Cardoso would replace Godwin Emefiele who was suspended by Tinubu in June and later detained by the country’s state security agency. It is not clear whether Emefiele has resigned.

Tinubu sent Cardoso’s nomination to the Senate for confirmation alongside four new deputy governors, presidential spokesperson Ajuri Ngelale said.

Global benchmark Brent topped $95 a barrel for the first time since November before paring gains. The tighter market has ignited a flurry of predictions that $100 oil could soon return.

While this comes as good news for energy commodities-dependent economies in Africa like Nigeria, the extended powerful rally may rekindle inflation, according to analysts.

Overall African air traffic growth is forecast at 7.4%, the third highest region and above the global average growth of 6.1%.

Boeing included the data as part of its 2023 Commercial Market Outlook (CMO), the company’s long-term assessment of global demand for commercial airplanes and services.

This, according to Bloomberg, comes amid risks to their currencies from higher borrowing costs in advanced economies and their own domestic challenges.

The flurry of decisions from the monetary authorities will likely see South Africa, Egypt, Morocco, and Ghana keep rates steady. Nigeria, Angola, and Kenya are expected to confront currency weakness by lifting borrowing costs.

Qala, founded in 2021, sources, trains, and matches African software developers and engineers with leading Bitcoin companies from across the world.

The deal, which was completed this month, will see Qala rebrand as the ₿trust Builders Programme, to strengthen ₿Trust’s mission to drive the development and education of Bitcoin open-source engineers from across the Global South.

Founded in 2016, Lupiya works to bridge the financial inclusion gap by offering easy-to-use, technology-driven financial solutions to the unbanked and underbanked populations in Zambia. 

The funding will be channeled into enhancing Lupiya’s technological infrastructure, expanding its range of financial products, and scaling its operations to reach more customers.

That’s according to a report by the New York-based blockchain research firm Chainalysis, which finds that the adoption of cryptocurrencies in Nigeria is on the rise.

This trend is occurring amidst the challenges faced by Africa’s largest economy, which include a depreciating currency and soaring inflation.

Founded in 2020, Emata offers farmers affordable, digital financing. In place of collateral requirements, the company creates alternative credit scores based on data points like a farmer’s delivery history. 

The startup plans to use this new investment to expand its agri-loan offering across East Africa - both within its debut market of Uganda and via international expansion, focusing on its core dairy and coffee markets.

Launched in 2019, Turaco uses technology to increase access to affordable insurance with a seamless and customer-centric approach. The startup raised a $10 million Series A round last year and had already expanded into Nigeria and Uganda. 

Under the Ghana deal, MicroEnsure will rebrand as Turaco Ghana and retain the expertise of the existing team and leadership.

The company plans to connect the stations base of its mobile network to Starlink’s high-speed, low-latency services, to serve even the most remote and rural communities in the world.

AMN also plans to deploy Starlink terminals at sites in Nigeria, as part of a larger project to connect 700 additional rural communities before the end of the year.

Yalla is a financial super app for all daily financial and non-financial needs, which allows users to send and receive money, pay merchants online and offline, and place orders.

The startup has so far garnered approximately two million users, with over seven million transactions processed through the app.

The naira was changing hands at 983 per dollar on Wednesday, from 962 the previous day and 903 naira at the start of this month. 

That’s more than 20% weaker than the official rate of 776.60 naira per dollar as reported by FMDQ, a Lagos-based platform.

The startup has over the last two years grown to attract a diverse range of clientele including investment managers and finance officers out to fast-track their fiscal reporting.

Per its founders, FinanceGPT is also working on a financial voice assistant that will be competent in some African languages to deliver financial advisory services.

These investments will focus on developing the digital technology sector and providing a comprehensive and integrated package of payment solutions supported by modern technologies for merchants and financial institutions of all sizes and types.

Additionally, a portion of the investments will be allocated to developing local talent, to increase the number of employees in Egypt from the current 700 to 1500.

The milestone follows four rounds of funding over the last three years that have seen 20 growing local SMEs added to the Kua Ventures portfolio.

After crossing the $1 million mark, the firm plans to invest an additional $2 million set aside to almost double the portfolio over the next 10 months.

The incubator is targeted at startups in the architecture, engineering, and construction (AEC) industries across the Middle East and Africa.

Selected startups will receive financial and non-financial support, such as mentorship and coaching, while also benefiting from Dar El Handasa’s network of partner universities.

Food prices, the main driver for inflation in Morocco, rose by 10.4% from a year earlier, while non-food inflation increased by 1.3%. On a month-on-month basis, the index rose by 0.3%.

Core inflation, which excludes more volatile prices, stood at 4.9% year-on-year and 0.2% month-on-month.

Gross domestic product grew 3.2% in the three months through June from a year earlier, compared with a downwardly revised expansion of 3.3% in the previous quarter, per official figures.

Growth in the quarter was driven by the mining, agriculture, health, transport, and information technology sectors.

There was a jump in exit activity during FY 2022, marking the highest numbers in a decade. The financial services sector saw 14 exits, followed by healthcare and energy, with nine and seven exits, respectively. 

Kenya led the pack with 36 exits per country, followed by Uganda at eight and Rwanda with three. Tanzania and Ethiopia recorded two and one exit, respectively.

The system is linked to Egyptian banks to enable traders on the secondary market to invest in government debt instruments.

The first day closed with a trading value of EGP 33.8 billion ($1.1 billion) generated through 109 transactions.

The pre-Series A extension round is a mix of equity and debt; last January, ANKA, formerly Afrikrea, raised $6.2 million. 

The seven-year-old startup has secured $13.5 million from investors since its inception and will use the fresh investment to strengthen product development and expand services in its key markets Nigeria, Kenya, and the US.

BVMAC (La Bourse des valeurs mobilières de l'Afrique centrale) is the regional stock exchange common to the CEMAC (The Economic and Monetary Community of Central Africa) countries.

Of the six companies listed in the equity compartment, five rewarded their shareholders as follows Bange Bank (4.694 billion FCFA), Socapalm (9.163 billion), Safacam (2.479 billion), La Regionale (1.499 billion) and SCG-Re (981.4 million).

Annual inflation moderated to 40.1% from 43.1% in July, the slowest rate of change since October, per Government Statistician Samuel Kobina Annim. 

The apex bank has so far focused on keeping inflation under control. In July, it raised the key lending rate to 30% to combat surging inflation which stood at 42.5% at the time.

The firm targets the Nigerian market, where 90% of the country’s more than 12 million registered cars (mainly used) require regular maintenance to avoid recurring breakdowns.

With the latest funding, the startup plans to double down on the wholesale distribution of its after-sales spare parts value chain with its current pre-Series A investment.

Some of the top companies on this list were Dangote Cement, MTN Nigeria, Zenith Bank Plc, and others.

This shows that investing in the Nigerian stock market can be an excellent way to make money, as it offers both regular income and the potential for your investment to grow over time.

The positive rally was driven by impressive financial results posted by major firms listed on the bourse including Societe Generale CI and Ecobank CI, both of whose share prices rose +5.71% and +7.32% respectively after the announcements.

In a similar fashion, major market indices, the BRVMComposite, BRVM30, and BRVMPrestige all posted gains, of +1.22%, +1.28%, and +1.74% respectively.

This raise was supported by Rubicon Landing, a transaction advisory firm, acting as the transaction advisor, and KN Law as the Legal Advisors.

The fintech startup also disclosed that it plans to raise $20 million in both equity and debt to spur our growth further as we work towards unlocking a $500 billion financial inclusion opportunity in urban Africa.

Building on the success of the inaugural program, which more than 800 startups from 25+ countries applied to join, the accelerator helps startup founders seeking to scale rapidly and sustainably.

In partnership with Microsoft, the initiative combines business development, technology integration, funding opportunities, and community building to empower startup companies based in Africa and emerging markets to deliver sustainable solutions.

Founded in 2021 by Himanshu Shrimali and Ismail Sarhank, Menthum is a B2B and B2C digital savings platform that enables individuals and companies to invest in safe treasury bills (T-bills) through a money market fund.

The funding will go towards expanding Menthum’s team, customer acquisition, brand building, and developing the company’s tech infrastructure.

The headline consumer-price index for August rose 4.8% from a year earlier, compared to 4.7% the prior month, per data from Pretoria-based Statistics South Africa. 

That matched the median estimate of 23 economists in a Bloomberg survey and marks a reversal after slowing to the lowest level in two years in the previous month.

The Ghanaian startup provides an end-to-end agricultural marketplace that connects African producers and global industries to competitive markets, resources, data, and each other.

The funding, involving names like Acumen, Alitheia, Goodwell Proparco, and more, will be used to scale its products, forge strategic partnerships with key stakeholders, bolster its team, and expand domestic operations.

A mix of equity and working capital, the round was backed by Launch Africa Ventures and saw participation from a diverse group of angel investors.

The startup plans to use the investment to scale its business in Nigeria and expand into East Africa, particularly, Kenya and Uganda.

Funded by the Bill & Melinda Gates Foundation and sponsored by Cencora, Merck Sharpe & Dohme (MSD), Microsoft, and Chemonics, i3 helps commercialize promising early- and growth-stage companies. 

Selected startups receive introductions to leading potential customers in industry, donor agencies and governments, a $50,000 grant, and tailored investment readiness support from leading accelerators Villgro Africa, IMPACT Lab, Startupbootcamp Afritech, and CcHUB.

The Monetary Policy Committee maintained the deposit rate at 19.25% and the lending rate at 20.25%. Eight out of 13 economists in a Bloomberg survey correctly predicted the decision.

Meanwhile, some analysts had believed the central bank might consider raising rates to help tame inflation, which was higher than forecast in August.

The major BRVM Composite Index appreciated by 0.16% to 211.5 points Monday, as did the BRVM 30 (+0.14% to 106.2 points). On the other hand, the Prestige Index pared by 0.59% to 104.19 points. 

The best-performing stocks include Oragroup (+7.17% to 2,690 FCFA), Sodeci (+4.15% to 4,895 FCFA), and Sitab CI (+3.33% to 6,200 FCFA).

Both organizations said an assessment concluded that the meetings, scheduled for October 9-15 in Marrakech, wouldn’t disrupt relief and reconstruction.

Rather, it would “provide an opportunity for the international community to stand by Morocco and its people, who have once again shown resilience in the face of tragedy.”

The investment is meant to support the growth of small and medium-sized enterprises in Francophone West and Central Africa, one of the most underserved private equity markets in the world.

The support includes an equity investment from IFC's SME Ventures program and funding from the Blended Finance Facility of the International Development Association's Private Sector Window, which helps de-risk investments in low-income countries.

The Composite Index (GSE-CI) experienced a substantial rally, reaching 3,084.79 points during this period – marking a 26.22% surge. The market capitalization surpassed GH¢73billion (~$6.4 billion).

