Commerce

FOMO Pay, a prominent digital payment and digital banking solutions provider in Asia, has announced its strategic partnership with Klasha, a leading global cross-border payment company 

In an effort to bolster small and medium enterprises (SMEs) in West Africa, Growth Investment Partners (GIP) Ghana, a British International Investment (BII) platform, has made an investment in E-Services Africa Limited (eSAL), a Ghanaian business process outsourcing (BPO) firm

GIP Ghana, which has an anchor capital commitment of up to US$50mn to provide long-term capital to small and medium-sized enterprises (SMEs) across the country, is providing the investment to eSAL in order to encourage its growth and its global delivery of cost-effective outsourcing solutions for business. This has been pursued as part of GIP Ghana’s purpose of addressing a critical gap in accessing finance for SMEs in the country. 

“We’re pleased to be making our inaugural investment in eSAL,” remarked Jacob Kholi, chief executive and investment officer at GIP Ghana. “This investment marks a significant step forward in our mission to be at the forefront of alternative investment options for long-term capital in Ghana. It signifies our dedication to supporting SMEs, the lifeblood of Ghana’s economy. GIP Ghana is committed to helping bridge the financing gap for Ghana’s SMEs, expanding access to business support services, and providing patient, flexible finance.” 

Africas blossoming BPO sector

According to BII, Ghana’s BPO sector is rapidly expanding, fuelled by the increasing demand for cost-effective and scalable third-party administration and customer service solutions. Sharing a time zone with many European countries, a young English-speaking population operating in a stable political environment is driving the country to become a front-runner as the BPO industry signals a shift from Asia to Africa. 

The support for eSAL, which provides outsourcing process and technology to improve business operations across sectors such as financial services, telecommunications, energy, travel and media, will allow the company to purchase new infrastructure and relocate to a larger facility in Accra. This will allow it to maximise its delivery capacity and serve an increasingly global client base. 

Kojo Afedzi Hayford, founder and CEO of eSAL, commented, “As eSAL steps into a pivotal phase towards becoming a dominant force in pan-African business process outsourcing, our strategic partnership with GIP, bolstered by BII, is more than just a business expansion – it’s a commitment to impact sourcing. This investment not only highlights our dedication to excellence but also opens doors for showcasing the talents of young Ghanaians and Africans in the global marketplace. By creating substantial employment opportunities, we are positioned to unveil the potential of Africa’s youth, making Ghana a beacon for global brands seeking innovative, socially responsible BPO solutions in Africa.”

BII has also provided a loan to support MSME growth in neighbouring Côte dIvoire. Click here to discover the full story. 

Raeford Liebenberg, manager at Silver Moon IT, underscores the vital role of responsible e-waste management for businesses. From clear policies to engaging with reputable disposal services, he guides on incorporating e-waste strategies for sustainability and compliance 

The Emerging Africa Infrastructure Fund (EAIF), a Private Infrastructure Development Group (PIDG) company, has announced a commitment of US$42.7mn to a US$136.4 mn receivables-backed bond issued by securitisation vehicle Fonds Commun de Titrisation de Créance (FCTC), to support Sonatels expansion, modernisation and digital transformation plan in Senegal, and beyond