Morocco welcomed a record 17.4 million visitors in 2024, surpassing its tourism roadmap target originally set for 2026. The total includes 8.8 million foreign tourists, a 23% increase from 2023, and 8.6 million Moroccans residing abroad. For the first time, Morocco overtook Egypt, which recorded 15.7 million visitors, as Africa's top tourist destination. Tourism Minister Fatim-Zahra Ammor credited targeted investments, strategic partnerships with tour operators and airlines, and aggressive market campaigns for growth. The government views the sector as vital to the Moroccan economy, with efforts also focused on enhancing tourism infrastructure in cities like Rabat.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Morocco is Africa's Top Tourist Destination With 17M Visitors in 2024

Jeune Afrique

Morocco is Africa's Top Tourist Destination With 17M Visitors in 2024

Transport Ministers across West Africa's regional body Ecowas met in Lomé in November 2024 to address the high cost of air travel in the region. Taxes and fees on international plane tickets emerged as a key focus, with commitments to reduce these burdens by January 1, 2026.An analysis by Jeune Afrique reveals disparities in ticket taxes across major airports. In Cotonou, taxes can reach 92,560 CFA francs (€141) for economy flights within Ecowas and 128,560 CFA francs for first-class tickets to non-ECOWAS countries. Abidjan imposes the lowest taxes: 30,000 CFA francs for African destinations, rising to 52,500 CFA francs for others. Lomé’s charges range from 37,500 to 42,500 CFA francs.The union plans to cut passenger and security-related fees by 25% and eliminate non-compliant taxes to boost passenger traffic, regional integration, and economic growth. But axes are only part of Africa’s air travel cost challenges. ICAO opposes taxes not directly linked to aviation, including VAT, calling them trade barriers. Cotonou’s "tourism development tax," amounting to 55,000 CFA francs in business and first class, exemplifies the issue. <a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Ecowas Targets Tax Cuts to Lower Air Travel Costs in West Africa

Ecowas Targets Tax Cuts to Lower Air Travel Costs in West Africa

Trade between China and Africa reached $295.5 billion in 2024, marking a 6.1% increase from the previous year, per Chinese customs data. Deputy Director Wang Lingjun attributed the growth to stronger trade ties under China's global export leadership.South Africa remained China's largest African trading partner, with $52.4 billion in trade, followed by Nigeria at $21 billion and Egypt at $17.3 billion. China imported $21.9 billion worth of goods from the DRC, up 51% year-over-year, fueled by demand for minerals. Guinea, driven by the Simandou mining project, saw exports to China grow 19%, totaling $11.7 billion.In December 2024, China abolished customs tariffs on imports from 33 African countries. This move followed President Xi Jinping's announcement at the September FOCAC summit of a $50 billion funding package for Africa over three years.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/China-Africa Trade Rise 6% to Hit $296B in 2024

China-Africa Trade Rise 6% to Hit $296B in 2024

The BRVM stock market closed Tuesday on a declining trend, with 12 stocks down compared to 10 gaining, reflecting a cautious investor sentiment. The main indices exhibited weak performance throughout the session.The BRVM Composite fell by 0.16% to close at 272.09 points, while the BRVM 30 dropped by 0.13%, ending at 136.88 points. The BRVM Prestige index experienced a sharper contraction, losing 0.47% to close at 112.51 points.<a href="https://dabafinance.com/en/capitalmarkets/PRSC" rel="noopener noreferrer" target="_blank">Tractafric Motors</a> saw the steepest drop, falling by 7.44% to 1,805 FCFA. <a href="https://dabafinance.com/en/capitalmarkets/ABJC" rel="noopener noreferrer" target="_blank">Servair Abidjan</a> followed closely with a 7.30% decline to 1,715 FCFA, while <a href="https://dabafinance.com/en/capitalmarkets/STAC" rel="noopener noreferrer" target="_blank">Setao</a> fell by 4.65% to 410 FCFA. On the positive side, <a href="https://dabafinance.com/en/capitalmarkets/SCRC" rel="noopener noreferrer" target="_blank">Sucrivoire</a> led the gains, advancing by 4.48% to 700 FCFA. It was followed by <a href="https://dabafinance.com/en/capitalmarkets/FTSC" rel="noopener noreferrer" target="_blank">Filtisac</a>, which rose by 3.53% to 1,905 FCFA, and <a href="https://dabafinance.com/en/capitalmarkets/UNXC" rel="noopener noreferrer" target="_blank">Uniwax</a>, which gained 2.56% to reach 400 FCFA.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/BRVM Market Closes with Declines Amid Cautious Investor Sentiment

Sika Finance

BRVM Market Closes with Declines Amid Cautious Investor Sentiment

The Zimbabwe Stock Exchange (ZSE) is projected to see gradual growth in 2025, driven by improving liquidity and investor demand for undervalued stocks. This follows a challenging December 2024, where total market capitalization fell by 18%, with the All-Share Index dropping 17.9%. Losses in the Top 10 and Top 15 Indices contributed significantly to the decline, according to a report by Fincent Securities.Monthly turnover dropped to ZiG225 million in December, down from ZiG287 million in November. Delta and Econet remained key contributors to market activity. Meanwhile, the Victoria Falls Stock Exchange (VFEX) showed resilience, with market capitalization gaining 1.84% and turnover surging 459% to US$19.6 million.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Zimbabwe Stock Exchange Poised for Growth in 2025 Despite Challenges

African Markets

Zimbabwe Stock Exchange Poised for Growth in 2025 Despite Challenges

The Nigerian Communications Commission (NCC) has approved a 50% increase in telecom tariffs, responding to rising operational costs faced by telecom operators. Operators had initially requested a 100% hike, but the regulator opted for a lower adjustment, citing ongoing industry reforms aimed at long-term sustainability.The NCC stated that tariff rates have remained unchanged since 2013, despite escalating costs. The adjustment seeks to address the revenue gap while ensuring uninterrupted service delivery. Nigeria's economy has experienced significant inflationary pressures following President Bola Tinubu's 2023 economic reforms, which included naira devaluation and the removal of fuel subsidies. Those changes initially boosted economic growth but caused sharp cost increases across sectors. MTN Nigeria Communications Plc’s shares jumped after the announcement on Monday, rising the maximum 10% to 256.30 naira by 11:10 a.m. in Lagos, the commercial capital. Rival Airtel Africa Plc was unchanged at 2,156.90 naira.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Nigeria Raises Telecoms Tariffs by 50% in First Hike Since 2013

Reuters

Nigeria Raises Telecoms Tariffs by 50% in First Hike Since 2013

Egyptian-founded fintech MoneyHash has raised $5.2 million in pre-Series A funding, led by Flourish Ventures, with participation from Vision Ventures, Arab Bank's Xelerate, and Emurgo Kepple Ventures. Notable individual investors, including Jason Gardner (former CEO of Marqeta), joined the round, alongside existing investors like COTU Ventures and Github founder Tom Preston-Werner.Launched in 2021, MoneyHash provides a payment orchestration platform tailored to emerging markets. It integrates existing payment providers into a unified system with features like a unified API, fraud prevention, and advanced routing, reducing development costs by up to 90% and boosting revenue by 10-15%.MoneyHash’s client base includes prominent names like Tamara, Kitopi, and Brands For Less, contributing to a 4x increase in processing volume in 2024. The funds will accelerate MoneyHash's market penetration in the Middle East and Africa (MEA) and support strategic expansion into other emerging markets.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/MoneyHash Raises $5.2M in Pre-Series A Round for MEA Expansion

