BOLLORE TRANSPORT & LOGISTICS COTE D'IVOIRE

SOCIETE IVOIRIENNE DE BANQUE COTE D'IVOIRE

The <a href="https://www.afdb.org/en" rel="noopener noreferrer" target="_blank">African Development Bank</a> (AfDB) has revised its short to medium-term macroeconomic projections for Africa in 2023 and 2024, lowering them to 3.4% and 3.8% from the initial estimates of 4.0% and 4.3%. This downward adjustment is attributed to persistent long-term impacts of COVID-19, geopolitical tensions, conflicts, climate shocks, a global economic slowdown, and the limited fiscal capacity of African governments to effectively respond to shocks and sustain post-pandemic economic recovery.The updated figures are part of the 2023 Africa’s Macroeconomic Performance and Outlook (MEO) update, following the Bank's 2023 Africa Economic Outlook released in May. Despite a global decline in inflationary pressures, Africa continues to grapple with persistent inflation, projected to average 18.5% and 17.1% in 2023 and 2024, respectively, according to the update.Prof. <a href="https://www.weforum.org/people/kevin-chika-urama/" rel="noopener noreferrer" target="_blank">Kevin Urama</a>, Chief Economist and Vice President of the Bank noted, “The challenging global economic environment and multiple shocks continue to shape Africa’s macroeconomic performance. The entrenched inflationary pressures threaten to reverse all the macroeconomic gains made since the easing of pandemic risks while the continued depreciation of domestic currencies in many countries has exacerbated debt service costs.”

Daba Finance/AfDB cuts Africa growth forecasts

AfDB

AfDB lowers Africa’s growth forecasts amid global uncertainty

Nairobi-based climate tech startup <a href="https://www.amini.ai/" rel="noopener noreferrer" target="_blank">Amini</a>, dedicated to addressing Africa's environmental data gap through artificial intelligence and satellite technology, has secured $4 million in seed funding. <a href="https://salesforceventures.com/" rel="noopener noreferrer" target="_blank">Salesforce Ventures</a>, the global investment arm of Salesforce, and <a href="https://femalefoundersfund.com/" rel="noopener noreferrer" target="_blank">Female Founders Fund</a>, a seed-stage venture fund focusing on female-founded companies, led the funding round.&nbsp;This successful raise follows a $2 million pre-seed funding round in March 2023, led by <a href="https://paleblue.vc/portfolio" rel="noopener noreferrer" target="_blank">Pale Blue Dot</a>, with participation from <a href="https://www.superorganism.com/" rel="noopener noreferrer" target="_blank">Superorganism</a>, a contributor to this seed round, and new investors like <a href="https://www.satgana.com/" rel="noopener noreferrer" target="_blank">Satgana</a>. Amini, boasting a team with over 20 years of combined experience in developing AI solutions for tech giants like <a href="https://www.nvidia.com/en-us/" rel="noopener noreferrer" target="_blank">NVIDIA</a>, <a href="https://www.arm.com/" rel="noopener noreferrer" target="_blank">Arm</a>, and <a href="https://www.apple.com/" rel="noopener noreferrer" target="_blank">Apple</a>, is committed to building an AI ecosystem tailored to the emerging markets it serves.The funds from this latest round will fuel Amini's expansion into new sectors, particularly supporting major food and beverage companies and consumer packaged goods producers seeking sustainable transformations in their supply chains across the tropical belt. This momentum builds on Amini's initial success with corporations and multinationals in the agricultural and insurance industries, including collaborations with Aon, a global professional services firm.

Daba Finance/Amini closes $4 million seed round

TechCrunch

Nairobi-based climate-tech startup Amini closes $4m seed round

<a href="https://verdant-cap.com/" rel="noopener noreferrer" target="_blank">Verdant Capital</a> has unveiled a revolving credit facility of $2.5 million for Enable Capital, a South African firm specializing in offering short-term funding solutions to SME subcontractors engaged in the physical construction and deployment of fiber network infrastructure across South Africa at local, regional, and national levels.Enable's tailored funding solutions address the specific challenges faced by SME subcontractors, encompassing aspects like equipment hire, the supply of building materials, and diesel procurement. By engaging directly with suppliers and service providers in bulk, Enable Capital streamlines processes for the benefit of subcontractors.This collaboration with Verdant Capital positions Enable to continue its support for SMEs involved in fiber deployment, contributing to economic growth in vital areas and communities. The focus extends beyond affluent regions, aiming to bridge the digital divide by facilitating the rollout of fiber network infrastructure in areas with unequal internet access, thereby enhancing internet accessibility for all.

Daba Finance/Verdant makes $2.5m investment to back SA fiber-focused SMEs

Verdant makes $2.5m investment to back SA fiber-focused SMEs

<a href="https://nawah-scientific.com/" rel="noopener noreferrer" target="_blank">Nawah Scientific</a>, a life sciences and biotech startup based in Egypt, has recently earned accreditation from the <a href="https://www.fda.gov/" rel="noopener noreferrer" target="_blank">United States Food and Drug Administration</a> (US-FDA) for food analysis.Established in 2015, Nawah Scientific operates as an online platform that facilitates experiment requests, sample collection, testing procedures, and the digital delivery of results. The platform's overarching goal is to empower scientists to conduct high-quality research, irrespective of their geographical location or access to laboratory facilities.With its newfound accreditation from the US FDA for food analysis and safety, Nawah becomes the pioneer African center to attain such recognition. This achievement is poised to streamline processes for Egyptian and African companies by eliminating the need to send samples abroad for analysis, thereby saving time and costs.

Daba Finance/Egyptian startup gets US FDA accreditation

Disrupt Africa

Egyptian startup gets US FDA accreditation for food analysis

Zambian inflation reached its highest point in 20 months in November due to a decline in the kwacha's value, causing an increase in the prices of imported goods such as cereals, vehicles, and spare parts. Consumer prices saw a 12.9% year-on-year rise, up from October's 12.6%, marking the highest inflation rate since March 2022, with costs rising by 0.9% within the month.To combat inflation, which has surpassed its 6%-8% target range, Zambia's central bank <a href="https://dabafinance.com/en/news/Zambia-hikes-interest-rate-to-curb-kwacha-decline" rel="noopener noreferrer" target="_blank">raised its benchmark lending rate</a> from 10% to 11% last week. This move represents the fourth increase in the key rate this year by the Bank of Zambia, aiming to control inflation, which climbed from 12.0% in September to 12.6% year-on-year in October.Following the policy decision, central bank Governor <a href="https://www.boz.zm/about/dr-denny-h-kalyalya-bio.htm" rel="noopener noreferrer" target="_blank">Denny Kalyalya</a>, in a press conference, noted that inflationary pressures were expected to intensify from the fourth quarter of 2023 to the third quarter of 2025. Kalyalya also addressed the challenges faced by the Zambian kwacha, citing delays in restructuring the country's debt, which is affecting the foreign currency flows anticipated by the bank.

Daba Finance/Zambia inflation hits 20-month high

Bloomberg

Zambia inflation hits 20-month high as currency woes persist

<a href="https://endeavor.org/kenya/" rel="noopener noreferrer" target="_blank">Endeavor Kenya</a>, a non-profit organization dedicated to supporting impactful entrepreneurs, has introduced its inaugural ScaleUp Program, designed for high-growth founders. This initiative aims to identify and assist ten high-growth ventures in East Africa, providing them with a network and resources to gain clarity on their scaling journey.&nbsp;The selected entrepreneurs will benefit from the <a href="https://endeavor.org/kenya/" rel="noopener noreferrer" target="_blank">Endeavor ScaleUp</a> methodology over a 28-month period, involving expert mentors, immersive business development training, fundraising support, and a robust peer network of accomplished entrepreneurs who have successfully built and managed businesses.Managing Director of Endeavor Kenya, <a href="https://www.linkedin.com/in/maryanne-nyawira-ochola/?originalSubdomain=ke" rel="noopener noreferrer" target="_blank">Maryanne Ochola</a>, emphasized the program's significance in scaling high-growth companies within the ecosystem. She highlighted the Endeavor ScaleUp program as an exceptional opportunity for ambitious local founders to leverage global expertise and curated services, accelerating their path to scale.

Daba Finance/Endeavor launches scale-up program in Kenya

Innovation Village

Endeavor launches scale-up program for founders in Kenya

<a href="https://www.echovc.com/" rel="noopener noreferrer" target="_blank">EchoVC</a>, a venture capital firm specializing in seed and early-stage technology investments with a focus on supporting underrepresented founders and underserved markets, has unveiled its latest pre-seed fund initiative, the EchoVC Eco Pilot Fund I. This fund is dedicated to making investments in ventures related to <a href="https://dabafinance.com/en/news/cleantech-drives-rebound-in-fdi-flows-to-africa" rel="noopener noreferrer" target="_blank">climate and energy</a>.Positioning itself with the aspiration to be the <a href="https://www.sequoiacap.com/" rel="noopener noreferrer" target="_blank">Sequoia Capital</a> for underestimated founders and markets, EchoVC operates from offices in Lagos, Nairobi, New York, and London, boasting a diverse portfolio of nearly 70 companies.The new fund, with a capital of $2.5 million, serves as a preliminary fund designed to identify and invest in promising pre-seed startups that are shaping the future in areas such as climate, energy, agriculture, and mobility. Through this fund, EchoVC aims to nurture early-stage enterprise development and innovation, fostering solutions that contribute to an uplift in income for all participants involved in the entrepreneurial journey.

TechCabal

EchoVC launches $2.5m fund to back climate-focused startups

Data from the <a href="https://www.ey.com/en_za/attractiveness/21/africa-attractiveness-report-" rel="noopener noreferrer" target="_blank">EY Africa Attractiveness Report</a> indicates a significant rebound in foreign direct investment (FDI) into Africa in 2022, with the cleantech sector emerging as a primary driver of these investments. The report underscores the importance of African governments implementing reforms to attract the critically needed next generation of FDIs.In an interview with CNBC Africa, Damilola Aloba, a partner at <a href="https://www.ey.com/en_us" rel="noopener noreferrer" target="_blank">Ernst &amp; Young</a>, discussed the key findings of the report and provided insights into how Africa can maximize the attention it is currently receiving.Aloba highlighted the challenges faced by FDI in Africa, pointing to global shocks such as the Covid-19 pandemic and the Russia-Ukraine war. These events eroded investor confidence, leading to caution in committing capital to African markets. Travel restrictions and disruptions in the global supply chain exacerbated the situation, hindering investment processes and creating vulnerabilities in sectors such as tourism, hospitality, and manufacturing.