This places the GSE just behind Nigeria and Egypt and represents a significant shift from the situation at the close of 2022 when the local market was the worst performer in the region.

Founded in 2016, AMEA Power has assembled a world-class team of industry experts to deliver projects across Africa, the Middle East, and other emerging markets.

This represents AMEA Power’s first external equity funding following years of being privately funded by its founding shareholders. The funding will allow AMEA Power and SBG to explore a mutual partnership, which will lead to maximizing the value creation of AMEA Power mainly in the AMEA region.

The drop in lending reflected in data from Boston University’s Global China Initiative comes as several African nations struggle with debt crises and China’s own economy is facing growing headwinds.

Africa has been a focus of President Xi Jinping’s ambitious Belt and Road Initiative (BRI), launched in 2013 to recreate the ancient Silk Road and extend China’s geopolitical and economic influence through a global infrastructure development push.

The startup allows customers to shop at partner merchants, reserve products, and pay over a period of time, at no added cost. It initially partnered with a Kenyan retailer during launch but scaled in 2020, and has to date grown its merchant network to 600. 

This number of partner merchants is set to grow further as the startup widens its “save now, buy later” offerings.

The monetary policy committee maintained the rate at a 14-year high of 8.25% for a second consecutive meeting, Governor Lesetja Kganyago on Thursday. 

That matched the median estimate of 26 economists in a Bloomberg survey and nearly all analysts polled by Reuters had forecast that the rate would be left unchanged.

The move, according to the fintech, comes after its profitable entry into the African market in September 2022, when it set up shop in South Africa, Nigeria, and Kenya.

With this expansion, EBANX consolidates its coverage in the African continent, extending its footprint to 11 countries, including Northern, Western, East, and Southern Africa.

Founded in 2020 by Mikael Hajjar and Hisham Halbouny, P1 Ventures describes itself as “a high-conviction investor that intentionally focuses on a small number of exceptional African founders and companies building transformational software businesses with regional and global potential”.

Since its launch, P1 Ventures has invested in 29 early-stage companies across 10 countries including Money Fellows in Egypt, and Reliance Health in Nigeria where P1 has a presence.

Revio provides businesses with over 70 payment options, ensuring that their customers can choose any convenient payment option. also provides a revenue recovery tool, enabling its users to reduce payment failures. Companies that use this service can re-engage users through WhatsApp, email, or SMS to recover payments.

With the new funding, which also saw participation from Speedinvest, Ralicap, Everywhere VC, and Partech, Revio will strengthen its efforts in tackling these failed payments.

The Fund has a geographic focus on sub-Saharan Africa and is expected to make eight to twelve equity and equity-related investments into mid-market companies with high growth features in sectors that benefit from regional economic and demographic trends such as population growth and increased urbanization. “Our active deal pipeline is characterized by growth capital investments that will have a positive impact on climate change, create decent jobs with a focus on gender-lens investing, support the connectivity of rural communities, and enhance the development of businesses across Africa,” said Paul Botha, CEO and Co-founder of Metier. “Beyond delivering top quartile returns, Metier’s core objective is to contribute towards positive and sustainable impact across Sub-Saharan Africa.”

The Fund has attracted investment from both international and South African investors, including significant commitments from international development finance institutions, who were motivated by the Metier team’s focus and track record of investing for developmental impact while delivering top-quartile private equity performance.

This landmark agreement, signed on the sidelines of the Asian Infrastructure Investment Bank (AIIB) Annual meetings in Egypt, is poised to drive increased trade finance and investment across the African continent, fostering economic growth and development.

The 3-year US$300 million loan facility is a significant development in AFC’s long-standing relationship with CEXIM. The two institutions have collaborated since 2018, with AFC receiving US$400 million in bilateral loans from CEXIM to date. The loan will provide critical financing to support trade finance and investment in Africa, further facilitating the flow of goods and services between Africa and China.

This initiative to admit foreign members into its ATS will enable SEM to access a broader spectrum of investors. This move is particularly timely as African exchanges have been actively seeking ways to enhance cross-border trading, thereby bolstering liquidity and trade activity within their markets.

Last November, seven African exchanges, including the Nairobi Securities Exchange (NSE) and SEM, launched the African Exchanges Linkage Project (AELP) which is meant to facilitate cross-border trading of securities in Africa. The AELP is a flagship project of the African Securities Exchanges Association (ASEA) and the African Development Bank (AfDB).

Speaking to shareholders during the AGM, Dr. Mike Adenuga (Jnr), the Chairman of Conoil Plc, expressed the company's unwavering commitment to creating significant value for its shareholders. He also emphasized the company's dedication to ensuring that its share price continues to ascend.

Looking forward, Dr. Adenuga acknowledged the potential challenges arising from the rapidly changing geopolitical and socio-economic landscape. Nonetheless, he affirmed that Conoil would remain focused on the strategies that have consistently yielded the highest dividends for the company.

The range of cloud services will provide enterprise customers with the flexibility to expand their operations by utilizing computing resources in a scalable manner, leveraging operational expenditure (OPEX) models. Furthermore, these services ensure that businesses can run their operations from virtually anywhere, with highly available access, thereby ensuring dependable service delivery to their end customers.

Cynthia Karuri-Kropac, Chief Enterprise Business Officer at Safaricom, emphasized the transformative potential of this initiative, stating, "This marks the dawn of a new era for businesses, serving as a catalyst for innovation and growth. We believe that by equipping businesses with world-class cloud computing capabilities, we empower them to unlock fresh opportunities, thrive in the digital age, and achieve their growth objectives with greater efficiency and cost-effectiveness."

To fulfill its mission, Madica is committed to investing a total of $6 million in as many as 30 African startups. Each selected startup will be eligible to receive up to $200,000 in exchange for equity, which represents a valuable injection of much-needed funding. The initial investment phase of Madica is set to span three years.

Interested founders looking to be a part of Madica should meet certain criteria, including a commitment to working full-time on their venture, having a minimum viable product (MVP) in development, and having received little or no prior institutional funding. These requirements reflect Madica's dedication to supporting early-stage startups and fostering innovation across Africa.

Founded in 2019, 54gene was established by Dr. Abasi Ene-Obong, who successfully raised $45 million through three funding rounds. The company's primary mission was to provide essential genomic data on African populations, aiming to enhance drug discovery efforts for global pharmaceutical companies. With less than 3% of genetic material used in global pharmaceutical research sourced from Africa, 54Gene aspired to bridge this significant gap in the global genomics market.

Despite its ambitious goals, 54gene faced internal challenges and underwent significant leadership changes within its four years of existence. Dr. Abasi Ene-Obong, the co-founder and CEO, was replaced, and the company saw three CEO changes in the past year, including Ron Chiarello, who assumed the CEO role in March 2023 but departed in July. These developments mark a period of turbulence and uncertainty for the once-promising genomics startup.

“Africa’s innovative spirit in the AI for Health domain is profoundly inspiring. These startups stand as a testament to the continent’s ability to develop global health solutions.’’ Yuval Passov, Head of Google for Startup and lead of the program, said. ‘’We aim to stand alongside them, offering support and partnership as they strive to scale and disseminate their groundbreaking solutions.” 

Startups worldwide are harnessing AI as a transformative instrument, addressing significant challenges from early disease detection to ensuring information accessibility. Their innovations not only improve billions of lives but also drive robust economic growth.

This agreement, which was signed by Khaled Mohamed Balama, Governor of the Central Bank of the UAE, and Hassan Abdalla, Governor of the Central Bank of Egypt, facilitates the exchange of local currencies between the two central banks. The nominal size of this currency swap arrangement is set at up to AED 5 billion and EGP 42 billion.

The Governor of CBUAE emphasized the significance of this agreement, stating, "The Bilateral Currency Swap Agreement between the UAE and Egypt reflects the strong relationship between the two countries and serves as an opportunity to promote cooperation and develop our respective economic and financial markets. In line with the efforts of the UAE and Egypt's leadership to collaborate more broadly across multiple areas, the CBUAE is keen to deepen its cooperation with the CBE to achieve common interests, positively impact the trade, investment, and financial sectors, and enhance financial stability." This agreement is expected to foster economic and financial collaboration between the UAE and Egypt, benefiting both nations.

That brings the startup’s total Series A to $46 million, having previously announced a $21 million raise in February 2022. Existing backers, including CRE Ventures, PayPal Ventures, and the Raba Partnership, participated in the round. This is Ribbit Capital’s third investment in Africa after leading Chipper Cash’s $30 million Series B and Wave’s $200 million Series A.

The fintech has now raised $52 million in venture capital (including a $6 million seed). The company, which has over 80 employees, plans to use its Series A money to continue developing its platform, expanding its customer base, and seizing opportunities to serve new markets.

The acquisition deal was concluded and approved on Tuesday after months of negotiation. Chaka and RiseVest will remain separate products and will continue to work on their product roadmaps and collaborate to improve products.

A report by TechCabal quoted Chaka’s founder Tosin Osinbodu, saying: "We’re excited, especially from the perspective of people; high level and strategically, this deal makes sense. I’m excited about how Chaka’s product will evolve and how we’re going to learn from the Risevest team.”

In 2021, it expanded into fulfillment services, targeting e-commerce and direct-to-consumer businesses lacking storage and delivery systems. In February of the current year, Sendy introduced a Payment on Delivery product for e-commerce and social commerce vendors across Africa, aiming to enhance secure online shopping on the continent.

This move into administration indicates Sendy's insolvency as it seeks legal protection while devising a restructuring plan. Peter Kahi has requested parties with claims against Sendy to submit them along with supporting documents by October 19th for review.

Following the Annual General Meeting, Vodacom Tanzania's Chairman, Retired Judge Thomas Mihayo, expressed confidence in the company's resilience, as evidenced by its year-on-year growth.

He stated, "Our excellent financial and operational results affirm the quality of the Company's purpose-driven strategy and its capacity to execute a deliberate plan aimed at connecting people to a better future. Despite global socio-economic challenges and a fiercely competitive market, the Company has demonstrated strong financial performance and maintained its leading position in terms of market share and customer net promoter score."

In addition, the firm has introduced its Founder Partner program under which the leadership teams of the companies within its portfolio will become co-owners, sharing in the collective success of both the firm and fellow investees.

Co-founder and Managing Partner, Mike Mompi, expressed the significance of this new initiative by stating, "This innovative framework positions Enza Capital to further expand upon the strong foundations laid down by visionary founders, like-minded funds, and stakeholders who share our values across Africa. It underscores our unwavering commitment to becoming a steadfast, long-term partner within one of the most dynamic, high-growth, and influential tech ecosystems of our time."