Wamda

Egypt's MoneyHash Raises $5.2M in Pre-Series A Round for MEA Expansion

A joint proposal by Safaricom and the Kenya Bankers Association (KBA) to the Central Bank of Kenya (CBK) outlines plans to connect M-Pesa, Kenya’s largest mobile money platform, with Pesalink, which currently links 39 banks nationwide.The integration will enable seamless transfers between mobile wallets and bank accounts, eliminating the need for separate agreements between banks and mobile money providers. This move aligns with the CBK’s goal of fostering financial inclusion and enhancing interoperability across Kenya’s financial sector through its Fast Payment System (FPS) initiative.Pesalink currently facilitates instant bank-to-bank transfers but does not include mobile money services like M-Pesa. By joining the network, M-Pesa users will gain access to a broader range of financial services at lower transaction costs, bridging the gap between mobile money and formal banking.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Kenya's M-Pesa to Join Pesalink in Move to Drive Interoperability

TechCabal

Kenya's M-Pesa to Join Pesalink in Move to Drive Interoperability

Kobo360, a Nigerian truck-hailing startup backed by Goldman Sachs, laid off employees across its seven markets in November 2024. At least 30 staff members were cut from its 50-person Nigerian team, and the total number of affected roles in other markets is undisclosed. The layoffs followed the departure of ex-CEO Cikü Mugambi, who cited fundraising difficulties as a key challenge.TechCabal reported that affected employees received a “separation agreement,” which some interpreted as avoiding the term “layoff. " Former employees claim unpaid pension obligations dating back six months remain unresolved, a matter the company attributes to a third-party HR firm and says is under federal investigation.Leadership turmoil continues, with at least three executives resigning in November. Kobo360’s board is in the process of appointing new leadership to guide its future. The company, which paused most logistics operations except for fleet management, is restructuring to reduce costs and extend its runway after raising $48 million in a 2021 Series B round.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Kobo360 Cuts Jobs Amid Leadership Changes, Financial Struggles

Kobo360 Cuts Jobs Amid Leadership Changes, Financial Struggles

SeamlessHR, a Nigerian HR tech company, has secured $9 million in a Series-A extension round, led by the Gates Foundation and Helios Digital Ventures. The company, which raised $10 million in its Series A round in 2022, plans to use the funds to drive expansion across Africa, potentially including acquisitions.The company provides cloud-based HR solutions for medium to large enterprises, offering tools for HR management, payroll, performance tracking, recruitment, and e-procurement. It serves clients across Nigeria, Ghana, and Tunisia, with notable customers like PwC, Sterling Bank, and Lagos Business School.The funding brings SeamlessHR’s total raised to around $25 million since its inception in 2018. The company has previously received investments from TLcom, Capria, Lateral Frontiers, Ingressive Capital, Enza Capital, and Consonance Investment Managers.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba's investment platform offers seamless access to Africa's best opportunities. Download here</a>

Daba Finance/SeamlessHR Raises $9M in Series-A Extension for Africa Expansion

SeamlessHR Raises $9M in Series-A Extension for Africa Expansion

Nairobi-based Purple Elephant Ventures (PEV), a tourism-focused venture studio, has secured $4.5 million in seed funding to scale its portfolio and launch new ventures in Africa’s tourism sector. Investors in the round include Clear Creek Investment B.V., Klister Corp., Fede Pirzo-Biroli, Anthony Rock, and Ian McCaig. Founded in 2020, PEV supports startups addressing challenges in African tourism with solutions ranging from hospitality software to sustainable procurement. Its portfolio includes Nomad Africa, a travel discovery platform; Kijani Supplies, an eco-friendly procurement tech firm; Zafari, a booking platform for hospitality; PowerTrip, a cleantech company for energy-efficient appliances; and JOIN Africa, a safari guide support initiative co-created with Kayak co-founder Paul English.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba's investment platform offers seamless access to Africa's best opportunities. Download here</a>

Daba Finance/Purple Elephant Ventures Secures $4.5M for Tourism Innovation

Purple Elephant Ventures Secures $4.5M for Tourism Innovation

Oui Capital, an early-stage African venture firm, said it has returned its $4 million debut fund following the partial sale of its stake in Moniepoint, a Nigerian fintech unicorn. The firm initially invested $150,000 in Moniepoint (formerly TeamApt) during its seed round, which has now generated an $8 million return.The firm sold some shares during Moniepoint’s $110 million Series C funding round in October 2022, led by Development Partners International. With the fund fully repaid, any future gains from its Moniepoint stake will be pure profit for investors. This milestone underscores the potential of early-stage African fintech investments, as exits remain rare across the continent.Oui Capital, co-founded by Olu Oyinsan and Francesco Andreoli, has invested in 22 startups across two funds, with a focus on seed-stage African ventures. It raised $12 million for its second fund, Mentors Fund 2, and plans to explore raising a third fund later this year.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba's investment platform offers seamless access to Africa's best opportunities. Download here</a>

Daba Finance/Oui Capital Returns Debut Fund with $8M Exit from Moniepoint Stake

TechCrunch

Oui Capital Returns Debut Fund with $8M Exit from Moniepoint Stake

FARO, a South African recommerce startup, has secured $6 million in funding to scale its model of selling excess inventory from global fashion brands at discounted prices. The company collects unsold stock and defective returns from brands like ASOS, Boohoo, and Levi’s, refurbishes them using its facilities, and resells them at up to 70% discounts.Operating in a continent where demand for affordable, branded goods is high, FARO targets aspirational buyers who value quality. By focusing on physical stores in South Africa's developed retail market and avoiding e-commerce costs, FARO achieved $2.3 million in revenue from just four stores in 2023.FARO plans to scale to 1,000 stores across Africa, Asia, and Latin America within a decade. Its strategy includes using AI for inventory management and customer personalization. Investors such as Bloomberg’s JP Zammitt, Presight Capital, and Gharage Ventures participated in the funding round, betting on FARO’s potential in global resale markets projected to hit $350 billion by 2027.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba's investment platform offers seamless access to Africa's best opportunities. Download here</a>

Daba Finance/South Africa’s FARO Raises $6M to Tackle Textile Waste

South Africa’s FARO Raises $6M to Tackle Textile Waste

Kenya is in discussions with the United Arab Emirates (UAE) to extend its Standard Gauge Railway (SGR) to Uganda and South Sudan, President William Ruto announced. The initiative aims to enhance regional integration and boost East African trade.A feasibility study for the railway extension has been agreed upon as part of the partnership, underscoring its potential to streamline regional connectivity. This builds on Uganda's October agreement with Yapi Merkezi Holdings AS to finance its portion of the SGR, connecting Kampala to the Kenyan border. Previously, plans for a Kenya-Uganda link stalled after China halted funding for Uganda’s segment of the SGR, forcing reliance on trucking to Kenya’s port. President Ruto’s announcement came during a summit in Abu Dhabi, where he also discussed UAE investments in Kenya’s Galana-Kulalu agricultural project and a $1.5 billion loan to support Kenya’s budget and currency reserves.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba's investment platform offers seamless access to Africa's best opportunities. Download here</a>

Daba Finance/Kenya, UAE Discuss Extending Railway to Uganda and South Sudan

Bloomberg

Kenya, UAE Discuss Extending Railway to Uganda and South Sudan

Exxon Mobil Corporation (XOM) has made a significant natural gas discovery in the Mediterranean Sea off Egypt’s northern coastline, marking a critical development for the energy sector and Egypt’s ambitions to restore its natural gas production. The Nefertari-1 exploratory well, located in the North Marakia Block about five miles offshore, revealed gas-bearing reservoirs. ExxonMobil will continue evaluating the discovery.The Texas-based energy giant, which entered the block in 2019 and sold a 40% stake to QatarEnergy in 2022, drilled the well using Valaris Ltd.’s DS9 drillship, a state-of-the-art rig for deepwater exploration. This discovery adds to the region's growing importance, following significant finds in Israeli waters in the 2000s.Egypt's gas production has dwindled to its lowest levels since 2017, compelling the country to import LNG at levels unseen in six years. However, a repayment plan aimed at resolving arrears and attracting foreign investment signals the government’s intent to reinvigorate the sector. ExxonMobil’s discovery could bolster Egypt’s goal of resuming LNG exports by 2027.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/ExxonMobil Finds Major Gas Reserves in Egypt’s Mediterranean Waters

