WeLight, Africa’s largest solar mini-grid operator, has secured $31 million to support its expansion efforts in Nigeria. The funding aims to enhance electricity access in some of the continent's most underserved communities.

A global report released by the WHO and partners indicates that over 655 million people worldwide lack access to electricity, while nearly two billion depend on polluting fuels for cooking. This situation poses significant health risks and exacerbates existing inequalities, highlighting a potential global energy and health crisis.

Wema Bank has obtained a €50 million financing facility from EIB Global, the European Investment Bank's development arm, aimed at enhancing credit access for small and medium-sized enterprises (SMEs), particularly those owned by women and youth. The agreement was signed in Lagos and represents the first transaction between Wema Bank and EIB Global.

A study tracking 3,139 power plants in Africa reveals that fossil fuels continue to dominate the continent's electricity generation, with only about 57% of the population having access to electricity, primarily in sub-Saharan Africa. To achieve the United Nations goal of universal access to affordable electricity by 2030, rapid expansion of electricity generation is necessary. However, this expansion poses challenges related to water resources and climate change due to greenhouse gas emissions from power plants, particularly coal-fired ones.

The Rural Electrification Agency (REA), in collaboration with the European Union and the German Government, inaugurated a 504kW interconnected mini-grid in Epe on Wednesday. This development comes after years of power outages in the community due to equipment vandalism, marking a significant step towards restoring electricity access for residents.

The rebranding of Credable to _able highlights the importance of credit infrastructure in Africa, according to TechTrends KE. While consumers typically interact with familiar financial service brands like banks and fintechs, the underlying infrastructure remains largely unseen. The Dubai-based company believes that enhancing this infrastructure presents a significant opportunity for growth in the African financial services market.