Weekly Investor Update (May-WeekFive-2025)

Monday

BRVM-Listed Filtisac to Pay Record Dividend After Strong 2024 Results

Filtisac said it will distribute 28.2 billion FCFA ($48.7 million) to shareholders, comprising 18.6 billion FCFA ($32.2 million) in dividends and 9.6 billion FCFA ($16.6 million) from merger premium distribution. The payment is set for September 30, 2025, representing 2,000.67 FCFA ($3.46) per share, at a current dividend yield of 41.57%.The Ivorian packaging company (BRVM: FTSC) reported net profit of 18.6 billion FCFA ($32.1 million) for 2024, up from 3.1 billion FCFA ($5.4 million) in 2023. Revenue reached 30.7 billion FCFA ($53 million) versus 38.2 billion FCFA ($66.1 million) the prior year.First quarter 2025 showed mixed results. Revenue grew 7% to 5.7 billion FCFA ($9.9 million) from 5.4 billion FCFA ($9.3 million) in Q1 2024. However, the company posted an operating loss of 78 million FCFA ($135,000) compared to a 204 million FCFA ($352,000) profit in the same period last year. The company will hold its annual shareholder meeting on June 26, 2025, in Abidjan to approve the distributions and renew board members.

Filtisac operates in West Africa’s packaging sector, serving agricultural exporters, including cocoa producers. The company’s Q1 2025 operating loss reflects challenges from reduced cocoa production, which affects demand for packaging materials. Côte d’Ivoire produces 40% of global cocoa supply. Weather disruptions and crop diseases have reduced output, impacting companies like FILTISAC that supply packaging to exporters. The company noted in its Q1 report that annual results will depend heavily on the 2025/2026 cocoa campaign. Despite near-term headwinds, FILTISAC’s strong 2024 performance and substantial dividend distribution demonstrate resilience. The merger premium distribution suggests confidence in cash flow generation. The company’s diversification into polymer packaging provides some insulation from agricultural sector volatility, though cocoa remains a key end market for its jute sack business.

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Société Générale Becomes First WAEMU Bank to Cross 100B FCFA in Profit

Société Générale Côte d’Ivoire (BRVM: SGBC) reported a record net profit of 101.22 billion FCFA ($175 million) for FY2024, becoming the first bank in the WAEMU region to exceed the symbolic 100-billion-FCFA mark. The milestone cements SGCI’s position among the top 10 most profitable companies in Côte d’Ivoire.SGCI posted a net margin of 38.46% and a return on equity of 22.41%, both well above sector averages. Its solvency ratio stands at 16.30%, significantly exceeding the BCEAO’s 11.5% requirement. The board approved a dividend of 1,863 FCFA per share—representing 57.25% of net income—with a 7.5% yield at current prices.SGCI shares have risen 22% year-on-year to 22,010 FCFA. Its 2025 strategy includes digitalisation, SME lending, and operational efficiency, amid increased competition from new market entrants like JPMorgan.

SGCI’s strong 2024 performance and prudent financial management have positioned it as a market leader in Côte d’Ivoire’s banking sector. Its record profit, high margins, and above-average solvency give it flexibility to expand while maintaining buffers. The bank’s 7.5% dividend yield and growing share price make it a top BRVM pick for long-term investors. SGCI’s 2025 outlook focuses on digital transformation and SME lending, as competition intensifies in West Africa’s banking landscape. Despite complex monetary conditions, SGCI’s combination of profitability, resilience, and shareholder returns strengthens its position as the anchor of Ivorian banking.

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Beverage Maker Kasapreko to List on Ghana Stock Exchange in Major IPO

Ghana’s largest indigenous beverage maker, Kasapreko PLC, will list 25% of its equity shares on the Ghana Stock Exchange (GSE) by the end of 2025, marking the first major public offering on the exchange since MTN Ghana’s IPO in 2018. The move will raise the total number of GSE-listed companies to 38.CEO Richard Adjei confirmed board approval during a presentation at the GSE’s “Facts Behind the Figures” event, describing the equity listing as a natural progression after the firm enters into the GSE’s Fixed Income Market. Kasapreko aims to use the listing to raise capital for continental expansion.The company reported a 574% jump in net profit after tax in 2024, rising from GHS 20.4 million to GHS 137.7 million. Revenue climbed 45% to GHS 2.7 billion. That momentum has continued into 2025, with Q1 results showing a 52% revenue increase and 184% surge in profit.

