Zimbabwean investment firm, InfraCo Africa, has partnered with a mobility startup, Mobility for Africa, to deploy 400 electric vehicles in the country’s rural areas for US$2 million.
Known as hambas — which means “go ahead” in the local Ndebele language — the vehicles are solar-powered and assembled in Harare.
Six hundred electric batteries will be produced, and eight charging stations will be installed.
Mobility for Africa says its solutions will improve access to doctors for patients far from health centres and freight transportation to major Zimbabwean metropolitan areas, including Bulawayo, Chitungwiza, Mutare, and Harare.
According to Shantha Bloemen, CEO of Mobility for Africa, “This partnership will enhance the role of rural women as key contributors to economic agricultural productivity, as well as gender equality and climate resilience as enshrined in the United Nations Sustainable Development Goals (SDGs).”
Fin’s $2m extra funding
African credit-led neobank, Finclusion Group, has rebranded to Fin and has raised an additional US$2 million in equity financing to expand into new markets in 2023.
The company raised US$20 million in pre-Series A debt and equity financing in January 2022, bringing the total funds raised in this round to US$22 million.
Leonard Stiegeler led the round and will join the company’s board of directors alongside Sudeep Ramnani and Jai Mahtani.
Fin uses artificial intelligence algorithms to provide financial services to African customers through various credit-focused products.
The startup claims that since its launch in 2018, it has developed consumer-facing credit products to bridge the credit gap in the countries where it operates, which include Tanzania, Namibia, South Africa, Eswatini, and Kenya.
Fin Kenya (formerly TrustGro), Fin Tanzania (formerly Fikia Finance), and Fin South Africa have all been renamed as part of this rebranding — with its products now being SmartAdvance by Fin, NiftyCredit by Fin, NiftyCover by Fin, MediFin and e-Fin.
The company will use the funds to add new, fully integrated territories to its business and develop new offerings, particularly in third-party support for microfinance banks looking to expand their financial services offerings.
