Press Release
SAMANU, Ethiopia’s largest FMCG platform raises $21 million

SAMANU factory (Press Release: Norfund)
Norfund and a consortium of private investors managed by 54 Capital announce $21 million growth capital investment into Ethiopia’s largest FMCG platform SAMANU. Increased local production of edible oil will create jobs, increase food security, and provide income for up to 200,000 smallholder farmers.
SAMANU is a platform company with well-established brands operating in Ethiopia’s main FMCG sub-sectors (Tena Edible Oils, 555 and Aura Soap & Detergents, and Chef Luca wheat products). The investment by Norfund will fund the construction of a new solvent extraction plant to produce edible oils based on locally sourced sesame, sunflower and soya beans in its refineries. By reducing the dependency on imported raw materials, the investment aims to create jobs in value-addition and increase Ethiopia’s food security. The completion of a vertical integration project will also allow for increased export opportunities within the sectors the company already operates.

To ensure enough volume of locally produced oilseeds for its refineries, the company intends to develop large oilseeds clusters in Ethiopia over the next six years, providing livelihoods for 200,000 smallholder farmers. In the first six months post investment, the objective is to identify 642 clusters and sign contracts with around 5-7,000 smallholder farmers. Norfund, through its Business Support Facility, plans to use grant funding to assist contracted smallholder farmers with inputs like high quality seeds, fertilizers, training and capacity building, as well as agricultural technology to boost productivity.
Andreas Davidsen, Norfund’s VP of Scalable Enterprises Agribusiness & Manufacturing, said: “We are excited to partner with SAMANU and support the execution of their vertical integration strategy, creating jobs and increasing food security. We strongly believe in the opportunities of local food production in Ethiopia and Norfund looks forward to working closely with the SAMANU management team and 54 Capital to help implement best in class practises and solutions”.
SAMANU is already home to some of Ethiopia’s leading FMCG brands and has ambitious plans to expand its product offering to meet rising demand for high quality locally produced brands. The investment, Norfund’s first in manufacturing in Ethiopia, signals strong institutional backing for the platform.
Saad Aouad, 54 Capital PE Advisors’ Chief Investment Officer, said: “It is a fantastic achievement for our investments in Ethiopia and our local management team to receive further institutional backing. It stands as testament to what we have been able to achieve in terms of nurturing high-quality popular brands and achieving scale through capacity expansion and how we intend to develop the next stage of the business. This investment demonstrates the robustness of this strategy for further enhancing the value chain within Ethiopia. Which will undoubtedly benefit from Norfund’s extensive experience across the continent”.
Press Release
Moniepoint MFB Launches ‘Made for your Progress’ Campaign, Unveils Prolific Striker Victor Osimhen as Brand Ambassador

