Weekly Investor Update (April-WeekThree-2025)

Monday

BRVM Posts Strong Gains as Total Cote d’Ivoire Rises 171%

The BRVM stock market closed last week in positive territory, with the Composite index gaining 0.71% to 290.79 points and the BRVM 30 rising 0.85% to 146.70 points.Market activity showed 16 stocks up, 28 stocks down, and 3 unchanged. Total Cote d’Ivoire led gainers with a 16.81% increase to 3,960 FCFA ($6.70). Unilever followed with a 15.44% gain to 7,590 FCFA ($12.83). Other notable risers included SIB (+8.89%), BOA Mali (+8.13%), and Filtisac (+5.47%).Setao led decliners, dropping 14.41% to 475 FCFA ($0.80), followed by Nei-ceda (-13.89%) and TRACTAFRIC MOTORS (-13.67%). Trading volumes were particularly strong for FILTISAC (173,244 shares) and TOTAL CI (116,871 shares), indicating significant investor interest in these stocks.

The BRVM’s positive performance comes amid mixed economic signals across the West African Economic and Monetary Union (UEMOA) region. Energy stocks like TOTAL CI have benefited from stabilizing global oil prices. The strong showing by UNILEVER CI contrasts with its parent company’s recent decision to sell its Ivorian subsidiary, suggesting investors may be responding positively to the upcoming acquisition by SDTM CI. Banking stocks showed mixed results, with BOA MALI gaining over 8% while several other financial institutions posted modest losses for the week.

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Benin’s BIIC Bank to Make Trading Debut on BRVM April 28

West Africa regional stock exchange (BRVM) has announced that Banque Internationale pour l’Industrie et le Commerce du Bénin (BIIC) will debut on the main compartment of the exchange on Monday, April 28, 2025.BIIC, a public limited company registered in Cotonou under number RB/COT/13 B10455, completed a public offering that distributed 19,133,345 shares to investors between January 13 and February 28, 2025, at 5,250 FCFA ($8.88) per share.The listing follows the partial divestment of the Beninese government’s stake, approved by BIIC’s Board of Directors on October 15, 2024, shareholders on October 30, and formalized by Ministerial Decree 2024-1350 on November 13, 2024. For its first trading day, BIIC will use the ordinary procedure with a reference price set at 5,250 FCFA. The stock will trade under the symbol “BIICB”

The BIIC listing marks a significant addition to the BRVM, which serves eight West African countries in the UEMOA zone. The IPO aligns with Benin’s objectives to promote public shareholding, develop the regional stock market, raise non-debt financing, and improve BIIC’s governance. BIIC provides traditional banking services including deposits, credit operations, payment systems, and other commercial, industrial, agricultural and service activities as permitted under Benin’s Banking Regulation Law. This listing represents the first major IPO on the BRVM in 2025, potentially boosting market liquidity as the exchange continues to attract new investors across the region.

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Kenya Approves Access’ National Bank Acquisition in $100M Deal

The Central Bank of Kenya (CBK) and the National Treasury have approved Access Bank Plc’s acquisition of 100% of National Bank of Kenya (NBK), clearing a major regulatory hurdle for the Nigerian lender’s East African expansion. The deal, first initiated nearly a year ago, still requires approval from Nigerian authorities.In a gazette notice, CBK Governor Kamau Thugge confirmed the approval under Section 13 (4) of the Banking Act, with Treasury Cabinet Secretary John Mbadi also signing off. The acquisition gives Access Bank control of NBK’s nationwide branch network, expanding its footprint in Kenya’s competitive banking sector.While the transaction value hasn’t been disclosed, KCB Group—NBK’s current parent—previously indicated the sale was agreed at 1.25 times NBK’s $79.77 million book value, implying a deal close to $100 million. Final pricing may vary. This marks Access Bank’s second Kenyan acquisition, following its 2020 purchase of Transnational Bank. The Nigerian bank is expected to inject fresh capital into NBK to strengthen its balance sheet.

Access Bank’s acquisition of National Bank of Kenya signals a deeper push into East Africa as part of its broader pan-African expansion strategy. The deal strengthens Access Bank’s retail and SME banking presence through NBK’s extensive branch network, while providing a platform for regional growth in East Africa’s largest economy. For KCB Group, the transaction allows an exit from NBK after five years and over $63 million in recapitalization efforts. The acquisition follows a trend among Nigerian banks—such as UBA and GT Bank—targeting strategic plays in Kenya to diversify revenue and regional exposure. While the final transaction value may shift from estimates, the capital injection expected from Access will be crucial in stabilizing NBK’s operations and unlocking value. With CBK and Treasury approvals secured, market attention will now turn to execution, post-acquisition integration, and potential synergies as Access consolidates its position in Kenya’s banking landscape.