Daba Finance/Cleantech drives a rebound in FDI

CNBC Africa

Cleantech is driving a rebound in FDI flows to Africa

South African technology firm <a href="https://gometroapp.com/" rel="noopener noreferrer" target="_blank">GoMetro</a> has successfully raised £9 million (~$11.4 million) in a Series A funding round, with leading investment from <a href="https://www.zenobe.com/" rel="noopener noreferrer" target="_blank">Zenobē Energy</a>, a notable supporter of electric transportation initiatives. Zenobē, recognized for its involvement in financing and operating electric buses, recently secured a substantial $750 million investment from <a href="https://www.kkr.com/" rel="noopener noreferrer" target="_blank">KKR</a> for fleet electrification financing.GoMetro's flagship product, Bridge, serves as a platform that consolidates vehicle data, irrespective of the make or model, into a unified system. This technology proves particularly valuable for fleet managers, offering them the ability to access and analyze data seamlessly, overcoming the challenges posed by disparate telematics systems associated with various original equipment manufacturers (OEMs).The Series A funding will play a pivotal role in strengthening GoMetro's operations in the UK, Europe, and South Africa. The company also has plans for expansion into the US, Latin America, and Australia within the next 12 months, leveraging the markets where Zenobē Energy holds a significant presence. Additionally, GoMetro has an interest in entering the Middle East, specifically Dubai and Saudi Arabia, citing similar challenges and issues in fleet management in those regions.

Daba Finance/GoMetro raises $11.4m Series A

SA’s GoMetro raises $11.4m Series A to scale operations

<a href="https://www.csquared.com/" rel="noopener noreferrer" target="_blank">CSquared</a>, a pan-African technology company focused on digitally connecting the continent, recently secured $25 million in new equity through investments from <a href="https://www.convergencepartners.com/convergence-partners-latest-fund-to-drive-digital-inclusion-in-africa?category=" rel="noopener noreferrer" target="_blank">Convergence Partners Digital Infrastructure Fund</a> (CPDIF), the <a href="https://www.ifc.org/en/home" rel="noopener noreferrer" target="_blank">International Finance Corporation</a> (IFC), and the <a href="https://ida.worldbank.org/en/home" rel="noopener noreferrer" target="_blank">International Development Association</a> (IDA).&nbsp;This marks the initial phase of a larger $65 million investment initiative designed to support CSquared's expansion and overall growth. Concurrently, CPDIF has acquired Google LLC's stake in CSquared. At present, CSquared has a presence in six markets spanning the continent, namely Uganda, Ghana, Liberia, Kenya, the Democratic Republic of Congo, and Togo.Originally conceived as a <a href="https://www.google.com/" rel="noopener noreferrer" target="_blank">Google</a> project in 2011, CSquared emerged with the goal of constructing metropolitan fiber optic networks in sub-Saharan Africa, functioning as a carrier-neutral operator of shared infrastructure. The company's overarching mission is to enhance Internet accessibility in Sub-Saharan Africa and lower Internet costs by strategically investing in the essential infrastructure required to propel digital transformation across the region.

Daba Finance/CSquared looks to bridge Africa’s digital divide

Nairametrics

CSquared looks to bridge Africa’s digital divide with $25m raise

<a href="https://dabafinance.com/en/news/kenya-gets-more-funds-from-imf-ahead-of-eurobond-payment" rel="noopener noreferrer" target="_blank">Kenya</a> is set to kick off its privatization initiative by offering stakes in 11 companies, including the state-owned oil pipeline, as part of a broader strategy to generate revenue amid increasing debt repayments. The companies, which are among a total of over 35 slated for sale, encompass diverse sectors such as a government-owned oil pipeline, a major convention center in Nairobi, a textbook publisher, agri-business firms, and industrial companies.The government, seeking <a href="https://dabafinance.com/en/news/kenya-gets-more-funds-from-imf-ahead-of-eurobond-payment" rel="noopener noreferrer" target="_blank">fiscal consolidation and economic development</a>, aims to partially privatize these entities. Among the companies listed, the <a href="https://www.kpc.co.ke/" rel="noopener noreferrer" target="_blank">Kenya Pipeline Company</a>, fully owned by the government, stands out as a profitable entity with a monopoly on the transport of gas and white oil products.&nbsp;The finance ministry has invited public input on the privatization plan until December 11, as mandated by the constitution. This move marks Kenya's renewed focus on privatization, the last instance being in 2008 when the government conducted an initial public offering, offering a 25% stake in the telecommunications firm <a href="https://www.safaricom.co.ke/" rel="noopener noreferrer" target="_blank">Safaricom</a>.

Daba Finance/Kenya kicks off privatization exercise

Kenya offers 11 state companies for sale in privatization drive

<a href="https://www.devex.com/organizations/pan-african-towers-limited-125311" rel="noopener noreferrer" target="_blank">Pan African Towers</a> has revealed a strategic investment from <a href="https://www.dpi-llp.com/" rel="noopener noreferrer" target="_blank">Development Partners International</a> (DPI) and <a href="https://www.verod.com/" rel="noopener noreferrer" target="_blank">Verod Capital</a>, marking a pivotal step in propelling the next phase of its strategic initiatives and expediting growth within the Nigerian telecommunications market.Nigeria, recognized for its appeal in the African digital infrastructure landscape, boasts a favorable regulatory environment and a substantial population. Pan African Towers perceives significant investment opportunities in the country's telecom sector.Presently managing 760 towers with approximately 1,200 tenants, Pan African Towers aims to triple these figures in the upcoming years. The company plans an expansion by introducing new towers and exploring acquisitions and partnerships. The primary focus remains on delivering substantial value to mobile network operators (MNOs) and other stakeholders in the telecom sector.

Verod Capital, DPI acquire stake in Pan African Towers

On Monday, Nigerian <a href="https://dabafinance.com/en/news/access-bank-set-for-asia-expansion-next-year" rel="noopener noreferrer" target="_blank">bank</a> shares experienced a notable rise as investors responded positively to the announcement that the <a href="https://dabafinance.com/en/news/nigeria-postpones-mpr-meeting-again-as-inflation-soars" rel="noopener noreferrer" target="_blank">central bank</a> would require them to strengthen their capital buffers. <a href="https://ngxgroup.com/exchange/data/company-profile/?symbol=FBNH&amp;directory=companydirectory&amp;tdate=2023-11-27T00:00:00" rel="noopener noreferrer" target="_blank">FBN Holdings Plc</a> led the surge, climbing 10%, the maximum allowed in daily trading on the Nigerian exchange, reaching 22 naira per share. This marked the largest one-day increase for the company in five months.Despite the market capitalization decreasing by N132 billion to close at N39.04 billion, the benchmark <a href="https://ngxgroup.com/" rel="noopener noreferrer" target="_blank">All-Share Index</a> saw a 0.17% appreciation, closing at 71,353.81 points. The market also witnessed increased trading activity, with 746.67 million units traded compared to 582.77 million units the previous Friday. Additionally, the value of trade rose to N5.945 billion compared to N4.27 billion.“We must make difficult decisions regarding capital adequacy,” Governor <a href="https://www.cbn.gov.ng/AboutCBN/TheBoard.asp?Name=Mr%2E+Olayemi+Cardoso&amp;Biodata=cardoso" rel="noopener noreferrer" target="_blank">Olayemi Cardoso</a> said on Friday. “As the first steps, the central bank will be directing banks to increase their capital,” he told bankers during a dinner speech in the commercial hub of Lagos.

Banking stocks surge in Nigeria on central bank recapitalization talks

Zimbabwe's annual inflation rate increased for the first time following the recent adoption of a new price measure that considers the widespread use of US dollars for transactions in the economy. Per the <a href="https://www.zimstat.co.zw/" rel="noopener noreferrer" target="_blank">Zimbabwe National Statistics Agency</a>, consumer prices rose to 21.6% in November from 17.8% the previous month. The agency did not provide specific reasons for the uptick, but a likely contributor was a 2 US cents per kilowatt-hour increase in power tariffs implemented last month. This comes after the country revised its inflation measure for the second time in 2023 on September 28, with the previous revision occurring in February. Both revisions led to a notable decline in the inflation rate. The new methodology combines price changes of goods and services in both the US dollar and Zimbabwean dollar.In addition to the annual increase, monthly inflation accelerated to 4.5%, surpassing the central bank's target of 3% for the year. Following the methodology change, the <a href="https://www.rbz.co.zw/" rel="noopener noreferrer" target="_blank">Reserve Bank of Zimbabwe</a>'s monetary policy committee reduced the benchmark interest rate to 130% from 150%, relinquishing its position of having the world's highest interest rate to Argentina.

Daba Finance/Zimbabwe inflation quickens after new measure

Zimbabwe's inflation surges two months after new price measure

The <a href="https://www.bog.gov.gh/" rel="noopener noreferrer" target="_blank">Bank of Ghana</a> has opted to maintain the benchmark interest rate at a record high of 30%, extending its stance to keep policy tighter for a more extended period until a clear downward trajectory toward its target range is established. This decision comes after a cumulative 16.5 percentage points increase in borrowing costs since November 2021. Governor <a href="https://www.afdb.org/en/virtual-launch-african-economic-outlook-2021/speakers-biographies/ernest-kwamina-yedu-addison" rel="noopener noreferrer" target="_blank">Ernest Addison</a> emphasized that the disinflation process is expected to persist with the current tight monetary policy stance and a relatively stable currency and base drift effect.Although <a href="https://dabafinance.com/en/news/south-africa-inflation-reaches-five-month-high" rel="noopener noreferrer" target="_blank">inflation</a> is showing signs of deceleration, it remains elevated relative to the target, necessitating the need to sustain the policy rate at a higher level until inflation is firmly anchored on a downward path toward the medium-term target. In addition to maintaining the interest rate, the Monetary Policy Committee (MPC) increased the cash reserve ratio requirement on all bank deposits from 14% to 15%, effective November 30.

Ghana opts to holds interest rate on disinflation, pending debt deal

<a href="https://www.saviu.vc/" rel="noopener noreferrer" target="_blank">Saviu Ventures</a>, a venture capital firm focusing on startups in <a href="https://dabafinance.substack.com/p/pulse54-an-emerging-startup-powerhouse" rel="noopener noreferrer" target="_blank">francophone Africa</a>, has secured an initial close of €12 million ($13 million) for its second fund. Private investors, including French and Kenyan family offices, have contributed to the fund. Saviu, founded by Benoit Delestre and Samuel Touboul, plans to finalize the fund between €30 million and €50 million, primarily targeting investments in <a href="https://dabafinance.substack.com/p/pulse54-an-emerging-startup-powerhouse" rel="noopener noreferrer" target="_blank">startups within the region</a>.Having been active in the French-speaking startup ecosystem since 2018 with its first €10 million fund, Saviu invests in seed-stage startups. While sector-agnostic, the current fund places emphasis on fintechs, health-techs, and climate-techs, while slowing down investments in e-mobility, e-commerce, and e-logistics.The firm intends to invest between €500,000 and €3 million in 15 to 20 post-revenue startups with its second fund. The firm adopts a strategy of supporting "sustainable companies" and provides business development assistance in addition to financial investment. Notable investments from the second fund include <a href="https://dabafinance.com/en/news/waspito-closes-seed-extension-round-to-expand-operations" rel="noopener noreferrer" target="_blank">Waspito</a>, a Cameroonian health tech; <a href="https://www.rubyx.io/" rel="noopener noreferrer" target="_blank">Rubyx</a>, a Senegalese digital lending SaaS provider; and <a href="https://www.myworkpay.com/" rel="noopener noreferrer" target="_blank">Workpay</a>, an HR payroll provider.