Founded in 2016, Root is an end-to-end insurance platform that helps companies build, sell, and manage digital insurance products in Africa, the UK, and Europe. The startup packages the “hard things” in insurance behind easy-to-use APIs, allowing any company to build and deploy new insurance products themselves. 

Root first raised an external round of funding from investors in 2021, and one of those investors, South Africa-based Invenfin, the venture and growth capital arm of Remgro, has now invested a further $1.5 million. The company will use the funding to accelerate its plans to expand in the UK and Europe.

The company specializes in hybrid solar energy solutions and is dedicated to reducing carbon footprint through innovative technologies. Empower New Energy works closely with project development partners and has built a strong pipeline of energy projects across 12 countries in Africa.

The funding, which marks the largest investment to date for Empower New Energy, will enable WATT to enhance its renewable energy portfolio, adding an impressive 8MW of installed generating capacity and 14.3MWh of storage capacity through end-to-end services and operation of towers.

Figures from the exchange cited by Nairametrics showed that the All-Share Index, which is the broad index that measures the performance of Nigerian stocks, opened the trading quarter at 51,251.06 index points at the beginning of trading in January 2023, gaining 15.131.08 basis points or 29.52% during the three months to September 30.

Further analysis revealed that activities on the Nigerian Exchange Limited (NGX) which opened the trading year at N27.915 trillion ($28 billion) in market capitalization at the beginning of trading, closed the quarter at N36,331 trillion, hence has earned a year-to-date gain of about N8.416 trillion.

With a maturity period of seven years and a target of $24.8 million (Rwf 30 billion), this issuance is the first within a larger $124 million (Rwf 150 billion) Medium Term Note Programme. The bond's offering period will conclude on October 13th, following which it will be listed and traded on the Rwanda Stock Exchange.

The SLB's primary purpose is to raise funds that will aid BRD in integrating environmental, social, and governance (ESG) criteria into its operations with partner financial institutions. It will also support the financing of women-led businesses and affordable housing initiatives, aligning with the bank's commitment to sustainable development.

CBDCs are directly issued by central banks and made available to citizens, households and businesses, without any form of intermediary. They can be transferred or exchanged using blockchain technology, which allows for records of transactions to be stored on a network of computers. 

BEAC’s governor, Abbas Mahamat Tolli, signed a decision in mid-September to create a working group, which will be responsible for monitoring and implementing work relating to the digital currency project. The group is supposed to work in close collaboration with the International Monetary Fund (IMF).

Cardoso, a seasoned banker, takes the reins from Godwin Emefiele, whose contentious policies had raised concerns about the CBN's autonomy. 

The Senate also approved four deputy governors: Emem Nnana Usoro, Muhammad Sani Abdullahi Dattijo, Philip Ikeazor, and Bala M. Bello. Although Cardoso's political ties may face scrutiny, his primary responsibilities involve addressing rampant inflation and stabilizing a beleaguered currency.

Market analysts have lauded this growth rate as impressive, highlighting the exponential rise in the valuation of listed companies. Notably, two of the 16 listed entities, Airtel Malawi and FMB Capital Holdings, have achieved market capitalizations of K1 trillion each.

In an interview over the weekend, MSE's Chief Executive Officer, John Kamanga, emphasized the pivotal role of the stock market in the country's economy. “That is why we have always said that the financial market in Malawi is capable of providing the needed capital, especially to State-owned enterprises instead of borrowing from outside and putting pressure on limited foreign exchange,” Kamanga said.

This decision emerged after the conclusion of the 114th MPC meeting, during which the committee emphasized its commitment to inflation management and the overall stability of the economy.

BoG Governor Dr. Ernest Addison, in a press briefing, noted, "While the disinflation process has resumed – which should result in a gradual return to the target band over the medium-term barring unanticipated shocks – rising international crude oil prices and adjustments to utility tariffs remain a risk to the inflation outlook, which will have to be managed through monetary policy vigilance."

The platform is reportedly the largest QR ecosystem in South Africa, used by more than 600,000 vendors, 14 banks and fintech companies, and 94 payment service providers. Now, this new partnership aims to seamlessly introduce more crypto payment options to mainstream South Africa through the Scan to Pay app.

Tracy-Lee Schoeman, Vice President of Loyalty and Rewards at Ukheshe, says the rise of cryptocurrencies has created a new wave of opportunities for performing financial transactions. “Cryptocurrency payments have the potential to transform the way people transact with lower fees, faster settlement times, and greater financial sovereignty – something Ukheshe is excited to offer through Scan to Pay.”

Secha Capital's inaugural fund demonstrated that the combination of equity investments and the strategic deployment of human capital is a replicable model capable of delivering financial returns and fostering social impact, particularly within women-founded businesses in South Africa.

Secha Capital Fund II will adopt a similar mandate, and its first close came from investors including RMB Ventures, 27four Investment Managers, the SA SME Fund, and Caleo Capital. The fund's primary focus is on traditional companies spanning various sectors in Southern Africa that are in the process of transitioning into tech-enabled green economy businesses.

Founded in 2018, Lipa Later is committed to empowering African businesses by providing a centralized and fully integrated platform for e-commerce, financial inclusion, and shopping. The startup specializes in offering consumer credit, working capital, and e-commerce solutions for merchants.

The fundraising received support from Rubicon Landing, a respected transaction advisory firm serving as transaction advisors, and KN Law, a prominent legal advisory firm acting as legal advisors. Lipa Later views this successful fundraising as a testament to its growth trajectory and its trusted position within the Kenyan financial ecosystem. It will enable the company to enhance its offerings and better serve its customer base.

This expansion follows the startup's initial launch in Abidjan, Côte d'Ivoire, exactly a year ago. Auto24's platform offers "reconditioned used cars" along with several additional services, including a five-day refund policy, a six-month warranty, and one-year maintenance and insurance plans for all vehicles.

Axel Peyriere, the CEO and co-founder of Auto24, stated that the company's expansion aims to capitalize on a successful year. The decision to enter Morocco and South Africa was driven by the recognition that these two countries represent the largest car markets on the African continent. This strategic move positions Auto24 for further growth and impact in the African used car marketplace.

Jumia, backed by notable investors such as Pernod Ricard SA and Goldman Sachs Group Inc., is poised to offer Starlink's satellite terminals and kits in specific African countries. The initial rollout is scheduled to commence in Nigeria in the coming weeks, as confirmed by Hisham El Gabry, Jumia's Chief Commercial Officer.

Jumia, with its well-established presence in the market, is positioned as the go-to platform for individuals interested in acquiring these satellite kits. This exclusive sales and distribution arrangement not only cements Jumia's pivotal role in the sector but also bestows upon them a distinct competitive advantage, potentially solidifying their market share and influence across the region. This collaboration signifies a significant step toward expanding reliable broadband connectivity in Africa.

Notably, MTN and Airtel have recently extended this offering to their subscribers in South Africa, Nigeria, and Kenya. In a significant move, MTN South Africa has expanded eSIM access to all its subscribers over the past month and entered into a long-term partnership with global IoT connectivity solutions provider Eseye. This collaboration is set to standardize a global eSIM and IoT platform, enabling MTN to offer a diverse range of IoT services, including connectivity, IoT bundles, and value-added services, to cater to customers' global IoT requirements.

The multi-year agreement with Eseye encompasses South Africa and 18 other African countries, including Nigeria, Rwanda, Uganda, Sudan, Botswana, and Zambia, where MTN operates, signaling a broader pan-African IoT deployment on the horizon.

The RSF arrangement will help Morocco address climate vulnerabilities, bolster its resilience against climate change, and seize the opportunities from decarbonization.

It would also help the authorities strengthen preparedness for natural catastrophes and stimulate financing for sustainable development. The arrangement would coincide with the remaining 18 months under the FCL arrangement approved in April 2023.

This development comes in response to the limited banking infrastructure across the continent, prompting telecom companies to step into the expanding fintech arena. MTN South Africa, with approximately 9 million registered mobile money users since its relaunch in 2019, is targeting the roughly 15% of South Africans who remain unbanked. 

MTN's fintech division encompasses 16 mobile money services, including MoMo, insurance, airtime lending, and e-commerce. Following an investment from Mastercard, CEO Ralph Mupita plans to explore opportunities to sell up to 30% of the business, which contributes nearly a fifth of the company's total revenues.

The country's central bank attributes this strength to increased inflows from remittances, tourism, external budget funding, and IMF program disbursements. The governor anticipates further growth in the dalasi's value, primarily against the U.S. dollar, driven by expected increases in remittances. 

In the first two months of this year, Gambia received $129.7 million from its diaspora, a significant rise from $507 million in 2022. Tourist numbers also rebounded, reaching 174,490 in 2022 from 102,460 the previous year, following a pandemic-induced decline to 89,232 in 2020.

ETAP, launched in November 2021, has already insured hundreds of thousands of individual trips. In April of the following year, it secured $1.5 million in pre-seed funding to enhance its team and advance the adoption of car insurance solutions throughout Africa. On the other hand, AIICO Insurance is a well-known name in Nigeria's insurance landscape, offering life and health insurance, general insurance, and investment management services to safeguard and generate wealth for individuals, families, and corporate clients.

This partnership leverages AIICO's leading car insurance product and ETAP's innovative tech-driven distribution and customer acquisition approach to facilitate the much-needed expansion of car insurance coverage in Nigeria.

Founded in 2021 by Nour Altaher and Omar Mansour, Intella offers real-time, on-demand market research for its business clients across diverse sectors.

In March 2022, Intella closed its seed round at $1 million led by Hala Ventures, with participation from Falak Startups, Beyond Capital, and others. This year, Intella relocated its HQ from Cairo to Riyadh. The new funding will fuel its expansion into the Saudi market and support the development of end-to-end AI models localized for Mena.

Established in late 2020 by Nader Abdelrazik, Mustafa Eid, and Anisha Sekar, MoneyHash offers a streamlined checkout experience by leveraging a secure super-API that consolidates payment and fintech solutions into a single integration. Additionally, it provides a central dashboard that brings together technical infrastructure and centralizes data and operational reporting.

The company initially disclosed a pre-seed funding round of $3 million in February 2022 as it transitioned from its beta phase, subsequently launching its services across Africa. MoneyHash is currently in the process of finalizing a seed funding round, with Tom Preston-Werner, the co-founder and former CEO of software development company GitHub, among its investors.

This decision comes at a challenging juncture for the East African nation, as it faces the task of repaying or refinancing this 10-year bond amidst a backdrop of surging yields that have effectively limited access to the market for many frontier economies.

Additionally, concerns have been raised due to Kenya's debt burden and the weakening of its currency, the Kenyan Shilling (KES). According to World Bank data, Kenya's total public debt amounted to 67.4% of its gross domestic product at the end of the previous year, underscoring the need for a strategic approach to manage the maturing bond.