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Tuesday

Africa Surpasses 1B Mobile Money Wallets With $1T Traded in 2024

Mobile money usage across Africa has doubled over the past four years, reaching over one billion registered accounts by the end of 2024, according to the GSMA’s latest report. The continent now represents 53% of all mobile money wallets globally and 56% of active users, with 286 million conducting transactions within a 30-day window.In 2024 alone, 81 billion transactions were processed across 178 services on the continent, totaling $1 trillion—an annual increase of 15%. Sub-Saharan Africa remains the sector’s epicenter, contributing $190 billion to GDP in 2023, up from $150 billion in 2022.Operators such as Safaricom have been key drivers of growth. M-Pesa now accounts for over 42% of Safaricom’s revenue, surpassing $1 billion in 2024. North Africa emerged as a new growth frontier. Egypt saw a 50% jump in Vodafone Cash users and doubled revenue. Morocco is expected to follow, following regulatory changes in late 2024.

Africa’s mobile money industry has reached a milestone, with more than one billion wallets and $1 trillion in annual transaction volume. While growth continues, signs of market maturity are emerging—particularly a slowing rate of active user growth since 2021. Analysts point to possible over-enrollment or a shift toward formal banking. Still, telecom operators like Safaricom and Orange are reporting strong performance, particularly in new markets. Egypt’s mobile money user base surged, and Morocco is poised for a breakout year following new regulations. North Africa’s late but rapid adoption shows the sector’s potential to extend beyond its East and West African strongholds. Despite evolving dynamics, mobile money remains a key contributor to African economies, improving financial inclusion and supporting GDP growth. Going forward, operators will need to focus on user engagement, product innovation, and partnerships with fintechs and banks to sustain momentum and deepen financial access across underserved regions.

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Orange Côte d’Ivoire Posts 8.6% Revenue Growth in Q1 2025

Orange Côte d’Ivoire Group reported consolidated revenue of 283.6 billion FCFA ($479.6 million) for Q1 2025, an 8.6% increase from 261.1 billion FCFA in Q1 2024. The telecom operator (BRVM: ORAC), which covers operations in Côte d’Ivoire, Burkina Faso, and Liberia, saw its EBITDA rise 6.1% to 98.7 billion FCFA ($166.9 million). Net profit grew 1.9% to 38.6 billion FCFA ($65.3 million).Mobile subscriptions increased to 36.1 million by the end of March 2025, up from 33.8 million a year earlier. Capital expenditure reached 64.3 billion FCFA ($108.8 million) compared to 50.6 billion FCFA in Q1 2024. Orange Côte d’Ivoire continues its network modernization program, accelerating fiber deployment and expanding mobile coverage in rural areas. These investments have improved network quality and increased customer acquisition.Orange Burkina Faso unit reported strong performance driven by Orange Money and positive impacts from network investments, particularly in mobile data. Orange Liberia maintained growth through network quality improvements and by implementing floor pricing.

Orange’s Q1 results reflect the growing digital transformation across West Africa, where mobile connectivity and financial services continue to drive telecom sector growth. Orange Money remains a key revenue generator across the group’s operations, with commission growth particularly strong in Côte d’Ivoire and Burkina Faso. As voice revenue growth slows, Fintech services have become increasingly important to Orange’s business model. The significant capital expenditure increase (+27%) demonstrates Orange’s commitment to infrastructure development in these markets, positioning the company to capture growing demand for high-speed connectivity and digital services. Orange is the market leader in Côte d’Ivoire’s telecommunications sector, competing primarily with MTN and Moov Africa. In Burkina Faso, it competes with Onatel (Maroc Telecom) and Telecel, while in Liberia, its main competitor is MTN.