Daba Finance/Saviu Ventures reaches first close of second fund

Saviu Ventures raises $13m to back francophone African startups

Mozambique's government has approved an <a href="https://www.aljazeera.com/news/2023/11/27/mozambique-to-present-new-80bn-energy-transition-plan-at-cop28" rel="noopener noreferrer" target="_blank">Energy Transition Strategy</a> with the aim of reducing the nation's reliance on fossil fuels. The strategy, estimated to cost $80 billion by 2050, is designed to attract financing for economic development. The initial steps include the addition of 2,000 megawatts of hydropower capacity by 2030 and the expansion of the transmission grid to accommodate more renewable energy.&nbsp;The full program is set to be unveiled by <a href="https://www.africa-confidential.com/profile/id/3360/Filipe_Nyusi" rel="noopener noreferrer" target="_blank">President Filipe Nyusi</a> on December 2 at the COP28 international climate summit in Dubai. The strategy positions Mozambique to be a global leader in climate-aligned development. The government also plans to conduct more auctions, aiming to incentivize the development of privately owned solar and wind power plants.&nbsp;Additionally, it will establish "green industrial parks" with the goal of promoting the processing of the country's minerals, including those essential for the green transition, such as lithium and graphite. These initiatives align with global efforts to transition to cleaner and more sustainable energy sources while also harnessing the economic potential of renewable resources and fostering green industrial development.

Daba Finance/Mozambique approves energy transition plan

Mozambique approves ambitious $80bn energy transition plan

Nigerian business tycoon <a href="https://www.dangote.com/about-us/aliko-dangote/" rel="noopener noreferrer" target="_blank">Aliko Dangote</a> has revealed intentions to list his $20 billion oil refinery on the <a href="https://ngxgroup.com/" rel="noopener noreferrer" target="_blank">Nigerian Exchange Limited</a> (NGX). This significant move signals a major stride for <a href="https://dangote.com/" rel="noopener noreferrer" target="_blank">Dangote Industries</a>, the largest conglomerate in Africa.In an interview with the <a href="https://www.ft.com/" rel="noopener noreferrer" target="_blank">Financial Times</a>, Dangote confirmed that the company has successfully addressed challenges related to crude oil supply, clearing the path for the refinery's listing. This development is anticipated to enhance investor confidence and open up new avenues for growth for Dangote Industries.Having resolved issues concerning crude oil supply, Dangote expressed readiness to proceed with the plans for the refinery's listing on the Nigerian Exchange Limited. Furthermore, he articulated his vision for the refinery to evolve into an independent entity, solidifying its standing as a prominent player in the global oil and gas industry.

Daba Finance/Dangote Refinery to list on NGX

Nigeria’s Dangote Refinery to list on the local stock exchange

<a href="https://www.cfg.bank/" rel="noopener noreferrer" target="_blank">CFG Bank</a> has received regulatory approval for its initial public offering (IPO) on the <a href="https://www.casablanca-bourse.com/en/investor-portal-morocco" rel="noopener noreferrer" target="_blank">Casablanca Stock Exchange</a>. The IPO will involve a share capital increase reserved for the public, with a total amount of 600 million Dirhams ($60 million).As a pioneer in investment banking in Morocco, CFG was founded in 1992 by Adil Douiri, Amyn Alami, and Moroccan and foreign institutional investors. Over the years, CFG Bank has become a prominent independent, multi-business investment bank in Morocco, securing a strong position in various market segments and earning a reputable status.The subscription period for the IPO is set to take place from Thursday, November 30, 2023, to Thursday, December 7, 2023. The share price has been established at 110 MAD. CFG Bank shares will be available for purchase at all bank branches and brokerage firms, facilitating accessibility for potential investors.

Daba Finance/Morocco's CFG Bank gets regulatory approval for IPO

African Markets

Morocco's CFG Bank gets regulatory approval for IPO in Casablanca

The board members of the <a href="https://arabiancement.com/en/" rel="noopener noreferrer" target="_blank">Arabian Cement Company</a> have approved cash dividends totaling EGP 99.22 million for the year 2022. As per the bourse filing, the EGX-listed firm will distribute a dividend of EGP 0.26 per share to shareholders.Arabian Cement reported standalone net profits of EGP 342.50 million for the 12-month period ending on December 31, 2022, marking a significant annual increase from EGP 27.12 million. In the first nine months (9M) of 2023, the company's consolidated net profits attributable to the owners reached EGP 500.24 million, surpassing the figure from the same period in the previous year, which stood at EGP 262.26 million. Additionally, standalone net profits after tax rose to EGP 502.69 million in 9M-23, compared to EGP 244.74 million in 9M-22.In a recent development, the <a href="https://www.ebrd.com/home" rel="noopener noreferrer" target="_blank">European Bank for Reconstruction and Development</a> (EBRD) has collaborated with A³&amp;Co., a consulting firm, to lead a sustainable initiative at the cement company. This initiative aims to reduce carbon emissions and lower costs through innovative, environmentally responsible approaches, supporting the company's transition to NetZero.

Daba Finance/Arabian Cement announces 2022 dividends

Zawya

Arabian Cement to pay over $3.2m dividends for 2022

South Africa's <a href="https://www.resbank.co.za/en/home" rel="noopener noreferrer" target="_blank">central bank</a> opted to maintain its main lending rate at 8.25%, as announced in a unanimous decision by its monetary policy committee (MPC). This marks the third consecutive meeting in which the bank has held the repo rate steady.Despite <a href="https://dabafinance.com/en/news/south-africa-inflation-reaches-five-month-high" rel="noopener noreferrer" target="_blank">inflation</a> experiencing a notable increase to 5.9% year-on-year in October from 5.4% in September, nearing the upper limit of the central bank's target range of 3%-6%, the bank chose to keep the rates unchanged. Central Bank Governor <a href="https://www.resbank.co.za/en/home/about-us/mr-lesetja-kganyago-biography" rel="noopener noreferrer" target="_blank">Lesetja Kganyago</a>, addressing a news conference, expressed concern about the uptick in inflation in October, stating that "serious upside risks" to the inflation outlook persist.Analysts are projecting a potential interest rate cut by the central bank in early 2024. However, some caution that the bank might delay its easing cycle due to <a href="https://dabafinance.com/en/news/south-africa-inflation-reaches-five-month-high" rel="noopener noreferrer" target="_blank">persistent high inflation</a>. The MPC of the <a href="https://www.resbank.co.za/en/home" rel="noopener noreferrer" target="_blank">South African Reserve Bank</a> has emphasized its preference for inflation to consistently hover around the midpoint of its target range before contemplating any rate adjustments.

Daba Finance/South Africa holds interest rates

South African central bank holds main rate amid inflation risks

Thirteen months after the enactment of the Startup Act in Nigeria, the government has introduced the Startup Support and Engagement <a href="https://startup.gov.ng/" rel="noopener noreferrer" target="_blank">Portal</a>. Minister for Communications, Innovation, and Digital Economy, <a href="https://www.linkedin.com/in/dr-%E2%80%98bosun-tijani-1b027b/?originalSubdomain=uk" rel="noopener noreferrer" target="_blank">Bosun Tijani</a>, unveiled this portal during the week.The Startup Engagement Portal serves as the gateway to the provisions outlined in the Startup Act. Positioned as the central hub, it is designed to streamline startup processes. Section 30 of the Act establishes this portal as a comprehensive resource for startups, offering assistance in navigating paperwork and facilitating registration with key agencies such as the <a href="https://www.cac.gov.ng/" rel="noopener noreferrer" target="_blank">Corporate Affairs Commission</a>, the <a href="https://sec.gov.ng/" rel="noopener noreferrer" target="_blank">Securities and Exchange Commission</a>, and the <a href="https://www.cbn.gov.ng/" rel="noopener noreferrer" target="_blank">Central Bank of Nigeria</a>. Notably, startups registered on the portal, referred to as "labeled startups," stand to benefit from fiscal advantages, including tax breaks.Furthermore, the Act implies that only startups registered on the Portal will be permitted to operate within the country. Tijani emphasized in a tweet that the Portal will be crucial in selecting representatives for the Startup Consultative Forum. This forum, in turn, will be responsible for appointing leaders for the <a href="https://medium.com/@startupact_ng/president-muhammadu-buhari-inaugurates-the-national-council-for-digital-innovation-and-e64fbc9944ff" rel="noopener noreferrer" target="_blank">National Council for Digital Innovation and Entrepreneurship</a> (NCDIE), the governing body tasked with implementing the Startup Act.

Daba Finance/Nigeria launches startup engagement portal

Techpoint Africa

Nigeria launches online portal to boost startup-government engagement

The <a href="https://www.bse.co.bw/" rel="noopener noreferrer" target="_blank">Botswana Stock Exchange</a> (BSE) this week marked an occasion with the Opening Bell Ceremony held at the BSE offices to commemorate the secondary equity listing of Botala Energy Limited.<a href="https://botalaenergy.com/" rel="noopener noreferrer" target="_blank">Botala Energy Limited</a>, an Australian energy company with a focus on exploration and development opportunities for natural gas and renewables in Botswana, undertook the listing of all its issued shares on the Foreign Main Board through the Way of Introduction, in accordance with the BSE Listings Requirements.This listing signifies a significant milestone for both Botala and Botswana's capital market. Firstly, it expands the accessibility of investment opportunities for both local and international investors, thereby fostering economic growth and diversification. Botala offers Botswana's investors the opportunity to participate in the success of the country's energy sector, thereby contributing to the overall development of the local economy.

Daba Finance/Botala Energy lists in Botswana

Australian energy firm Botala lists on Botswana Stock Exchange

<a href="https://www.accessbankplc.com/" rel="noopener noreferrer" target="_blank">Access Bank</a>, a pan-African banking giant based in Lagos, is in the final stages of regulatory processes to introduce its inaugural full banking service in Asia during the first quarter of 2024, according to the CEO of its holding company quoted by Semafor Africa.This move into the Asian market is a key component of a broader global expansion strategy. The bank aims to deepen its presence in Francophone Africa, foster stronger connections in North Africa, and extend its footprint across Europe. Access has already established wholesale banking operations in London and Paris, commencing operations in May.<a href="https://www.accessbankplc.com/about-us/board-management-team/mr-herbert-wigwe,-fca" rel="noopener noreferrer" target="_blank">Herbert Wigwe</a>, the CEO of Access Holdings, the parent company of Access Bank, expressed optimism about receiving approval from monetary authorities "by this side of Christmas." Although Wigwe did not disclose the specific country for the bank's Asian launch to avoid preempting local regulators, he confirmed, "We will definitely be in Asia by the first quarter of next year."

