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Tugende closes pre-Series B funding raising a total USD 10 million in equity and debt transactions

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Tugende

Verdant Capital served as Tugende’s financial advisor and arranger with respect to its equity and debt capital raises

KAMPALA, Uganda, October 11, 2022/APO Group/ — 

Tugende, the innovative fintech platform for MSME credit and asset-financing in East Africa, closed in Q2 pre-Series B equity funding (https://bit.ly/3ConMOr) from existing shareholders led by Partech and two new investors, including Women’s World Banking. The new investors add to the diversity of Tugende’s shareholding and complement the experience and skills that each contribute to Tugende’s growth. Along with a recent debt closing, the combined USD 10 million investment further strengthens Tugende’s balance sheet, allowing it to increase portfolio growth and address a significant credit demand amongst MSMEs, particularly after the strict lockdowns of 2020 and 2021. Tugende continues to deliver this MSME support with award winning positive social impact to its clients and their beneficiaries. On May 25th, 2022, Tugende received the Financial Inclusion award (https://bit.ly/3yA8wwL) at the annual African Banker Awards ceremony, held in Accra, Ghana.

CJ Juhasz, Chief Investment Officer of Women’s World Banking Asset Management (“WAM”), states: “We’re excited to join Tugende’s journey. Tugende is a leader in reaching and de-risking underserved individuals and businesses for financial services to grow and create jobs. Women’s World Banking is dedicated to economic empowerment, and we are particularly keen on investing at the intersection of mobility and finance, as the empowerment potential for individuals, especially women, is multiplied. Tugende’s leadership is visionary, cares deeply about its mission, and brings the experience to achieve its ambitious plans. We look forward to teaming up with Tugende as it drives financial inclusion pan-Africa and increases the number of women served in its business ecosystem.”

WAM invests in innovative inclusive finance companies in the emerging markets, guiding them to capture the substantial market share of financially under-served women and the substantial talent pool of women staff and leaders. WAM’s first fund was a pioneer of gender-focused impact investing in inclusive financial service providers. WWBCP II expands the gender-focused investment strategy in innovative financial service providers, with a dedicated technical assistance facility to help portfolio companies achieve strategic objectives toward gender inclusion.

Tugende is committed to innovation and partnerships that remove barriers for people and businesses to build better futures

Michael Wilkerson, co-founder and CEO of Tugende, comments: “Tugende is committed to innovation and partnerships that remove barriers for people and businesses to build better futures. With partners such as WWB on board, Tugende will benefit from the added expertise in delivering Tugende’s Gender Action Plan and activating more women entrepreneurs in Tugende’s ecosystem.”

The pre-Series B equity investment builds on debt financing Tugende closed from Cordaid Investment Management, a leading European impact investor whose mandate is to support the growth of MSMEs across the African continent. Tugende is in the process of drawing down existing debt funding commitments from a variety of leading impact and MSME-focused investors.

Tugende’s business has emerged from the COVID-19 crisis on a strong and steady footing and is back on its high-growth trajectory. The MSME credit gap across sub-Saharan Africa amounts to more than USD 331 billion, with a gap of USD 37 billion in East Africa alone. Tugende is tackling this using asset finance, technology, and industry leading data analytics to unlock growth for informal and formalizing businesses. The company continues to expand its footprint in Uganda and Kenya and, in addition to its strong core package for motorcycle taxis, has increased its exposure to a broader range of income generating assets including four-wheeled vehicles, outboard motors (boat engines), and appliances—all for business use. All client financing packages include comprehensive insurance (product, medical, life), safety equipment, ongoing support, and a digital credit profile which enables successful clients and their communities to earn new opportunities such as top-up loans and enhanced insurance.

Tugende is a digitally enabled lender specialising in asset finance and credit scoring. It has supported more than 55,000 clients in Uganda and Kenya to own income generating assets and build credit profiles to unlock additional opportunities as they grow their business. More than 900 employees ensure the company remains the go-to provider of credit to MSMEs and help keep Tugende’s market leading portfolio quality and cost of risk strong.

