Сәлеметсіз бе,
Victoria from Techpoint here,
Here's what I've got for you today:
- Telkom's tower deal nears finish line
- Mamamoni gets $269K
- Partech closes second fund at $300m
Telkom's tower deal nears finish line
Telkom is preparing to announce the sale of its Swiftnet tower and masts by April 4, 2024.
In a shareholder update, the South African telco highlighted significant progress with the potential buyer, with negotiations focusing on transaction specifics.
According to JSE requirements, Telkom must keep us updated every 30 business days after issuing a warning, so mark your calendars.
The deal has been in the works since November 2023, when the telco revealed that it was in advanced talks to sell its cellular towers. The buyer? A group of investors, including a private equity firm steering the ship and a Black Economic Empowerment partner.
If everything falls into place, it will still have to go through the usual hoops, such as getting approval from regulators and Telkom shareholders.
The initial plan was to list the Towers business on the JSE in 2022, but because of unfavourable market sentiment following Russia's actions in Ukraine, that plan was shelved.
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Once the telco seals the deal, it will use some cash to beef up Telkom's financial standing, covering its cash flow gaps. There's talk about tossing in a special dividend down the road, but that's not the priority for now.
Although things appear to be progressing well, Telkom is playing it safe and cautioning shareholders not to celebrate too soon.
Mamamoni gets $269K
Mamamoni, a Nigerian fintech company, has received €250,000 ($269K) from the Challenge For Youth Employment (CFYE), funded by the Netherlands Ministry of Foreign Affairs.
This funding, which will be disbursed over two years, is contingent upon Mamamoni meeting specific targets.
The company will use the funds to expand its team of female agents, with assistance from VFD Microfinance Bank.
Nkem Okocha, the brain behind Mamamoni, started this gig in 2014 to empower low-income Nigerian women. It began with microloans and sourced from individuals and investment clubs, but the demand got high. So, it teamed up with financial partners.
By 2022, the company had shifted to an agency banking model, and 500 female agents were bringing in over ₦3 billion a month from ten states.
Why female-only agents? Mamamoni is all about empowering women, and in some places, cultural or religious barriers make it challenging for women to deal with male agents.
The Mamamoni Foundation's mission is to train low-income women through in-person sessions and the SheSABI app. Plus, they offer health insurance for as little as ₦1,000 through a partnership.
What's next? The company wants to grow its agent network to 2,000+ women and launch Herpay, a payments app for women. Lower transaction fees, more empowerment! Mamamoni's aiming to onboard 500,000 women by the end of 2024.
Partech closes second fund at $300m
Partech has closed its second Africa fund, Partech Africa II, raking in €280 million ($300 million) just a year after hitting its first close.
Partech Africa’s investor mix is as diverse as they come. During its first close, it got thumbs up from development finance institutions, commercial investors, African fund-of-funds, and family offices.
For its second close, it got nods from U.S. and Middle Eastern pension funds, sovereign funds, the Dubai Future District Fund (DFDF), and the African Reinsurance Corporation (Africa Re).
A big chunk of the second fund will go to Series A and B rounds.
Why does it matter? While big-shot global VCs and other bigwigs have been pulling back from Africa, Partech Africa's latest fund closure is significant. Find out why here: Briter Bridges: No cause for alarm over 2023 funding decrease
Back to business: Partech Africa is keen to leverage its established position in the ecosystem to support entrepreneurs at different phases of their journey, from early adopters to those who have found their footing, according to the company's general partners.
With offices in Dakar, Nairobi, and Dubai, Partech Africa has expanded to Lagos, where it is looking for new talent to get up close and personal with local startups, highlighting the city's importance as home to a third of the firm's portfolio companies.
What's more, the Dakar-based venture capital firm, which put its money on 17 startups in its first fund, has its eyes set on sectors like fintech, agritech, health tech, retail, FMCG, and agency banking, which are essential for Africa’s job market and economic activity.
In case you missed it
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What I'm reading and watching
- Wyze says camera breach let 13,000 customers briefly see into other people’s homes
- Street Debate: Should we stick to traditional gender roles?
- 33rd degree knowledge: This was taught ONLY to a select few.
Opportunities
- UpdraftPlus is looking for a PHP Software Developer lead. Apply here.
- Phantom is hiring a senior Product Designer. Apply here.
- Selar launches Selar Tuition Funds, offering ₦100,000 to 50 final year Nigerian students to ease education costs. Additionally, internship opportunities will be provided to enhance their career growth. Apply by February 21, 2024, here.
- Application for the Innovest Afrika accelerator programme is open. Apply by February 14, 2024, here.
- Kenyan startups focused on embedded finance, future fintech, SME productivity tools, and content like local gaming and mobile advertising can apply for Safaricom’s Spark Accelerator programme. For more information, check this out.
- The International Center for Journalists (ICFJ) is looking for an editor to support the Arthur F. Burns Fellowship. Apply here.
- Application for the Meltwater Entrepreneurial School of Technology (MEST) Class of 2025 is now open. Check out the one-year, fully sponsored, graduate-level programme in tech entrepreneurship here before March 18, 2023.
- Do you live in Nigeria and work with a local or foreign company? Whether it's remotely, on-site, hybrid, full-time, part-time or as a freelancer, @TheIntelpoint is trying to understand the Nigerian workspace: how you work, and toxicity in the workspace among others. Please, fill out the questionnaire here.
- Explore this website to find multiple job opportunities in Data that align with your preferences.
- If you are a software engineer, creative designer, product manager, design researcher, or a techie looking for an internship role, please, check out this website.
Have a lovely Tuesday!
Victoria Fakiya for Techpoint Africa.