ExxonMobil Finds Major Gas Reserves in Egypt’s Mediterranean Waters

Gabon’s military leader, Brice Oligui Nguema, appointed Mark Doumba as the new economy minister to tackle the nation’s growing debt challenges. Doumba, a Harvard-trained entrepreneur, replaces Mays Mouissi in a cabinet reshuffle announced Wednesday.The changes come as Gabon faces $27 million in arrears to the World Bank, which recently suspended disbursements. The oil producer also has $700 million in Eurobonds maturing in June and $1.8 billion due in 2031. Following the reshuffle, bond yields on the 2025 and 2031 notes eased slightly, reflecting cautious optimism.Nguema, who took power in a 2023 coup, has pledged to stabilize the economy ahead of presidential elections in August, where he is expected to run. Charles M’Ba, the Minister of Public Accounts, will now oversee debt management, while former economy minister Mouissi moves to the environment portfolio, critical for managing Gabon’s leadership in debt-for-nature swaps.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/Gabon Appoints New Economy Minister Amid Mounting Debt Challenges

Gabon Appoints New Economy Minister Amid Mounting Debt Challenges

Construction activity is surging across South Africa as President Cyril Ramaphosa’s multi-billion-rand infrastructure overhaul gains momentum. Workers are busy upgrading key corridors, including the Gauteng-Durban route, as part of the plan to modernize aging infrastructure and boost the economy.The strategy aims to inject $88 billion in public sector funds by 2030, with private investors contributing $177 billion. The construction sector is already feeling the impact, adding 176,000 jobs in Q3 2024, bringing total employment to 1.3 million, and lifting the national employment rate to 33.5%.While optimism is high, challenges remain. Red tape slows public-private partnerships, and criminal extortion has disrupted $3.4 billion in projects since 2019.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/South Africa’s Construction Booms on $265B Infrastructure Push

South Africa’s Construction Booms on $265B Infrastructure Push

Nigeria has officially joined BRICS as a partner state, becoming part of the bloc of emerging-market powers that includes Brazil, Russia, India, China, and South Africa. The expansion of BRICS has gained momentum in recent years, with other countries such as Egypt, Ethiopia, and the UAE also joining the group. The alliance aims to enhance trade, investment, and socio-economic cooperation between Nigeria and BRICS member nations.The Nigerian Ministry of Foreign Affairs announced the partnership on Saturday, stating that the move underscores Nigeria’s commitment to fostering international collaboration and leveraging economic opportunities. <a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/Nigeria Joins BRICS as Partner State to Boost Growth, Investment

Nigeria Joins BRICS as Partner State to Boost Growth, Investment

Africa Finance Corporation (AFC) is planning a transaction involving at least $500 million in synthetic asset-backed securities (ABS), according to Banji Fehintola, AFC’s head of financial services and executive board member. Synthetic ABS allows lenders to transfer loan-loss risks to investors, such as pension and hedge funds, via credit-linked notes while keeping the underlying assets on their books. The deal is part of AFC's broader push to diversify funding sources and enhance lending capacity for large-scale infrastructure projects. The corporation recently priced a $500 million perpetual hybrid bond and plans to enter the panda bond market for renminbi-denominated debt.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/AFC Plans $500M Synthetic ABS Deal to Expand Lending Capacity

Infrastructure Lender AFC Eyes $500M Emerging Market Securitization

Burkina Faso raised 30 billion FCFA ($47 million) in its first issuance of the year in the WAEMU securities market. Initially targeting 30 billion FCFA, the country received total offers worth 43.36 billion FCFA, representing a coverage rate of 144.55%. The final absorption rate was set at 76.1%. The issuance was executed through a joint issue of Treasury Bonds and Similar Bonds (BAT/OAT), comprising one BAT (maturity of 364 days) and three OATs with maturities of 3, 5, and 7 years.The BAT raised 18.59 billion FCFA, with a marginal rate of 9.38% and a weighted average yield of 9.27%. The 3-year OAT secured 5.31 billion FCFA at a marginal price of 9,070 FCFA, with a weighted average yield of 9.48%. The 5-year and 7-year OATs raised 8 billion FCFA and 1.1 billion FCFA, respectively, at marginal prices of 9,041 and 9,500 FCFA, and weighted average yields of 7.53% and 7.34%.Selected investors from six WAEMU member states participated in the offering, including Burkina Faso (18.48 billion FCFA), Benin (10.38 billion FCFA), Ivory Coast (4.74 billion FCFA), Senegal (2.63 billion FCFA), Togo (2.5 billion FCFA), and Mali (0.037 billion FCFA).<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/Burkina Government Raises $47M in WAEMU Securities Market

Burkina Government Raises $47M in WAEMU Securities Market

Banque de Développement Local (BDL) will launch a partial public offering on the Algiers Stock Exchange today January 20, representing a key step in modernizing Algeria's banking sector. The offering aims to raise 61.88 billion dinars (around $453 million) by selling 44.2 million shares for 1,400 DA each.The listing aims to diversify the investor base, with allocations split among individual investors, companies, and professional investors. The initiative will boost BDL's share capital by 30%, increasing it from 103.2 billion to 147.4 billion dinars. The move aligns with broader efforts to modernize the banking sector, attract domestic investors, and make Algeria’s financial market more competitive on a global scale.The move has been validated by the Conseil des Participations de l'État (CPE) and approved by Cosob, which ensures compliance with regulatory standards. Six public banks and three private companies will manage the share sales, and a nationwide communication campaign will encourage participation. This partial capital opening is seen as a major advancement for Algeria’s financial sector, setting the stage for future listings and strengthening investor confidence.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/Algerian Lender BDL Set for Public Listing in $450M IPO

Algerian Lender BDL Set for Public Listing in $450M IPO

At least five financial companies are set to go public on African stock exchanges in 2025, reflecting the financial sector's significant influence on the continent’s economies. Listings are expected in Abidjan, Libreville, Douala, Tunis, and Algiers.In Benin, the government will <a href="https://dabafinance.com/en/news/benin-to-sell-up-to-40-percent-stake-in-biic-via-public-offering" rel="noopener noreferrer" target="_blank">sell 30–40% of its stake</a> in Banque Internationale pour l’Industrie et le Commerce (BIIC), raising 92–121 billion FCFA ($145–192 million). BIIC, formed in 2020, holds 22% of Benin’s banking assets, with total assets reaching 1,411 billion FCFA by mid-2024. Cameroon’s Commercial Bank will list 30% of its shares on the Central African Stock Exchange (BVMAC), while the government retains a 51% stake. BGFI Holding, the largest financial group in Central Africa, will debut 10% of its shares to fund its strategic growth plans. In Algeria, Banque de Développement Local (BDL) will offer 30% of its capital, becoming the second-largest stock by market cap on the Algiers Stock Exchange. BNA Assurances will also become the 6th&nbsp;insurance&nbsp;company to list in Tunis.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/African Banks Lead IPO Surge Across Stock Markets in 2025

