRISCOE: Down 10.00% to N2.34
  • SUNUASSUR: Down 9.99% to N8.11
  • TIP: Down 9.68% to N2.52
  • UPDC: Down 9.50% to N1.81
  • GUINEAINS: Down 8.08% to N0.91

Market Activity Highlights

Trading Volume

Market trading volume declined to 489 million shares, a drop of 23.4% from the previous session. Key highlights include:

  • UNIVINSURE: 97.2 million shares traded
  • AIICO: 54.2 million shares
  • SOVRENINS: 24.9 million shares
  • FBNH: 16.2 million shares
  • GUINEAINS: 14.6 million shares

Trading Value

In terms of trading value, SEPLAT dominated with transactions totaling N4.5 billion. Other significant contributors included:

  • MTNN: N1.1 billion
  • PRESCO: N673.6 million
  • TRANSCORP: N643.5 million
  • ARADEL: N638.8 million

SWOOT and FUGAZ Stocks Performance

SWOOT Stocks

MTNN led the SWOOT category with a remarkable 10% surge.

FUGAZ Stocks

The FUGAZ stocks—FBNH, UBA, GTCO, ACCESSCORP, and ZENITHBANK—had mixed outcomes:

  • ZENITHBANK: Up 4.49%
  • ACCESSCORP: Up 0.82%
  • UBA: Up 0.59%
  • FBNH: Down 1.27%
  • GTCO: Unchanged

Market Outlook

The All-Share Index has surpassed the 105,000-point mark, reflecting strong bullish sentiment despite the drop in trading volume. With sustained momentum in mid- and large-cap stocks, the index appears poised to challenge the 106,000-point barrier in the coming sessions.

Market Summary

  • Current ASI: 105,530.74 points
  • Previous ASI: 104,230.73 points
  • Day Change: +1.25%
  • Year-to-Date Performance: +2.53%
  • Volume Traded: 489 million shares
  • Market Cap: N64.3 trillion

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China Development Bank Grants $254.76M Loan to Boost Nigeria’s Kano-Kaduna Railway https://venturedealsafrica.com/china-development-bank-grants-254-76m-loan-to-boost-nigerias-kano-kaduna-railway/ https://venturedealsafrica.com/china-development-bank-grants-254-76m-loan-to-boost-nigerias-kano-kaduna-railway/#respond Wed, 08 Jan 2025 09:03:24 +0000 https://venturedealsafrica.com/?p=24173 Quick Read: The China Development Bank (CDB) has approved a $254.76 million loan to support Nigeria’s 203-kilometer Kano-Kaduna railway project, aimed at enhancing regional connectivity and economic growth. The project, a key initiative under China\u2019s Belt and Road Forum, is being executed by the China Civil Engineering Construction Corporation (CCECC). China Development Bank (CDB) announced […]

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Quick Read: The China Development Bank (CDB) has approved a $254.76 million loan to support Nigeria’s 203-kilometer Kano-Kaduna railway project, aimed at enhancing regional connectivity and economic growth. The project, a key initiative under China\u2019s Belt and Road Forum, is being executed by the China Civil Engineering Construction Corporation (CCECC).

China Development Bank (CDB) announced on Tuesday the approval of a $254.76 million (€245 million) loan to support the Kano-Kaduna railway project in Nigeria. This significant financial commitment underscores China’s role in advancing infrastructure development in Africa.

Crucial Funding for a Strategic Project

According to the CDB’s official statement, the loan will provide essential financial backing to ensure the uninterrupted progress of the Kano-Kaduna railway project. The funding aims to address potential delays and keep the construction timeline on track.

Transforming Regional Connectivity

The Kano-Kaduna railway, a 203-kilometer standard-gauge line, is designed to link Kano, a prominent commercial hub in northern Nigeria, to Abuja, the nation’s capital. Upon completion, the railway will offer a safe, efficient, and convenient transportation option, significantly enhancing regional mobility and reducing travel time.

Economic Impact and Job Creation

Beyond transportation, the railway project is expected to stimulate economic growth along its route. The initiative is set to promote the development of ancillary industries and create numerous job opportunities for Nigerians during both its construction and operational phases.

Key Initiative Under the Belt and Road Forum

This railway project is a flagship initiative under the Third Belt and Road Forum for International Cooperation. Executed by the China Civil Engineering Construction Corporation (CCECC), the project benefits from CDB’s financing. According to the bank, construction is progressing smoothly, reflecting the collaborative efforts between Nigerian and Chinese stakeholders.

Ensuring Effective Loan Management

The CDB has reaffirmed its commitment to closely coordinate with the Nigerian government to ensure the timely disbursement of subsequent loans and effective management of the project’s future phases. The bank emphasized its dedication to supporting Nigeria’s infrastructure development through seamless post-loan management.

Broader Railway Development Efforts in Nigeria

Ongoing Challenges in Funding

Last year, the Minister of Transportation, Saidu Alkali, highlighted China’s commitment to funding the Ibadan-Abuja and Kaduna-Kano sections of the Lagos-Kano railway under the Belt and Road Initiative. However, Alkali noted that securing funds from financial institutions has been challenging due to perceived risks associated with railway projects.

Federal Government’s Commitments

President Bola Tinubu assured that the Ibadan-Abuja-Kaduna-Kano railway project would be completed to meet the expectations of Nigeria and the broader West African region. The Federal Government has allocated N44.4 billion to complete ongoing railway projects, including the Abuja-Kaduna and Lagos-Ibadan lines.

Speed Rail Projects on the Horizon

The government also announced plans to construct a speed rail line connecting Abuja to Lagos. Two organizations have expressed interest in developing this project through a Public-Private Partnership (PPP) agreement. According to Mr. Adeleye Adeoye, Permanent Secretary in the Federal Ministry of Transportation, the project’s commencement awaits the Infrastructure Concession Regulatory Commission’s (ICRC) approval.

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