Quick Takes
VerifyMe Secures Financing
VerifyMe Nigeria, an ID verification and Know Your Customer (KYC) technologycompany,hasannouncedthatithassecuredaSeriesAfinancing thatrunsinintomillionsofnairafromConsonanceInvestmentManagers. The funds would be used to expand strategic partnerships and bring new digital ID verification products to market.
Pleased with the funding, VerifyMe Co-founder/CEO, Esigie Aguele, said:“WearedelightedtopartnerwithConsonanceInvestmentManagers in our mission to build Africa’s KYC infrastructure.
“Digital services are a key catalyst for Africa’s economic growth and financial inclusion but they can only be unlocked if there’s a mechanism to verify identity at scale.
“We strive to transform the digital landscape by providing businesses with KYC-as-a-service tools to verify their client identities.”
TheManagingPartneratConsonanceInvestmentManagers,Mobolaji Adeoye, said: “Authenticated identity is a critical foundation of digital commerce and financial services; it’s the cornerstone of trust which is essential for collaboration in economies. “We believe that Tunji, Esigie andtheVerifyMeteamaredoingworkthatispivotal tomeetingNigeria’s financialinclusiongoals.Weareproudtosupporttheirvisionandjourney”.
VerifyMe said it wouldn’t expand adoption across Nigeria and grow revenue twenty-fold over the next three years. As company with a social mission, VerifyMe will help unlock financial inclusion and intervention services in rural communities, the company said in a statement.
VerifyMe Nigeria is a technology company offering trusted KYC data via API and portal to industries, and the Nigerian retail market.
Afreximbank Seals $190m Deal
TheAfricanExport-ImportBank(Afreximbank)hassignedatermsheet with Made In Africa Inc. (MIA), to provide the company with a $190-million facilitytofinancetheacquisitionofAfricanFabricHoldingsBV,Netherlands, also known as Vlisco Group.
The facility, broken into two tranches, would also be used to provide working capital to Vlisco group following the acquisition.
ManagingDirectorofAfreximbank’sIntra-AfricanTradeInitiative,Kanayo Awani, signed on behalf of the Bank while Chairman and Founder of MIA, KojoAnnan,signedforthecompany,duringaceremonyheldonthesidelines of the Creative Africa Exchange Weekend (CAX WKND) held in Kigali.
VliscoGroupdesigns,producesanddistributesfashionfabrics,especially oftheAfricanwaxprintstyle,fortheWestandCentralAfricanmarketand African consumers in global metropolitan cities. Its fabrics have grown into an essential part of African culture, receiving widespread attention from the art, design and fashion worlds.
CAX WKND, which is featuring more than 2,000 participants and 250 exhibitors from 68 countries, is organised by Times Multimedia and sponsored by Afreximbank and other partners, as the opening act of activities planned under the CAX Programme to bring together African creativetalentsfromthemusic,arts,design,fashion,literature,publishing, film and television sectors.
Siemens Partners Ghana
Siemens has signed a memorandum of understanding (MoU) with the Republic of Ghana to address the country’s energy and infrastructure challenges, while contributing to the government’s growth and development agenda of creating high quality jobs and enhancing the vocational skills of Ghana’s youth. The MoU was signed by Siemens and the Ghana Grid Company Limited (GRIDCo) in the presence of President of Ghana, Nana Akufo-Addo and the President and Global Chief Executive Officer of Siemens AG, Joe Kaeser. Under the agreement, the two companies will work collaboratively to upgrade and extend Ghana’s transmission infrastructure, improve the country’s grid capacity and stability, enable and expand a stable power export to neighbouring countries in the West African Power Pool. “Access to electricity is an imperative need for the people and business and, thus, for economic success of any economy.
“As Ghana has significantly invested into generation capacity, there is nowanurgentneedtobuildareliable,affordableandsustainableelectrical network for the country and its people.