Daba Finance/Access Bank plans to launch in Asia

Semafor Africa

Nigeria’s Access Bank plans to launch in Asia in Q1 2024

<a href="https://www.africahealthcarenetwork.com/" rel="noopener noreferrer" target="_blank">Africa Healthcare Network</a> (AHN) has secured $20 million in equity and debt funding from a consortium of investors led by two prominent African institutions, <a href="https://www.africa50.com/" rel="noopener noreferrer" target="_blank">Africa50</a> and <a href="https://www.africinvest.com/" rel="noopener noreferrer" target="_blank">AfricInvest</a>, along with Tokyo-based <a href="https://www.ohara-ch.co.jp/english/" rel="noopener noreferrer" target="_blank">Ohara Pharmaceutical Co Ltd</a>.The funds will play a crucial role in supporting AHN's accelerated pan-African growth and expansion initiatives, addressing significant gaps in the availability of high-quality and affordable renal care across the continent. Africa50, leading the equity funding, specializes in investing in high-impact, high-growth businesses and projects across Africa. AfricInvest contributed debt financing through its Transform Health Fund (THF). Ohara Pharmaceutical Co Ltd also played a key role in the consortium.<a href="https://www.linkedin.com/in/mattwilliams2/?originalSubdomain=ke" rel="noopener noreferrer" target="_blank">Matt Williams</a>, AHN's Chief Executive, expressed optimism about the impact of this funding in the fight against kidney disease and the improvement of the overall healthcare landscape in Africa. The investment will empower AHN to broaden access to care, enhance technology and disease prevention, strengthen its healthcare workforce, and maximize its development impact and sustainability.

Daba Finance/Africa Healthcare Network raises $20 million

Africa Healthcare Network secures $20m for continent-wide expansion

<a href="https://m-kopa.com/" rel="noopener noreferrer" target="_blank">M-KOPA</a> has commenced its pilot operations in South Africa, marking a significant step forward five months after securing over $250 million in debt and equity funding to support its expansion efforts across Africa. The company, renowned for pioneering a pay-as-you-go model for solar panels and smartphones in East Africa, is set to collaborate with local retailers and distributors to provide its range of smart products to low-income households in dynamic townships.In its efforts to strengthen its presence in South Africa, M-KOPA has recently sought a sales executive through postings on platforms like <a href="https://www.glassdoor.com/index.htm" rel="noopener noreferrer" target="_blank">Glassdoor</a> and <a href="https://www.beebeejump.ng/" rel="noopener noreferrer" target="_blank">Beebee</a>. This move aligns with the company's commitment to expanding its reach and impact in areas such as Soweto.<a href="https://www.linkedin.com/in/jesse-moore-a366873/?originalSubdomain=ke" rel="noopener noreferrer" target="_blank">Jesse Moore</a>, CEO, and Co-founder of M-KOPA, outlined the company's ambitious plans last year, expressing its intention to expand into more markets across Africa and scale its customer base to over 10 million in the coming years. The commencement of pilot operations in South Africa signifies a significant stride toward realizing these expansion goals.

Daba Finance/M-KOPA expands to South Africa

M-KOPA expands to South Africa with pay-as-you-go solar panels

Kenyan fish farming startup <a href="https://www.aquarech.com/" rel="noopener noreferrer" target="_blank">Aquarech</a> has secured $1.7 million in equity funding to enhance its support for small-scale fish farmers in Kenya through its mobile app. Founded in 2019, Aquarech is dedicated to streamlining fish farming processes. The platform facilitates trade, purchase, and sale of quality fish feed, while also providing valuable insights into best aquaculture practices to manufacturers, farmers, and buyers.Small-scale fish farmers in Kenya often encounter challenges such as limited resources and access to high-quality feed. Aquarech aims to address these issues by increasing production, improving the economics of small-scale farmers, and fostering the overall growth of the aquaculture industry in Kenya. The startup supports farmers by offering quality feed, implementing climate-smart precision fish feeding techniques, providing market access, offering technical training, and extending financial access, including a 90-day credit period for feed payments.The recently secured funding will be utilized by Aquarech to hire talent, acquire additional feed, and establish infrastructure to further integrate its technology vertically. The investment was led by <a href="https://aqua-spark.nl/" rel="noopener noreferrer" target="_blank">Aqua-Spark</a>, a Netherlands-based global aquaculture investment fund, with additional capital contributions from <a href="https://acumen.org/" rel="noopener noreferrer" target="_blank">Acumen</a>, <a href="https://katapult.vc/" rel="noopener noreferrer" target="_blank">Katapult</a>, and <a href="https://www.mercycorps.org/what-we-do/ventures" rel="noopener noreferrer" target="_blank">Mercy Corps Ventures</a>. This funding is poised to significantly contribute to Aquarech's mission of revolutionizing and advancing the aquaculture sector in Kenya.

Daba Finance/quarech raises $1.7m funding

Kenyan fish farming startup Aquarech raises $1.7m funding

<a href="https://payment24.co.za/" rel="noopener noreferrer" target="_blank">Payment24</a>, a global payments platform provider specializing in payment and loyalty solutions, has recently disclosed a strategic investment in <a href="https://inergy24.com/" rel="noopener noreferrer" target="_blank">Inergy24</a>, a technology service provider headquartered in Switzerland. This collaboration is strategically designed to extend access to the comprehensive Payment24 platform across Europe, offering a wide range of services including payment solutions, fleet management, mobile and retail services, loyalty programs, electric vehicle (EV) services, and Cloud Switch solutions.Founded in 2013 by <a href="https://www.linkedin.com/in/nolandaniel?originalSubdomain=za" rel="noopener noreferrer" target="_blank">Nolan Daniel</a> and <a href="https://www.linkedin.com/in/shadabrahil/?originalSubdomain=za" rel="noopener noreferrer" target="_blank">Shadab Rahil</a>, Payment24 has established a significant presence on five continents and operates in 18 countries. Notably, the company originated as a digital fuel management and telematics platform and has evolved into a major player in the global payment and loyalty solutions space. Payment24 presently operates one of Africa's most extensive private refueling and fuel loyalty networks, with billions of liters of fuel transacted through its platform annually.

Daba Finance/South Africa’s Payment24 acquires Swiss firm in Europe expansion

South Africa’s Payment24 acquires Swiss firm in Europe expansion

<a href="https://edpartnersafrica.com/" rel="noopener noreferrer" target="_blank">Ed Partners Africa</a>, a non-banking financial institution specializing in extending loans to affordable private schools in Kenya, has disclosed a significant development in securing a $10 million loan guarantee facility from the United States' Development Finance Corporation (DFC). This financial commitment is aimed at facilitating the expansion of accessible education.Established in 2018 by <a href="https://www.linkedin.com/in/lydia-koros-564a76138?originalSubdomain=ke" rel="noopener noreferrer" target="_blank">Lydia Koros</a> and <a href="https://www.linkedin.com/in/david-fitzherbert-b0844541/?originalSubdomain=uk" rel="noopener noreferrer" target="_blank">David FitzHerbert</a>, and currently under the leadership of CEO Amos Mwangi, Ed Partners focuses on providing financial solutions for essential components of the education system, such as infrastructure, technology, and transportation. The organization has already made a substantial impact, reaching over 100,000 students in 350 schools.Following a successful $1.9 million funding round in June 2021 and securing $1.5 million in debt funding from <a href="https://www.oikocredit.coop/en/" rel="noopener noreferrer" target="_blank">Oikocredit</a> in August, Ed Partners has now solidified its financial position. Upon disbursement, the DFC loan will play a crucial role in fostering the expansion of accessible and high-quality education opportunities in Kenya, providing vital financial support to these schools.

Daba Finance/Kenya’s Ed Partners secures $10m DFC loan guarantee

Kenya’s Ed Partners secures $10m DFC loan guarantee commitment

<a href="https://wayupsports.com/" rel="noopener noreferrer" target="_blank">WayUp Sports</a>, an e-commerce platform specializing in performance-based sports gear in Egypt, has secured a seed round of funding led by&nbsp;<a href="https://beltoneholding.com/" rel="noopener noreferrer" target="_blank">Beltone Venture Capital</a>,&nbsp;<a href="https://www.crunchbase.com/organization/index-sports-fund" rel="noopener noreferrer" target="_blank">Index Sports Fund</a>, and additional support from strategic angel investors. This investment will be dedicated to advancing WayUp Sports across three key areas: regional expansion, the launch of the WayUp Sports private brand, and the improvement of the user experience on the application and website.The startup offers performance-based sportswear and equipment for a variety of sports, directly sourced from both local and international brands. The platform caters to a broad spectrum of athletes, from young enthusiasts to professional champions.Furthermore, it provides customers with a seamless experience by overseeing the entire product journey, including warehousing, quality checks, sales, and delivery processes. Moreover, the platform invests in training customer service personnel to assist and guide sports enthusiasts throughout their journey.

Daba Finance/Egypt’s WayUp Sports closes seed round

Wamda

Egypt’s WayUp Sports closes seed round to scale marketplace

<a href="https://www.fitchratings.com/" rel="noopener noreferrer" target="_blank">Fitch Ratings</a> has revised the outlook on Cameroon's rating from "stable" to "negative." This adjustment is attributed to "increased pressure on liquidity" stemming from challenging financing conditions in both domestic and international markets, along with identified structural weaknesses in the management of public finances. Fitch's decision suggests a potential risk of downgrading Cameroon's rating in the next six months if there is no improvement in the economic situation.Despite the change in outlook, Fitch Ratings has maintained Cameroon's rating at "B," demonstrating a degree of optimism compared to other rating agencies. In August, both <a href="https://www.spglobal.com/ratings/en/" rel="noopener noreferrer" target="_blank">S&amp;P</a> and <a href="https://www.moodys.com/" rel="noopener noreferrer" target="_blank">Moody's</a> had downgraded the country's rating to the "Ultra-speculative" category. This downgrade was a result of delayed payments on a debt owed to Deutsche Bank Spain. Fitch clarified that they did not classify this as a default because they applied a 30-day grace period. Furthermore, Fitch noted that all of Cameroon's external arrears, amounting to 0.2% of GDP, have been settled.

Daba Finance/Fitch Ratings maintains Cameroon's rating

Sika Finance

Fitch maintains Cameroon at “B” but lowers its outlook to negative

On Tuesday, Nigerian and German companies solidified economic ties by signing two significant agreements in Berlin. The first pact is a renewable energy memorandum of understanding (MoU) worth $500 million between <a href="https://www.unionbankng.com/" rel="noopener noreferrer" target="_blank">Union Bank of Nigeria</a> and Germany's <a href="https://www.dws.com/" rel="noopener noreferrer" target="_blank">DWS Group</a>. This agreement aims to attract $500 million in investment for renewable energy projects across Nigeria, with a primary focus on rural communities, as reported by spokesperson Ajuri Ngelale. The second MoU revolves around a gas export partnership and involves <a href="https://riversidelng.com/" rel="noopener noreferrer" target="_blank">Riverside LNG</a> of Nigeria and Germany's Johannes Schuetze Energy Import AG. Under this agreement, Nigeria commits to supplying 850,000 tons of natural gas to Germany annually, with expectations for this volume to increase to 1.2 million tons. The initial deliveries are scheduled for 2026, marking a significant collaboration in the energy sector between the two nations. The deal will help process about 50 million cubic feet per day of natural gas that otherwise would have flared.

