Weekly Investor Update (March-WeekTwo-2025)

14 min Read March 14, 2025 at 5:00 PM UTC

Monday

Egypt’s Inflation Drops to Two-Year Low as Currency Crisis Eases

Egypt’s inflation rate fell sharply to 12.8% in February, down from 24% in January, as the impact of the foreign-currency shortage and black-market dollar speculation diminished, the state statistics agency CAPMAS reported Monday.The decline marks the lowest inflation rate since March 2022, when Egypt entered a financial crisis. Inflation had peaked at 38% in September 2023 before gradually easing. Analysts had forecast a drop to 14.5%, with some expecting a monthly increase due to Ramadan-related spending.The slowdown follows a $24 billion investment deal from Abu Dhabi in 2024 and an $8 billion IMF support package signed in March 2024, which helped stabilize Egypt’s economy. Money supply (M2) growth remained high, rising 32.1% year-on-year in January, a key factor driving past inflation spikes.

Egypt’s currency crisis and inflation surge appear to be easing, supported by foreign investment and IMF-backed reforms. The inflation drop improves consumer purchasing power and lowers pressure on interest rates, benefiting businesses. With foreign reserves stabilizing, analysts expect inflation to continue declining but caution that seasonal spending and money supply growth could slow the pace of improvement. Core inflation, which excludes volatile items, also fell to 15.4% in February from 22.6% in January. Egypt’s economic recovery now hinges on sustaining foreign inflows and managing monetary policy to maintain stability.

Namibia to Offer Visas on Arrival for Investors, Tourists from April

Namibia will introduce visas on arrival for international investors and tourists starting April 1, as part of efforts to attract foreign capital and boost key sectors, the Namibia Investment Promotion Development Board (NIPDB) announced Monday.The policy aims to cut bureaucratic delays and position Namibia as a regional business and tourism hub, NIPDB CEO Nangula Uaandja said in Windhoek. The initiative aligns with Namibia’s economic diversification goals, particularly in renewable energy, oil and gas, and tourism.Namibia, rich in minerals and emerging energy projects, is developing its green hydrogen sector, leveraging renewable electricity to produce clean fuel, while also expanding its oil and gas resources. The visa reform follows similar investment-friendly moves by South Africa, which last year updated work permit rules and eased entry requirements for visitors from India and China.

By simplifying entry for business travelers, Namibia aims to increase foreign direct investment (FDI) and boost economic growth. The visa-on-arrival policy is expected to enhance Namibia’s tourism industry, which contributes nearly 10% of GDP while attracting long-term investors in infrastructure, mining, and energy. With global demand for green hydrogen rising, Namibia’s streamlined policies could position it as a key energy player in Africa, competing with Morocco and South Africa in sustainable energy markets.

BRVM Closes Week Higher as Filtisac, BOA Stocks Gain

The BRVM Composite Index edged up 0.22% to 293.14 points at the end of the trading week, while the BRVM 30 rose 0.2% to 147.63 points. Trading volume reached 3.95 million shares, with Ecobank Group leading in transaction activity.Among stocks, 24 advanced, 19 declined, and four remained unchanged.Filtisacled the gainers, rising 22.92% to 2,950 FCFA (US$4.67), followed byBOA Burkina, which climbed 22.03% to 4,210 FCFA (US$6.66).BOA Senegal,SMB, andSitabalso posted strong gains.On the losing side,Unileverfell 7.5% to 6,475 FCFA (US$10.24), marking the session’s steepest decline.Ecobank Groupshed 6.25% to 15 FCFA (US$0.02), whileOrange CI,Bernabe, andCFAO Motorsalso recorded losses.

The performance of BOA Burkina and BOA Senegal highlights investor confidence in the banking sector. Banks across the BRVM region have seen strong earnings growth, benefiting from higher interest rates and digital banking adoption. Despite weakness in consumer stocks like Unilever Côte d’Ivoire, overall market sentiment remains stable, driven by financial sector resilience. The BRVM remains a key frontier market, with investors watching macroeconomic stability and corporate earnings for future direction.