The virtual terminal offered by Paystack represents a digital-only solution, serving as an alternative to physical point-of-sale (POS) devices that have gained widespread adoption in Nigeria in recent years. Physical POS devices, while popular, have limitations in terms of availability and can lead to transaction delays in scenarios with high volumes of customers, such as restaurant checkouts, where several customers may need payment confirmation simultaneously.

Similarly, direct bank transfer alternatives have faced challenges with transaction efficiency. In these cases, sales representatives at various businesses often require verbal confirmation from their managers to verify successful payments, resulting in inefficiencies, particularly in high turnover environments. Paystack's virtual terminal aims to streamline and expedite payment processes for multi-person businesses, addressing these challenges and offering a more efficient and convenient solution for both merchants and customers.

Under its clean cooking brand, Bboxx Cook, the company will initially deploy a portion of the subsidy to help realize its goal of providing cleaner cooking solutions to as many as 500,000 Rwandan households. Upon the successful completion of the initial phase of the project, Bboxx Cook will have the option to access additional funding to further advance its objectives. 

This initiative is a vital component of the broader subsidy program, which aims to enhance the quality of life by reducing the percentage of households relying on firewood for cooking from 80% in 2017 to 42% by 2024, while also completely phasing out the use of charcoal in urban areas.

The BRVM plays a pivotal role within the West African Economic and Monetary Union (WAEMU), which aims to enhance integration among Benin, Burkina Faso, Cote d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo. BRVM is a shared exchange among these eight countries. On the other hand, the Luxembourg Stock Exchange (LuxSE) is a prominent listing venue for international debt securities and a pioneer in sustainable finance.

Through the agreement, both exchanges will explore the establishment of a bond market dedicated to green, social, sustainability, and sustainability-linked bonds at BRVM and also assess opportunities for dual-listing sustainable securities.

Sanari Capital specializes in making investments in established companies undergoing transformation due to factors like technology, innovation, sectoral or thematic growth drivers, and access to new markets.

With a focus on technology and the changing global landscape, Sanari's investment philosophy aligns with themes such as a more connected digital world, the Internet of Things (IoT), data, and services. In September of the previous year, Sanari Capital supported a $15 million Series A financing round for iiDENTIFii, a groundbreaking biometrics technology company.

The fund attracted commitments from a diverse group of limited partners (LPs) and investors, including the U.S. International Development Finance Corporation, a major development finance institution.

BlueEarth Credit Strategies II will focus on credit investments in impact sectors and growth markets across three continents (Africa, Asia, and the Americas), with a diverse strategy encompassing financial inclusion, agribusiness, affordable housing, energy access, and healthcare.

MOPO Hubs, powered by solar energy, enable customers to access electricity without upfront costs using secure pay-per-use MOPO batteries distributed by local Mobile Power agents. The hubs are designed for rapid, cost-effective deployment within communities, creating jobs and expanding energy access to underserved areas.

CrossBoundary Access will finance the development and construction activities and will own the projects, while Mobile Power will ensure residents receive clean, reliable electricity. This partnership allows CrossBoundary Access to extend its infrastructure service range beyond the limits of traditional distribution infrastructure, enhancing energy access in Nigeria.

The funding round was led by Middle East Venture Partners (MEVP) and saw participation from the Dubai Future District Fund (DFDF) and DASH Ventures. With this round, Zest Equity has now secured a total of $5.7 million in funding.

The startup has expansion plans targeting other emerging markets such as North Africa, South Asia, and Turkey, all of which share similar gaps and challenges in their private market ecosystems.

Statistics South Africa reported that there were over 2.4 million migrants in South Africa in the same year, with the largest percentage originating from neighboring Zimbabwe at 45.5%, followed by Mozambique and Lesotho.

This census marked only the fourth conducted since the first democratic elections following the end of apartheid in 1994, and it was the first in over a decade due to disruptions in data collection caused by the COVID-19 pandemic. The census was also the first to use digital platforms entirely, marking a departure from previous practice.

The IMF's latest Financial Access Survey, released this week, indicates that following an initial surge at the outset of the COVID-19 pandemic, the outstanding amount of SME loans as a share of GDP has continued to decline throughout 2022 in several regions, except for Africa.

In Kenya, for instance, the number of small businesses with outstanding loans increased by 1.3%, reaching 56.3 percent in June 2023. This figure represents a notable uptick from the 55% reported in October of the previous year, according to data sourced from the Central Bank of Kenya's latest Financial Access MSE Tracker Survey.

Broadly, the Nigerian Stock Exchange (NGX) All-Share Index closed the third quarter of the year on a positive note, seeing a notable appreciation of 29.52% that culminated in a closing value of 66,382.14 index points, marking a 15-year high.

This surge in market performance reflects the prevailing positive sentiments among investors. Analysts cited by Nairametrics believe that the renewed interest in the local stock market can be attributed to a desire to maximize capital gains, given the relatively low stock prices resulting from financial market turbulence and the build-up to the 2023 general elections.

The AfCFTA aims to create the world's largest free trade area by reducing tariffs among its member countries, connecting over 1 billion consumers across 55 nations with a combined economic value of $3.4 trillion. The World Bank estimates that the trade pact could increase regional incomes by up to 9%, equivalent to $571 billion, and generate nearly 18 million additional jobs, many of which would be higher-paying and of better quality.

Standard Chartered's report also forecasts that intra-Africa trade could reach $140 billion by 2035, constituting 15% of the continent's total exports. This indicates the immense potential and economic benefits that the AfCFTA offers for Africa's growth and prosperity.

Founded in 2018, Cue enables businesses to help customers quickly and efficiently with chatbots and live chat on WhatsApp and social channels. The startup has worked with over 300 clients in the last five years and recently expanded to the United Kingdom (UK).

The identity of the funders behind Cue's latest funding round remains undisclosed. Nevertheless, this funding milestone signifies a promising future for the company as it persists in reshaping the customer service landscape through the application of artificial intelligence. The investment is expected to fuel Cue's ongoing efforts to provide innovative and efficient customer service solutions through AI technologies.

Earlier, IMF Managing Director Kristalina Georgieva had stated that the accord with official creditors, co-led by China and France, had been signed. To fully implement the restructuring, Zambia must also sign bilateral agreements with each creditor.

As a result of this news, Zambia's dollar-denominated bonds saw a rise in value, with the debt due in 2027 trading at its highest level since September 2022. The bond maturing in 2024 also reached a one-year high. However, the kwacha currency weakened by 0.3% against the dollar.

The upsurge in inflation is primarily attributed to the removal of petrol subsidies and the devaluation of the official exchange rate, both of which have had a substantial impact on consumer prices. On a month-on-month basis, inflation experienced a 2.18% rise, which is a 1.08% difference from the preceding month of August.

In terms of year-on-year inflation contributions, food and non-alcoholic beverages held the most significant share at 13.84%, followed by housing, water, electricity, gas, and other fuels at 4.47%, and clothing and footwear at 2.04%. This data reflects the current economic situation in Nigeria.

However, this status is projected to be short-lived, with South Africa anticipated to hold the top position for just a year before slipping behind Nigeria again and subsequently falling to the third position, trailing Egypt in 2026. This analysis comes in light of a report released last week.

While IMF data has shown that Nigeria's economy has exceeded South Africa's since 2018, Nigeria has faced economic challenges due to a decline in oil production, high inflation rates, and a significant depreciation of the naira.

The bond is expected to be of "benchmark" size, although the specific amount and pricing were not disclosed. Notably, the AfDB's bond will feature "100% equity content." Hybrid capital bonds are financial instruments that combine elements of both debt and equity, often carrying lower credit ratings compared to more senior bonds.

This comes as multilateral development banks like the AfDB are under increasing pressure to optimize their balance sheets and explore innovative financing methods to increase lending capacity for development and address climate change challenges.

The startup leverages artificial intelligence and provides access to a carefully curated network of 25,000 thoroughly vetted, high-caliber independent professionals. Since its inception as a pilot program in 2016, Outsized has experienced remarkable year-on-year growth, establishing itself as a crucial partner for numerous management consulting firms and major enterprises.

This funding round also included participation from private investors, notably Adrian Durham, the founder of the global wealth management platform FNZ Group. The substantial investment will be instrumental in driving Outsized's expansion efforts across the Asia-Pacific, Africa, and the Middle East regions, with the aim of revolutionizing the freelance market in these areas.

South Africa will become Amazon's 21st country with a website bearing a local domain name. This move presents competition for a multitude of online retailers, primarily dominated by Naspers' Takealot.com. In a statement, Amazon stated, "The launch of Amazon.co.za in 2024 will provide independent sellers throughout the country an opportunity to rapidly launch, grow, and scale their businesses." 

Amazon's store currently sees over 60% of its sales generated by independent sellers, the majority of which are small and medium-sized enterprises (SMEs). These sellers offer a wide array of products, competitive pricing, and significant convenience for consumers.

Annual inflation climbed to 5.4% from 4.8% in August, according to data from Statistics South Africa, based in Pretoria. However, core inflation, which excludes food and fuel costs, decreased to 4.5% year-on-year in September from 4.8% in August.

The South African Reserve Bank (SARB) aims to keep inflation within the 3% to 6% range, with a preference for it to hover around the midpoint of that interval. Economists anticipate that headline inflation is likely to stay above 5% until roughly the third quarter of 2024. Nevertheless, they believe that the current interest rate level is adequately restrictive.

SecondSTAX, established in 2020 by Eugene Tawiah and Duke Lartey, aims to facilitate investment flows within African capital markets by simplifying the connection between investors and high-growth, high-impact opportunities. The startup offers access to debt and equity securities on various African bond and stock exchanges.

The goal is to streamline the investment process for licensed broker-dealers, asset managers, major commercial banks, and other institutional investors from across the continent. It also offers a transparent, user-friendly, cloud-based portal, allowing investments in native currencies, thereby expanding the range of assets and opportunities available to more Africans and promoting wealth creation on the continent.

Koolboks solar freezers will be first marketed in the Democratic Republic of Congo and soon in the 11 other countries where Orange Energies is deployed. Through its digital platform, Orange Smart Energies, Orange Energies allows households not otherwise connected to the electricity grid to acquire solar-energy solutions on a pay-as-you-go basis.

More so, thousands of families will be able to use Orange Money over their mobile phones to pay for the service and become owners of solar installations and the equipment connected to them. They can then use this to provide lighting, conserve food, and develop commercial activities. 

Crafty Workshop provides a wide array of creative courses and workshops, catering to individuals interested in art, design, illustration, programming, game development, photography, animation, handicraft, and more. The platform is dedicated to offering accessible and high-quality education, enabling learners to enhance their creative skills and pursue their passions.