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Cashew Boom Draws Global Agro-Industry Giants to Ivory Coast

Ivory Coast, the world’s top producer of raw cashew nuts, is attracting major international agribusiness investors as it shifts from raw exports to local processing. Output is forecast to reach 1.2 million tons in 2025—up from 565,000 tons in 2014—yet only 30% of nuts were processed domestically last year. The government aims to increase this to 50% by 2030.To accelerate industrialization, the Cotton and Cashew Council (CCA) has offered tax incentives and early purchasing access to processors. Major investors include Singapore’s Valency International, which launched a 14-hectare site near Abidjan, and Royal Nuts PTE’s Dorado Ivory, which operates a 70,000-ton facility.The Emirati Al Sayegh Group invested €22 million in a northern plant employing 2,000 people. Olam, an early mover, now runs four Ivorian processing plants. India’s Arise IIP is developing a 429-hectare agro-industrial zone near Abidjan. Local cooperative Coopares, the country’s top raw exporter, is now eyeing downstream investment.

Ivory Coast is rapidly transitioning from exporting raw cashews to becoming a regional processing hub, aiming to boost local value addition and job creation. Global players from Singapore, the UAE, and India are leading investment into large-scale processing complexes, encouraged by government incentives and rising global demand. The country’s midstream strategy mirrors the success of Vietnam and India, which dominate global kernel exports. While international firms enjoy financing advantages and economies of scale, local players like Coopares may soon enter the processing space, signaling a shift in domestic industry participation. The government targets 50% of cashew processing by 2030, with projected processing capacity reaching 730,000 tons by end-2025. Although productivity remains a challenge—yields are lower than in Asia—improved seed varieties and a higher farmgate price aim to close the gap. If successful, the cashew sector could become Ivory Coast’s second agricultural “miracle,” following the global dominance it achieved in cocoa.

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Wednesday

Moniepoint Targets UK–Nigeria Corridor With New Remittance Product

Nigerian fintech Moniepoint has launched MonieWorld, a new cross-border financial service targeting the UK–Nigeria remittance corridor, in its first expansion into diaspora banking. The move comes months after Visa’s strategic investment and is positioned as more than a money transfer product.Founder and CEO Tosin Eniolorunda says MonieWorld aims to become a full-service immigrant banking platform. The product enters a highly competitive market dominated by Send, LemFi, Zepz, and others offering low fees and fast transfers.Remittance volume from the UK topped £9.3 billion in 2023, with Nigerian inflows exceeding $20 billion. Moniepoint argues its existing payments infrastructure, credit systems, and scale in Nigeria will allow it to undercut competitors while layering on value-added services. MonieWorld plans to offer broader tools, including credit building — a strategy tested in markets like the U.S. and U.K. by players such as Zolve and Pillar. More corridors are expected, including from the U.S. and Canada.

Moniepoint’s launch of MonieWorld marks a strategic pivot into diaspora banking, leveraging its existing tech and compliance stack to move beyond commoditized remittance offerings. While incumbents dominate in user acquisition and speed, Moniepoint is betting that it can compete on end-to-end financial services, especially credit building and localized support. Eniolorunda argues that offering only remittances is no longer sufficient in a space where pricing and speed have converged. Instead, MonieWorld is pitching long-term value for immigrants navigating financial systems abroad. As remittance corridors grow more crowded, Moniepoint’s approach to bundle remittances with financial products, similar to neobank models, could give it a path to durable margins and customer retention. It also helps reduce Moniepoint’s reliance on Nigeria by expanding into mature foreign markets with large diaspora populations. While challenges around user trust and brand recognition remain, the company’s track record of late but successful entries into competitive markets could work in its favor.

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Nigeria’s Inflation Rebounds to 24.2% in March as Currency Weakens

Nigeria’s headline inflation rose to 24.2% in March, reversing a brief slowdown in February, according to data from the National Bureau of Statistics. The increase was driven by festive demand during Eid al-Fitr, currency depreciation, and elevated logistics costs.Core inflation—excluding food and energy—stood at 24.43%, while food inflation fell slightly to 21.79% from 22.9% in February, indicating price pressures beyond seasonal food effects. Analysts attributed the uptick to naira volatility, import pass-through, and adjusted utility costs. The naira weakened above ₦1,400/$ in March’s parallel markets, reversing earlier gains following central bank reforms. Importers and manufacturers passed higher input costs onto consumers, compounding pressure in urban areas.Analysts expect inflation to remain above 20% in the coming months. Meristem projects inflation between 20–24% through mid-2025, though it flagged risks from FX swings and commodity shocks. The Central Bank of Nigeria’s Monetary Policy Committee will meet in May, and markets expect a potential interest rate hike or liquidity tightening to counter inflation and stabilize the currency.