Kasapreko’s upcoming IPO signals renewed confidence in Ghana’s capital markets and a rare traditional public listing after a 7-year drought. It also reflects growing investor appetite for fast-growing local firms with pan-African ambitions. With strong fundamentals and dominance in the beverage sector, where it holds nearly 45% of Ghana’s market, Kasapreko offers compelling growth potential. Its exports to 16 African countries and aggressive expansion into Nigeria position it well for broader regional impact. The IPO could act as a catalyst for other private Ghanaian companies to tap into public equity markets and bolster the GSE’s goal of deepening market participation.

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Tuesday

Nigerian Listed Firms Declare ₦1.1T in Dividends for Full-Year 2024

Companies listed on the Nigerian Exchange Limited (NGX) declared a total of ₦1.1 trillion (over $694 million) in dividends in 2024, with ₦1 trillion already paid to shareholders, according to the Securities and Exchange Commission (SEC).SEC Director-General Dr. Emomotimi Agama said the payouts reflect stronger investor confidence and improved corporate performance. He added that the commission approved ₦3.68 trillion in new capital issues during 2024, with equities dominating at ₦3.62 trillion, and ₦59.82 billion in fixed income instruments.From January to April 2025, the SEC approved new issues worth ₦446.38 billion, comprising ₦265.90 billion in fixed income and ₦180.48 billion in equities. On mergers and acquisitions, the SEC approved 11 transactions worth ₦320.36 billion in 2024, including the ₦103.7 billion acquisition of Guinness Nigeria Plc by N Seven Nigeria Ltd. and the ₦105 billion scheme of arrangement by Flour Mills of Nigeria Plc.

The ₦1.1 trillion dividend declared in 2024 underscores renewed momentum in Nigeria’s capital markets. Alongside strong equity issuances and active deal-making, the trend reflects a shift toward higher market liquidity and enhanced shareholder value. Corporate restructuring—including takeovers and consolidations—signals deeper strategic alignment, especially in consumer goods, industrials, and financial services. Mutual fund growth is also accelerating. As of Q4 2024, registered mutual funds reached 184, with over ₦3.84 trillion in net assets and 800,000+ unitholders. Combined with ₦4.69 trillion in privately managed portfolios, total assets under management now exceed ₦8.53 trillion, managed by 82 active asset managers. These developments highlight the expanding role of professional fund management in capital formation and investor participation, setting the stage for deeper financial inclusion and broader capital market growth.

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Shuka Minerals Lists on JSE AltX Board to Expand African Investor Base

The Johannesburg Stock Exchange (JSE) has announced the secondary listing of Shuka Minerals Plc on its AltX Board, offering South African investors access to a diversified mining company focused on mineral projects across Africa.Listed under the codeSKA, Shuka Minerals brings 66.86 million ordinary shares to the JSE. The company already holds a primary listing on the London Stock Exchange’s Alternative Investment Market (AIM) and currently operates the Rukwa coal project in Tanzania, with plans to acquire the Kabwe mine in Zambia, which includes lead, zinc, silver, and vanadium assets.The listing leverages the JSE’s fast-track route, introduced to streamline access for companies listed on major global exchanges. It marks a continuation of 2024’s positive listing momentum, with Shuka becoming the ninth new entrant since last year.

Shuka Minerals’ entry onto the JSE AltX Board reflects a growing trend of junior mining companies seeking exposure to African capital markets. As demand for critical minerals rises globally, investors are looking for early-stage access to resource development plays across Africa. Shuka’s listing strategy aligns with the JSE’s efforts to attract high-growth firms via regulatory easing and cost-effective cross-listing mechanisms. For South African investors, the listing creates an opportunity to back a pan-African miner with assets in key commodity markets, as Shuka scales its portfolio in Southern and Eastern Africa. The move also signals the JSE’s ambition to be a continental hub for mining capital, reinforcing its role in financing Africa’s mineral future.