African Banks Lead IPO Surge Across Stock Markets in 2025

Abidjan-based regional stock exchange (BRVM) recorded robust growth in 2024, with market capitalization reaching a record 10,200 billion CFA francs, a 29% increase year-on-year. This marks the strongest performance of the composite index in the past five years, fueled by investor interest and strong corporate financial results, according to BRVM CEO Félix Edoh Kossi Amenounvé.The daily transaction volume target of $10 million remains in sight, supported by companies offering solid dividends. The performance was driven by the three largest market capitalizations: Sonatel, Orange Côte d’Ivoire, and Société Générale Côte d’Ivoire.Sonatel achieved a 27% growth in financial results, pushing its share price to over 18,000 CFA francs and market capitalization to 2,400 billion CFA francs. Orange Côte d’Ivoire’s share price surged by 60%, boosting its capitalization to 2,636 billion CFA francs.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/Telecoms, Banks Drive BRVM to Record Market Capitalization in 2024

Telecoms, Banks Drive BRVM to Record Market Capitalization in 2024

The BRVM stock market extended its decline, with major indices recording losses. The composite index fell 0.21% to 270.09 points, while the BRVM-30 dropped 0.14% to 135.80 points. The prestige index also saw a 0.26% decrease, closing at 111.76 points.This downturn is largely attributed to the decline of key stocks. <a href="https://dabafinance.com/en/capitalmarkets/BICC" rel="noopener noreferrer" target="_blank">BICICI</a> lost 5.75 billion FCFA in market capitalization, while <a href="https://dabafinance.com/en/capitalmarkets/ETIT" rel="noopener noreferrer" target="_blank">Ecobank</a> saw a decline of 5.5 billion FCFA. Several other stocks faced significant losses, including <a href="https://dabafinance.com/en/capitalmarkets/SMBC" rel="noopener noreferrer" target="_blank">SMB CI</a> (-7.47% to 7,495 FCFA), <a href="https://dabafinance.com/en/capitalmarkets/SIVC" rel="noopener noreferrer" target="_blank">Air Liquide CI</a> (-5% to 475 FCFA), and <a href="https://dabafinance.com/en/capitalmarkets/CFAC" rel="noopener noreferrer" target="_blank">CFAO Motors CI</a> (-4.20% to 570 FCFA). However, a few stocks showed resilience, with <a href="https://dabafinance.com/en/capitalmarkets/BNBC" rel="noopener noreferrer" target="_blank">Bernabé CI</a> gaining 7.33% to close at 1,025 FCFA, <a href="https://dabafinance.com/en/capitalmarkets/FTSC" rel="noopener noreferrer" target="_blank">Filtisac CI</a> rising 1.94% to 1,840 FCFA, and <a href="https://dabafinance.com/en/capitalmarkets/NTLC" rel="noopener noreferrer" target="_blank">Nestlé CI</a> increasing 1.01% to 7,980 FCFA. <a href="https://dabafinance.com/en/capitalmarkets/PALC" rel="noopener noreferrer" target="_blank">Palm CI</a> shares maintained investor interest, accounting for 26.55% of trading, with a volume of 166.55 million FCFA out of a total transaction value of 627.32 million FCFA.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/BRVM Market Continues Downward Trend on Key Stocks Decline

BRVM Market Continues Downward Trend on Key Stocks Decline

Ivory Coast has exceeded initial estimates for production from its Baleine oil and gas field, according to government spokesman Amadou Coulibaly.Coulibaly noted that Phase 2 of the project, launched on December 28, 2024, is producing 50,000-60,000 barrels of oil per day, up from the initially projected 35,000. Natural gas output also surpassed expectations, reaching 50-60 million cubic feet daily, compared to an estimate of 40 million.Operated by Italy’s ENI in partnership with Ivorian Petroci, Baleine’s cumulative production from its first two phases now stands at 75,000-85,000 barrels of oil per day and 80-85 million cubic feet of gas per day. A decision on Phase 3 is expected by the end of 2025.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/Ivory Coast Expands Oil and Gas Production After Exceeding Forecasts

Ivory Coast Expands Oil and Gas Production After Exceeding Forecasts

Ghana’s annual inflation rate rose to 23.8% in December 2024, an 80-basis-point increase from November, according to the Ghana Statistical Service (GSS). This marks the highest inflation since April 2024 and the third-highest for the year, following March’s 25.8% and April’s 25%.The rise was driven by food and non-alcoholic beverages, which saw inflation climb sharply to 27.8%, up from 25.9% in November. Vegetables, tubers, and plantains recorded the highest category inflation at 46.1%. Non-food inflation, by contrast, eased slightly to 20.3% from 20.7%.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/Ghana Inflation Rises to 23.8% in December on Food Costs

Ghana Inflation Rises to 23.8% in December on Food Costs

Daniel Chapo of Mozambique’s Frelimo party was sworn in as president on Wednesday following a disputed October 9 election. The ceremony, held in the capital Maputo, was sparsely attended amid ongoing protests over alleged vote-rigging.A local civil society group reports that over 300 people have been killed in clashes with security forces since the election. Western observers have deemed the vote neither free nor fair, while Frelimo denies accusations of fraud. The party has ruled Mozambique since independence in 1975, weathering a civil war and maintaining its grip on power.Chapo addressed around 1,500 supporters, pledging to prioritize social and political stability, reduce the size of the government, and tackle youth unemployment, as well as health and education issues. Heavy police and military presence kept Maputo’s streets largely empty.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/Mozambique's Chapo Sworn In Amid Disputed Election and Protests

Mozambique's Chapo Sworn In Amid Disputed Election and Protests

Nigeria’s annual inflation rate climbed to 34.8% in December, the highest in nearly three decades, according to the National Bureau of Statistics (NBS). This marks an increase from 34.6% in November, with transportation costs driving the surge. Food inflation eased slightly to 39.8%, while core inflation—excluding agriculture and energy—rose to 29.3%.The inflation measure is set to be revised with the next release, as the NBS updates its methodology for the first time in 16 years. The changes, which rebase the consumer price index to 2024, will adjust item weightings. Food’s share will decrease from 51.8% to 40.1%, and housing, energy, and electricity will shrink from 16.7% to 8.4%.The Central Bank of Nigeria (CBN) raised its benchmark interest rate by 875 basis points in 2024 to combat inflation. Governor Olayemi Cardoso anticipates easing price growth this year, with the next policy rate decision due February 18.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/Nigerian Inflation Hits 29-Year High Ahead of CPI Overhaul

Nigerian Inflation Hits 29-Year High Ahead of CPI Overhaul

South Africa’s PPC has signed a memorandum of agreement with China’s Sinoma Overseas Development Company to construct a cement plant in the Western Cape. The R3 billion ($160 million) plant will have an annual production capacity of 1.5 million tons, replacing and increasing existing capacity while improving efficiency.Equipped with advanced technology, including a dedicated solar power system, the plant is expected to reduce energy costs, coal consumption, and emissions, making PPC more competitive and environmentally sustainable. Construction is slated to begin in Q2 2025, with commissioning planned for late 2026.The project aligns with PPC’s "Awaken the Giant" strategy, which emphasizes modernization and sustainability to meet changing market demands. Funding will be sourced through existing debt facilities, operational cash flows, and a structured payment agreement with Sinoma.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/PPC Partners Chinese Firm on $160M South Africa Cement Plant

PPC Partners Chinese Firm on $160M South Africa Cement Plant 

Cocoa grindings in Europe and Asia fell to their lowest levels since 2020 in the final quarter of 2024, reflecting the impact of record-high prices and low inventories on the chocolate industry.Data released Thursday revealed a 5.4% year-on-year drop in European cocoa processing and a 0.5% decline in Asia. Grindings were last this low during the early months of the COVID-19 pandemic when lockdowns and trade disruptions slowed the chocolate business.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/Cocoa Processing Hits Four-Year Low as Record Prices Bite