BRVM to Host Investment Days in London to Attract Global Investors

The West African Regional Stock Exchange (BRVM) will hold its BRVM Investment Days in London on April 8-9, 2025 to attract international investors to the West African Economic and Monetary Union (WAEMU) financial market. The event will take place at the London Stock Exchange and will feature discussions on investment opportunities in the region, sovereign debt, and the role of green and Islamic finance.The BRVM, which serves eight West African nations, will use the event to showcase the region’s economic outlook, highlight strategic opportunities, and facilitate engagement between global investors and local market participants.The program will include keynote addresses from WAEMU officials and investment experts, as well as panel discussions with listed companies and financial institutions. The event comes at a time when the BRVM is positioning itself as a key regional stock exchange amid competition from more established African markets in Egypt, Morocco, Nigeria, and Kenya.

Despite facing global economic challenges, the BRVM has continued to attract portfolio investors due to the stability of the CFA franc, which is pegged to the euro. The stock exchange has also seen an increase in foreign investor participation, particularly in sovereign debt issuance. One of the key topics at the Investment Days will be the role of green finance in Africa’s economic development. The region is looking to attract capital into renewable energy, infrastructure, and sustainable industries. Similarly, Islamic finance is emerging as an alternative funding source for large-scale projects, and discussions will explore how WAEMU can leverage cooperation with the UK and Gulf countries. With interest in African capital markets growing, BRVM’s outreach to London investors underscores its ambition to deepen liquidity and improve market transparency to compete with larger exchanges on the continent.

Starlink Becomes Nigeria’s Second-Largest ISP on Fast-Internet Demand

Starlink, SpaceX’s satellite internet service, has overtaken FiberOne Broadband Limited to become Nigeria’s second-largest internet service provider (ISP) by the end of 2024, according to data from the Nigerian Communications Commission (NCC). The company’s subscriber base more than doubled in one year, increasing from 23,897 users in 2023 to 65,564 in 2024.Despite a premium pricing model, Starlink’s offering of speeds up to 250 Mbps has driven adoption, outpacing most local ISPs. Spectranet remains the market leader, though its subscriber base declined from 113,869 at the end of 2023 to 105,441 in Q3 2024, with no change in Q4.Unlike Starlink’s satellite-based service, Spectranet relies on fiber and terrestrial wireless networks, which require significant infrastructure investment. Amid growing demand, Starlink’s proposed price hike from ₦38,000 to ₦75,000 per month was initially blocked by regulators but later approved in February 2025. However, the company has yet to implement the new pricing.

Starlink’s rise highlights a shift in Nigeria’s broadband market. Mobile network operators and fiber-based ISPs face challenges such as infrastructure costs and right-of-way fees, while satellite internet can bypass these barriers. Despite this, Starlink remains a fixed-location service, limiting its mobility. The company is expanding satellite-to-phone services globally, but this feature has yet to reach Africa. Regulatory scrutiny and pricing concerns will be key factors in Starlink’s long-term market position.

Equator Raises $55M to Back Climate Tech Startups in Africa

Equator, an Africa-focused venture capital firm, has raised $55 million for its first fund to invest in early-stage climate tech startups. The firm plans to support 15 to 18 companies with seed investments ranging from $750,000 to $1 million and Series A checks of up to $2 million.The fund aims to address a financing gap in Africa’s climate tech sector, which lacks the government subsidies available in more developed markets. Instead, startups in the region rely heavily on development finance institutions (DFIs), foundations, and endowments, making them vulnerable to shifts in global capital flows.Equator’s limited partners include DFIs such as British International Investment (BII), Proparco, and IFC, as well as private foundations like the Shell Foundation and the Global Energy Alliance for People and Planet. The firm plans to help startups scale by refining their unit economics, governance, and regional expansion strategies while also mobilizing co-investors for follow-on funding.

While climate tech was Africa’s second-largest VC sector after fintech in recent years, investor sentiment has shifted from impact-focused funding to commercial viability. Startups are now expected to demonstrate clear economic value and strong unit economics. Equator’s portfolio includes companies like Roam Electric (electric mobility), Ibisa (climate insurance), and Leta (AI-driven logistics optimization). The firm anticipates a rise in mergers and acquisitions, with exits in the $100 million range rather than billion-dollar IPOs. As climate tech startups look for sustainable funding, Equator emphasizes structured capital approaches, blending equity with debt to prevent excessive dilution. The firm expects increasing availability of alternative financial instruments to facilitate more commercial exits in the sector.

