AT the recent CANEX WKND 2024 in Algiers, angel investors connected with the African Export–Import Bank (Afreximbank) pledged $350,000 to support three of Africa’s top creative startups. The investment commitments followed a dynamic pitch competition, CANEX Presents the Angels, where 12 entrepreneurs from 10 African nations showcased their projects to secure funding for business growth.
Leading the investment was Moji Hunponu-Wusu, founder of Woodhall Capital, who committed $250,000 in equity to Kibonen Nfi, a Cameroonian fashion designer and founder of the Kibonen brand. A further $100,000 was contributed by a trio of investors, including Ibrahim Sagna, Chairman of Silverbacks Holdings, Hunponu-Wusu, and Efe Ukala, founder of ImpactHER. Their joint investment will be distributed among the top three finalists: Zimbabwean entrepreneur Pam Samasuwo-Nyawiri of Vanhu Vamwe, who took first place; Nfi, who placed second; and Zimbabwe’s Thulani Ngazimbi, founder of The Rad Black Kids, in third.
Supporting Africa’s creative economy
The investment session aligns with Afreximbank’s mission to boost financing and access for African creatives. Kanayo Awani, Executive Vice President of Afreximbank’s Intra-African Trade and Export Development, stated that these investments would help entrepreneurs leverage the bank’s capacity-building initiatives to expand their businesses and foster cross-border trade. ‘Facilitating access to angel investment complements our existing efforts by providing vital capital to African creatives,’ she said.
Awani highlighted the transformative potential of these funds, emphasising their role in job creation, business expansion, and economic growth across Africa’s creative sectors.
Celebrating African culture and innovation
Held from October 16 to 19, CANEX WKND 2024 brought together nearly 4,000 delegates across diverse creative industries. The event, themed One People, United in Culture, Creating for the World, featured live performances, expert panels, fashion showcases, sporting events, and music concerts. This annual gathering has become a significant platform for African creatives, fostering collaboration and celebrating the continent’s rich cultural contributions on the global stage.
With these investments, Afreximbank continues its support for Africa’s growing creative economy, helping artists and entrepreneurs reach new heights in innovation and impact.
Credit: Afreximbank