Nigerian, German companies sign $500m renewable energy, gas deal

Cameroonian health startup <a href="https://www.waspito.com/" rel="noopener noreferrer" target="_blank">Waspito</a> has secured a $2.5 million seed extension from investors, including <a href="https://www.dpworld.com/" rel="noopener noreferrer" target="_blank">DP World</a>, <a href="https://www.newtownpartners.com/" rel="noopener noreferrer" target="_blank">Newtown Partners</a>, <a href="https://www.saviu.vc/" rel="noopener noreferrer" target="_blank">Saviu Ventures</a>, <a href="https://aaicinvestment.com/" rel="noopener noreferrer" target="_blank">AAIC Investment</a>, <a href="https://www.axian-group.com/en/axian-investment-2/" rel="noopener noreferrer" target="_blank">Axian Ventures</a>, and <a href="https://health54.africa/" rel="noopener noreferrer" target="_blank">CFAO’s Health54</a>. The funding will be utilized to bolster Waspito's expansion initiatives, with a specific focus on advancing its presence in the Francophone region.Often likened to the 'Facebook for healthcare,' Waspito is a health-centric social network that empowers users across Africa to seamlessly connect with verified doctors through instant video calls, diverging from traditional telemedicine models that involve pre-registration and appointment booking.Given the scarcity of doctors, with fewer than 2 for every 10,000 people in target countries, Waspito aims to bridge this gap by offering a comprehensive platform for all healthcare services. The platform enables patients to make payments through various channels, including insurance, thereby incentivizing doctors to remain available online for extended periods.

Daba Finance/Waspito gets $2.5m seed extension

Cameroonian healthtech Waspito gets $2.5m seed extension

Zambia's central bank has implemented its most substantial increase in the benchmark interest rate in four years to address persistent inflation and stabilize the local currency, which has <a href="https://dabafinance.com/en/news/Zambia-hikes-bank-reserve-ratio" rel="noopener noreferrer" target="_blank">faced challenges</a> amid efforts to restructure debt.Governor Denny Kalyalya announced on Wednesday in Lusaka, the capital, that the monetary policy committee has raised the interest rate from 10% to 11%. This marks the most significant increase since November 2019. Despite previous monetary tightening efforts, inflationary pressures and the depreciation of the currency have persisted, even in the face of weakened private sector activity.The Zambian currency has reached record lows against the dollar, prompting the central bank to <a href="https://dabafinance.com/en/news/Zambia-hikes-bank-reserve-ratio" rel="noopener noreferrer" target="_blank">raise reserve-ratio requirements</a> for lenders for the second time in two weeks, setting it at 17% from the previous 14.5%, effective from November 27.

Zambia’s central bank hikes interest rate by most in four years

<a href="https://www.absabank.mu/en/personal/" rel="noopener noreferrer" target="_blank">Absa Bank (Mauritius) Limited</a>, a subsidiary of the <a href="https://www.absa.africa/" rel="noopener noreferrer" target="_blank">Absa Group</a>, has entered into an agreement to acquire the domestic Wealth and Personal Banking as well as Business Banking operations of the <a href="https://www.hsbc.com.hk/" rel="noopener noreferrer" target="_blank">Hong Kong and Shanghai Banking Corporation Ltd.</a> (HSBC) in Mauritius. This acquisition is contingent upon obtaining regulatory approvals and other necessary clearances.<a href="https://www.linkedin.com/in/arrie-rautenbach-06896627?originalSubdomain=za" rel="noopener noreferrer" target="_blank">Arrie Rautenbach</a>, Chief Executive Officer of Absa Group, expressed that this transaction aligns with Absa's growth objectives in Africa, where they perceive substantial opportunities. He emphasized the organization's commitment to creating a more diversified business across geography, segments, and products, deploying capital to attractive growth prospects across the continent with the aim of becoming a leading pan-African bank.The deal also underscores Absa Mauritius's dedication to expanding its role as a significant player in the Mauritian economy. Through this transaction, Absa Bank Mauritius aims to enhance the scale of its Retail and Business Banking division, capitalizing on existing resources, expertise, and infrastructure, including its innovative digital solutions.

Daba Finance/Absa buys HSBC Mauritius business

Absa agrees to acquire HSBC retail, wealth businesses in Mauritius

<a href="https://store.okadabooks.com/" rel="noopener noreferrer" target="_blank">Okada Books</a>, Nigeria's pioneering digital publishing and bookselling platform, is set to shut down on November 30, citing challenging macroeconomic conditions. CEO <a href="https://www.vanguardngr.com/2016/11/okada-books-one-company-recycling-publishing-wheel/" rel="noopener noreferrer" target="_blank">Okechukwu Ofili</a> said in a statement on social media platform X that despite exploring various options to keep the virtual bookshelves active, the challenges faced by the company are insurmountable.Launched in 2013, Okada Books aimed to simplify book distribution and sales in Nigeria. The platform provided a means for Nigerian writers to engage in self-publishing, making the process more accessible and affordable. Through its Android application and online platform, authors could directly share their books with readers and earn from their work. Okada Books operated on a business model where the platform took a 30% commission on every sale. The average book on the platform was priced between N250 ($0.31) – N500 ($0.62), with variations depending on the author's choices.

Daba Finance/Nigeria-based Okada Books shuts down

Nigerian digital publisher Okada Books shuts down after 10 years

Fifteen South African green businesses have been selected to participate in the <a href="https://www.grindstonexl.com/" rel="noopener noreferrer" target="_blank">Grindstone program</a>, supported by the <a href="https://www.angloamericangroupfoundation.org/" rel="noopener noreferrer" target="_blank">Anglo American Foundation</a> (AAF). The program is known for fostering high-growth entrepreneurship, and in July, the AAF partnered with Grindstone with the goal of empowering entrepreneurs in the green sector, promoting sustainable practices, and focusing on job creation for South Africa's youth.The 2023 accelerator will span six months, catering specifically to post-seed to Series A green sector startups. With the support of the ecosystem and strategic partners, Grindstone aims to enhance the growth of the selected startups by addressing gaps in their knowledge and business skills through in-depth workshops and monthly coaching sessions. Participants will benefit from learning experiences with Grindstone's alumni and established ecosystem network partners such as Green Cape and Savant, and they will become part of a community that includes sustainability-focused investors.

Daba Finance/ZGrindstone, Anglo American accelerator

15 SA green businesses in Grindstone, Anglo American accelerator

<a href="https://africa.visa.com/" rel="noopener noreferrer" target="_blank">Visa</a> has chosen 23 startups for its inaugural <a href="https://africa.visa.com/visa-everywhere/innovation/visa-accelerator.html" rel="noopener noreferrer" target="_blank">Africa Fintech Accelerator</a> program, designed to empower African startups through expertise, connections, technology, and investment funding. This initiative aligns with Visa's commitment to invest $1 billion in Africa's digital transformation and contribute to the long-term advancement of African economies and inclusive growth.The accelerator program will facilitate the growth of selected startups through a three-month intensive learning program focused on business expansion and mentorship. After completing the program, Visa will continue to support startups through capital investment, further accelerating their commercial launch by providing access to Visa technology and capabilities.<a href="https://www.linkedin.com/in/alfredkelly/" rel="noopener noreferrer" target="_blank">Alfred F. Kelly Jr</a>., Executive Chairman of Visa, expressed excitement about Africa's vibrant fintech ecosystem, emphasizing the region's entrepreneurial talent and the growth potential of its young, digital-first population. The Fintech Accelerator aims to bring expertise, connections, and investment to Africa's leading fintech startups, fostering their growth on a larger scale.

Daba Finance/Visa selects 23 startups for inaugural Africa fintech accelerator

Visa selects 23 startups for inaugural Africa fintech accelerator

<a href="https://www.adunacapital.com/" rel="noopener noreferrer" target="_blank">Aduna Capital</a>, a Nigerian venture capital firm, has announced the launch of a $20 million fund. The fund is set to allocate 55.5% of its capital to startups in Northern Nigeria, with the remaining portion divided among other regions within the country and across Africa. Notably, the fund aims to achieve 50% female representation among the startups it supports.<a href="https://www.linkedin.com/in/surayyah-ahmad-sani/?originalSubdomain=uk" rel="noopener noreferrer" target="_blank">Surayyah Ahmad</a>, an experienced founder who launched the E-commerce startup <a href="https://yds.com.ng/" rel="noopener noreferrer" target="_blank">YDS Online</a> in 2017 (which was acquired in 2022), is also the co-founder of <a href="https://www.getethco.com/" rel="noopener noreferrer" target="_blank">Ethco</a>, a startup assisting ethnic stores in going digital. She serves as the chairman of the <a href="https://nfcommunity.com/" rel="noopener noreferrer" target="_blank">Northern Founders Community</a>. Ahmad's co-founder, <a href="https://www.linkedin.com/in/sanusiismaila/?originalSubdomain=ng" rel="noopener noreferrer" target="_blank">Sanusi Ismaila</a>, has been a key figure in technology innovation in Northern Nigeria, founding Colab, likely the largest innovation hub in Kaduna State.The firm envisions contributing to the transformation of Northern Nigeria, a region home to over 100 million Nigerians. The fund also aims to redirect attention away from Lagos, which currently houses more than 80% of startups in Nigeria. This initiative reflects a broader effort to promote regional diversity and inclusivity within Nigeria's startup ecosystem.

Daba Finance/Aduna Capital launches $20 million VC fund

Aduna launches $20m fund to invest in Northern Nigerian startups

In October, South African annual <a href="https://dabafinance.com/en/news/nigeria-postpones-mpr-meeting-again-as-inflation-soars" rel="noopener noreferrer" target="_blank">inflation</a> reached a five-month high, rising to 5.9% compared to 5.4% in September, according to <a href="https://www.statssa.gov.za/" rel="noopener noreferrer" target="_blank">Statistics South Africa</a>. This uptick is unlikely to prompt the central bank to raise interest rates at its upcoming meeting on November 23, as the acceleration is expected to be temporary.The inflation rate exceeding the median estimate of 5.6% by 19 economists in a <a href="https://www.bloomberg.com/africa" rel="noopener noreferrer" target="_blank">Bloomberg</a> survey suggests some unexpected pressure. However, factors such as softer oil prices and the appreciation of the rand against the dollar since the last meeting in September may contribute to a potential easing of price growth in the coming months.&nbsp;Additionally, core inflation, which excludes food and energy costs, decelerated to 4.4% from 4.5% in September. These factors could influence the central bank's decision on whether to adjust interest rates.