Notably, this marks the second investment round from EdVentures, a prominent Edtech investor and CVC in the MENA region. This new funding will support Crafty Workshop's growth and expansion plans, including operations expansion into the Gulf Region, the diversification of content offerings to encompass 500 subjects in the creative industries by 2024, and the development of specialized products for schools involved in creative productions.

Importantly, Vodacom will maintain its primary listing on the Johannesburg Stock Exchange (JSE), and this additional listing on A2X will not impact the company's issued share capital. The secondary listing on A2X is designed to complement the primary listing, offering investors an alternative trading venue.

Chief Financial Officer, Raisibe Morathi, expressed their satisfaction with the approval of the secondary listing on A2X. With the company's recent growth and the acquisition of a 55% stake in Vodafone Egypt, this move provides investors with an additional platform for trading, enhancing their options and flexibility.

The Talent Cloud stands out by providing clients with enhanced speed, flexibility, performance, and trust, differentiating it from traditional hiring methods like in-house recruitment, consulting firms, or outsourcing.

Moreover, the platform streamlines the entire hiring process, enabling companies to source, assess, employ, manage, and compensate global technologists all within a single integrated system. As a result, the hiring cycle can be expedited to as little as 48 hours, offering potential savings of 30% to 50%, as stated in an official announcement.

Out of the 24 firms that have seen an increase in value since the beginning of the year, 15 fall into this category, including companies like Kapchorua, Kenya Orchards, Eveready, HF Group, and Flame Tree. This is noteworthy considering that the top five large stocks on the NSE, including Safaricom, Equity, Co-operative Bank, KCB, and East African Breweries, have seen their values decrease since January.

In fact, only Umeme, BK Group, and CIC, which have market valuations exceeding Sh4 billion, are among the 15 stocks that have recorded price gains of more than 10% since the start of the year. This indicates that smaller stocks have generated greater returns for investors compared to their larger counterparts.

The infrastructure bond will be available for purchase from October 20 to November 8 of this year and is set to be tax-free, in line with regulations for infrastructure bonds as per the Income Tax Act. The interest rate for the security will be determined by the market, but investors have been advocating for higher interest rates to align with the evolving economic conditions.

Two contributing factors to this demand for higher rates are rising inflation and the depreciation of the Kenyan shilling, which can erode the value of fixed-income investments. This bond issuance is part of the Kenyan government's broader strategy to address a budget deficit of 4.4% for the 2023/24 fiscal year.

The depreciation of the Kenyan shilling has been an ongoing trend for several years, with a significant drop of nearly 24% in the past year. Some commercial banks and foreign exchange bureaus have been transacting at or above the CBK level in recent weeks.

This decline can be attributed to various factors, including elevated levels of national debt and reduced government revenues. The consequences of this devaluation have affected various aspects of the economy, from the stock market to consumer prices. Inflation remains stubbornly high, standing at an annual rate of 6.8% as of September, with persistent increases in food and fuel prices.

As per the report, South Africa took the lead, with five of the top ten mega deals in the region. Meanwhile, Nigeria, despite its population advantage, secured two spots in the top ten. Tanzania, Cameroon, and Angola each had one representation in the top ten deals, showcasing the diverse landscape of M&A activity in the region.

Looking ahead, the report projects that in the coming two years, South Africa and Nigeria will continue to be the primary drivers of an expected rise in mergers and acquisitions, collectively accounting for the majority of deals. Between 30-50% of potential investors are looking towards both countries as their preferred investment destination.

In less than three years from its initial closing, the fund has put together a diversified portfolio consisting of six pioneering businesses that operate in over 30 African countries. These businesses employ over 7,500 people and have a positive impact on the lives of millions across the continent. The fund's rapid deployment of capital showcases the extensive growth opportunities available in the African region.

BluePeak secured support from various international institutions, including the AfDB, British International Investment (BII), the EIB, the U.S. Development Finance Corporation (DFC), FMO (the Dutch entrepreneurial investment bank), SwedFund, and the "Caisse des Dépôts et Consignations" CDC Tunisia.

Sukhiba, founded in 2021 by Ananth Gudipati (CEO) and Abhinav Solipuram (CTO), has developed a B2B conversational commerce tool that enables companies to sell to their clients through WhatsApp.

Initially, Sukhiba started as a community commerce platform designed to aggregate buyer orders and streamline bulk purchasing for manufacturers. However, the founders shifted their focus to conversational commerce in the middle of the previous year due to challenges with the asset-heavy and capital-intensive model. With the new model, sellers can send notifications, group customers, manage orders, and accept local payment options like M-PESA, a mobile money service. This funding will enable Sukhiba Connect to expand its innovative commerce solution to new markets.

The company specializes in renting flexible and modern primary healthcare facilities in the United Kingdom and Ireland. Its portfolio includes 514 healthcare facilities valued at £2.8 billion, and it aims to expand by financing and acquiring high-quality developments, newly constructed facilities, and already leased healthcare assets. 

With this listing, PHP aims to introduce the local investor community to a unique primary healthcare-focused REIT, diversifying its shareholder base. The move also contributes to the JSE's growth, increasing the number of listed companies to 288, with a total market capitalization exceeding $1 trillion.

Through the partnership with TAILG, the company aspires to deploy 200,000 electric vehicles and over 5,000 battery swap stations across Africa by 2030. The initial shipments of the Jidi electric motorcycle, equipped with Kofa's batteries and battery swap network, are expected to arrive in Ghana by the end of this year.

These motorcycles are expected to reduce rider costs by up to 30%. They are designed around Kofa's swappable battery, allowing for virtually unlimited battery range by swapping at any Kofa Swap & Go station. Kofa plans to expand its swap infrastructure to multiple new countries by 2024.

The plan marks Ghana's commitment to fighting climate change and fostering economic development in tandem. It details a credible pathway for how Ghana can achieve net-zero energy-related carbon emissions by 2060 through the deployment of low-carbon solutions across key sectors of its economy, including oil and gas, industry, transport, cooking, and power.

Ghana's government intends to use the plan as its main tool to engage the international community and investors for support with its energy transition. All measures suggested in the plan represent a $550 billion opportunity for the international community to invest in sustainable development in Ghana. If the plan is achieved in full, would generate 400,000 net jobs within the economy.

The Google AI program is a 10-week equity-free accelerator for Seed to Series A startups based in Africa or building Africa-centered solutions with technology, designed specifically for startups leveraging AI and Machine Learning from any vertical. 

Through its novel unified investment platform, Daba Finance, a startup that enables investing in Africa’s best private and public companies seamlessly, facilitated institutional and retail investment in Lengo’s recently closed pre-seed round announced this week.

Traditionally, they host their annual meetings outside the Washington, D.C., headquarters every three years. Marrakesh, located in southern Morocco, was initially chosen as the host city for the 2021 meeting but had to postpone twice due to the COVID-19 pandemic. Additionally, a recent powerful earthquake that caused substantial devastation in the region raised concerns about hosting the event. Nevertheless, the Moroccan government decided to proceed.

The last time these meetings were held in Africa was in 1973 when Kenya hosted the event, and several nations were still under colonial rule. Today, Africa faces a complex array of challenges, including conflicts, military coups, persistent poverty, and natural disasters, making these meetings especially pertinent.

The companies collectively reported profits totaling N2.146 trillion during the first half of the year, with a total average of N12.1 trillion in shareholder funds. This resulted in an average ROE of 23.3%, compared to 17.24% in the same period in 2022. This improvement in ROE reflects better financial performance and profitability for these listed companies in Nigeria during the first half of 2023.

That is despite recent policy shifts and macroeconomic challenges. The equity market has responded positively to these developments, with the NGX All-Share Index (NGXASI) recording an impressive return of 29.52% as of the end of September 2023. This suggests that investors have reacted favorably to the improved financial performance and prospects of Nigerian listed companies, driving up the overall market index.

Enfin operates by funding, maintaining, and insuring solar installations, allowing its clients to adopt cleaner energy sources and reduce their reliance on the unreliable power grid. Enfin's goal over the next five years is to own, construct, and operate more than 100MW of solar assets, potentially offsetting more than 200,000 metric tonnes of CO2 emissions annually.

Adenia's investment in Enfin reflects a shared commitment to addressing the energy crisis and promoting environmental sustainability. Additionally, the partnership reunites Adenia with Heine Herholdt, a prominent expert in the commercial and industrial solar sector, facilitating the exchange of expertise and innovation.

Notably, the number of tourists visiting Egypt surged by 35.6%, totaling around 13.9 million, while the nights spent by tourists in the country increased significantly by 27.6%, reaching 146.1 million nights during FY 2022-2023.

Egypt's tourism industry, amid a significant promotional effort, is on an upward trajectory. The Tourism and Antiquities Minister, Ahmed Issa, recently reported welcoming 10 million tourists in the first eight months of the year, positioning the country well to achieve its target of hosting 15 million visitors in 2023. This growth underscores the resilience and appeal of Egypt's tourism sector.

This green loan marks the second such loan from the IFC to OCP in a year, following a similar $106 million loan in April of the previous year for the construction of four plants with a combined capacity of 202 megawatts in the same mining areas.

OCP has demonstrated a commitment to sustainability, with a significant investment plan of $13 billion to transition to renewable energies for its fertilizer production by 2027. Additionally, OCP has announced plans to invest $7 billion in an ammonia plant utilizing green hydrogen produced from renewable sources.

Sony Ventures Corporation manages Sony's venture investment activities, including the Sony Innovation Fund 3, which raised $215 million to back emerging technology companies at all stages. With more than 100 investments across various sectors, the unit is committed to fostering innovation and entrepreneurship globally.

The establishment of the Sony Innovation Fund: Africa underscores the company's interest in promoting and supporting African startups in the entertainment sector, signaling an exciting opportunity for emerging businesses in the region.

While financial details of the transaction were not disclosed, the move aims to address the pressing need for increased investment in Africa's infrastructure. Harith's CEO, Sipho Makhubela, emphasized the significance of this deal in promoting Mergence as a financial services business with a focus on infrastructure assets.

The acquisition will enable Mergence to invest in sectors such as clean energy, water, and digital and social infrastructure while expanding its financial services operations into other African nations. This strategic partnership represents a commitment to fueling Africa's growth and development through investment in essential infrastructure projects.

The consortium spearheading 2Africa includes Meta, China Mobile International, and various telecom companies. It aims to create the world's longest undersea cable primarily serving Africa, making it the largest undersea cable project in the cost-effective capacity category, thanks to innovative technology from Alcatel Submarine Networks.

Starting from Genoa in northern Italy, 2Africa traverses Africa with landings in Spain, France, the Middle East, Pakistan, and India, concluding near the southern tip of the UK.

Established in 2020, Roboost is an automated delivery management platform that replicates real-world delivery operations. It effectively manages day-to-day scenarios and continuously learns to enhance every facet of the delivery process.

