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Cassava Technologies Secures USD 310 Million in Funding and Completes Business Reorganization

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Cassava Technologies

This funding is a key part of Cassava’s plan to strengthen its balance sheet, drive sustainable profitable growth, and cement its position as a global technology company of African heritage

LONDON, United Kingdom, December 17, 2024/APO Group/ — 

Cassava Technologies (Cassava) (www.CassavaTechnologies.com), a global technology leader of African heritage, proudly announces three significant milestones: a substantial equity injection, the successful completion of its South African Rand (ZAR) debt refinancing, and the finalization of its legal reorganization. These strategic initiatives position Cassava for robust growth underpinned by a strong balance sheet.

Cassava has closed an equity investment round of $90 million with participation from U.S. International Development Finance Corporation (DFC), Finnish Fund for Industrial Cooperation (Finnfund), and Google LLC. This funding is a key part of Cassava’s plan to strengthen its balance sheet, drive sustainable profitable growth, and cement its position as a global technology company of African heritage.

The conclusion of this equity round coincides with the successful reorganization of Cassava’s business to create an integrated digital solutions platform. This platform provides Broadband Connectivity, Co-location (data centres), Cloud, Cybersecurity, Compute (AI), and Payment services across more than 30 markets in Africa, the Middle East, India, and Latin America.

We are excited to announce these significant achievements, which collectively strengthen our financial position

Additionally, Liquid Intelligent Technologies, a business of Cassava Technologies, has successfully signed new facilities to refinance its South African Rand term loan on a multi-tenor basis. The new facilities, equivalent to USD 220 million in South African Rands, are being provided by Standard Bank of South Africa, Rand Merchant Bank, Nedbank of South Africa, and International Finance Corporation (IFC).

“We are excited to announce these significant achievements, which collectively strengthen our financial position and are a powerful testament to the vision of our founder and Group Chairman, Strive Masiyiwa, and the dedication and commitment of our teams across the Group,” said Hardy Pemhiwa, President and Group CEO of Cassava. “The closing of this equity round, completion of our ZAR debt refinancing, and reorganization represent more than just capital – it’s a pivotal milestone that we expect to unlock immense value and catalyze the further expansion of our digital infrastructure and services to bridge the digital divide on the continent”.

With the addition of DFC, Google LLC, and Finnfund, Cassava’s impressive roster of shareholders includes Econet Group, British International Investment (BII), Public Investment Corporation (PIC), Royal Bafokeng Holdings (RBH), Africa-Export Import Bank (Afreximbank/FEDA), and Gateway Capital.

Cassava Technologies has built a strong portfolio of business units comprising Liquid Intelligent Technologies, Africa Data Centres, Liquid C2, Cassava.ai, and Sasai Fintech, all of which are leaders in their respective sectors. This integrated platform of business units enables the Group to fulfill its vision of a digitally connected future that leaves no African behind.

Distributed by APO Group on behalf of Cassava Technologies.

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Emerging Markets-Focused Fintech Platform PalmPay Unveils New Debit Card in Nigeria with Verve

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PalmPay

The new PalmPay Debit Card brings advanced features such as savings yield on deposits and merchant rewards within reach for mass market users in Nigeria

LAGOS, Nigeria, April 3, 2025/APO Group/ –PalmPay (www.PalmPay.com), a leading digital bank and fintech platform focused on emerging markets, has launched the PalmPay Debit Card in Nigeria in partnership with Verve, Africa’s largest domestic card scheme.

The launch of its debit card represents a key milestone in PalmPay’s evolution – from a mobile wallet known for it’s fee-free transfers and cashback rewards into a full-service digital banking platform offering an integrated ecosystem for payments, savings, credit, insurance, and now, card access.

The new PalmPay Debit Card brings advanced features such as savings yield on deposits and merchant rewards within reach for mass market users in Nigeria. With zero maintenance fees, a simple in-app application process, and nationwide delivery, PalmPay aims to convert millions of its 35 million users to become cardholders this year. The card is accepted at all merchants in the Verve network, and supports both debit and contactless transactions.

“This launch is another step forward in our mission to deliver accessible, reliable and rewarding financial services.“ said Sofia Zab, Chief Marketing Officer at PalmPay. “With the PalmPay Debit Card, we are expanding our ecosystem and enabling our users to pay and earn rewards at even more touch points, including across offline and online commerce. And for merchants, this opens up new opportunities to reach millions of Nigerian digital consumers and collaborate with us to build reward-driven experiences that boost loyalty and sales.”