Verdant Capital served as Tugende’s financial advisor and arranger with respect to its equity and debt capital raises.

Distributed by APO Group on behalf of Verdant Capital.

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Liberia to Preview Next Oil & Gas Licensing Round Strategy at Houston Investor Day

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The Liberia Petroleum Regulatory Authority will host operators, investors and partners in Houston on August 19 to preview future licensing opportunities and showcase the exploration potential of its offshore basins

HOUSTON, United States of America, August 7, 2026/APO Group/ –The Liberia Petroleum Regulatory Authority (LPRA) will present its strategy for the country’s next offshore licensing round at Liberia Investor Day Houston on August 19, bringing together international exploration companies, investors, service providers and energy leaders to discuss the next phase of Liberia’s upstream development.

Hosted in partnership with Energy Capital & Power, the event will provide a platform for the LPRA, led by Director General Hon. Marilyn T. Logan, to outline Liberia’s regulatory framework, investment priorities and plans to attract new participation across the country’s offshore sector. Discussions will focus on upcoming licensing opportunities, exploration prospects and the subsurface data supporting future investment decisions.

Liberia’s offshore sector is entering a new phase of exploration activity, with renewed international participation and a growing pipeline of opportunities. Following the award and ratification of eight Production Sharing Contracts in 2025, Liberia has re-established itself as a frontier exploration destination, with international operators advancing work programs designed to further evaluate the country’s petroleum potential. TotalEnergies is progressing exploration activities that include offshore geochemical surveys, 3D seismic acquisition and seabed mapping, while Oranto Petroleum has also signed contracts to explore Liberia’s offshore.

At the Liberia Investor Day Houston, the LPRA will provide industry stakeholders with insight into the priorities shaping the next licensing round, including the anticipated process, qualification requirements, available acreage and access to technical data. The engagement will give prospective investors a clearer view of Liberia’s exploration landscape and the opportunities emerging across its offshore basins.

The event will also facilitate direct dialogue between LPRA and the global upstream community, connecting companies with policymakers and industry stakeholders involved in shaping Liberia’s next chapter of petroleum development.

As exploration companies continue to seek new frontier opportunities, Liberia Investor Day Houston will highlight the role of regulatory certainty, data availability and strategic partnerships in unlocking long-term investment across Liberia’s offshore sector.

Registration is now open for attendees. Companies interested in Liberia’s emerging offshore opportunities are invited to join LPRA, investors and upstream leaders in Houston for insights into the country’s licensing strategy and exploration outlook. For more information contact info@energycapitalpower.com.

Distributed by APO Group on behalf of Energy Capital & Power.

 

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Beyond Stabroek: Guyana’s Offshore Basin Attracts New Wave of Exploration Investment

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As ExxonMobil advances appraisal activity in Stabroek and new operators target frontier acreage, Guyana is attracting global capital and building a diversified offshore portfolio designed to sustain long-term growth

GEORGETOWN, Guyana, August 7, 2026/APO Group/ –Guyana’s transformation into one of the world’s fastest-growing oil producers is entering a new phase, with a growing network of IOCs expanding exploration activity across the country’s offshore basin. Beyond the landmark discoveries that first put Guyana on the global energy map, new drilling campaigns and licensing partnerships are creating a broader exploration ecosystem designed to support long-term production growth.

At the center of this momentum is ExxonMobil’s continued exploration and appraisal activity in the prolific Stabroek Block. The company has submitted a proposal for a 35-well exploration and appraisal drilling campaign, expected to run from 2028 through 2033, pending regulatory approval. The program would build on more than 30 commercial discoveries already made in the block, with drilling activity focused on evaluating new prospects and appraising existing discoveries to support future development opportunities.

Exploration activity is also extending into Guyana’s frontier acreage, with ExxonMobil advancing drilling operations at the deepwater Canje Block. The company has deployed the Noble Stena Carron drillship for exploration activity, highlighting continued industry interest in evaluating Guyana’s underexplored offshore potential beyond the established Stabroek Block.