Cocoa Processing Hits Four-Year Low as Record Prices Bite

Africa offers double-digit investment returns in several sectors, according to Tawfik Hammoud, a member of Boston Consulting Group’s global executive committee. Speaking to Jeune Afrique, Hammoud emphasized that factors such as demographic growth, natural resources, and a shifting global economic order position Africa as a region of opportunity.Hammoud noted increasing interest from Middle Eastern investors deploying long-term capital, particularly in critical minerals, renewable energy, and carbon sequestration. However, challenges like debt levels, liquidity in capital markets, and infrastructure gaps persist.The emergence of artificial intelligence (AI) could accelerate Africa’s productivity, Hammoud said, creating opportunities to leapfrog into new sectors. For sustained growth, he highlighted the need for stable macroeconomic conditions, well-structured projects, and enhanced connectivity through investments in optical fiber, 5G, and data centers.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/BCG Chair Sees Africa Offering Double-Digit Returns Amid Global Shifts

BCG Chair Sees Africa Offering Double-Digit Returns Amid Global Shifts

Republic of Congo President Denis Sassou Nguesso has replaced Finance Minister Jean-Baptiste Ondaye in a cabinet reshuffle aimed at addressing the country’s financial difficulties. Christian Yoka, formerly head of the Africa department at the French Development Agency, will take over as finance minister, assuming responsibility for the budget and public assets, according to a statement from the presidency.The reshuffle comes after the oil-producing nation faced a cash shortage that led to unpaid public-servant salaries. In response, the government restructured its domestic debt and introduced cost-saving measures. Yoka’s appointment is part of efforts to bring “greater efficiency” to government operations.Yoka holds advanced degrees in law and finance from the University of Paris Panthéon-Sorbonne and Boston University. Meanwhile, Ludovic Ngatse, the former minister of budget and public assets, will now serve as the minister of economy and regional integration.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/Congo President Replaces Finance Minister as Fiscal Challenges Mount

Congo President Replaces Finance Minister as Fiscal Challenges Mount

The BRVM stock market closed Monday positively, with the BRVM Composite Index rising 0.86% to 274.10 points. The BRVM-30 gained 0.97% to 137.80 points, while the BRVM Prestige Index recorded a slight increase of 0.34%, closing at 112.86 points.Market growth was primarily driven by <a href="https://dabafinance.com/en/capitalmarkets/ORAC" rel="noopener noreferrer" target="_blank">Orange CI</a>, which added 119.77 billion FCFA to its market capitalization, reinforcing its leading position.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/BRVM Ends Session on a Positive Note Despite Selling Dynamics

BRVM Ends Session on Positive Note Despite Selling Dynamics

MTN Nigeria’s share price has gained over 20% month-to-date in early January 2025, trading at N242 as of January 10. This marks a sharp rebound from a low of N170 in November 2024, reflecting improving investor confidence amid the company’s capital-raising efforts and macroeconomic adjustments.The recovery follows the company’s issuance of commercial papers under its N250 billion Commercial Paper Issuance Programme, aimed at bolstering short-term working capital and navigating foreign exchange challenges. From November to December 2024, MTN issued multiple series of commercial papers, including Series 11–16, all of which were oversubscribed.For example, Series 13 and 14 issued in late November raised N72.18 billion, exceeding the initial N50 billion target, with yields of 27.50% (181-day tenor) and 29.00% (265-day tenor). This strategic fundraising strengthened MTN Nigeria’s financial position and contributed to its stock price recovery.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/MTN Nigeria Stock Up 20% in January on Capital-Raising Plan

MTN Nigeria Stock Up 20% in January on Capital-Raising Plan

Mastercard has opened a new office in Accra, Ghana, strengthening its presence in West Africa and positioning the country as a hub for regional operations. The move aligns with Mastercard's strategy to enhance digital payment solutions, drive financial inclusion, and tap into Africa’s expanding digital economy. The initiative is also expected to contribute to Ghana’s economy by fostering job creation, promoting technological innovation, and supporting entrepreneurship. Mastercard has a history of collaboration with local institutions, such as Absa Bank Ghana and the Mastercard Foundation, through initiatives like the Absa Fintech and Agritech Support Programme, which aims to create 50,000 jobs in the country.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/Mastercard Expands in West Africa with New Ghana Office

Techpoint Africa

Mastercard Expands in West Africa with New Ghana Office

The Awareness Company, a South African SaaS startup leveraging AI and data analytics for operational sustainability, has raised $1.6 million in seed funding. The funding will enhance marketing and sales efforts while advancing the AI capabilities of its flagship product, HYDRA.Founded in 2018, The Awareness Company uses data-driven storytelling to address challenges in agriculture, conservation, safety, security, and smart cities. HYDRA combines AI, IoT, and analytics to provide actionable insights, enabling users to drive measurable impact in sustainability efforts.Investors in this seed round include NEXT176, Holocene, Catalyst Fund, E Squared, Aions, and Jozi Angels. CEO Priaash Ramadeen called the funding a "significant milestone" in the company’s journey to revolutionize sustainability solutions.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/South Africa’s Awareness Company Raises $1.6M for AI Solutions

Disrupt Africa

South Africa’s Awareness Company Raises $1.6M for AI Solutions

The timbuktoo MineTech Accelerator program, led by the United Nations Development Programme (UNDP), is now accepting applications. Applications close on February 13.This initiative, run in partnership with the timbuktoo Africa Innovation Foundation and the National Institute for Scientific and Industrial Research (NISIR), seeks to revolutionize Africa’s mining sector by empowering youth-led startups and scaling transformative technologies.The accelerator aims to foster innovation in mining technology, enhance sustainability, and improve operational efficiency. Participants will gain access to networks, cutting-edge tools, and financial resources to drive socio-economic development across the continent.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/Applications Open for Africa’s First MineTech Accelerator Program

Applications Open for Africa’s First MineTech Accelerator Program

South Africa’s economy is forecast to grow by 1.7% in 2025, up from an estimated 0.7% in 2024, according to Bloomberg’s survey of economists. This marks a potential shift for an economy that has averaged less than 1% annual growth over the past decade.Factors driving the improvement include increased political stability through a coalition government, ongoing reforms in electricity, transport, and logistics, and lower interest rates boosting consumer spending. The South African Reserve Bank is expected to cut interest rates by 50 basis points to 7.25% in Q1, adding an estimated 30 basis points to growth. Despite these gains, projected growth remains insufficient to meaningfully reduce unemployment and poverty, with growth barely outpacing population and labor market expansion.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/Reforms, Higher Consumer Spending to Lift South Africa Economy in 2025

Reforms, Higher Consumer Spending to Lift South Africa Economy in 2025

Mali is expected to secure CFA Fr750 billion ($1.2 billion) in revenue from mining companies in the first quarter of 2025, according to Finance Minister Alousseni Sanou. This comes after extensive reforms aimed at boosting state revenue from the mining sector, including a new mining code introduced in 2023.The new regulations require companies to settle unpaid taxes and dividends, following an audit that revealed a revenue shortfall for the state of CFA Fr300 billion to CFA Fr600 billion. In December 2024, Mali received CFA Fr500 billion in settlements from mining firms.The revised mining code has also increased state and domestic group ownership in mining assets from 20% to 35% and introduced a royalty of 7.5% on gold sales if prices exceed $1,500 per ounce.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/Mali Targets $1.2B from Mining Companies After Sector Reforms