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Family Bank to List on Nairobi Exchange in 2026 Amid Expansion Drive

Family Bank Kenya plans to list on the Nairobi Securities Exchange (NSE) in 2026, a move aimed at improving share liquidity, raising growth capital, and supporting expansion into underserved counties.The planned listing is part of the bank’s 2025–2029 strategic plan. Board Chair Lazarus Muema confirmed the decision, while Acting CFO Paul Ngaragari cited a strong but declining capital adequacy ratio—down from 16.5% to 15.8%—as a sign of accelerated growth requiring fresh capital.To modernize operations, the bank will invest over KES 1 billion to upgrade its core banking system over the next 27 months, funded through internal cash flows and digital transformation-focused partners.In its latest reporting period, deposits rose 20% to KES 132.2 billion, the loan book grew 10% to KES 96.2 billion, profit before tax increased 15% to KES 1.5 billion, and net profit climbed to KES 1 billion, up from KES 900 million.

Family Bank’s IPO could break the prolonged listing drought at the Nairobi Securities Exchange, restoring market confidence amid recent low activity. The move positions the bank to raise capital for branch expansion and digital upgrades, while giving investors exposure to a mid-tier lender with strong earnings growth. With 95 branches in 32 counties, Family Bank is focusing on financial inclusion by targeting underbanked areas. The listing also aligns with efforts by regulators and market players to deepen Kenya’s capital markets and attract private sector participation. If executed successfully, the deal could set a precedent for more financial institutions to seek public listings as a route to scale.

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Wednesday

Carrot Credit Raises $4.2M to Scale Asset-Backed Lending Across Africa

Carrot Credit, a Nigerian fintech enabling loans backed by digital investment assets, has raised $4.2 million in seed funding to expand across Africa. The round was led by MaC Venture Capital, with participation from Authentic Ventures.Founded in 2023 by Boluwatife Aiki-Raji, Carrot Credit lets users borrow against assets like stocks, ETFs, bonds, and crypto without selling them or undergoing traditional credit checks. Through API integrations with digital investment platforms, the company verifies portfolios and places a lien on assets to issue loans, up to 70% for fixed-income assets and 40% for stable stocks.Carrot charges below-market interest rates and offers flexible repayment terms ranging from three months to one year. The platform has processed over $2 million in loans for more than 10,000 users. The company’s embedded B2B2C model serves fintechs, brokerages, and digital wealth platforms.

Carrot Credit is reshaping retail credit access in Africa by allowing users to borrow against their investment portfolios, a model popularized globally by firms like BlockFi and SALT but largely untapped on the continent. By turning digital assets into usable collateral, Carrot is unlocking liquidity for everyday investors without forcing asset sales or relying on traditional credit scoring. The startup’s B2B2C strategy positions it to scale through fintech partnerships, tapping into Africa’s growing digital investment user base. With flexible repayment options and a focus on financial inclusion, Carrot could help redefine how credit is extended in Africa’s emerging markets.

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American Software Firm MongoDB Enters Africa With Nigeria Office

Global database provider MongoDB has made its official entry into Africa, selecting Nigeria as its launchpad in a move aimed at capturing a share of the continent’s projected $100 billion digital economy. The company’s expansion is anchored by a strategic partnership with West Africa-based Tier 5 Technologies, marking MongoDB’s first physical presence on the continent.Founded in 2007, MongoDB offers flexible, cloud-native data infrastructure through products like MongoDB Atlas, used globally by over 52,000 customers. Its entry into Africa comes as cloud adoption and demand for developer-friendly platforms rise across sectors like fintech, government, and telecoms.Nigeria, home to a $10 billion tech sector and one of Africa’s largest developer communities, was a strategic choice. Tier 5, which operates across five African capitals, will serve as MongoDB’s implementation and support partner in West Africa.

MongoDB’s Nigeria launch signals growing recognition of Africa not just as a consumer base, but as a developer-driven innovation hub. With rising demand for scalable, cloud-based solutions in fintech, logistics, and AI, MongoDB’s Atlas platform offers a strong fit for local needs. By partnering with Tier 5, the company aims to localize support, improve access, and accelerate digital transformation across the region. The move aligns with a broader trend of global tech firms embedding deeper into African markets, not just to sell, but to build ecosystems. For MongoDB, it’s an opportunity to shape how Africa stores and uses data, while empowering local developers with the same tools used in global tech hubs. If successful, MongoDB’s bet on Africa could not only boost its global footprint but also contribute meaningfully to the continent’s digital infrastructure and innovation trajectory.