Nigeria’s inflation rate climbed in March as currency depreciation and festive spending outweighed a modest decline in food prices. The naira’s renewed weakness—crossing ₦1,400/$—has heightened import costs across sectors, fueling core inflation even as food inflation cooled slightly. The impact is especially acute in cities where consumers face rising energy, telecom, and transportation costs. Analysts point to continued pressure from global supply chain risks and domestic policy adjustments like planned electricity tariff hikes. While the Central Bank had seen early gains from recent FX reforms, renewed volatility has disrupted short-term stability. Expectations are growing that the Central Bank may resume tightening monetary policy at its next MPC meeting to curb inflation expectations and support the currency. The situation underscores Nigeria’s vulnerability to external shocks and the limits of price control without structural reforms. Inflation may stay elevated without broader fiscal and FX market alignment to stabilize import costs and supply chains.

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South Africa’s Stitch Raises $55M to Expand Digital Payments Services

South African fintech Stitch has raised $55 million in a Series B round to expand its in-person payment offerings, strengthen its online suite, and enter the card acquiring space. The round brings total funding to $107 million since the company’s 2021 launch.The round was led by QED Investors, with participation from Norrsken22, Flourish Ventures, Glynn Capital, and angel investor Trevor Noah. Existing investors PayPal Ventures, Ribbit Capital, and The Raba Partnership also joined.The funding will support Stitch’s integration of ExiPay, acquired earlier this year, and enable the firm to act as a direct card acquirer, cutting banks out of the chain and reducing processing costs. Stitch aims to offer seamless switching between payment rails, robust fraud prevention through its Shield AI tool, and unified online and offline payment experiences. Clients include Takealot, MTN, Vodacom, and TFG. The startup has also launched Stitch Express for Shopify and WooCommerce merchants.

Stitch’s $55 million raise underscores a growing trend: fintechs seeking more control over payment infrastructure to improve margins and user experience. By becoming a direct card acquirer, Stitch aims to streamline transaction flows, reduce reliance on banks, and respond to enterprise demands for unified, always-on payment systems. This positions the startup to serve high-volume clients like Takealot and Hollywoodbets with minimal downtime in a market where financial infrastructure isn’t built for 24/7 uptime. South Africa’s e-commerce growth—expected to reach 60% penetration by 2028—is a tailwind. But so is rising demand for comprehensive solutions beyond simple processing, including fraud protection, detailed analytics, and reconciliation tools. Stitch’s strategy also aligns with investor focus on startups with clear fundamentals and enterprise traction amid tighter funding conditions. The launch of Stitch Express for small online sellers further signals intent to own multiple layers of the payments stack—from rails to checkout interfaces—as it competes with global players entering Africa’s digital commerce space.

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Thursday

DPI Launches New Africa VC Platform After Nclude Fintech Fund Takeover

UK-based Development Partners International (DPI) has assumed investment advisory responsibilities for Egypt’s Nclude fintech fund and launched DPI Venture Capital, a new platform targeting early-stage, tech-driven companies across Africa.Founded in 2022, Nclude has deployed $28 million into nine startups including Paymob, Khazna, and Partment. The $110 million fund is backed by Egypt’s largest banks—Banque Misr, National Bank of Egypt, and Banque du Caire—and strategic investors like Mastercard and e-Finance. DPI will now oversee Nclude’s $105 million assets under management through a dedicated local team in Egypt.The move marks DPI’s formal entry into early-stage tech investing. The private equity firm has previously deployed nearly $850 million in Egypt, backing tech-led companies like MNT Halan and Kazyon. DPI Venture Capital will be led by Managing Partner Ashley Lewis and General Partner Mohamed Aladdin, aiming to capitalize on rising demand for fintech and digital solutions on the continent.

DPI’s takeover of Nclude highlights rising institutional interest in Egypt’s fintech ecosystem, one of the most active in Africa. With $95 million of Nclude’s fund deployable locally and 30% earmarked for broader MENA expansion, DPI is positioned to back startups that can scale into Egypt while leveraging its deep local LP base and regulatory support. The fund’s structure—anchored by state-owned banks and supported by Egypt’s Central Bank—signals growing state-private sector collaboration in tech funding. This comes as Egypt’s fintech sector remains resilient amid macro volatility, with increasing digitization in payments, lending, and financial inclusion. DPI’s shift into venture capital also mirrors broader trends: PE firms are moving earlier in the startup lifecycle to secure exposure to growth-stage winners. This diversification comes at a time when global venture funding into Africa has slowed, making large institutional backers like DPI critical to sustaining momentum in fintech innovation and financial inclusion across the continent.