Through its partnership with McDonald's, Roboost is set to fully automate the fast food chain's delivery operations, granting them increased transparency and control at every stage of the delivery cycle. This not only accelerates delivery times but also provides valuable operational insights to elevate the overall customer experience. Additionally, the solution will optimize fleet productivity.

The discussions at the week-long meetings in Marrakech, Morocco, emphasized the importance of bolstering the IMF's quota resources and ensuring that Africa has a more substantial presence within the institution.

Nadia Calvino, the Spanish Economy Minister who chairs the IMF Financial Committee, confirmed this development, stating that there was a consensus on a substantial increase in quotas by the end of the year.

Having secured $15 million in growth capital for its expansion across Africa last year, iiDENTIFii is now partnering with the prominent Zanaco bank to commence operations in Zambia. This collaboration is set to make identity verification and its associated benefits accessible to all.

Gur Geva, the founder and CEO of iiDENTIFii, commented on the partnership, stating that their goal in Zambia is to address issues related to digital exclusion, limited access to services, and identity fraud. Across the continent, many individuals lack recognized identification, which restricts their access to essential services such as banking, healthcare, and government offerings.

Focusing on three key hooks; technology, career, and culture, the platform aims to nurture and support the aspirations of the Gen Z demographic and transform their lives by being a technology enabler, through offering access to custom-made offerings that will leverage Safaricom’s extensive mobile network.

“At Safaricom, we are keen on helping our young people to leverage the transformative power of technology. Through Safaricom Hook, we aim to provide a platform for young Kenyans seeking inspiration, opportunities, and a sense of belonging in a constantly evolving world. As the name suggests, Safaricom wants to create a lasting connection with a generation that has unique needs,” said Peter Ndegwa, CEO, of Safaricom PLC.

Notably, these panda bonds come with a low interest rate of 3.5% annually for a three-year term, which is particularly attractive when compared to the rates offered by international dollar bond issues, especially in the face of global economic challenges. These bonds are further supported by credit guarantees from international development banks with strong credit ratings, including the Asian Infrastructure Investment Bank and the African Development Bank.

The Finance Ministry collaborated with these guarantors to navigate the preparatory procedures for launching panda bonds in the Chinese financial market, which stands as the world's second-largest financial market in terms of size. The objective behind this initiative is to diversify sources of financing and access new global markets.

The Emerging Consumer Fund IV is on track to conclude its fundraising in February of the following year and has already gained the support of various institutional investors, including the European Investment Bank (EIB) and the World Bank's IFC, which have committed $60 million and $50 million, respectively.

Fund IV has also garnered investments from Prudential Financial, a U.S.-based financial services company, and AIA Group, an insurer based in Hong Kong. Prudential Financial has allocated $500 million, while AIA Group has committed $200 million as part of its multi-fund investments. Notably, Singapore-based investment firm Temasek pledged $500 million to LeapFrog's various funds, including the current one, back in 2021.

For instance, the 2061 bond dropped by as much as 2.9 cents on the dollar to 38.9 cents, as reported by Tradeweb data. Subsequently, the bonds did recover some ground, yet they remained down by 1.5 to 2.5 cents on the dollar.

Ghana is in discussions with both bilateral and commercial creditors to revamp its debt amid its most severe economic crisis in decades. In addition to the principal reduction, Finance Minister Ken Ofori-Atta informed investors that the government was aiming for a coupon rate of no more than 5% and a final maturity not exceeding 20 years for the bonds to be issued as part of the debt restructuring for its $13 billion outstanding international notes.

The naira has been in freefall on the unofficial market, where it trades freely, which worsened after currency restrictions were lifted on the official market. The unit fell to a record low of 980 naira to the dollar on the official market on Tuesday.

The central bank has said it will intervene in the foreign exchange market occasionally to boost liquidity, after last week ending an eight-year ban on some items that were restricted from accessing dollars on the official market. Last month, the currency slid past N1,000 per dollar on the black market and continued to weaken as excess dollar demand was funneled into the informal market from the official market.

This marks a significant improvement compared to a year ago when the deficit was 10.387 billion dinars or 7.2% of GDP. The trade deficit has also shown improvement, reducing to 11.6 billion dinars by the end of September 2023, in contrast to 17 billion dinars in the same period the previous year. 

Furthermore, an increase in tourism revenues and labor incomes has contributed to foreign exchange reserves, which reached 26.6 billion dinars, equivalent to 119 days of imports as of October 16.

This investment in Ivili Group aligns with the firm's investment strategy, which centers on building a diversified portfolio of small to medium enterprises (SMEs) that are either women-owned, women-led, or women-serving.

Polo Leteka, one of the co-founders, emphasized their unique position as the first private equity fund manager in Africa to prioritize growth-stage companies with gender-diverse teams throughout their business value chain. Their goal is to enable these companies to scale regionally and drive both economic and social transformation.

The anticipation of a Bitcoin ETF gained momentum following a court ruling in favor of crypto-focused asset manager Grayscale in its battle with the U.S. Securities and Exchange Commission (SEC). This ruling allowed Grayscale to convert its substantial Grayscale Bitcoin Trust (GBTC) bitcoin fund into an ETF. 

Last week, the SEC chose not to appeal this decision by a critical deadline, leading to hopes that a Bitcoin-related ETF could receive approval in the coming months. As of the latest data from Coin Metrics, the world's largest cryptocurrency was trading at approximately $34,445.

This outlook from the IEA, which provides advice to industrialized nations, differs from the perspective of the Organization of the Petroleum Exporting Countries (OPEC), which envisions oil demand continuing to rise well beyond 2030 and advocates for significant investments in the oil sector. In the IEA's annual World Energy Outlook released on Tuesday, it is stated that peaks in demand for oil, natural gas, and coal are expected within this decade under the scenario based on existing government policies. This marks the first time such peaks have been observed.

IEA Executive Director Fatih Birol emphasized the inevitability of the global transition to clean energy, stating, "The transition to clean energy is happening worldwide, and it's unstoppable. It's not a question of 'if,' it's just a matter of 'how soon'—and the sooner the better for all of us. Governments, companies, and investors need to support clean energy transitions rather than impeding them." This forecast reflects the growing momentum toward renewable energy and the need to accelerate the shift away from fossil fuels for environmental and economic reasons.

Additionally, Senegal may receive an additional 40 billion CFA francs, equivalent to $65 million, from a climate facility, contingent on approval by the IMF board. Earlier this year, Senegal secured an agreement with the IMF for financing facilities totaling $1.9 billion, with a significant portion coming from a 36-month extended credit facility.

During the recent announcement, it was emphasized that Senegal's debt outlook remains sustainable. However, there has been a revision in the economic growth forecast for 2024, with a reduction from 10.6% to 8.3%, primarily due to delays in oil and gas production.

The firm began assisting the corporate venture capital (CVC) arms of Japanese corporations in 2014 and launched the first Africa-focused Japanese fund, the Africa Healthcare Fund 1 (AHF1), in 2017. In 2022, it introduced AHF2, which achieved its first close at the end of March 2022. The Development Bank of Japan (DBJ), QR Investment, TOPPAN Holdings, and other investors have now joined the fund. AAIC Investment has invested in 45 companies through AHF1 and AHF2.

Hiroki Ishida, director at AAIC's Kenya office, stated, "The enthusiasm for investing in Africa from Japan remains strong. I believe that the increased involvement of corporate entities, such as the LP, in this case, will lead to a growth in exit opportunities, addressing a key current challenge for African VC."

Founded in 2018, VALR operates as a digital asset platform, offering customers the ability to seamlessly and securely buy, sell, store, and transfer Bitcoin and a diverse array of 60 other cryptocurrencies—the most extensive selection available on any African platform. Having successfully secured a $50 million Series B funding round in March 2022 and recently obtained regulatory approval to offer cryptocurrency services in Europe, VALR is also actively pursuing licensing in key regions such as Dubai, Mauritius, and South Africa.

VALR's Co-Founder and CEO, Farzam Ehsani, expressed enthusiasm for the partnership with Visa, acknowledging Visa's extensive experience, global presence, and reputation as a leader in payment solutions. The collaboration aims to enhance their ability to deliver innovative products and services to their global user base.

"This policy stance will continue to safeguard the one-to-one link between the Namibia Dollar and the South African Rand while supporting domestic economic activity, particularly the overstretched households and businesses," central bank governor Johannes !Gawaxab said.

Inflation in the southern African country rose to 5.4% in September from 4.7% in August, and the central bank said it forecast higher inflation this year before expecting it to slow down in 2024. "The projected average inflation for 2023 has been revised upwards by 0.3 percentage point to 5.9% … mainly on the back of the recent surge in domestic fuel pump prices," !Gawaxab added. Inflation is seen at 4.8% for 2024.

Reports from Bloomberg indicate that commercial banks in Angola are facing restrictions on their ability to purchase dollars through electronic trading systems within a specified range. These restrictions have been tightening over recent weeks, according to anonymous sources who are not authorized to speak to the media.

In October, the World Bank labeled the kwanza as one of the "worst-performing currencies" in Africa for 2023, alongside the Nigerian naira, both having depreciated by nearly 40%. The Bank's Africa's Pulse report pointed out that the decision of the Central Bank of Nigeria (CBN) to remove trading restrictions on the official market weakened the naira. Furthermore, the report noted that the kwanza's decline was exacerbated because Angola's central bank ceased defending the currency.

FirstRand will be extending financial support to SMEs with loan sizes ranging from $10,000 to $2 million, denominated in South African rand. This financial boost aims to help these enterprises achieve sustainable growth, expand into new markets, and create and sustain job opportunities. Notably, FirstRand will allocate 25% of the IFC loan to support women-owned businesses.

IFC's financial support to FirstRand Bank aligns with the institution's overarching country strategy for South Africa, which emphasizes the importance of financing SMEs, with a particular emphasis on empowering women-owned businesses. Currently, the corporation maintains a substantial investment portfolio in South Africa, totaling around $3.1 billion distributed among 45 clients.

AMETFs are collective investment schemes (CIS) that are traded on the market whereby the investment manager uses an actively managed investment strategy to produce a return for the investor rather than utilizing a passive investment strategy. This marks the first AMETF listings for both Sygnia Itrix alongside specialist global listed real estate investment manager, Reitway Global.

The AMETF from Sygnia marks its first issuance in the market and will predominately invest in global technology equity securities and assets in liquid form. A minimum of 5,000,000 securities will be listed by Sygnia with an issue price of R10.00 each. The portfolio’s actively managed holdings will depend on a few factors including the underlying benchmark – the NYSE® FANG+™Index.