Daba Finance/South Africa inflation rises

South African inflation hits 5-month high before rate decision

To facilitate the growth of African cross-border trade, <a href="https://frontedge.io/" rel="noopener noreferrer" target="_blank">FrontEdge</a>, a fintech based in Lagos, has raised $10 million in a seed round, comprising both debt and equity, with over 70% of the funding derived from the debt component.Founded in 2021 by <a href="https://www.linkedin.com/in/moni-alli-2a359548/" rel="noopener noreferrer" target="_blank">Moni Alli</a>, a former <a href="https://www.mckinsey.com/" rel="noopener noreferrer" target="_blank">McKinsey</a> consultant with a background in digital transformations for major banks in Nigeria, South Africa, and Morocco, FrontEdge is addressing the SME financing gap in Africa. The fintech operates a lending-first platform that diverges from traditional banking models, allowing SMEs to access upfront capital without needing collateral.The company aims to provide SME exporters and importers with working capital and innovative software tools. FrontEdge plans to utilize the capital to expand its team, extend its financing product to multiple African countries, and introduce additional products to diversify revenue streams. <a href="https://tlgcapital.com/" rel="noopener noreferrer" target="_blank">TLG Capital</a>, the lead investor, expresses confidence in FrontEdge's mission to empower African SMEs and enhance their participation in global trade.

TechEconomy

FrontEdge raises $10m to facilitate trade for African exporters

China's <a href="https://www.mmg.com/" rel="noopener noreferrer" target="_blank">MMG Ltd</a>., a company controlled by the state-owned <a href="http://www.minmetals.com/english/" rel="noopener noreferrer" target="_blank">China Minmetals Corp</a>., has secured one of the largest copper deals of the year by agreeing to acquire Cuprous Capital Ltd. for $1.9 billion. <a href="https://www.khoemacau.com/our-company" rel="noopener noreferrer" target="_blank">Cuprous Capital</a> owns the <a href="https://www.khoemacau.com/our-company" rel="noopener noreferrer" target="_blank">Khoemacau copper mine</a> in Botswana, which has been in production since 2021.The acquisition of Khoemacau underscores MMG's confidence in the future demand for copper, particularly as the global energy transition gains momentum. Jiqing Xu, the Chairman of MMG, stated that the purchase aligns with the company's belief in copper as a commodity with robust forward demand.MMG's shares saw a rise of up to 7.5% in Hong Kong following the announcement. The transaction is expected to be finalized in the first half of 2024 and is anticipated to be immediately earnings accretive, according to MMG. This acquisition will complement MMG's existing copper output, which is already more than 350,000 tons at the top end of its guidance for 2023.

Daba Finance/China's MMG buys Botswana copper mine

Reuters

MMG seals $1.9bn deal to buy copper mine in Botswana

<a href="https://chari.co/" rel="noopener noreferrer" target="_blank">Chari</a>, a B2B e-commerce startup based in Morocco that incorporates financing for the FMCG (Fast-Moving Consumer Goods) sector, has secured investment from <a href="https://um6pventures.com/" rel="noopener noreferrer" target="_blank">UM6P Ventures</a>, the investment fund associated with Mohammed VI Polytechnic University.Established in 2020, Chari provides a platform for traditional proximity store owners in Morocco to order and receive product deliveries. The startup claims to have onboarded over 20,000 food businesses in Morocco and has expanded its operations into Tunisia and Ivory Coast.The recent investment, associated with <a href="https://um6p.ma/en" rel="noopener noreferrer" target="_blank">Université Mohammed VI Polytechnique</a> (UM6P), adds to Chari's capital. UM6P Ventures aims to promote entrepreneurship and accelerate scientific innovation in Morocco and across Africa, operating through two funds: a Deeptech projects fund and a Digital Transformation fund.

Daba Finance/Chari gets funding from UM6P

Morocco’s Chari secures new funding from UM6P Ventures

<a href="https://www.linkedin.com/company/zazuu/?originalSubdomain=uk" rel="noopener noreferrer" target="_blank">Zazuu</a>, the fintech marketplace facilitating cross-border payment networks in Africa, has ceased operations due to its inability to secure additional funding. Despite efforts to explore various options, the company announced its closure through a <a href="https://www.linkedin.com/posts/zazuu_to-our-friends-and-supporters-we-have-some-activity-7131274245283700737-2TXY?utm_source=share&amp;utm_medium=member_desktop" rel="noopener noreferrer" target="_blank">LinkedIn post</a>.Founded in 2018, Zazuu initially raised a $200,000 seed round from <a href="https://launchafrica.vc/" rel="noopener noreferrer" target="_blank">Launch Africa</a> and <a href="https://odba.vc/" rel="noopener noreferrer" target="_blank">ODBA</a> in August 2021. Subsequently, in the following year, the company secured $2 million in funding from investors such as Launch Africa, <a href="https://www.foundersfactory.africa/" rel="noopener noreferrer" target="_blank">Founders Factory Africa</a>, ODBA, <a href="https://www.hoaq.co/" rel="noopener noreferrer" target="_blank">HoaQ</a>, and several angel investors.Zazuu, which began as a simple chatbot on platforms like Facebook and Telegram, providing users with daily foreign exchange rates, evolved into a comprehensive aggregator. The platform listed over 17 Africa-focused remittance providers before its closure. The decision to shut down reflects the challenges faced by fintechs in the competitive landscape, despite the significant demand for solutions addressing high remittance costs in Africa, where the average rate for sending money from Europe is notably high.

Daba Finance/African remittance fintech Zazuu closes shop

Africa-focused remittance fintech Zazuu shuts down

The critical meeting to determine interest rates in Nigeria, which was originally scheduled for Monday and Tuesday, has been delayed by the <a href="https://www.cbn.gov.ng/" rel="noopener noreferrer" target="_blank">Central Bank</a>. This postponement follows a worsening of headline inflation in October, <a href="https://dabafinance.com/en/news/nigeria-inflation-rises-further-to-more-than-27-percent" rel="noopener noreferrer" target="_blank">reaching an 18-year high of 27%</a>, according to data from the country's Bureau of Statistics.The unexpected delay has surprised many analysts, especially since the rates meeting in September was also postponed without explanation. At that time, the Central Bank of Nigeria (CBN) had assured that new dates would be communicated "in due time."&nbsp;The current meeting, initially expected to be the first rates meeting under the new CBN governor, Olayemi Cardoso, who was approved by the Senate in September, has now been rescheduled to an unspecified date. While the acting CBN governor, Folashodun Shonubi, had raised interest rates twice, it appears that Olayemi Cardoso is opting to defer such decisions.

Daba Finance/Nigeria postpones rate decision again

Nigeria postpones rate decision again despite soaring inflation

The <a href="https://www.jse.co.za/" rel="noopener noreferrer" target="_blank">Johannesburg Stock Exchange</a> (JSE) has expanded its secondary listings framework to include companies primarily listed on the <a href="https://www.hkex.com.hk/?sc_lang=en" rel="noopener noreferrer" target="_blank">Hong Kong Exchanges and Clearing Ltd</a> (HKEX). Under this strategic move, companies listed on HKEX can now pursue secondary listings on the JSE, and they qualify for a fast-track listing process.The fast-track listing process is designed for HKEX-listed companies with a minimum operational history of 18 months. These companies can seek a listing on the JSE Main Board or Alternative Exchange without the requirement of a pre-listing statement; instead, they can proceed with a pre-listing announcement.&nbsp;Despite this streamlined approach, the framework ensures that investors have access to pertinent information about the company, facilitating well-informed investment decisions. This initiative aims to simplify the dual-listing process by leveraging the wealth of market information available for these companies in their primary markets.

Daba Finance/JSE enables fast-track listings from Hong Kong

South Africa’s JSE now enables ‘fast-track’ listings from Hong Kong

<a href="https://www.cellulant.io/" rel="noopener noreferrer" target="_blank">Cellulant</a>, a leading Kenyan fintech company in the payments sector, has received initial approval as a Payment Service Provider and Payment Facilitator in Egypt. These newly acquired licenses further solidify Cellulant's presence in Africa, where it boasts the most comprehensive payment infrastructure. Operating in 35 markets with licenses and physical offices in 19 countries, Cellulant has seamlessly integrated over 370 payment methods.Equipped with its collections and disbursement payment solutions, Cellulant empowers global and regional merchants in Egypt to effortlessly manage their B2B and B2C payments both domestically and internationally. This includes transactions through mobile money, wallets, cash, cards, or direct bank transfers across a diverse range of payment methods and currencies.Ahmed Marwan, Cellulant's General Manager for Egypt and North Africa, emphasized the strategic timing of obtaining these licenses, stating, "With the prevalence of prepaid cards and mobile wallets already exceeding 40% of the adult population in Egypt, the timing of Cellulant's acquisition of these licenses could not be more opportune."

Daba Finance/Cellulant gets license in Egypt

Kenya's Cellulant set for Egypt expansion after getting license

The <a href="https://sec.gov.ng/" rel="noopener noreferrer" target="_blank">Securities and Exchange Commission</a> (SEC) has announced that the new e-dividend portal is scheduled to be operational by November 30, 2023. Lamido Yuguda, the Director-General of the SEC, made this disclosure during the 2023 Journalist Academy organized by the Nigerian Capital Market Institute (NCMI).Yuguda, represented by <a href="https://gfcmediagroup.com/contributors/dayo-obisan" rel="noopener noreferrer" target="_blank">Dayo Obisan</a>, Executive Commissioner, Operations, explained that the creation of the new e-dividend portal is a proactive measure to address the persistent issue of unclaimed dividends. He stated, "Once operational, this portal will simplify the process of mandating accounts for e-dividend. This will improve efficiency and ultimately lead to a significant fall in unclaimed dividends."In addition to the e-dividend portal, Yuguda highlighted the SEC's commitment to preventing new dividends from becoming unclaimed. The Commission is actively supporting the development of an identity management system to ensure proper identification of investors and market participants, thereby preventing the issues that have led to the accumulation of unclaimed dividends.

Daba Finance/Nigeria SEC launches new e-dividend portal

Nigeria's new electronic dividend portal to go live November 30

African payments company <a href="https://paystack.com/" rel="noopener noreferrer" target="_blank">Paystack</a> has undertaken a restructuring initiative that involves scaling back its operations outside of Africa, resulting in a reduction of its workforce in Europe and Dubai. The company has streamlined its operations, particularly in markets where it had previously hired technical roles to support its primary operations within Africa.As part of this effort, Paystack has decreased its workforce by 33 employees, according to a <a href="https://x.com/shollsman/status/1725143426889314619?s=20" rel="noopener noreferrer" target="_blank">tweet</a> by co-founder and CEO <a href="https://www.linkedin.com/in/shollsman" rel="noopener noreferrer" target="_blank">Shola Akinlade</a>. Following its acquisition by U.S.-based fintech Stripe, Paystack expanded its geographical presence by establishing offices in Accra, Cape Town, Dubai, and Nairobi.This expansion also involved recruiting staff in Europe through remote operations and setting up an engineering hub in Dubai. Prior to these developments, Paystack already had offices in Lagos and San Francisco.

