IFC Invests USD$6 Million in Africa’s Talking

Washington D.C based Development finance institution; International Finance Corporation on Thursday announced it is investing up to 619 million Kenyan Shillings (roughly USD$6 million , 21.6 billion UGX) in Kenyan-based mobile technology firm; Africa’s Talking, with the funds earmarked for the company’s expansion in Africa.

IFC said it would also use its relationships and knowledge of the continent to help Africa’s Talking as it moves beyond the current seven markets where it has a presence, Business Daily reports.

“What we are looking for is to continue expansion into Africa and to expand our product offering,” Africa’s Talking Chief Operating Officer; Bilha Ndirangu, told Business Daily.

Africa’s Talking Founded in 2010 provides entrepreneurs, developers, or innovators with SMS, USSD, Voice, or Airtime mobiles APIs (Application Program Interface) so as they can integrate them into their applications or systems.

Operating in six (6) other countries; Uganda, Rwanda, Tanzania, Malawi, Nigeria and Ethiopia, their business model makes it cheaper for entrepreneurs to integrate these services into their business offerings by eliminating the need to invest heavily in in-house technological solutions.

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