This program, part of the Center’s global Mastercard Strive initiative, aims to enhance the resilience and growth of small businesses by providing essential digital skills.

It is one of the ways Mastercard Strive has disseminated chatbot-ready business building content for small businesses in the region, which is currently also available in Kenya and Nigeria.

Small businesses in sub-Saharan Africa, especially those impacted by the pandemic, have faced significant barriers in adopting digital tools.

As of December 2022, only 27.65% of businesses in sub-Saharan Africa had adopted digital tools to enhance their efficiency, showing a slight improvement from 19.44% in August 2020.

A lack of relevant skills continues to limit their growth and access to essential financial services. MoMo Coach addresses these gaps by providing free, accessible upskilling content via popular messaging platforms.

Supported by the Mastercard Center for Inclusive Growth and delivered by Caribou Digital, this program equips small businesses with digital skills, enabling them to adopt digital tools, access capital, and engage more effectively in digital marketplaces.

The program aligns with Mastercard Strive’s broader goal of reaching 18 million small businesses around the world to go digital, get capital, and access networks and know-how.

“Small businesses are vital to Africa’s growth and create opportunities for a more resilient and inclusive regional economy. We are delighted to catalyze a partnership between MTN Group Fintech and Arifu to equip almost one million small business owners with the digital skills and knowledge essential for thriving in an increasingly digital economy, setting them up for success.” said Subhashini Chandran, senior vice president of Social Impact for Asia Pacific, Europe, Middle East and Africa

The MoMo Coach solution, powered by Arifu’s Grasp Platform, uses mobile messaging to deliver micro-learning experiences. It is accessible across multiple channels, including WhatsApp, Telegram, Facebook Messenger, SMS and MoMo. This gives small business owners and entrepreneurs flexibility in accessing practical, actionable tips to unlock growth opportunities in the digital economy.

Serigne Dioum, CEO of MTN Group Fintech, further adds:

“Empowering small businesses with digital skills is key to driving inclusive growth in Africa. Through MoMo Coach, we are unlocking opportunities for entrepreneurs to thrive in the digital economy, strengthening communities, and shaping the future of business across the continent.”

The program has been rolled out in Côte d’Ivoire and Uganda, reaching over 930,000 MTN customers, merchants, and agents, with more than 75,000 small business owners accessing free digital courses and over 45,000 actively engaging with MoMo Coach.

Courses offered include “How to Start Your Business,” “Money Management,” and “Grow and Secure Your Business.”

These courses are based on insights derived from MoMo merchants and agents, and they address key challenges like affordability and access to relevant business knowledge—enabling small business owners to navigate the digital landscape.

Aminata, a 31-year-old business owner from Gôh-Djiboua, Côte d’Ivoire, is one of the many beneficiaries of MoMo Coach.

Selling shoes and clothing since 2022, she says:

“There’s a lot of competition, but MoMo Coach helps me sell better. Before, I used all my profits to buy new stock, which left me using my capital for expenses. Now, I split my profits: one part for business growth, another for expenses, and some savings for other projects.” She has also started using WhatsApp to increase her sales, noting: “My income has increased. When I post my goods, I sell more.”

The post One Million SMBs Benefit from Mastercard, MTN Group Fintech and Arifu Partnership appeared first on Tech | Business | Economy.

• Green lending deployed for two biomass plants – expands EAIF’s renewable energy portfolio beyond 1000MW
• Project advances West Africa’s circular economy, boosts yields and incomes of local farmers
• Financing enhances progress to a cleaner, diversified energy mix
• €8m Viability Gap Funding support provided by PIDG Technical Assistance

The Emerging Africa Infrastructure Fund (EAIF), a Private Infrastructure Development Group (PIDG) company, has announced that it had officially broke ground on the pioneering 46MW biomass power station in Ayebo, Côte D’Ivoire, bringing clean power and a more diverse energy mix to the region.

EAIF has provided a €35m senior loan facility to develop a 46MW biomass power plant in Côte d’Ivoire, the largest facility of its kind in West Africa. Biovea Energie will own and operate the plant when operational.

The capital injection from EAIF, alongside commitments from lead arranger Proparco, a subsidiary of the French Development Agency, will advance the Ivorian energy sector’s net zero pathway and brings a first-of-its-kind project to financial close. PIDG, through its Technical Assistance programme, will support the project’s delivery through an €8m Viability Gap Funding grant, one of the largest it has deployed. 

Expected to cut 4.5 million tonnes of CO2 emissions over its 25-year lifetime, the €237m venture is a breakthrough development in a dynamic energy sector. The project is expected to drive a demonstrative effect by signifying an innovative approach to achieve Côte d’Ivoire’s goal to generate 45% of energy from renewable resources by 2030.

Biovea, owned by EDF International, Meridiam and SIFCA, has been awarded a 25-year power purchase agreement to supply the Ivorian grid. The new plant reinforces the government’s priority to expand access to electricity by 2025 – improving energy security in rural areas with an electrification rate as low as 38%.

Located in Ayebo, 100km east of the capital, Abidjan – Biovea Energie’s project will benefit 1.7 million people. Approximately 12,000 will be local out-growers, supplying up to 70% of the palm tree leaves and branches that will fuel the power plant. Integrating local farmers into the supply chain diversifies their revenue and welcomes greater income security, boosting their earnings by an expected 15%. 

While supporting longevity in income generation for out-growers, the project will also deliver economic opportunities during its construction phase. Development of the plant and accompanying transmission, transport and communications infrastructure will generate 500 jobs. An additional 1,000 roles will uplift the local economy once Biovea Energie commissions the project.

Maximising impact is a critical objective for the partners of the project, which extends to circularity in the supply chain. Preventing environmental harm by promoting the reuse of 520,000 tonnes of agricultural residue that would otherwise be discarded, the project signifies the potential for more regenerative economies. Once processed to power the turbines in the plant, ashes of the residue will be provided to farmers and used as a natural fertiliser for crops – enabling the uptake of more sustainable farming practices that boost yields.

Establishing energy security in the country impacts those nearby, as the country’s evolving energy market serves as an essential exporter of electricity to six of its neighbouring countries.

Once commissioned, the plants will align with PIDG’s commitment to the UN’s Sustainable Development Goal on Access to Clean and Affordable Energy (SDG 7). They are a demonstration of the multifaceted approach needed to propel green growth on the continent and exhibit how participation across the value chain can enhance diverse levels of development. 

Commenting on the transaction, Olivia Carballo from Ninety One, fund manager of the Emerging Africa Infrastructure Fund, said: 

“As such a crucial energy market to one of the continent’s most important production hubs, impacts of a greener economy extend beyond the borders of Côte d’Ivoire. It is emblematic of the many resources we can leverage to accelerate growth across Africa and do so inclusively while contributing to the sustainability of thousands of livelihoods in the area.”

Biovea Energie’s CFO, Franck KOBLAVI, commented:

“We are delighted to close the deal as it has been highly anticipated and moves us closer to evolving the country’s energy mix and progressing an ambitious but attainable sustainability agenda. Working with best-in-class partners has ensured deep deliberation to other aspects of creating impact and will ensure quality service delivery from investment to energy production.”  

The post EAIF Extends €35m to Bring Pioneering 46MW Biomass Power Plant in Côte D’Ivoire to Financial Close appeared first on Tech | Business | Economy.