Daba Finance/Paystack cuts jobs in Europe, Dubai

Paystack lays off employees in Europe, Dubai amid downsizing

The executive board of the <a href="https://www.imf.org/en/Home" rel="noopener noreferrer" target="_blank">International Monetary Fund</a> (IMF) has granted approval for a loan totaling around $178 million to Malawi, with an immediate disbursement of around $35 million, as announced in a statement.Malawian authorities had previously reached a staff-level agreement with the IMF for a four-year Extended Credit Facility back in September. In response to severe shortages of fuel, medicines, and fertilizers linked to foreign currency shortages, Malawi <a href="https://dabafinance.com/en/news/Malawi-devalues-kwacha-amid-dollar-crunch" rel="noopener noreferrer" target="_blank">devalued its currency by 30%</a> earlier this month.Finance Minister <a href="https://www.mnafricansunited.org/itom-speakers/hon.-simplex-chithyola%2C-mp" rel="noopener noreferrer" target="_blank">Simplex Chithyola Banda</a> expressed relief, stating, "The decision is a big breather for us and our economy." He highlighted two major expected benefits: the resumption of budgetary support from traditional donors and the alleviation of foreign currency shortages. Malawian President Lazarus Chakwera, claims that the IMF program would pave the way for additional financial support from development partners.

IMF board approves $178m loan to support Malawi

As a part of the <a href="https://africacyberdefenseforum.com/" rel="noopener noreferrer" target="_blank">Africa Cyber Defense Forum</a> (ACDF), <a href="https://www.kaspersky.co.za/" rel="noopener noreferrer" target="_blank">Kaspersky</a> has unveiled the inauguration of its inaugural Transparency Center in the African region. Situated in Kigali, Rwanda, this center is launched as a component of Kaspersky's <a href="https://www.kaspersky.com/transparency-center" rel="noopener noreferrer" target="_blank">Global Transparency Initiative</a>, aimed at emphasizing the trustworthiness of the company's solutions and advocating for increased transparency within the cybersecurity sector.This new center provides visitors with an in-depth understanding of Kaspersky's engineering and data processing practices, coupled with a live demonstration of the source code for its products and services.The Transparency Center in Kigali is accessible to Kaspersky's partners, customers, and regulatory bodies overseeing cybersecurity. It is tailored to accommodate the "blue piste" review option, a feature that has gained considerable popularity among visitors to Transparency Centers since the inaugural facility opened its doors in 2018.

Daba Finance/Kaspersky opens its first African Transparency Center

Kaspersky opens its first African Transparency Center in Rwanda

<a href="https://www.linkedin.com/in/dr-%E2%80%98bosun-tijani-1b027b/?originalSubdomain=uk" rel="noopener noreferrer" target="_blank">Bosun Tijani</a>, Nigeria's Minister of Communications, Innovation, and Digital Economy, officially launched a plan to train 3 million technical talents within the next four years last week. If successful, this initiative could contribute to President Bola Tinubu's ambitious goal of generating a million tech jobs within the first two years of his administration.The <a href="https://3mtt.nitda.gov.ng/" rel="noopener noreferrer" target="_blank">3MTT program</a> will follow a 1-10-100 model, with the minister explaining that the plan involves testing a prototype with 1% of the target, equivalent to 30,000 individuals, during the initial three months. Remarkably, the program received around 2 million applications in less than 30 days for the first cohort.The second cohort, consisting of 30,000 participants, is set to commence in February 2023. Insights gained from these initial batches will play a pivotal role in scaling the program to achieve the ambitious 3 million target. This program is crucial as Nigeria's unemployment rate is expected to rise beyond 40% this year, up from <a href="https://blogs.worldbank.org/opendata/nigerias-dichotomy-low-unemployment-high-poverty-rates" rel="noopener noreferrer" target="_blank">33% in 2020</a>.

Daba Finance/Nigeria to train tech talents

Nigeria flags off program to train 3m tech talents

Nigeria's <a href="https://dabafinance.com/en/news/investors-oversubscribe-nigeria-bond-by-over-300-percent" rel="noopener noreferrer" target="_blank">headline inflation</a> has surged for the 10th consecutive month, reaching an 18-year high, raising the likelihood of the central bank implementing interest rate hikes. According to official data from Nigeria's Bureau of Statistics (NBS), October's headline <a href="https://dabafinance.com/en/news/Egypts-annual-headline-inflation-accelerates-to-35-percent-in-October" rel="noopener noreferrer" target="_blank">inflation</a> reached 27.33%. The prices of essential items such as bread, cereals, oil, fat, potatoes, yam, tubers, fish, fruit, meat, vegetables, and dairy products experienced significant increases. NBS data revealed that food inflation soared to 31.5% in October.The <a href="https://www.cbn.gov.ng/" rel="noopener noreferrer" target="_blank">Central Bank</a> is anticipated to raise interest rates at its upcoming Monetary Policy Meeting, with the previous meeting in September being postponed, marking the first time in eight years. Financial and business advisory firm KPMG has predicted that Nigeria's headline inflation could reach 30% by December 2023, reflecting the challenging economic situation in the country.

Daba Finance/Nigeria's inflation reaches 27.33%

Nigeria's inflation soars further to hit 27.33% in October

Moroccan automaker Neo Motors, set to launch the country's inaugural domestically produced car this month, aims to secure a listing on the <a href="https://www.casablanca-bourse.com/en/about-casablanca-stock-exchange" rel="noopener noreferrer" target="_blank">national stock exchange</a> to facilitate its expansion into electric vehicle manufacturing. Established in 2017 by the current communications and culture minister, <a href="https://www.neomoteur.com/" rel="noopener noreferrer" target="_blank">Neo Motors</a> is currently producing 3,000 units annually of its first model—a three-door passenger car priced at $20,000. This model competes with vehicles in a similar price range from Renault SA's Dacia and various Chinese brands.The company plans to increase production to 15,000 vehicles per year within the next three years and intends to introduce electric models, according to CEO <a href="https://www.linkedin.com/in/nassim-belkhayat-133b57a6/?originalSubdomain=ma" rel="noopener noreferrer" target="_blank">Nassim Belkhayat</a> in an interview in Marrakech with Bloomberg. Neo Motors is exploring additional financing options in discussions with the African Development Bank.Neo Motors' endeavors mark a significant development for Morocco's automotive sector, aligning with the government's broader strategy to transform the North African nation into a prominent manufacturing and trade hub, fostering collaboration with both Western and Chinese markets. Notably, Stellantis NV's Peugeot and Renault vehicles are already assembled in Morocco, with a current emphasis on enhancing value by locally manufacturing key components.

Daba Finance/Neo Motors plans Casablanca IPO

Morocco’s first carmaker plans IPO to expand into EV production

<a href="https://www.mcapitalp.com/" rel="noopener noreferrer" target="_blank">Mediterrania Capital Partners</a>, a private equity firm supporting SMEs and mid-cap companies in Africa, has received an investment of €15 million (around $16 million) from <a href="https://www.bii.co.uk/en/" rel="noopener noreferrer" target="_blank">British International Investment</a> (BII), the UK's development finance institution and impact investor. This infusion of capital will contribute to the MC IV fund, supporting mid-cap companies in both North and Sub-Saharan Africa.Having already executed two investments (<a href="https://laprophan.com/" rel="noopener noreferrer" target="_blank">Laprophan</a> and <a href="https://www.cashplus.com/" rel="noopener noreferrer" target="_blank">Cash Plus</a>), MC IV is poised to deploy up to €350 million in African businesses, facilitating their realization of full operational and growth potential. Mediterrania Capital Partners' funds are strategically aimed at mid-cap companies in sectors pivotal for developmental progress.In addition to providing crucial financial support to targeted businesses, Mediterrania Capital is collaborating with BII to develop a new impact framework. This framework will significantly focus on fostering climate and gender impact within its investment companies, reflecting a commitment to broader sustainability and inclusivity goals.

Daba Finance/Mediterrania Capital IV receives a $16.3m from BII

Mediterrania Capital IV receives $16.3m from BII for North Africa

<a href="https://www.arcpower.co/" rel="noopener noreferrer" target="_blank">ARC Power</a>, a prominent provider of sustainable and clean energy solutions, is set to advance its mission of delivering grid-connected clean energy access to over 100,000 people in Rwanda's initial phase. This translates to more than 30,000 households gaining power access for the first time, thanks to strategic funding from <a href="https://www.triodos-im.com/" rel="noopener noreferrer" target="_blank">Triodos Investment Management</a> (Triodos IM) and <a href="https://www.oikocredit.coop/en/" rel="noopener noreferrer" target="_blank">Oikocredit</a>.In alignment with Rwanda's commitment to expanding electricity access and decreasing its carbon footprint to meet the 2024 targets, ARC Power aims to make energy accessible and affordable for all Rwandans while enhancing the country's clean energy mix. The $10 million investment, facilitated by Oikocredit and Triodos IM through the Triodos Emerging Markets Renewable Energy Fund and Triodos Groenfonds, will play a pivotal role in realizing this objective. This investment will be utilized to broaden ARC Power's operations, executing grid expansion and implementing grid-tied distributed renewable energy generation assets throughout the nation. This initiative falls within the scope of the recently established Strategic Power Partnership between ARC Power and the Government of Rwanda.

ARC Power gets $10m from Triodos, OikoCredit for clean energy push

<a href="https://www.americantower.com/index.html" rel="noopener noreferrer" target="_blank">American Tower Corporation</a>'s Africa operations (ATC Africa) and <a href="https://www.mtn.ng/" rel="noopener noreferrer" target="_blank">MTN Nigeria</a> have recently disclosed a new agreement aimed at bolstering wireless connectivity throughout Nigeria. According to the terms of the agreement, ATC Africa will facilitate additional tenancies for MTN Nigeria over the course of several years, beginning in the second half of 2024. The plan involves meeting MTN Nigeria's site needs by tapping into ATC Africa's extensive portfolio, which comprises over 8,000 sites in Nigeria, with a significant portion already equipped with green energy solutions. Moreover, new sites will be deployed following ATC Africa's green site specifications.<a href="https://www.linkedin.com/in/marek-busfy-6875173/?originalSubdomain=za" rel="noopener noreferrer" target="_blank">Marek Busfy</a>, Senior Vice President and CEO of ATC Africa expressed his enthusiasm for the collaboration, stating, "We're thrilled to further strengthen our partnership with MTN Nigeria. We believe this agreement, securing incremental lease-up on our existing portfolio and a robust development pipeline, clearly demonstrates the differentiated value ATC Africa can provide its customers through our quality of assets, leading build-to-suit capabilities, and best-in-class Power-as-a-Service and green site offerings."