Mali to Get $1.2B from Mining Companies After Sector Reforms

Remittances to Gambia reached $776 million in 2024, marking a 4% increase from the previous year and accounting for 31.5% of the country’s GDP, according to Central Bank Governor Buah Saidy.Addressing a national forum on diaspora financing, Saidy highlighted the growing importance of remittances, which now rival tourism as a major source of foreign exchange for the economy. The steady rise underscores the critical role Gambians abroad play in supporting the nation’s economic stability and development.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/Gambia’s $776M Remittances Rival Tourism as Key Forex Source

Gambia’s $776M Remittances Rival Tourism as Key Forex Source

Mahamat Déby’s Patriotic Salvation Movement (PSM) won 124 of 188 seats in Chad’s National Assembly in the December 29 parliamentary elections, according to preliminary results released Sunday. The elections, boycotted by the main opposition party Les Transformateurs, further consolidate Déby’s grip on power.The vote marked Chad’s first parliamentary elections in over a decade. Déby, who assumed leadership in 2021 after his father Idriss Déby’s death, has faced criticism for allegedly using the elections to entrench his power. Former Prime Minister Succès Masra, leader of the boycotting Les Transformateurs, accused the government of undermining democratic processes.Voter turnout figures were not disclosed. Meanwhile, Albert Pahimi Padacké’s National Rally for Democracy in Chad secured 12 seats. The results come shortly after an attack on the presidential palace in N’Djamena that killed 20 people, initially deemed a destabilization attempt but later described by authorities as an isolated act by young individuals.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/Chad's Ruling Party Wins Election Boycotted by Main Opposition

Chad's Ruling Party Wins Election Boycotted by Main Opposition

Zimbabwe’s Reserve Bank Governor, John Mushayavanhu, announced that reserves backing the Zimbabwe Gold (ZiG) currency have reached $533 million, comprising 2.67 tonnes of gold (valued at $228 million) and foreign currency. Gold production hit a record 36.48 tonnes in 2024, up 21% from 30.10 tonnes in 2023, contributing significantly to foreign reserves through royalties and export earnings. Since the ZiG's launch in April 2024, the central bank’s gold holdings have grown from 1.5 tonnes to 2.67 tonnes. Currently, ZiG accounts for 5% of reserve money, totaling ZiG183 million.The reserves are now over three times the local currency in circulation, reflecting strengthened reserve backing. Despite improved reserves, the ZiG currency has faced public distrust. Many Zimbabweans avoid using it as a store of value due to prior currency instability and primarily use it as small change, with preference for the US dollar dominating.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/Zimbabwe's Reserves Hit $533M But Public Distrust in ZiG Persists

Zimbabwe's Reserves Hit $533M But Public Distrust in ZiG Persists

Ghana’s President John Mahama has reduced the number of government ministries from 30 to 23 as part of an austerity program tied to a $3 billion International Monetary Fund (IMF) bailout secured in 2022. The move aims to streamline government operations and reduce costs, in line with IMF requirements to address the country’s debt crisis.Mahama, elected on December 7, 2024, amid widespread dissatisfaction over economic hardships, has pledged to stabilize the economy and address challenges including crippling debt, high living costs, and unemployment. Ghana, the world’s second-largest cocoa producer, turned to the IMF after struggling to meet its debt obligations. The restructuring reflects Mahama’s commitment to a leaner administration to boost efficiency and restore public confidence in governance.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/Ghana’s President John Mahama Cuts Seven Ministries Under IMF Plan

Ghana’s New President John Mahama Cuts Seven Ministries Under IMF Plan

Dakar-based Mansa Infrastructure Partners is raising $300 million for its Infrastructure Delivery Fund in 2025, marking the first phase of a five-year plan to secure $1.2 billion for infrastructure investments across Africa.The fund aims to address the continent’s estimated $100 billion annual infrastructure financing gap by supporting projects that enhance their appeal to foreign investors. “The goal is to make infrastructure projects more bankable and investment-ready,” said Amadou Cisse, a founding partner, speaking at Mansa’s Dakar office.Mansa’s focus aligns with the pressing need for large-scale projects to modernize infrastructure and boost economic development across Africa.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/Mansa Partners Targets $300M to Bridge Africa’s Infrastructure Gap

Mansa Partners Targets $300M to Bridge Africa’s Infrastructure Gap

South Africa’s TymeBank and Nigeria’s Moniepoint have recently achieved unicorn status, raising over $250 million and $110 million, respectively, with valuations exceeding $1 billion. These fintech firms owe their success to hybrid banking models that combine digital solutions with physical touchpoints tailored to Africa’s unique market dynamics.TymeBank uses kiosks and partnerships with retailers like Pick n Pay to onboard customers, while Moniepoint employs over 200,000 agents across Nigeria to bridge urban-rural gaps. These models address low internet penetration, high reliance on cash (90% of transactions), and trust issues with digital-only solutions.With over 15 million users (TymeBank) and 10 million users (Moniepoint), both fintechs are expanding their services to include business management tools, credit, and insurance. TymeBank is scaling to Asia, targeting Vietnam and Indonesia, while Moniepoint plans to deepen its presence in Africa, eyeing Kenya as a potential market.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/Hybrid Model Fuels TymeBank, Moniepoint Unicorn Success in Africa

Hybrid Model Fuels TymeBank, Moniepoint Unicorn Success in Africa

LemFi, a London-based fintech serving immigrant communities, has raised $53 million in Series B funding to expand its remittance services globally. Led by Highland Europe, the funding round also saw participation from existing investors Endeavor Catalyst, Left Lane Capital, Palm Drive Capital, and Y Combinator, bringing LemFi’s total funding to $85 million.Founded in 2020 by Ridwan Olalere and Rian Cochran, LemFi enables users to send money to emerging markets across Africa, Asia, and Latin America. The company now processes $1 billion in monthly transaction volume, up from $2 billion annually in 2023. Strong adoption in the Asian corridor, which accounts for $160 million in monthly volume, has fueled this growth.LemFi recently expanded into Europe through a partnership with Modulr and plans to secure an Irish license to further scale operations. The platform, operating in 27 send-from markets and 20 send-to countries, credits its growth to robust fraud detection, user retention, and a strong focus on localized services.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/LemFi Secures $53M to Expand Remittance Platform Globally

LemFi Secures $53M to Expand Remittance Platform Globally

South Africa’s Competition Commission has recommended that African Rainbow Capital (ARC), backed by billionaire Patrice Motsepe, divest from one of the country’s leading fresh produce agencies, citing anti-competitive practices.ARC holds significant stakes in the RSA Group and Subtropico, which together control between 50% and 90% of South Africa’s fresh produce markets, including staples such as potatoes, apples, and tomatoes. The commission found that ARC’s cross-shareholding in these entities distorts competition in an industry dominated by four key agents.The commission advised the Competition Tribunal to require ARC to divest from either RSA Group or Subtropico if it does not voluntarily do so within six months. This follows a two-year inquiry into the fresh produce sector aimed at addressing concerns over market concentration, fairness, and inclusivity.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/SA Regulator Urges ARC to Sell Fresh Produce Unit Over Market Control

SA Regulator Urges ARC to Sell Fresh Produce Unit Over Market Control

Canadian mining giant Barrick Gold said it will temporarily suspend operations at its Loulo-Gounkoto mining complex in Mali following the government’s seizure of approximately three metric tons of gold, valued at $245 million. The gold was transported to the state-owned Banque Malienne de Solidarité in Bamako over the weekend.The seizure stems from a court order issued last week, with Mali’s economy ministry claiming Barrick owes $5.5 billion, a figure significantly higher than previous estimates. The company disputes the claim, citing a long-standing contractual disagreement with the government under new mining rules.Barrick has filed for arbitration with the International Centre for Settlement of Investment Disputes, further escalating tensions. This dispute adds to previous disruptions, including the detention of Barrick executives and shipment blocks. Jefferies analysts estimate that a prolonged suspension of Loulo-Gounkoto operations could reduce Barrick’s earnings before interest, tax, and amortization (EBITDA) by 11% in 2025.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/Barrick Gold Halts Operations in Mali After Government Gold Seizure