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South Africa Opens Door for Starlink with New ICT Policy Shift

South Africa’s government has published a draft policy that could pave the way for Starlink and other international tech firms to enter the local market without ceding equity, marking a significant shift in ICT sector regulation.The proposed policy, announced by Minister of Communications and Digital Technologies Solly Malatsi, introduces equity equivalent investment programmes (EEIPs) as an alternative to the current requirement mandating 30% local ownership by historically disadvantaged South Africans.EEIPs would allow multinational firms to fulfill Broad-Based Black Economic Empowerment (B-BBEE) obligations by investing in initiatives such as digital skills training, local enterprise development, SMME support, and broadband infrastructure. The policy is open for public comment for 30 days from publication in the Government Gazette. The move directly addresses one of the key regulatory barriers that have kept Elon Musk’s Starlink out of the South African market. Talks had previously stalled due to strict equity rules.

South Africa’s introduction of EEIPs could be a breakthrough for foreign tech companies seeking to operate without divesting equity. For Starlink, this creates a legal pathway to secure a license by funding strategic digital development, aligning with government priorities like internet access, skills training, and SMME empowerment. The change signals a broader regulatory shift—one that balances empowerment goals with economic pragmatism and digital inclusion. If finalised, the policy will enable the Minister to instructICASAto adjust licensing frameworks, potentially unlocking long-blocked market entry for Starlink and similar firms. For South Africa, it could accelerate connectivity goals and attract much-needed investment in digital infrastructure.

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Thursday

Africa’s Cross-Border Payments Market to Hit $1T by 2035

Africa’s cross-border payments market is projected to triple in size over the next decade, reaching $1 trillion by 2035, up from $329 billion in 2025, according to a new report by Oui Capital, an Africa-focused venture capital firm. This surge, driven by a 12% compound annual growth rate (CAGR), underscores the continent’s accelerating shift from legacy banking rails to digital-first payment infrastructure.The report identifies mobile money platforms, fintech APIs, blockchain solutions, and rising migration and urbanisation as key catalysts transforming how money moves across African borders. Legacy systems—heavily reliant on SWIFT and correspondent banks—continue to dominate but are being rapidly disrupted by mobile and digital alternatives offering faster, cheaper, and more accessible services.In 2023, remittance inflows into Africa reached $100 billion, equivalent to 5.2% of GDP, yet up to 75% of Sub-Saharan Africa’s flows remain informal due to high fees averaging 7–8%. Digital wallets and neobanks now offer rates closer to 3.5%, while blockchain-based platforms like Afriex and Bitnob process transactions at 0–1% fees, often in minutes.

Africa’s remittance and cross-border payment space is undergoing a structural transformation. With over 781 million mobile money accounts and annual transaction volumes of $837 billion, the continent leads global mobile money adoption. Services like M-Pesa, MTN MoMo, and Airtel Money are helping to formalise the once-cash-dominated remittance ecosystem, processing about 30% of Sub-Saharan remittance volume with fees as low as 1.5%–3%. The report notes that digital wallets, stablecoins, and blockchain infrastructure are gaining momentum, making instant, low-cost transfers viable for Africa’s high-frequency, low-value transaction patterns. Platforms such as Chipper Cash, Afriex, and Stellar-powered services are challenging traditional rails by offering settlement within minutes versus several days via SWIFT and reducing total transaction fees to nearly zero. However, the full realization of this $1 trillion market opportunity depends on continued regulatory reforms, interoperability, and infrastructure upgrades.

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AfDB Sees Stronger Growth For Africa as Region Weathers Tariff Shock

Africa’s economic growth is forecast to rise to 3.9% in 2025, up from 3.3% in 2024, as investment in agriculture and energy infrastructure buffers the region from global trade tensions, according to the African Development Bank (AfDB).In its latest African Economic Outlook, the AfDB noted that despite ongoing global trade disputes—including US-imposed tariffs and countermeasures—21 African countries are set to grow above 5%, with Ethiopia, Niger, Rwanda, and Senegal expected to exceed 7% growth in 2025.The report highlighted stronger regional trade, manufacturing gains in East Africa, and increased oil and gas output in Senegal and Niger as key growth drivers. West Africa’s performance is also being lifted by domestic consumption and value-added agriculture.North Africa is expected to recover from a 2.6% growth rate in 2024 to 3.6% in 2025, while parts of Southern Africa—including eSwatini, Zambia, and Zimbabwe—may see growth above 6%. However, Lesotho and Botswana face significant exposure to tariff risks, especially in apparel exports.

