Major Financial Institutions Join Forces with WIOCC Group to Revolutionize Africa's Digital Infrastructure
A financing package from IFC and Proparco will support WIOCC Group's expansion strategy across three African countries, enhancing digital infrastructure and connectivity to foster economic growth. The package includes loans of $10 million and ZAR 200 million from IFC, a World Bank Group member, and $20 million from Proparco, a development finance institution. WIOCC expects to secure an additional $10 million loan for its expansion in Nigeria soon. The funds will enable WIOCC to expand its core and edge data centres in the DRC, Nigeria, and South Africa, addressing the growing demand for colocation and data centre services, and expanding its fibre networks, helping bridge the digital divide across Africa.
The financing is structured as sustainability-linked debt, with terms tied to WIOCC's commitment to improving energy efficiency and obtaining EDGE green building certification for its data centres. This investment will allow WIOCC to enhance its open-access data centre operations and extend connectivity across key African markets. Long-term partners like the Agence Française de Développement Group and IFC emphasize the importance of neutral, open-access data centres for a resilient and diversified African digital ecosystem. This latest capital raise marks a significant milestone in WIOCC's mission to build a more connected and sustainable digital infrastructure across the continent.
Source - AppsAfrica
Cadana Secures $7.1 Million Seed Funding to Transform Payroll for African Professionals
Cadana, an emerging markets payroll services provider for global hiring platforms has secured $7.1 million in seed funding to enhance its payroll services for African professionals, focusing on international hiring platforms and financial institutions. Led by Costanoa Ventures with contributions from Better Tomorrow Ventures and 500 Startups, the funding will address specific market challenges and improve service offerings. CEO Albert Owusu-Asare emphasized the company's efforts to integrate local payment systems, ensure compliance, and incorporate benefits systems over the past three years. Founded in 2021 by Owusu-Asare and CTO Ameer Shujjah, Cadana simplifies payroll processes for businesses in over 32 emerging markets, including Nigeria and Ghana, using innovative APIs and white-label products to overcome local employment laws and high remittance fees, thus facilitating global employment opportunities for African talent.
Source - CIO Africa
Africa Data Centres Secures ZAR2 Billion Boost from RMB for Major Expansion
Africa Data Centres, part of the Cassava Technologies group, has secured funding to expand its data centre capacity in South Africa, addressing the growing demand for cloud computing services. This bespoke financing solution, arranged by RMB, highlights the strong financial position of Africa Data Centres and its dedication to South Africa's digital transformation. The ZAR2 billion facility, structured by RMB, aligns with the strategic objectives of Africa Data Centres and will support the company's growth in the region.
Hardy Pemhiwa, President & Group CEO of Cassava Technologies, emphasized that this funding milestone demonstrates their commitment to growth and confidence in the South African data centre market. The additional resources will help Africa Data Centres expand its hyperscale data centre capacity by 20MW, reinforcing its status as a leading player in Africa's data centre industry. Nana Phiri, head of RMB's corporate client group, noted the significant opportunity in the data centre space and affirmed RMB's support for developing a sustainable digital economy in South Africa through this partnership.
Source - AppsAfrica