Barrick Gold Halts Operations in Mali After Government Gold Seizure

Mozambique’s newly elected parliament convened Monday under heavy security in Maputo, as 210 legislators were sworn in, marking the start of a contentious legislative session. Opposition parties Renamo and the Mozambique Democratic Movement (MDM) boycotted the ceremony, disputing the October election results, which they allege were rigged to favor the ruling Frelimo party.The inauguration occurred amid protests and a national strike by opposition leader Venancio Mondlane, who urged supporters to reject the results. Mondlane’s party, PODEMOS, entered parliament for the first time with 39 legislators, though four members were absent.Frelimo retained its parliamentary majority with 171 seats. Margarida Talapa, a senior Frelimo member, was elected parliament speaker, calling for unity and dialogue to address public dissatisfaction with the electoral process.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/Mozambique Lawmakers Elect New Speaker as Protests Resume

New Mozambique Lawmakers Sworn in as Protests Resume

Benin is preparing to issue $750 million in Eurobonds, aiming to secure external financing as yields near levels that previously stalled African debt sales. The bond, expected to have a 16-year maturity and a 15-year weighted average life, could be priced around 8%, with Benin’s 2038 dollar bonds recently trading at 8.76%.The government has enlisted Citigroup Inc., J.P. Morgan Chase &amp; Co., and Societe Generale SA to arrange investor meetings, starting January 8, virtually and in-person in London. The sale comes amid strong emerging-market bond issuance, with $26 billion sold globally in the first week of 2025.Benin’s Finance Ministry says the timing depends on market conditions, while officials seek to capitalize on investor appetite for African issuers. Alongside the Eurobond, Benin is offering a €250 million tender for its euro-denominated bonds due 2032.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/Benin Eyes $750M Eurobond Amid Tightening Market Conditions

Benin Eyes $750M Eurobond Amid Tightening Market Conditions

Egyptian agri-tech startup ReNile has raised $450,000 in a funding round to expand its smart farming solutions domestically and begin operations in Saudi Arabia and Kuwait. Founded in 2017, ReNile leverages IoT technology to help farmers optimize water, soil, and air quality, improving agricultural productivity and efficiency.The startup offers end-to-end solutions, including real-time monitoring and process automation, allowing farmers to enhance decision-making and resource management. The funding, sourced from undisclosed investors, will support ReNile’s growth into new markets while strengthening its position in Egypt’s agri-tech ecosystem.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/Egypt’s ReNile Secures $450,000 for Expansion into Saudi Arabia

Egypt’s ReNile Secures $450,000 for Expansion into Saudi Arabia

Egyptian VC firm EdVentures has announced six-figure US dollar investments in two local ed-tech startups—Schoolz and Ibn Sina Training Academy. Both startups were selected from a competitive pool of 10 participants in the inaugural EDVS bootcamp, designed to identify and support high-potential ed-tech innovators.The funding, made through its EdTech Ventures Studio (EDVS) programme, expands EdVentures’ portfolio to 24 startups, solidifying its position as a leading ed-tech-focused corporate venture capital firm in the MENA region.Schoolz, founded in 2020, offers tech-driven student transportation solutions, focusing on safety, affordability, and reliability. Ibn Sina Training Academy, established in 2017, specializes in medical training programs, including medical translation, coding, and digital marketing.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/EdVentures Backs Two Egyptian Ed-Tech Startups

EdVentures Backs Two Egyptian Ed-Tech Startups

Pakistani accelerator Innovate47 has announced the expansion of its Climate Action Accelerator program to Africa, opening applications to founders in South Africa, Malawi, Kenya, Ghana, and Nigeria. The program connects entrepreneurs addressing climate and sustainability challenges with the resources and expertise needed to scale their solutions.The expansion aims to leverage Africa’s entrepreneurial talent to develop impactful innovations addressing the global climate crisis. “Africa’s innovators hold immense potential,” said Umair Sheikh, Innovate47’s founder. “By fostering cross-border collaboration and providing access to resources, networks, and mentorship, we hope to accelerate transformative solutions to climate challenges.”The three-month accelerator programme offers interactive workshops, tailored mentorship, and access to global investors and industry experts. Its second cohort features a mix of early-stage and growth-stage startups focused on scalable, impactful solutions for sustainability.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/Innovate47 Expands Climate Action Accelerator to Africa

Innovate47 Expands Climate Action Accelerator to Africa

The Mineworkers Investment Company (MIC) is calling for applications from black-owned businesses in South Africa to access funding through its Khulisani Ventures fund. The initiative, launched in 2021, focuses on supporting innovative, high-growth enterprises across all sectors, excluding primary agriculture and extractive industries.With a ZAR300 million ($16.5 million) fund, MIC Khulisani Ventures aims to back early-stage businesses that demonstrate scalability, innovation, and strong governance. The fund targets solutions that disrupt traditional markets, improve efficiencies, or creatively address South Africa’s challenges.Applications for funding are open until January 31, 2025, with selected businesses receiving support starting in March. MIC, a 100% black-owned investment firm established in 1995, has a longstanding commitment to economic upliftment for mine, energy, and construction workers and their dependents.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/MIC’s $16M Khulisani Fund Invites Black-Owned Businesses to Apply

MIC $16M Khulisani Fund Invites Black-Owned Businesses to Apply

Visa has announced the fourth edition of its Africa Fintech Accelerator, a three-month program aimed at empowering startups with mentorship, technological tools, and funding opportunities. Applications are open until March 15, 2025.Launched in 2023, the accelerator is part of Visa's commitment to invest $1 billion in financial inclusion across Africa by 2027. Over three cohorts, 64 startups have benefited from the initiative, with 15 forming active partnerships with Visa.Notably, four participants from the inaugural 2023 cohort recently secured strategic funding from Visa. The program aims to continue supporting innovative fintech solutions that enhance financial inclusion and economic growth across the continent.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/Visa Opens Applications for 2025 Africa Fintech Accelerator

Visa Opens Applications for 2025 Africa Fintech Accelerator

Gokada, one of Nigeria’s leading last-mile delivery companies, filed for Chapter 11 bankruptcy protection on October 18, 2024, in Delaware. The filing allows the eight-year-old company to restructure its $5.2 million liabilities and avoid liquidation.The bankruptcy follows Gokada’s failed fundraising efforts, including a 2023 campaign to raise $750,000 at a $10 million valuation. Despite raising $5.3 million in a 2019 Series A round, the company has faced financial challenges, exacerbated by naira depreciation.Gross revenues in 2024 totaled $118,988, down from $268,779 in 2023. CEO Olutosin Oni, who took the helm in 2022, said profitability remained elusive despite pivots and layoffs. The company owes $1.8 million to its largest creditors and holds assets worth just $560,000.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/Nigeria's Gokada Files for Bankruptcy Amid Financial Struggles