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Equinix to Invest $140M in Nigeria to Expand Internet Infrastructure

Global data center firm Equinix will invest $140 million to expand digital infrastructure across southern Nigeria, including a new data center in Port Harcourt and the expansion of its Lagos facility LG3. The move aims to decentralize Nigeria’s internet capacity, 70% of which is concentrated in Lagos.The Port Harcourt data center, PR1, will serve as the first Nigerian landing station for Meta’s 2Africa submarine cable, boosting bandwidth capacity and improving resilience in the region. The announcement comes five months after Equinix completed the integration of MainOne, which it acquired for $320 million in 2022.Nigeria hosts eight subsea cables, including Google’s Equiano and Meta’s 2Africa. Equinix is routing traffic over multiple cables to avoid single points of failure. Despite progress in subsea connectivity, only 45% of Nigerians had broadband access as of January 2025. Nigeria needs an additional 95,000 km of fiber to achieve full coverage, according to the World Bank.

Equinix’s investment aims to close Nigeria’s middle-mile infrastructure gap—the critical layer connecting coastal landing stations to inland users. While subsea capacity has grown through systems like Equiano and 2Africa, much of the country remains underserved. By launching its PR1 facility in Port Harcourt and expanding LG3 in Lagos, Equinix is diversifying Nigeria’s bandwidth geography and creating redundancy in the national internet backbone. The Port Harcourt site will also play a strategic role in hosting Meta’s 2Africa cable, increasing capacity for Nigeria’s oil-rich southern corridor. However, achieving national digital inclusion will require deeper fiber rollout beyond major cities. The Federal Government’s Broadband Alliance initiative targets 70% broadband penetration by 2025, but current access remains at 45%. Equinix’s neutral interconnection model and operational scale offer a foundation to support this goal. The firm’s approach to active/active traffic routing across subsea systems is also critical for building a resilient and secure West African digital economy.

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Nigerian Banks Earn $419M From Digital Transactions in 2024

Ten of Nigeria’s largest banks recorded a 58% increase in electronic payments income in 2024, earning a combined ₦674 billion ($419.7 million) from digital transactions, up from ₦428.6 billion ($266.6 million) in 2023. The earnings reflect a shift toward mobile, app-based, and card payments amid rising inflation and compressed lending margins.The banks—Access Holdings, GTCO, UBA, Zenith, First HoldCo, Wema, Stanbic IBTC, FCMB, Sterling, and Fidelity—benefited from rising usage of the Nigeria Inter-Bank Settlement System (NIBSS) Instant Payment (NIP) platform, which processed ₦1.07 quadrillion in 2024, a new record. UBA led earnings with ₦236.3 billion, followed by Access at ₦178.6 billion.Transaction volume on NIP rose to 11.3 billion, while PoS usage climbed to ₦79.5 trillion. As digital payments rise, banks are investing heavily in infrastructure, spending ₦268.7 billion on IT in 2024—a 74.5% jump. The naira’s sharp depreciation since July 2023 has also contributed to transaction value increases. Nigeria’s cash transactions have dropped 59% over the past decade, the steepest globally, as mobile and card-based transactions replace physical cash.

With traditional banking margins pressured by inflation and FX volatility, Nigerian banks are increasingly betting on digital payments as a core revenue stream. The ₦674 billion in e-payment income represents more than a pivot—it’s now a strategic lever for profit growth. As cash usage declines sharply—by 59% over the past decade according to Worldpay—banks are doubling down on mobile-first platforms, investing over ₦268 billion in tech to boost digital services. The rollout of a ₦50 levy on transfers above ₦10,000 in late 2024 will further solidify fee-based income models. Meanwhile, competition from fintechs like OPay and PalmPay is pushing traditional lenders to enhance user experience and reliability across digital channels. Analysts say the ability to process higher transaction volumes at scale while delivering low-friction services will define winners in the sector. With NIP alone handling ₦1.07 quadrillion in 2024, and FX adjustments boosting value further, banks that optimize digital platforms will gain more than just market share—they’ll build the foundation for long-term profitability in a post-cash economy.

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