The latest edition of the annual African Tech Startups Funding Report revealed that in 2022, a total of 633 African tech startups collectively raised an impressive $3.3 billion. This represented remarkable growth, with the number of funded startups increasing by 12.2% compared to the 564 startups funded in 2021. Additionally, the total secured funding witnessed a substantial increase of 55.1% from the $2.1 billion raised in 2021.

However, the current year is shaping up to be a regression in terms of funding, aligning with global investment trends that are experiencing a "reset" following a period of tremendous growth in previous years.

On Monday, the U.S. dollar, as measured by the DXY index, surged, surpassing 106.80 and reaching its highest level since November 2022. This uptick in the dollar's strength has been driven by the rising US Treasury yields, with US 10- to 30-year bonds climbing to new cycle highs. Global bond markets have been experiencing a downward trend, and U.S. Treasury yields reached a 16-year high on Monday, following a brief pause late last week. The benchmark 10-year Treasury yield rose by 0.13 percentage points to reach 4.70%, a level not seen since 2007. This increase in yields came after better-than-expected manufacturing data, which boosted investor confidence.

These developments are posing new challenges for Cardoso and the CBN in their efforts to maintain stability in the Nigerian foreign exchange market amidst a strengthening U.S. dollar and global bond market dynamics.

Starlink ventured into Africa in 2023 with the aim of providing high-speed internet access to remote areas. The service offers a download speed of 100Mbps, which is approximately ten times faster than the average download speed for mobile internet in sub-Saharan Africa, where broadband penetration remains relatively low. This high-speed capability positions Starlink as a promising solution for the African market.

However, the adoption of Starlink in Africa has encountered various challenges, including concerns about affordability and regulatory hurdles. While the service holds great potential for improving internet connectivity in the region, addressing these issues will be essential to its success and widespread adoption across the continent.

The collaboration aims to foster knowledge sharing, promote industry best practices, and nurture the next generation of tech talent. As part of this partnership, Capgemini will leverage its deep domain expertise to enhance Flutterwave's product delivery through a new cloud service provider. Additionally, it will play a crucial role in shaping Flutterwave's technology strategy.

This strategic collaboration is expected to lay the groundwork for Flutterwave's agile transformation journey and the adoption of cloud-native solutions. The ultimate goal is to facilitate secure and efficient payments in emerging markets, aligning with Flutterwave's mission to drive financial inclusion and innovation across the African continent and beyond.

This new fund, known as Alterra Capital Partners, aims to raise up to $500 million in the upcoming months and has already achieved an initial closing with $140 million in commitments. The involvement of prominent investors, including the co-founders of Carlyle Group and Aliko Dangote, underscores the potential and interest in investment opportunities within the African market that Alterra Capital Partners seeks to explore and capitalize on.

In November 2022, Alterra struck its second exit from the Carlyle Sub-Saharan Africa Fund (CSSAF) after divesting its majority stake in Amrod, a supplier of branded promotional products in South Africa, to Oppenheimer Partners. Its first exit out of J&J Group in a $300 million logistics deal.

In a surprising move, FIFA announced the joint hosting of the 2030 tournament a year earlier than originally planned. While Morocco, Portugal, and Spain were the sole bid put forward, the decision to have Uruguay, Argentina, and Paraguay each host a match to commemorate the tournament's centenary adds an extra layer of significance.

Observers noted that the ease of travel between Morocco and the two Iberian countries played a crucial role in the success of the bid, emphasizing the practicality and convenience of the hosting arrangement.

By providing an all-in-one solution, Bizzyn helps businesses streamline their financial workflows, enhance accuracy, and save both time and money, allowing them to concentrate on growing their operations. The startup is already serving clients in Kenya and Malawi, with ambitious expansion plans to reach more African markets.

There is also the potential for further expansion into other emerging markets facing similar business challenges. Bizzyn generates revenue through subscription-based pricing models, offering different tiers to accommodate the diverse needs of SMBs.

The 8,760 km long submarine cable, which will land in the Egyptian city of Port Said by the end of 2025, will be connected to the Red Sea landing stations of Suez, Zafarana, and Ras Ghareb through Telecom Egypt’s extensive terrestrial crossing network.

The companies’ CEOs signed the agreement during the Submarine Networks World event currently taking place in Singapore. The new connection will enable direct access of all the Medusa Mediterranean landings in Europe and North Africa to the Red Sea. Arriving at these geographically diverse Egyptian landing points will present new connection points for the Medusa submarine cable.

NIDF is a $200 million public infrastructure investment fund managed by Chapel Hill Denham and enjoys the support of major institutional investors, including the Nigeria Sovereign Investment Authority (NSIA). The fund's primary focus is providing long-term financing in naira for private infrastructure projects. Since its inception, it has delivered impressive returns, amounting to 155%.

The Chairman of NIDF, Phil Southwell, expressed his appreciation for the listing, emphasizing the fund's intention to attract retail investors through this move. He highlighted that the fund's investment strategy incorporates environmental, social, and governance (ESG) considerations and underlined its remarkable performance, which underscores its low-risk profile.

Zambia's President, Hakainde Hichilema, celebrated the launch on Twitter, highlighting the importance of affordable digital access for all. According to Starlink's website, the hardware for the service costs 10,744 Zambian kwacha ($505), with a monthly subscription fee of 507 Zambian kwacha ($24).

Zambia has historically faced high data prices, with data costs among the highest in Africa. The introduction of Starlink aims to provide more affordable and accessible internet options to the population.

The startup, licensed by the Financial Regulatory Authority in Egypt (FRA), offers a range of affordable and accessible insurance products to cater to individuals, families, and SMEs. The startup collaborates with insurance companies to efficiently handle client claims.

With this funding, Amenli plans to introduce new insurance products targeting both existing and new customer segments while developing new distribution channels to enhance efficiency and reach. The company is also keen on strengthening its position in the B2B2C space by leveraging its Insurance API, aiming to establish itself as a trusted and innovative leader in the industry and achieve its 2024 vision.

The annual inflation increase slightly exceeded Goldman Sachs' prediction of 37.6%, as noted in its monthly forecast for Egypt. Goldman Sachs attributed this rise to seasonality and low inventories. Meanwhile, Core inflation, which strips out volatile items like food and fuel, retreated to 39.7% from 40.4% in August.

While most price increases were marginal, vegetable prices witnessed a substantial 19.2% surge, primarily due to decreased supplies following adverse crop harvests caused by one of the hottest summers on record. Fruit prices saw a more modest increase of 5.4%. Furthermore, bread and cereal prices decreased by 1.3% compared to August, continuing a trend that began in July.

This assessment is based on the Morgan Stanley Capital International (MSCI) Index, a crucial source of investment information for foreign investors. Additionally, Bloomberg conducted a similar analysis, which found that the NSE was among the worst-performing stock markets globally, primarily due to the decline of the NSE All Share Index.

The MSCI Index tracks three Kenyan blue-chip stocks, including Safaricom, Equity Group, and EABL, which are exposed to foreign investors who have traditionally played a substantial role in trading on these counters. The Kenya Index experienced a decline of 41.9%, bringing it to 627.4 points, making it the worst performer.

IFC's investment joins forces with several notable investors, including the Singaporean sovereign wealth fund Temasek, global insurance strategists AIA and Prudential Financial, and global asset managers such as Van Lanschot Kempen.

IFC's commitment to the fund includes an additional $50 million, enabling selective co-investments with the fund in LeapFrog's portfolio companies. This marks IFC's third engagement with LeapFrog, building upon a $20 million investment in LeapFrog's initial fund and a $45 million investment in its third fund. Moreover, IFC will collaborate with LeapFrog to enhance gender diversity at both the fund manager level and the companies the fund invests in.

The newly established DarE Incubator is a six-month program operated by Acasia Group, designed to empower AEC tech founders. It offers up to $50,000 in equity-free funding and provides a comprehensive toolkit to help jumpstart their startups. The launch of the incubator took place at an event held at Founders Spaces in Cairo, attended by a gathering of over 50 guests and key players in the entrepreneurship ecosystem and the AEC startup sector.

Zeina Mandour, the venture investments manager at Dar Ventures, emphasized the tremendous growth potential of the AEC industry, with a projected global value of $12.26 trillion by the end of 2023. The initiative aims to foster entrepreneurship and tech innovation in Egypt and across the MENA region, positioning it at the forefront of industry transformation.

The round was led by Futuregrowth Asset Management, representing Old Mutual Life Assurance, and included Galloprovincialis. They join existing key investors in Tripplo, such as Standard Bank of South Africa, Founders Factory Africa, and Digital Africa Ventures.

This injection of capital will significantly support Tripplo's goal of becoming a leading global logistics platform, focused on driving innovation and operational efficiency in the movement of goods. The investment will help the company further its mission to transform and modernize the logistics industry, ultimately contributing to more efficient and effective supply chain operations.

The ban covered various goods, including rice, cement, and poultry. It was initially implemented as part of unconventional policies during the tenure of former central bank governor Godwin Emefiele to support the naira currency. The decision to lift the ban is expected to be well-received by analysts and investors who had raised concerns that the restrictions implied the central bank was still enforcing certain capital controls.

Additionally, the Central Bank of Nigeria (CBN) has reaffirmed its commitment, as announced by new Governor Olayemi Cardoso, to promptly clear the bank's backlog of unsettled forex obligations to local lenders, which is estimated to be around $7 billion.

BancTrust & Co. Investment Bank is a leading London-based global emerging markets investment bank that offers corporate and investment banking, securities dealing and financing, investment research products, and services to a diversified client base mainly comprised of emerging and frontier markets-based corporations, financial institutions, governments, and dedicated global EM asset managers.

The initial Lagos-based team is comprised of Ayodeji Dawodu, Director CEEMEA Fixed Income, Oluwaseun (Seun) Onayiga, Managing Director and Head of SSA Debt Capital Markets, and Omobola Adu, Economist covering SSA.

The 'Knight Frank Africa Horizons 2023-24' report highlights a noteworthy trend over the past decade: Gulf Cooperation Council (GCC) nations emerging as pivotal investors in African countries. The UAE leads this investment wave with a remarkable $59.4 billion, closely followed by Saudi Arabia with $25.6 billion, with additional contributions from Qatar, Kuwait, and Bahrain amounting to $16.4 billion.

Furthermore, the report unveils that Middle East sovereign wealth funds are actively preparing to inject an estimated $120 billion into Egypt in the near future. The ramifications of these efforts are expected to be far-reaching, inducing a surge in multinational corporations flocking to major urban centers like Lagos, Nairobi, Cairo, Johannesburg, and Accra, as outlined in the report.

While the company's website mentions its presence in Ghana and Kenya, an email shared on its official Telegram channel implied that the application was discontinuing services in all African markets. Li declined to comment on the email.

However, two reliable sources, including a former employee, confirmed the company's shutdown, indicating that the company's employees, including Hailey Yang, the country manager, have left.