The AfDB’s outlook suggests Africa is positioned to withstand global economic headwinds, leveraging public investment in critical sectors. Agriculture and energy remain pivotal to Africa’s resilience strategy, enabling local value creation and reducing vulnerability to external shocks. Despite paused US trade tariffs, uncertainty continues to affect smaller, export-reliant economies like Lesotho, which sends nearly half its exports to the US. In contrast, countries like Senegal and Niger are gaining from upstream energy projects. The AfDB sees regional integration, through initiatives like the African Continental Free Trade Area (AfCFTA), and infrastructure development as key to sustaining momentum, creating jobs, and broadening growth beyond traditional sectors. As trade patterns shift and value chains evolve, Africa’s ability to drive intra-regional commerce and build competitive industries will define the depth and durability of its recovery.

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South Africa Secures $13.3B in Pledges Amid Infrastructure Push

President Cyril Ramaphosa has announced that South Africa has attracted more than R238 billion ($13.3 billion) in infrastructure investment pledges for the current fiscal year, marking a record inflow as the government prioritizes construction to revive economic growth and job creation.Speaking at an infrastructure summit in Cape Town, Ramaphosa said the country’s new project pipeline includes 250 infrastructure projects across energy, transport, and water sectors. Seven projects—such as the Boegoebaai port and a water system upgrade in Ekurhuleni—have been marked for priority development.The announcement comes amid South Africa’s shift toward a 10-party coalition government formed after the ANC lost its majority in 2024. The alliance has positioned infrastructure as the engine of economic recovery, after more than a decade of sub-1% average GDP growth. The National Treasury has allocated R1.03 trillion to public infrastructure over the next three years, with an additional R3.2 trillion needed from the private sector to close the gap by 2030.

President Ramaphosa’s “construction site” vision reflects a bold strategy to reboot South Africa’s economy through public infrastructure investment. But while R238 billion in new pledges is a positive signal, structural hurdles remain. The public-private partnership (PPP) framework is viewed as overly complex, and investor concerns about corruption and governance continue to limit engagement. Deputy Finance Minister Ashor Sarupen highlighted the urgency, warning that investment levels—currently just 15% of GDP—are insufficient to sustain long-term growth. Without streamlined PPP reforms and greater transparency, the government’s R4.8 trillion infrastructure ambition by 2030 could remain underfunded. Still, the infrastructure push aligns with global investment priorities in energy, logistics, and water security. Success will depend on the government’s ability to accelerate implementation, crowd in private capital, and build execution capacity—especially at the municipal and provincial levels.

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Friday

Sidi Ould Tah Elected 10th President of African Development Bank

Sidi Ould Tah of Mauritania has been elected as the 10th President of the African Development Bank (AfDB) Group. The vote took place during the Bank’s Annual Meetings held in Abidjan, Côte d’Ivoire, currently underway from May 26 to 30.Tah will begin his five-year term on September 1, 2025, succeeding Dr. Akinwumi Adesina of Nigeria. His election was determined by the AfDB Board of Governors, which includes representatives from the Bank’s 81 member countries.The winning candidate is required to obtain at least 50.01% of both the regional and non-regional votes. Tah secured 76.18% of the total vote and 72.37% of regional votes in the third round of voting – a historic majority.Tah brings over three decades of experience in finance and development. He served as president of the Arab Bank for Economic Development in Africa (BADEA) for the past ten years, overseeing major institutional reforms and balance sheet growth. He is also a former Mauritanian Minister of Economic Affairs and Finance.The election featured five candidates, with Tah emerging as the first Mauritanian to lead the Bank since its founding in 1964. His appointment comes amid rising expectations for African institutions to accelerate responses to economic and development challenges.

Sidi Ould Tah’s election to lead the African Development Bank signals an emphasis on capital mobilization and structural transformation at a time when African economies are navigating debt pressures, climate change, and infrastructure gaps. His track record at BADEA—where he launched a $1 billion callable capital program and guided the institution to a AAA credit rating—suggests continuity in pushing for stronger financial tools and partnerships. The choice also reflects a broader geographic inclusivity within the Bank, bringing Mauritania into AfDB leadership for the first time. With development finance needs growing amid slow global capital flows, Tah is expected to focus on scaling the Bank’s ability to de-risk private sector investment and support regional integration. His leadership will be closely watched as African economies seek innovative financing approaches and deeper multilateral cooperation to meet development goals.