Nigeria's Gokada Files for Bankruptcy Amid Financial Struggles

The Ghana Stock Exchange (GSE) is projected to deliver another strong performance in 2025, with Data Bank research forecasting a 45% gain in the GSE Composite Index, closing the year at 6,850 points. This follows a 26.13% return in dollar terms in 2024, with the Accra Bourse ranking as the best-performing market in Africa in cedi terms.Key sectors like banking, telecommunications, and fast-moving consumer goods (FMCG) are expected to drive growth. MTN Ghana remains a top pick due to strong earnings and dividend yields averaging 12% since its 2018 listing. FMCG leaders such as Unilever Ghana, Fan Milk, and Guinness Ghana Breweries are poised for recovery, supported by favorable operating conditions and stronger earnings.TotalEnergies Ghana is also set for an 18% earnings growth amid market challenges, driven by product innovation and demand tied to election-related activities. However, OPEC+ production cuts could pressure oil marketing firms in the short term.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/Ghana Stock Exchange Poised for Further Gains in 2025

Ghana Stock Exchange Poised for Further Gains in 2025

The Bank of Tanzania (BoT) has kept its central bank rate (CBR) unchanged at 6% for a fourth consecutive quarter, aiming to maintain financial market stability, support inflation control, and boost economic growth. The decision aligns with the BoT’s target to keep inflation below 5% and achieve a projected GDP growth rate of 5.7% by the end of Q1 2025, according to Governor Emmanuel Tutuba.The CBR, introduced in January 2024, replaced a money supply-based policy to address volatility in interbank lending rates. Since its introduction, the rate has been adjusted once, rising from 5.5% to 6% in April 2024. Tanzania’s CBR remains among the lowest in East Africa, with other countries like Kenya (12.75%) and Uganda (10%) grappling with higher rates.The BoT projects a stable Tanzanian shilling in Q1, supported by $5.5 billion in foreign reserves, enough to cover 4.5 months of imports. Efforts include bolstering gold reserves and enforcing domestic currency use to reduce forex demand.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/Tanzania Central Bank Maintains Key Lending Rate at 6% for Q1

Tanzania Central Bank Maintains Key Lending Rate at 6% for Q1

Egypt’s annual headline inflation slowed to 23.4% in December, down from 25% in November, according to CAPMAS. The deceleration comes despite significant year-on-year price increases across key sectors, particularly food and beverages, which rose 19.2%.Notable contributors to inflation included a 19.8% rise in meat and poultry prices and a 4.4% increase in vegetables. The alcoholic beverages and tobacco segment recorded a 29.1% year-on-year jump, while the restaurants and hotels segment surged 28.2%.Healthcare prices saw a steep 35% annual increase, while housing, water, electricity, natural gas, and fuel rose 22.5%. The education sector remained relatively stable with a 12.3% rise. On a monthly basis, inflation held steady, with the consumer price index (CPI) unchanged at 239.7 points in December, following a 0.1% rise in November.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/Egypt Inflation Slows Down to 23.4% in December

Egypt Inflation Slows Down to 23.4% in December

Ethiopia has opened a domestic stock exchange after a 50-year absence, starting with the IPO of state-owned Ethio Telecom. The Ethiopian Securities Exchange (ESX) officially opens this Friday, aiming to attract local and international investors. The Ethio Telecom offering, managed by Ethiopia Investment Holdings, is expected to raise up to 30 billion birr ($234 million).The stock market's revival is part of broader economic reforms amid stabilized inflation at 23.95% in 2024, down from over 30% in 2023. Despite progress, Ethiopia faces challenges, including ongoing tensions with Amhara militiamen and currency volatility.Tilahun Kassahun, CEO of the ESX, envisions up to 50 company listings within five years, some via direct listings bypassing IPOs. The exchange, Ethiopia’s first since Emperor Haile Selassie’s era, aims to attract investment for long-term economic growth.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/Ethiopia Launches Stock Exchange After 50-Year Hiatus

Ethiopia Launches Stock Exchange After 50-Year Hiatus

The Zimbabwe Stock Exchange (ZSE) is progressing toward self-listing on its main board through a scheme of reconstruction, pending regulatory approvals. Shareholders approved the transaction at an extraordinary general meeting on October 9, 2024.The restructuring involves forming Zimbabwe Stock Exchange Holdings Limited (ZSE Holdings), which will acquire ZSE Limited shares on a 1:1 basis. This move aims to streamline operations, enhance liquidity, and unlock shareholder value by consolidating ZSE Limited and the Victoria Falls Stock Exchange (VFex) under a single holding company while maintaining their operational independence.Key approvals are being sought from the Zimbabwe Revenue Authority (Zimra), the Securities and Exchange Commission of Zimbabwe (SecZim), and other regulatory bodies. Amendments to listing rules (S.I. 147 of 2024) may be necessary to finalize the process.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/Zimbabwe Stock Exchange Moves Closer to Self-Listing via ZSE Holdings

Zimbabwe Stock Exchange Moves Closer to Self-Listing via ZSE Holdings

African stock markets posted strong performances in 2024, with over 15 key indices closing the year in positive territory. Nine indices recorded year-to-date gains exceeding 20%, reflecting resilience amid significant macroeconomic headwinds.West Africa faced challenges such as bank recapitalization in Nigeria, political elections in Ghana, and cocoa harvest setbacks in Ivory Coast. Eastern Africa saw dampened economic growth projections in Kenya and Uganda, while Southern Africa grappled with drought-induced agricultural disruptions. Northern Africa experienced increased investor participation following interest rate hikes in Tunisia and Morocco.Despite these hurdles, African exchanges delivered impressive results, led by these top five markets: Ghana (56%), fueled by a $3 billion IMF bailout, rising cocoa prices, and strong investor sentiment. Malawi (53.2%) and Zambia saw a 42.6% growth despite drought and slower GDP expansion. Nigeria gained 38%, overcoming mid-year challenges from financial sector recapitalization. Then Kenya (33.7%), rallied strongly in the latter half of the year. The BRVM (Composite Index) rose 27%, benefiting from rising cocoa prices, Senegal’s economic recovery and new listings.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/African Stock Markets Shine in 2024 Despite Macro Challenges

African Stock Markets Shine in 2024 Despite Macro Challenges

MTN Group finalized the sale of its operations in Guinea-Conakry to the State of Guinea on December 30, 2024, marking its complete exit from the market. This move is part of MTN’s Ambition 2025 strategy, focusing on portfolio optimization and simplifying its business to prioritize markets with sustainable growth potential.Group CEO Ralph Mupita described the transition as a milestone for MTN Guinea-Conakry, expressing gratitude to stakeholders for their support during the company’s tenure in the country. He reiterated the decision aligns with MTN’s strategy to allocate resources to markets where the company can deliver long-term growth.The transition of MTN Guinea-Conakry to state ownership reflects broader trends in African telecom markets, where local or regional stakeholders are increasingly stepping in to manage operations. This approach may reshape the competitive dynamics in smaller markets while allowing multinational operators to concentrate on high-growth opportunities.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/MTN Concludes Sale of Guinea Unit to Focus on Core Markets

MTN Concludes Sale of Guinea Unit to Focus on Core Markets

The Nigerian stock market, tracked by the All-Share Index, ended 2024 with a strong 37.65% gain, maintaining a bullish trajectory that began in 2020. The index closed the year above 102,000 points, driven by resilience in Oil &amp; Gas and Insurance sectors, which surged 159% and 123%, respectively.Market capitalization reached N62.76 trillion ($41 billion) by year-end, up from N40.91 trillion in 2023, marking a N21.8 trillion increase. January’s 35% jump set the tone for the year, but volatility in subsequent months included a mid-year retracement. A late-year rally in the fourth quarter solidified gains, fueled by positive earnings and renewed buying interest.Since 2020, the All-Share Index has consistently delivered strong fourth-quarter performances, underscoring investor confidence. Notable developments in 2024 included the launch of NGX Invest, a digital platform aimed at boosting retail participation, and plans for blockchain-based investment solutions, signaling potential growth in 2025.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/Nigerian Stock Market Extends 5-Year Streak With 38% Gain in 2024

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