Alongside the standard debit card, PalmPay is also rolling out PalmPay Premium, a new reward scheme and card designed for high-volume users. It offers enhanced perks such as priority support, advanced financial tools, and exclusive merchant benefits.

With the PalmPay Debit Card, we are expanding our ecosystem and enabling our users to pay and earn rewards at even more touch points, including across offline and online commerce

With over 35 million users and a growing network of 1.1 million agents and merchants in Nigeria – and operations in Tanzania, Ghana, and Bangladesh – PalmPay is building a next-generation financial ecosystem designed to empower consumers and businesses in emerging markets. PalmPay processes up to 15 million transactions daily, underscoring the scale and reliability of its platform.

In addition to its digital banking services, PalmPay provides a suite of B2B offerings for local MSMEs and international merchants, including:

  • Smart POS terminals and a business app
  • Payment orchestration and checkout solutions
  • Bulk payment tools via a self-service merchant portal
  • APIs for embedding and reselling PalmPay’s services
  • Direct integration of services into the PalmPay consumer and business apps

 

“At PalmPay, we believe that building a thriving digital economy requires collaboration. From lending and insurance providers to card schemes like Verve, our ecosystem is powered by strategic partnerships.”, said Jiapei Yan, Chief Commercial Officer of PalmPay. “The launch of our debit card is another example of how we are combining cutting-edge technology with our partner strengths to deliver inclusive financial services at scale – and in doing so we empower businesses targeting Africa to grow faster, reach more customers and unlock more revenue streams.”

Vincent Ogbunude, Managing Director of Verve International, added: “We are proud to partner with PalmPay on this important milestone. Our alliance reflects our shared mission of accelerating financial inclusion and delivering payment innovation that meets the needs of African consumers.”

From zero-fee transfers and high-yield savings to instant credit, insurance, and now cards, PalmPay is redefining what digital banking in emerging markets can look like – personalised, comprehensive, and accessible to everyone.

As international businesses seek entry into Africa’s dynamic digital economy, PalmPay offers a trusted platform with the infrastructure, user base, and reach to help them scale.

Distributed by APO Group on behalf of PalmPay

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Four Points by Sheraton Makes its Debut in Senegal with the Opening of Four Points by Sheraton Dakar Diamniadio

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Located in the new Sports City complex and just 20 minutes from Blaise Diagne International Airport

DIAMNIADIO, Senegal, April 3, 2025/APO Group/ –Four Points by Sheraton, part of Marriott Bonvoy’s (www.Marriott.com) global portfolio of over 30 brands, today announced the opening Four Points by Sheraton Dakar Diamniadio, marking the brand’s debut in Senegal. Whether travellers are visiting Dakar’s ‘smart city’ district of Diamniado for work or fun, the hotel caters to their needs with its approachable design, stylish comfort and all the brand’s popular extras.

Located in the new Sports City complex and just 20 minutes from Blaise Diagne International Airport, Four Points by Sheraton Dakar Diamniadio provides easy access to major local landmarks, including the CICAD (Abdou Diouf International Conference Centre), the Ministerial Sphere Ousmane Tanor Dieng, the United Nations Headquarters for West Africa, and the future Diamniadio Olympic Stadium, set to host the 2026 Summer Youth Olympics.

“The launch of Four Points by Sheraton Dakar Diamniadio marks an important milestone for Marriott International,” said Sandra Schulze-Potgieter, Vice President, Premium, Select & Midscale Brands, Europe, Middle East, and Africa, Marriott International. “Senegal’s rich heritage and Diamniadio’s economic importance make it a perfect fit for our Four Points by Sheraton brand. This new hotel will provide travellers with modern details and local experiences, while supporting the region’s growth in business, sports, and tourism.”

The launch of Four Points by Sheraton Dakar Diamniadio marks an important milestone for Marriott International

The hotel features 173 stylish rooms with views of Sports City and its urban surroundings. Reflecting the brand’s signature style, Four Points by Sheraton Diamniadio offers everything that matters for today’s independent travellers, including the Four Points by Sheraton Four Comfort Bed, fast and free Wi-Fi throughout the hotel and an energising breakfast with fresh coffee on tap.