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AfDB Backs Arise IIP With $100M to Scale Industrial Zones in Africa

The African Development Bank (AfDB) has approved a $100 million equity investment in Arise Integrated Industrial Platforms (Arise IIP) to support the expansion of special economic zones and industrial platforms across Africa. The funding is part of AfDB’s broader strategy to boost industrial development through structured public-private partnerships.Arise IIP operates in countries including Gabon, Benin, and Togo, where it develops industrial parks that centralize infrastructure, simplify customs procedures, and improve export logistics. The company’s model promotes local value addition by processing raw materials closer to their source.The investment aligns with AfDB’s Special Agro-Industrial Processing Zones (SAPZ) initiative, which aims to strengthen agricultural value chains. AfDB Vice President Dr. Beth Dunford said the project will support job creation, environmental sustainability, and increased use of local resources.This new capital follows $893 million in recent funding raised by Arise IIP from Afreximbank, AFC, and FEDA to build industrial parks in Nigeria, Chad, Côte d’Ivoire, DRC, Kenya, and Malawi. So far, Arise IIP’s platforms have attracted over $7 billion in investment, established more than 400 companies, and created nearly 50,000 jobs across 47 industries.

AfDB’s equity investment in Arise IIP underscores the importance of infrastructure-led industrial policy in Africa’s development agenda. Industrial zones like those developed by Arise IIP serve as critical enablers for reducing logistical inefficiencies, cutting export processing times, and integrating African products into global supply chains. The emphasis on special economic zones is also central to the AfDB’s SAPZ program, which seeks to shift Africa’s role in the global economy from raw material supplier to processor and exporter of finished goods. These industrial hubs aim to anchor economic activity around agro-processing, manufacturing, and trade, providing both formal employment and opportunities for SMEs. As African governments and financial institutions increasingly prioritize localized production and green industrialization, Arise IIP’s model—combining infrastructure investment, regional logistics, and private capital—offers a scalable framework. The AfDB’s support signals confidence in this model as a pathway for accelerating structural transformation across the continent.

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SORA Technology Raises $4.8M for Health Infrastructure in Africa

SORA Technology, a Japan-based startup using AI and drone systems to address infectious diseases and climate change, announced the first close of its late seed round, raising approximately JPY 670 million ($4.8 million), including debt financing.The round saw participation from institutional investors including Nissay Capital’s Sustainability Challenge Fund, SMBC Venture Capital, DRONE FUND, Central Japan Seed Fund, and Rheos Capital Works. The capital will support the expansion of SORA’s health-focused drone operations across Africa and the development of its AI-driven disease forecasting systems.SORA currently operates in six countries—Ghana, Sierra Leone, Benin, DRC, Senegal, and Kenya—collaborating with governments and global institutions on public health interventions such as malaria control. The company’s tech-enabled model aims to fill infrastructure gaps in disease response and health logistics.Founder and CEO Yosuke Kaneko said the funding would be used to strengthen operations, recruit new talent, and enhance field deployment capabilities. The company has also joined the G7-backed Triple I initiative to advance global health through impact investing.

SORA’s funding highlights a growing trend: applying frontier technologies like drones and AI to solve infrastructure and public health challenges in emerging markets. By focusing on disease surveillance and delivery in low-resource settings, the startup operates at the intersection of climate adaptation, health equity, and data science. SORA’s model relies on using drones to reach remote communities with medical supplies and to deploy mosquito control solutions. In parallel, AI systems analyze environmental and public health data to forecast outbreaks and inform policy. This dual approach enables faster, localized responses to vector-borne diseases and climate-sensitive health threats. The company’s partnerships with governments and institutions indicate rising demand for scalable solutions that combine technology with public service delivery. With global interest in impact-driven innovation increasing, SORA’s progress could serve as a case study for similar initiatives in other regions facing systemic health access barriers. As climate risks and disease burdens rise, public-private coordination around tools like AI and drones may become core to next-generation health systems.

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