Kenya: Afreximbank Commits $350,000 in Investments at CANEX WKND 2024

African Export-Import Bank (Afreximbank) has announced a commitment of $350,000 (approximately Ksh45 million) in investments to three top creative entrepreneurs during a pitch session at the recently concluded CANEX WKND 2024 in Algiers. The event, named “CANEX Presents the Angels,” featured 12 creative entrepreneurs from 10 African countries, aiming to secure capital for business growth and expansion.

Founder of Woodhall Capital, Moji Hunponu-Wusu, led with a commitment of $250,000 in equity to Cameroonian fashion designer Kibonen Nfi, founder of the Kibonen brand. Additionally, a consortium of three angel investors— Ibrahim Sagna, Chairman of Silverbacks Holdings, Moji Hunponu-Wusu, and Efe Ukala, Founder of ImpactHER—pledged $100,000 to be shared among the top three pitches. This investment will benefit Zimbabwean Pam Samasuwo-Nyawiri of Vanhu Vamwe, Kibonen Nfi, and Zimbabwean Thulani Ngazimbi of The Rad Black Kids, who secured the top three spots respectively.

Executive Vice President of Intra-African Trade and Export Development Kanayo Awani, at Afreximbank, highlighted the competition’s goal to catalyse financing to complement the capacity-building and market access support provided by the CANEX platform. Mrs. Awani stated, “Facilitating access to angel investment like this complements our existing efforts by providing the capital required for creative entrepreneurs to maximize the benefits of our capacity building and market access interventions. The investments into the creative enterprises will enable them to expand their businesses, trade across borders, create new jobs and contribute to economic development.”

The four-day CANEX WKND 2024, held from October 16-19 under the theme “One People, United in Culture, Creating for the World,” attracted nearly 4,000 delegates from diverse creative sectors across Africa. The event featured live performances, speeches by industry leaders, masterclasses, fashion shows, sporting events, high-energy music concerts, gastronomic showcases, and a vibrant market and exhibition.