For a social eating experience, guests can enjoy fresh, and delicious food throughout the day at FP Social, while Chic’ Afrique offers local and international bites in a vibrant, African-inspired setting. For a laid-back end to the day, FP Social Bar offers a relaxed atmosphere where guests can unwind and explore the Four Points’ signature Best Brews™ programme—a curated selection of local craft beers.

Other facilities include an outdoor pool and a state-of-the-art fitness centre. With 139 square metres of flexible meeting space across four rooms, the hotel is an ideal venue for intimate meetings and social gatherings.

“We have wholeheartedly embraced the spirit of Teranga – the essence of Senegalese hospitality -and the innovative Sports City concept in every detail of our hotel’s development. From thoughtful design and carefully chosen materials to exceptional service, we are dedicated to creating an experience where international excellence meets the warmth, generosity, and well-being that make Senegal so special,” said Mustapha Fodil, General Manager of Four Points by Sheraton Dakar Diamniadio.

As the only hotel in the Diamniadio Sports City, Four Points by Sheraton guests have access to world-class sports facilities, including a FIFA-approved football pitch, basketball and tennis courts, an Olympic-sized swimming pool, a range of gyms, and a wellness centre. For families, a children’s playground complete with a climbing wall adds an extra layer of fun. Guests also benefit from the hotel’s proximity to key government and business institutions, while Dakar’s iconic attractions—such as the African Renaissance Monument, Gorée Island, and bustling local markets—are easily accessible by highway or rail.

For more information about Four Points by Sheraton Dakar Diamniadio, please visit www.Marriott.com.

Distributed by APO Group on behalf of Marriott International, Inc

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Morocco Emerges as New Hub for Global Football as World Football Summit Lands in Rabat

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Historic gathering of football leaders from 50 countries set to shape the future of the beautiful game

RABAT, Morocco, April 3, 2025/APO Group/ –World Football Summit (WFS) (https://WorldFootballSummit.com), in partnership with UM6P and Evosport, and with OCP Group as the Presenting Partner, will welcome over 1000 leaders from the global football industry to Rabat on April 9-10, 2025, marking a significant milestone in Morocco’s rise as a football powerhouse following their historic World Cup performance and ahead of co-hosting the 2030 FIFA World Cup.

WFS Rabat 2025 represents an unprecedented convergence of African football leadership and global stakeholders, with the strong backing of the Moroccan Football Federation (FMRF). The summit will serve as a landmark gathering for African football development while fostering crucial cross-continental collaborations in football governance, investment, and innovation.

The event will feature 85 distinguished speakers from football’s most influential organizations, including Fouzi Lekjaa (President of the Moroccan Football Federation), Gelson Fernandez, (Deputy Chief Member Associations & FIFA Regional Director Africa – FIFA), Samson Adamu (Director of tournaments and events at CAF), Fréderic Kanouté (Football Legend), Mr. Shehu Dikko (Honourable Minister of Sports – National Sports Commission of Nigeria), or Eniola Aluko (Investor and advisor). Furthermore, prominent figures in global sports leadership from the Confederation of African Football (CAF), FIFA, FC Barcelona, or the NBA, will be in attendance as well as government officials from Nigeria, Ghana, or Kenya, creating a unique environment for public-private dialogue on sports development.

The summit will address critical topics including football infrastructure development, investment opportunities, governance frameworks, and pathways for African talent.

Africa’s football journey is no longer a parallel story but a central chapter in the global narrative

Jan Alessie, Co-Founder and Managing Director of World Football Summit, commented: “WFS Rabat represents a key moment in football’s evolution. Africa’s football journey is no longer a parallel story but a central chapter in the global narrative. The future of football is collaborative, and that future begins in Rabat.”

The summit is made possible through the invaluable support of key partners including Royal Air Maroc and TAQA, who have demonstrated their commitment to elevating Morocco’s status in international sports, along with other esteemed organizations such as APO Group or Monterrey FWC26 Host City.

Event Details:

  • Date: 9th-10th April 2025
  • City: Rabat, Morocco
  • Expected attendance: 1000 industry professionals from 50 countries

For more information about World Football Summit’s 2025 events and registration details, visit https://NewAfrica.WorldFootballSummit.com

Distributed by APO Group on behalf of World Football Summit

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