Moniepoint Microfinance Bank (MFB), Nigeria’s definitive and trusted business and personal banking platform, has launched its new brand campaign, “Made for Your Progress,” reaffirming its commitment to powering the dreams of millions of Nigerians. To signpost this message of aspiration and achievement, Moniepoint also proudly announces the appointment of Nigerian football star, Victor Osimhen, as its brand ambassador.
The “Made for your Progress” campaign establishes Moniepoint MFB as the financial partner for Nigeria’s huge aspirational, ambitious and gritty doers across all spheres of human endeavour.
At its core, the campaign celebrates the real people making real moves on their journey to success. It spotlights the small, medium, and big everyday victories that lead to customer growth, underlining Moniepoint’s commitment to being a reliable, sophisticated, and approachable financial partner.
“At Moniepoint, we have always believed that the ambitions of Nigerians are the bedrock of our economy as evidenced by the informal economy’s contributions to GDP. We celebrate the people behind the many businesses we serve, and the individuals who have created value with our personal banking service, ” said Babatunde Olofin, Managing Director of Moniepoint MFB. “’Made for your Progress’ is our promise to every Nigerian with a dream – that we will provide the financial comfort, confidence, and freedom they need to focus on building those dreams. We exist to recognize and power their journey.”
He continues, “Progress looks different for everyone, and we exist to support each unique journey. With this campaign, we are shining a light on the real people and small victories that make up the fabric of Nigeria’s growth story. Our commitment is to deliver financial happiness by being the most reliable and innovative partner for individuals and businesses nationwide.”
Victor Osimhen, whose story of resilience and achievement mirrors the campaign’s ethos. Osimhen’s inspiring “grass-to-grace” story of determination, resilience, and achievement resonates deeply with the spirit of the Moniepoint brand and the audience it serves. His journey from the streets of Olusosun in Lagos to becoming an elite goal scorer on the world stage is the stuff of dreams for millions of Nigerians. From humble beginnings to becoming one of Africa’s most celebrated football exports, Osimhen embodies the spirit of ambition, hard work, triumph and the Nigerian hustle.
Speaking about his role, Victor Osimhen said, “ My journey has always been about believing in progress, no matter the challenges. That is why I am proud to be associated with Moniepoint, a brand that truly supports people’s dreams and celebrates their wins, big or small. Together, we will inspire millions of Nigerians to keep striving for more.”
Lauding Moniepoint MFB, he said,” Their belief that every dream is valid and their commitment to powering progress aligns perfectly with my own life journey. ‘Made for your Progress’ is not a fancy, feel-good slogan; it’s a message of hope and a promise of support that I am proud to champion.”
Osimhen, who recently joined Turkish giants, Galatasaray on a permanent deal for a fee in the region of €75 million, in a move which broke the Turkish Süper Lig’s all-time transfer record brings both grassroots authenticity and global recognition to the partnership.
As part of its move to deepen financial inclusion, while powering the progress of individuals, it will be recalled that Moniepoint MFB launched its personal banking service in August 2023 to offer a comprehensive range of solutions designed to make personal financial management seamless and accessible. Key offerings include a personal banking app that enables users to easily make transfers, pay bills, and purchase airtime. The service is complemented by a Moniepoint debit card usable at ATMs, POS terminals, and online, backed by a reliable payment infrastructure trusted by over 10 million businesses in Nigeria.
The campaign will feature integrated marketing communications across traditional and digital platforms, showcasing diverse customer stories and highlighting how Moniepoint’s innovative products and services enable real progress in people’s lives. With this campaign, Moniepoint MFB will reinvent its products and services as being more than a transactional tool, but as Nigeria’s definitive financial institution that fuels ambition, powers dreams, and delivers financial comfort, confidence, and freedom with security and reliability to boot.
Press Release
Chowdeck Raises $9 Million Series A Funding to Launch Quick Commerce and Accelerate Expansion across Nigeria and Ghana

Chowdeck, Africa’s leading on-demand delivery platform, has raised $9 million in Series A funding to expand into more cities across Nigeria and Ghana, and launch a quick commerce strategy that will boost the speed and efficiency of its grocery and local markets delivery services.
The Series A equity round was led by Novastar Ventures, with participation from Y Combinator, AAIC Investment, Rebel Fund, GFR Fund, Kaleo, HoaQ and others. These investors bring deep expertise across different sectors, global networks, and operational insight that will support Chowdeck to scale sustainably and navigate Africa’s unique logistics and business environment.
The new funding will enable faster, more reliable delivery of food, groceries and medicine. The quick commerce strategy – supported by dark stores and hyperlocal logistics will further enhance delivery speed, improve depth of coverage, and accelerate expansion into additional cities across Nigeria and Ghana that are not yet served.
Since launching in October 2021, Chowdeck has emerged as the leading technology solutions provider for food and hospitality businesses in Africa. From logistics and inventory management to payments and performance tools, Chowdeck helps its partners streamline operations and meet rising customer expectations. With over 1.5 million customers and more than 20,000 riders across 11 cities, its tech-enabled logistics network enables businesses to deliver orders in an average of 30 minutes, while offering customers a seamless platform to access meals, groceries, and everyday essentials. In 2024, the value of meals delivered via the Chowdeck platform grew more than sixfold compared to the previous year. The company has already exceeded last year’s total and is firmly on track for another record-breaking year in 2025.
Chowdeck’s growth in Nigeria and Ghana has been driven by its hyperlocal execution, fast and reliable logistics, as well as strong vendor partnerships that position it as a growth partner rather than just a delivery app. Its recent acquisition of Mira, providers of modern point-of-sale (POS) solutions tailored for the food and hospitality industry, also enables it to leverage Mira’s exceptional product development capabilities to ideate and deliver new technology solutions to support growth and improve customer experience. Backed by a focused leadership team and rising customer demand for quick, digital-first services, Chowdeck is scaling rapidly by combining operational excellence with deep local insight.
Femi Aluko, CEO and co-founder of Chowdeck, said “we’re thrilled about this round as it brings us closer to our vision of becoming Africa’s number one super app, transforming how millions of Africans access food, groceries and essentials every day. This funding will supercharge our growth plans, enabling us to expand into more cities, reduce delivery times, scale our grocery footprint, and attract the best talent to drive innovation and customer satisfaction.”
Brian Waswani Odhiambo, Partner at Novastar Ventures, said: “Chowdeck is building the future of logistics for African cities by creating a platform that benefits consumers, vendors and riders alike. With deep local insight, a sustainability-first approach and impressive execution, Chowdeck is redefining last-mile delivery on the continent. We’re very excited to partner with Chowdeck in this next phase of growth as it scales its offering and helps create a more inclusive, sustainable and efficient urban economy.”
Press Release
The African Talent Company and Mastercard Foundation Scale Youth Employability Efforts Across the Continent