Ghana Leads Africa’s Gold Production as New Deposits Boost Output

Ghana remains Africa’s top gold producer, with output reaching 135.1 tonnes, supported by mining investments and large-scale industrial operations. Mali follows with 105 tonnes, despite ongoing political and security risks.South Africa, once the continent’s leader, now ranks third with 104.3 tonnes, as declining reserves and rising costs impact production. Burkina Faso (98.6 tonnes) and Sudan (72.5 tonnes) continue to play a significant role in regional gold mining, despite security and regulatory challenges.Guinea (64.9 tonnes), Tanzania (52 tonnes), and Côte d’Ivoire (51.5 tonnes) are seeing steady production. Côte d’Ivoire benefits from mining-friendly policies and plans to develop the 155.5-tonne Tanda deposit. Zimbabwe (46.6 tonnes) and the Democratic Republic of Congo (45.4 tonnes) complete the continent’s top 10 gold producers.

Africa’s gold sector faces political instability, financial pressure, and environmental concerns. However, rising global demand keeps gold a key driver of economic growth. New projects, including Côte d’Ivoire’s Tanda deposit, could shift regional production dynamics. The sector remains crucial for foreign investment and export revenues.

IFC Backs Francophone West Africa First Gender-Bond Issued by Ecobank

The International Finance Corporation (IFC) and the Africa Local Currency Bond Fund (ALCB Fund) have made an anchor investment in Côte d’Ivoire’s first gender bond, issued by Ecobank Côte d’Ivoire. The bond, the first of its kind in the West Africa Economic and Monetary Union (WAEMU), aims to increase financing for women-owned small and medium-sized enterprises (WMSMEs).Ecobank’s XOF 10 billion ($16 million) bond will help provide nearly 1,200 loans to WMSMEs, helping to bridge the region’s significant gender credit gap. IFC and the ALCB Fund jointly invested XOF 4.9 billion ($7.8 million), with IFC providing a credit guarantee of XOF 1.25 billion ($2 million).The proceeds will support Ecobank’s Ellevate program, which provides tailored financial products, business advisory services, and capacity-building initiatives for women entrepreneurs. IFC will also offer advisory services to enhance Ecobank’s ability to finance WMSMEs.

Gender bonds are gaining traction as an alternative funding mechanism for women entrepreneurs. This issuance follows Tanzania’s NMB Bank gender bond, also backed by IFC. Women-owned businesses across Africa face financing gaps estimated at $42 billion, according to the African Development Bank (AfDB). By leveraging capital markets to fund female entrepreneurs, gender bonds provide a scalable approach to economic empowerment. The IFC’s Banking on Women program, which has invested over $10 billion in 83 countries, continues to support financial services tailored to women-owned businesses. The initiative aligns with global efforts to foster inclusive economic growth through sustainable finance mechanisms.

BRVM Stock Market Stabilizes After Recent Telco-Led Declines

The BRVM Composite Index remained flat at 291.84 points, while the BRVM Prestige Index was unchanged at 122.79 points. The BRVM 30 Index declined slightly by 0.01% to 146.87 points.Setaoled gains, rising 6.77% to 710 FCFA ($1.18), followed bySitab, up 4.11% to 9,995 FCFA ($16.61), andAir Liquide, which climbed 3.03% to 510 FCFA ($0.85). Declining stocks includedBernabé, which dropped 6.05% to 1,010 FCFA ($1.68),Filtisac, down 3.79% to 3,050 FCFA ($5.07), andCIE, which lost 2.25% to 2,610 FCFA ($4.34).The overall market capitalization saw some gains, driven byCoris Bank, which rose 2.44% to 10,495 FCFA ($17.45), adding 8 billion FCFA ($13.3 million). Sitab also gained 7 billion FCFA ($11.6 million). Trading volume fell sharply to 454.9 million FCFA ($756,000), a 99.95% drop from 904.2 billion FCFA ($1.5 billion) the previous day. BOA CI remained stable at 5,700 FCFA ($9.47), accounting for 17.98% of total trade.

The sharp drop in trading volume suggests reduced liquidity and investor caution. Despite some stock-specific movements, the overall market showed limited activity. Investor sentiment remains cautious, balancing between risk exposure and market stability. The performance of BOA CI, which dominated trading volumes while remaining stable, highlights the defensive positioning of investors in the current environment.

