AfDB approves €9.8m equity support fund for African entrepreneurs. One other story and a trivia

This line up of stories will help you discover the latest happenings around the tech world today.

1. AfDB approves €9.8m equity support fund for African entrepreneurs

African Development Bank (AfDB) has approved a €9.8 million equity fund to stimulate venture capital investments in Africa.

The Director in charge of Financial Sector Development in AfDB, Stefan Nalletamby, confirmed the development in a statement on Friday.

He said the Bank would provide €7 million while the European Union (EU) would invest €2.8 million in partnership with the Organization of African, California and Pacific States (OACPS).

The fund, according to him, is expected to drive financial inclusion in Africa.

Stefan said: “The Bank’s approval is another milestone in the implementation of the Boost Africa Program and its partnership with the EU, OACPS, and the European Investment Bank.

“It signals the importance given to tech-enabled high growth entrepreneurs on the continent and the key role of AfricInvest and Cathay Innovation in supporting this key business segment in Africa to achieve Africa’s growth, transformation and integration objectives.”

Tech Trivia: VDU is a technical name for what type of device?

A Video Card

B Video Camera

C Digital Camera

D Monitor

Answer: see end of post

2. BFA Global launches $3.3m fintech venture capital

BFA Global has launched a $3.3 million venture capital to support fintech startups.

The Director of Digital Economy at FSD Africa, Juliet Munro, confirmed the development in a statement on Friday.

She said the initiative tagged Triggering Exponential Climate Action (TECA), comes in partnership with FSD Africa, a community development network established in 2012 and supported by UK aid.

READ ALSO: ‘How to harness Nigeria’s diversity for economic development,’ AfDB President, Adesina

Ripples Nigeria gathered that the initiative is expected to help create fintech startups that would power climate resilience in the most vulnerable communities across the world, with an initial focus on Africa.

FSD Africa will invest $3.3million in the programme over the next four years.

Speaking on the development,Munro said: “At FSD Africa, we believe that a strong, fair and accessible financial system is crucial to a sustainable future for Africa’s people and its environment.

“In particular, we believe that finance can play a major role in tackling climate vulnerability and that by harnessing the power of fintech innovation we can help address market barriers to building out much needed climate resilience solutions.”

Trivia Answer: Monitor

Meaning, “Visual Display Unit,” A VDU displays images generated by a computer or other electronic devices.

The term VDU is often used synonymously with monitor, but it can also refer to another type of display, such as a digital projector. Visual display units may be peripheral devices or may be integrated with the other components.

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