Guyana’s strong exploration outlook comes as the country’s economy continues to benefit from rapid oil sector expansion, with hydrocarbons expected to remain a key driver of exports, government revenues and economic growth. As production scales up, attracting additional investment across exploration, services and infrastructure will be critical to supporting the next phase of development.

That momentum is being reinforced through partnerships established under Guyana’s 2023 offshore licensing round. A consortium comprising TotalEnergies, QatarEnergy and Petronas is advancing exploration activities in Block S4 under a five-year production sharing agreement signed with the government in late 2025. The award represents one of the first major outcomes of the licensing round and demonstrates continued international confidence in Guyana’s offshore resource potential.

Beyond the largest operators, a diverse group of companies is also expanding activity across Guyana’s offshore basin. Eco Atlantic is advancing exploration at the Orinduik Block; CGX Energy and Frontera Energy are progressing work in the Corentyne Block; Occidental is evaluating opportunities in the Roraima Block; while Ratio Guyana and Cataleya Energy hold interests in the Kaieteur Block. Together, these partnerships are broadening Guyana’s exploration landscape, increasing competition for acreage and creating opportunities for future discoveries.

As Guyana transitions from an emerging producer to a global energy hub, the next challenge will be converting exploration success into sustainable investment, local value creation and regional growth. These opportunities will be explored at Caribbean Energy Week 2027, held under the theme “Unlocking the Caribbean Energy Corridor: Oil, Gas, LNG & Investment for a New Global Hub.” Bringing together governments, IOCs, investors and technology providers, the event will examine how Guyana’s expanding partnerships can accelerate offshore development, strengthen regional energy cooperation and attract the capital needed to support the Caribbean’s evolving energy landscape.

Distributed by APO Group on behalf of Energy Capital & Power.

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Energy Capital & Power Establishes London Entity, Expanding Global Platform for Energy and Mining Events

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The move strengthens ECP’s presence in the UK and Europe, and its ability to connect African and South American markets with global investors

LONDON, United Kingdom, August 6, 2026/APO Group/ –International events company Energy Capital & Power (ECP) (www.EnergyCapitalPower.com) has officially established its UK entity in London, marking a milestone in the company’s growth strategy and reinforcing its ability to deliver world-class energy and mining events and campaigns in the UK and Europe.

By establishing a presence in a key hub like London – the pre-eminent energy and mining finance center – ECP actively shapes the global energy conversation. The expansion positions ECP to better serve clients, partners and investors seeking to develop business opportunities between Africa, Europe, the Americas and energy markets worldwide.

Opening our UK company brings ECP closer to key investors in the global energy finance capital

The milestone comes as ECP strengthens its reach through a series of investment platforms that connect global capital to energy and mining projects. These include the Venezuela Energy Week London Showcase on July 30 – with over 300 delegates registered – and the annual Invest in African Energy Forum, held in Paris as the premier event connecting global investors to Africa’s energy transformation.

ECP hosts high level summits and investor conferences in leading energy and minerals producing countries in Africa and South America, including: Venezuela Energy Week; Angola Oil & Gas; MSGBC Oil, Gas & Power; African Mining Week; Libya Energy & Economic Summit; Congo Energy & Investment Forum; South Sudan Oil & Power; and Caribbean Energy Week. The company has hosted investor forums and supported licensing round roadshows in Houston, London and Paris since 2016.

“Opening our UK company brings ECP closer to key investors in the global energy finance capital,” states CEO James Chester. “Having a permanent presence in London further cements our footprint in Europe, enabling us to fulfil our mission to bring minerals and energy investment to diverse global markets.”

With teams located across Africa, Europe and the Americas, ECP has long-facilitated strategic engagement, market intelligence and industry convening, uniting investors with leading energy and mining projects.

Distributed by APO Group on behalf of Energy Capital & Power.

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