Daba Finance/ATC Africa unit partners MTNN

ATC's Africa unit partners with MTN Nigeria on wireless connectivity

<a href="https://altschoolafrica.com/" rel="noopener noreferrer" target="_blank">AltSchool Africa</a>, the Nigerian educational technology startup positioning itself as the African counterpart to the US coding bootcamp <a href="https://www.bloomtech.com/" rel="noopener noreferrer" target="_blank">BloomTech</a>, is set to benefit from strategic support provided by Intellecap, an advisory firm focused on Asia and Africa. This initiative, fully funded by the Rwandan Innovation Fund, aims to assist AltSchool in charting its course for the next phase of growth, according to information obtained by TechCabal.In April, AltSchool secured a $3 million funding round, with participation from <a href="https://www.angazacapital.com/" rel="noopener noreferrer" target="_blank">Angaza Capital</a>, a venture capital firm that co-manages the Rwandan Innovation Fund. Notably, this investment had not been previously disclosed. While Adewale Yusuf, AltSchool's CEO, acknowledged his startup's receipt of funding from the innovation fund, specific financial details were not disclosed.The <a href="https://projectsportal.afdb.org/dataportal/VProject/show/P-RW-G00-001" rel="noopener noreferrer" target="_blank">Rwandan Innovation Fund</a>, initiated in 2021 with a $30 million loan from the <a href="https://projectsportal.afdb.org/dataportal/VProject/show/P-RW-G00-001" rel="noopener noreferrer" target="_blank">African Development Bank</a>, plays a crucial role in Rwanda's ambition to position itself as a technology hub within the African continent. Expressing gratitude for the support received, Yusuf stated in a LinkedIn post, "The Rwandan government has been instrumental to our success since we entered the market, and we're thankful for their support."

Daba Finance/AltSchool Africa to receive Rwanda support

AltSchool Africa to receive support from Rwanda’s tech fund

<a href="https://www.unionbankng.com/" rel="noopener noreferrer" target="_blank">Union Bank</a>, Nigeria's second-oldest deposit money bank, is set to be delisted from the Nigerian Exchange Group (NGX) a year after its acquisition by <a href="https://titantrustbank.com/" rel="noopener noreferrer" target="_blank">TitanTrust</a>. The ₦191 billion (around $200 million) acquisition, a crucial component of TitanTrust's five-year strategy to join Nigeria's elite tier-1 banks, has elevated TitanTrust's customer deposits to ₦1.53 trillion.As part of the delisting process, Union Bank is initiating a buyout of all remaining shareholders at ₦7.70 per share, a premium compared to the ₦7 per share paid by TitanTrust when acquiring 89.3% of Union Bank's shares. The closing share price today stands at ₦6.70, up from ₦6.50 at the market's opening.<a href="https://www.linkedin.com/in/mudassir-amray-6306a3270/?originalSubdomain=ng" rel="noopener noreferrer" target="_blank">Mudassir Amray</a>, the CEO of Union Bank, stated, "This move is an effort to attract larger private investments to reconsolidate our position as one of the top pioneer Banks in Nigeria." The delisting and buyout represent a strategic step towards Union Bank's goal of reinforcing its standing in the Nigerian banking sector.

Nigeria's Union Bank completes delisting from NGX after mega buyout

<a href="https://indrive.com/en/home/" rel="noopener noreferrer" target="_blank">InDrive</a>, the bid-based ride-hail platform well-known in Latin America and Asia, has announced the establishment of a new venture and merger and acquisition division called New Ventures. This division is set to invest up to $100 million in startups within emerging markets over the next few years.The launch of the new venture arm comes four months after InDrive entered its first US market in South Florida. With an eye on achieving profitability, InDrive sees this initiative as an opportunity to diversify its revenue streams.<a href="https://www.linkedin.com/in/andriessmit?originalSubdomain=uk" rel="noopener noreferrer" target="_blank">Andries Smit</a>, Vice President of New Ventures, stated that the company sees promising opportunities in various verticals across its ecosystem. Originating in Russia and now headquartered in the U.S., InDrive aims to target startups in regions where it already operates, including Latin America, the Middle East, Africa, Southeast Asia, and Central Asia.

Daba Finance/InDrive to invest $100m in emerging market startups

InDrive to invest $100m in startups across emerging markets

Ethiopia is set to relax restrictions on foreign participation in its domestic financial markets in anticipation of the launch of its local currency securities exchange platform next year. Over the past two years, the country has already welcomed foreign involvement in its telecommunications and banking sectors, allowing companies like <a href="https://www.safaricom.co.ke/" rel="noopener noreferrer" target="_blank">Safaricom</a> from Kenya and <a href="https://ke.kcbgroup.com/" rel="noopener noreferrer" target="_blank">KCB Bank</a> to establish operations within Ethiopia.&nbsp;While these sectors have become more accessible to foreign firms, other areas have remained restricted, limiting participation in the country's financial markets to locals and the Ethiopian diaspora. Brook Taye, the director-general of the <a href="https://ecma.gov.et/" rel="noopener noreferrer" target="_blank">Ethiopian Capital Markets Authority</a> (ECMA), shared that the nation is actively working to liberalize more sectors."Over the past five years, the country has adopted an exceptionally progressive and forward-looking economic policy, leading to substantial improvements. The holistic approach has been instrumental in shaping the overall economic landscape," he said.

Daba Finance/Ethiopia to liberalize more sectors

Ethiopia to liberalize more sectors with first exchange set to launch

Nigerian online grocery store <a href="https://pricepally.com/" rel="noopener noreferrer" target="_blank">Pricepally</a> has secured $1.3 million in seed funding, with support from investors such as <a href="https://samurai-incubate-africa.asia/" rel="noopener noreferrer" target="_blank">Samurai Incubate</a>, a Japanese VC that also participated in the startup's 2021 pre-seed round. Other backers include <a href="https://sosv.com/" rel="noopener noreferrer" target="_blank">SOSV</a>, <a href="https://www.elea.org/en/home-en" rel="noopener noreferrer" target="_blank">ELEA</a>, <a href="https://www.hi2global.com/" rel="noopener noreferrer" target="_blank">Hi2 Global</a>, <a href="https://chuivc.com/" rel="noopener noreferrer" target="_blank">Chui Ventures</a>, and former Unilever executive <a href="https://www.crownagents.com/person/david-mureithi/" rel="noopener noreferrer" target="_blank">David Mureithi</a>.Founded in 2019 by Luther Lawoyin (CEO), Deepak Bansal (CTO), Mosun Lawoyin (CXO), and Jummai Abalaka (COO), Pricepally aims to address food cost issues, ensure availability, and maintain price predictability in the face of shortages and inflation. The funding will be utilized to expand beyond the three cities currently served in Nigeria and reintroduce group buying to fulfill the company's commitment to making food affordable for consumers. Pricepally enables same or next-day delivery through its digital channels, including the app and WhatsApp chatbot, utilizing a network of fulfillment centers within its operational cities while outsourcing delivery services.

Online grocery startup Pricepally raises $1.3m to expand in Nigeria

Ghanaian fintech startup, <a href="https://www.kudigo.com/" rel="noopener noreferrer" target="_blank">KudiGo</a>, has unveiled <a href="https://verifibuy.com/" rel="noopener noreferrer" target="_blank">VerifiBuy</a>, a <a href="https://dabafinance.com/en/learn/blogs/%f0%9f%93%b1social-commerce-in-africa-the-27-97-billion-opportunity" rel="noopener noreferrer" target="_blank">social commerce</a> platform aimed at establishing a secure technology for transactions on social media platforms, benefiting both buyers and sellers.Since its launch in November 2018, KudiGo has been providing an integrated, mobile-based retail solution encompassing payments, accounting, and analytics for the consumer retail industry in Ghana and Nigeria. This has facilitated thousands of businesses in receiving payments, managing inventories, and creating robust financial models based on historical trends.VerifiBuy enhances the security of <a href="https://dabafinance.com/en/learn/blogs/%f0%9f%93%b1social-commerce-in-africa-the-27-97-billion-opportunity" rel="noopener noreferrer" target="_blank">transactions on social media</a> by utilizing existing payment infrastructure. Notably, it aims to enable sellers to operate cashlessly with a zero percent fraud risk, while also providing buyers with a 100% refund guarantee. The platform employs an escrow system, holding funds until delivery confirmation is received, thereby ensuring the protection of both buyers and sellers throughout the transaction process.

Daba Finance/KudiGo launches social commerce platform

Ghanaian fintech KudiGo launches platform to tap social commerce boom

<a href="https://ufarmx.com/" rel="noopener noreferrer" target="_blank">UfarmX</a>, a Nigerian agri-tech startup that harnesses blockchain technology to empower smallholder farmers in rural, unbanked, and underserved areas, has broadened its reach to Senegal. The initiative aims to transform perceptions of agriculture, presenting it as an attractive, contemporary, and lucrative career option for the younger generation.The UfarmX platform serves multiple purposes, linking farmers to quality inputs, often on credit with the assistance of a transparent blockchain ledger. It facilitates access to markets after the harvest and provides essential data for farmers to scale their operations.Established in 2019, UfarmX claims to currently support over 1,300 farmers. Its expansion into Senegal is made possible through a strategic partnership with The SEED Project, an NGO founded by <a href="https://www.linkedin.com/in/amadougallofall/?originalSubdomain=sn" rel="noopener noreferrer" target="_blank">Amadou Gallo Fall</a>, the President of the <a href="https://bal.nba.com/" rel="noopener noreferrer" target="_blank">Basketball Africa League</a> (BAL).

Daba Finance/Nigeria's UfarmX expands to Senegal

Nigeria’s UfarmX enters Senegal to support farmers through blockchain

The anticipated launch of Kenya's agricultural produce exchange is set for February next year, as announced by the Ministry of Trade and Investment. The <a href="https://analytics.komex.co.ke/" rel="noopener noreferrer" target="_blank">Kenya National Multi Commodities Exchange</a> (Komex) is slated to initiate mock trading on January 29, 2024, and officially commence operations on February 26, 2024.The primary goal of the Komex project is to facilitate regulated access to structured trading of diverse commodities, offering market information, access to domestic and international markets, trade finance, and support services for sector regulators and participants along the value chain (such as farmers/producers, aggregators, traders, consumers, and processors).This commodities exchange will function as an online marketplace where buyers and sellers can engage in trade with the assurance of quality, timely delivery, and secure payment. The instruments available at the exchange will initially include spot trading in commodities, with plans to introduce derivatives trading such as futures, options, and index trading at a later stage. The sectors covered will span agriculture, metals, minerals, and energy before expanding into currencies and other asset classes.

Daba Finance/Kenya to launch Komex in 2024

Breaking News

The modern way to invest in Africa

Startups & Venture Capital

Market Movers

African Stocks & Finance

Market Movers

Get weekly insights, and latest news on African Public Markets, Startups, and Economy