Since 2020, The African Talent Company (TATC), through Jobberman Nigeria, in partnership with the Mastercard Foundation, under the Young Africa Works Strategy, has successfully trained over 2.4 million young Nigerians and facilitated more than 600,000 job placements, advancing inclusive, dignified work opportunities across the country.
This strategic partnership has applied a data-driven, community-based model and low-bandwidth digital solutions to ensure broad accessibility, especially for underserved youth aged 18 to 35.
Recently in Nigeria, Jobberman convened the Technology and Employment Inclusion in Marginalised Contexts (TEIMC) Roundtable in Abuja, shifting the focus to some of the continent’s most vulnerable youth: women in disadvantaged communities, persons with disabilities (PWDs), and internally displaced persons (IDPs).
The event brought together leaders from across government, civil society, tech platforms, and the private sector to tackle the structural and digital barriers these groups face in accessing employment opportunities.
“Technology can and must be a force for inclusion, not division,” said Hilda Kabushenga, CEO of The African Talent Company. “As the world of work evolves, we must ensure that no one is left behind. These conversations are about equity, access, and opportunity.”
The Roundtable also marked the launch of a groundbreaking report: “Technology and Employment Inclusion in Marginalised Contexts”, which revealed that while 72% of employers in Nigeria make no effort toward inclusive hiring, digital tools and remote work are beginning to create new entry points for underserved populations. Notably, 55% of PWDs and 44% of displaced women surveyed had secured some form of work, mainly through self-employment in creative media and agriculture sectors.
“Inclusion is not a side conversation, it is the main agenda,” said Rosy Fynn, Country Director, Mastercard Foundation Nigeria. “We must design systems where marginalised groups are not just considered, but centred.”
The roundtable’s policy briefs and programme recommendations will inform the Young Africa Works learning agenda and guide future employer training, platform design, and inclusive employment programming.
Axel Konjack, Head of Global Marketplaces and Member of the Ringier Group Executive Board, added, “Africa is home to the world’s youngest and fastest-growing workforce, and that presents both an incredible opportunity and a responsibility. If we want to build a truly inclusive global economy, we must invest in equipping young Africans with the skills, tools and access they need to thrive in the evolving labour market.”
Building on this five-year partnership in Nigeria, impact activities are underway in BrighterMonday Kenya and BrighterMonday Uganda, as the Mastercard Foundation and The African Talent Company extend efforts to scale inclusive youth employment solutions across the continent. The deepened partnership is already delivering results. In Kampala, BrighterMonday Uganda hosted a Career Clinic that brought together government and private sector leaders under the theme “Skills For Today: Empowering Uganda’s Youth To Take Control Of Their Future.” Numerous young job seekers accessed CV reviews, coaching, and digital skills training, reinforcing the initiative’s commitment to hands-on, work-readiness programming.
“This expansion reflects our belief that every young African, regardless of circumstance, deserves the opportunity to earn a dignified livelihood,” said Hilda Kabushenga. “The partnership in Nigeria has laid a strong foundation, but the real work has just begun.”
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