Benin Raises $166M from BIIC Stake Sale Ahead of BRVM Listing

The Beninese government raised over 100 billion XOF ($165.6 million) from the sale of more than 33% of its stake in the International Bank for Industry and Commerce (BIIC) through an initial public offering (IPO). The shares will be listed on the BRVM, making BIIC the third publicly traded Beninese company after the National Lottery of Benin (LNB) and BOA Benin.With the completion of the IPO, the government’s stake in BIIC dropped from 51.26% to approximately 18%. The sale was part of a broader strategy to raise funds for infrastructure and economic development while increasing private sector participation in the banking sector. The offering, launched on December 24, 2024, and closed on February 28, 2025, involved the sale of 17.56 million to 23.10 million shares at 5,250 XOF ($8.72) per share. EDC Investment Corporation, a subsidiary of Ecobank, led the transaction.BIIC, formed from the 2020 merger of Banque Internationale du Bénin (BIBE) and Banque Africaine pour l’Industrie et le Commerce (BAIC), is one of Benin’s largest banks. As of June 30, 2024, BIIC’s total assets reached 1,141 billion XOF ($1.90 billion), representing 22% of national banking assets. The bank’s equity stood at 107.9 billion XOF ($179.3 million), making it the second most capitalized bank in the country.

Benin’s financial sector is transforming, with the government reducing its stake in state-owned enterprises to enhance market efficiency. In October 2024, it raised 43 billion XOF ($71.5 million) by selling part of its stake in the National Lottery of Benin (LNB). Benin’s banking penetration remains low, and the government’s recent moves aim to attract more private investment into financial services. With its BRVM listing, BIIC joins a growing number of WAEMU banks accessing regional capital markets, increasing liquidity and investor participation in the sector.

Gold Rises Above $3,000 for First Time as Investors Seek Safe Haven

Gold prices surged past $3,000 per ounce for the first time on Friday as investors turned to the safe-haven asset amid escalating trade tensions between the United States and the European Union. Spot gold rose 0.4% to $3,001 per ounce at 6:30 a.m. ET.The latest rally follows President Donald Trump’s threat to impose 200% tariffs on European alcohol imports, retaliating against the EU’s new tariffs introduced this week. The EU’s move was in response to the US imposing 25% tariffs on steel and aluminum imports that took effect Wednesday.Gold has gained 15% this year, driven by geopolitical risks, economic slowdown fears, and central bank buying. The World Gold Council recently reported that rising geopolitical uncertainty has fueled gold demand, despite a strong US dollar.

The rally follows strong central bank purchases, particularly from China and Poland, which are expected to continue. In 2023, Poland’s central bank led gold purchases, adding 90 metric tons, while the US remains the world’s largest holder with over 8,000 tons. “Central banks are still buying and will likely continue, given ongoing geopolitical risks and economic uncertainty,” wrote ING commodities strategist Ewa Manthey. There are concerns that gold itself could face US tariffs, which could increase price volatility. “If tariffs on gold are applied, it would lead to higher prices and potential shifts in trade routes,” Manthey added. In 2024, Mexico accounted for 30% of US gold imports, followed by Canada at 15%. Any trade restrictions could further drive gold’s price momentum.

ORA Technologies Raises $1.9M to Expand Super-App in Morocco

ORA Technologies, a Moroccan superapp, has raised $1.9 million in a pre-Series A round led by Witamax and Azur Innovation Management. This brings its total funding to $4.4 million since its launch in 2023.The funding will accelerate the expansion of its mobile wallet, ORA Cash, and e-commerce marketplace, KooulMaroc. ORA Cash enables peer-to-peer transactions, QR code payments, and digital money transfers, supporting Morocco’s push toward a cashless economy.The app integrates e-commerce, digital payments, chat, and social networking, offering a localized experience in five languages, including Darija.

With 300,000+ downloads, ORA Technologies is gaining traction, reflecting the demand for integrated digital services. The investment highlights domestic investors’ confidence in Morocco’s tech ecosystem. As Morocco accelerates digital transformation, ORA’s expansion aligns with national efforts to increase financial inclusion and modernize commerce, setting the stage for further growth in fintech and e-commerce.

This material has been presented for informational and educational purposes only. The views expressed in the articles above are generalized and may not be appropriate for all investors. The information contained in this article should not be construed as, and may not be used in connection with, an offer to sell, or a solicitation of an offer to buy or hold, an interest in any security or investment product. There is no guarantee that past performance will recur or result in a positive outcome. Carefully consider your financial situation, including investment objective, time horizon, risk tolerance, and fees prior to making any investment decisions. No level of diversification or asset allocation can ensure profits or guarantee against losses. Articles do not reflect the views of DABA ADVISORS LLC and do not provide investment advice to Daba’s clients. Daba is not engaged in rendering tax, legal or accounting advice. Please consult a qualified professional for this type of service.