The report reveals this surge in EV adoption, not only in South Africa but also in several African nations. The research focuses on year-on-year EV sales, shedding light on the countries with the most substantial increases in EV adoption, and South Africa stands out as a frontrunner in this eco-conscious revolution.

This success story in South Africa mirrors a broader trend across the African continent. Nations like Morocco, Kenya, and Rwanda are also experiencing a surge in electric vehicle adoption, reflecting a collective shift towards greener transportation options.

Property Practitioners that recommend and facilitate bridging finance through the SearchWorks/BridgeWorks partnership can also receive incentives on a sliding scale, based on the amount of the customer’s loan.

The SearchWorks web-based interface performs all the required checks on both the borrower and the applicable property, to ensure the validity of the assets. Loans are processed by BridgeWorks within 24 hours of receipt of signed completed documentation. 

Kennedy Ekezie, the co-founder and CEO of Kippa, expressed the difficulty of this decision while highlighting the positive impact KippaPay has had on their merchants. KippaPay is set to cease its operations on November 15. Ekezie assured that the fintech will provide assistance to its merchants and partners during the transition away from the product and the resolution of any outstanding settlements.

The discontinuation of KippaPay is attributed to a strategic move for profitable product portfolio consolidation. Following the shutdown of its POS/agency banking service, Kippa will refocus on its bookkeeping and business registration offerings.

In case the companies aiming to obtain these licenses require additional time to secure the necessary financing, there is a possibility of extending the issuance date from December to early 2024, as per one source.

Furthermore, it has been suggested that the National Telecommunications Regulatory Authority (NTRA) may consider approving requests from telecom operators to raise the prices of their services. This move could serve as an incentive to encourage these operators to pursue the acquisition of 5G licenses, thereby promoting the development of 5G infrastructure in Egypt.

This move reflects a growing focus on environmental sustainability and carbon trading in financial markets as the world seeks to address climate change and reduce carbon emissions. This sustainability initiative will allow local participants to buy or sell carbon credits and renewable energy certificates that are held in either local or global registries.

Customers will be able to advance their sustainability goals as they will have full access to the functionality of the global Xpansiv platform for spot trading, auctions, or requests for quotes for both carbon offsets and renewable energy certificates.

ENGIE has a pipeline of mini-grids slated for construction over the next four years. Under this arrangement, CBEA will finance all development and construction activities and take ownership of the projects, while ENGIE will be responsible for long-term operations and maintenance of the mini-grids. Their collaboration aims to ensure that residential, commercial, and productive customers receive access to clean, reliable electricity and high-quality, customer-centric services.

The private capital for this venture will be provided by CBEA, alongside the support of the Performance-Based Grant (PBG) funded by the World Bank and administered by the Rural Electrification Agency (REA) and the Nigeria Electrification Project (NEP).

This funding includes $43 million in equity and an additional $60 million secured through debt financing. For Husk Power, this substantial investment solidifies its position as a leader in electrifying rural communities across Sub-Saharan Africa and South Asia. 

The equity investment saw participation from new investors, including STOA Infra & Energy, the US International Development Finance Corporation (DFC), Proparco, and existing investors such as Shell Ventures, Swedfund, and FMO. Various financial institutions, including the IFC and EIB provided the debt component.

The goal is to capitalize on Sony's experience and reach in the creative sector and IFC's established expertise in investing in private sector development in Africa, with a focus on digital technologies. Priority sectors include film, music, animation studios, post-production services, fashion, sports, technology, and platforms that contribute to fostering the creative ecosystem.

IFC Managing Director Makhtar Diop stated, "We are excited about our collaboration with Sony, aimed at generating value for businesses in Africa's creative industry. This partnership will harness IFC's expertise in emerging markets and our extensive investments in the digital landscape. Sony's exceptional track record as a leading global player in entertainment, media, and technology positions us well to contribute to the economic growth of the creative sector."

Nigeria remains the country with several FinTech deals and activities mostly in the city of Lagos, saw 25 deals, a 42% share of the total deals in Africa as of H1 2023. Most FinTech products and services in Nigeria were found in the payment-related sector but the space goes beyond payment services to full business integration, which is expected to increase by more than 60% among all startups in Nigeria by 2026.

According to the report, the RegTech sector is also on course to rise by 40% among the start-ups in Nigeria at the end of 2026. Besides, the report found an increase in RegTech solutions mostly in regulatory reporting and compliance, anti-money laundering (AML), and know-your-customer (KYC) processes.

The Tanzanian government had announced its intentions to engage in discussions with DP World in June regarding the management of certain port facilities. President Samia Suluhu Hassan, who is overseeing various significant projects, including a liquefied natural gas terminal, aims for DP World to triple the facility's revenue over the next decade, targeting $10.7 billion, as relayed by Works and Transport Minister Makame Mbarawa in June.

As part of the 30-year concession, DP World will manage berths four to seven. Tanzania is also actively seeking private investors to operate a four-berth container terminal following the expiration of the lease agreement with Hutchison Ports in December. This strategic agreement expands DP World's presence in East Africa, where the Dubai-based company already has interests spanning from Somalia to Mozambique.

The agreement in principle focuses on the key commercial terms for restructuring the 2022, 2024, and 2027 bonds. As part of the deal, approximately $700 million in claims will be permanently waived, and Zambia will receive approximately $2.5 billion in cash flow relief through reduced debt-servicing payments, particularly during the period of the nation's International Monetary Fund (IMF) program. 

The restructuring involves transforming the three existing bonds into two new amortizing bonds with varying maturity dates, contingent on Zambia's economic performance. In any scenario, this agreement entails an 18% nominal haircut, marking a significant step toward resolving the Zambia debt crisis.

Globally, the report forecasts a slight decrease in revenue growth to 6.2% annually until 2027, with the revenue pool reaching $2.2 trillion by then. This shift is attributed to a change in the retail payments mix from card to account-to-account transactions and narrowed card margins in some markets.

Nevertheless, Africa, with its unique operational environment and extensive opportunities, is expected to continue experiencing double-digit growth rates. The continent, with its burgeoning fintech ecosystem, is set to outpace the rest of the world, with revenues projected to surge 13 times faster than the global average.

As of August 2023, EEGF has already provided financial support to 11 companies, with ambitious plans to invest in at least 25 enterprises operating in the access to the energy sector throughout the region during the fund's lifespan.

EEGF is jointly managed by Triple Jump, a Dutch impact investment manager overseeing the fund's portfolio, and Persistent, a prominent venture builder in the off-grid sector, providing valuable advisory assistance. Thanks to this partnership, EEGF has emerged as a pivotal catalyst for early and growth-stage companies operating within the access to energy ecosystem in Sub-Saharan Africa, contributing significantly to clean energy in Africa.

The startup's Taleb Super App has proven to be a game-changer for high school students throughout the MENA region, offering curated content, precise assessments, and premium services. To further accelerate its growth in Saudi Arabia, OBM Education has secured a six-figure investment from Value Maker Studio (VMS), demonstrating a shared vision for educational enrichment.

Omar El-Barbary, co-founder of OBM Education, emphasized the significance of this investment, stating, "Investment is more than capital – it embodies shared visions and unyielding commitment. With VMS, we’re solidifying our resolve to enrich the educational journey of every student." This latest funding round follows OBM Education's successful six-figure US dollar funding round from EdVentures in August 2022, underlining the growing interest and support for their educational initiatives.

Notably, MFS Africa has become the first aggregator to launch the mobile money service offered by Telma, Madagascar's top Mobile Network Operator (MNO) with a substantial 70% market share. This breakthrough enables the seamless transfer of remittances from Europe, the US, and the UK into Madagascar. Furthermore, the partnership will facilitate MNO-to-MNO remittances to Madagascar from other parts of Africa.

Nika Naghavi, Group Head of Growth at MFS Africa, pointed out, "Providing financial services to Madagascar has long been regarded as costly and challenging due to its predominantly rural landscape and infrastructural limitations. This means that consumers in the country have been historically underserved by traditional financial institutions."

The performance of the stock is in direct correlation with the robust financial results revealed by the bank during the first three quarters of 2023, further solidifying investors' trust in this equity. The company recorded a substantial 27.9% surge in net profit, which reached 36.3 billion FCFA (~$58 million), as well as a 3.4% expansion in the total balance sheet, now totaling 1,740.67 billion FCFA.

This performance can be attributed to a 12.9% increase in the net interest margin, which reached 52.26 billion FCFA, alongside a 15.4% growth in non-interest income, totaling 27.45 billion FCFA. Consequently, the net banking income stood at 79.72 billion FCFA, marking a 13.7% rise compared to the third quarter of 2022.

With this fundraising, My Easy Transfer envisions expanding its platform to cater to all the payment requirements of the diaspora, encompassing money transfers, mobile top-up services, and bill payments, all accessible through a single mobile app. Additionally, it intends to transform into the foremost payment Super App for the diaspora, enhancing its presence in Tunisia through new partnerships and extending its reach into new African markets such as Morocco, Mali, and Senegal.

Dhekra Khelifi, Partner at 216 Capital, says, "My Easy Transfer embodies immense potential and is poised to revolutionize the landscape of financial transfers, offering users faster and more cost-effective solutions."

In addition to the visa policy changes, President Ruto highlighted the pressing need to address the current low levels of intra-African trade. He proposed a reduction in customs tariffs across the continent to expedite the implementation of the African Continental Free Trade Area (AfCFTA).

Notably, Kenya recently removed visa requirements for citizens of Angola. President William Ruto indicated during the African Private Sector Dialogue Conference on Free Trade in May that this change might mark the last instance where African delegates are required to pay for visas when visiting Kenya.

The report forecasts that real gross domestic product (GDP) in the region will decelerate to 2.5% in 2023, down from 3.6% in 2022. South Africa, Africa's most industrialized nation, is expected to see a modest expansion of 0.5% in 2023, hampered by energy and logistical challenges. 

Meanwhile, Nigeria and Angola, the region's largest oil-producing countries, are projected to grow at rates of 2.9% and 1.3%, respectively, influenced by lower international oil prices and currency pressures that impact both oil and non-oil economic activity. The consequences of this economic slowdown are particularly pronounced for the region's most vulnerable populations, as weak growth translates into slow poverty reduction and limited job creation.

Established in 2021, Lengo AI is a data-driven operating system for informal retail in Africa whose objective is to provide actionable insights and intelligence to FMCG (Fast-Moving Consumer Goods) brands by tapping into the vast network of corner shops that account for 90% of purchases across the continent.

The funds from this investment will be used to expand Lengo AI's tech and sales teams, further enhance the AI component of the product, and extend its presence into new African markets.

The Development Centre will host AWS Research & Development teams, creating new, highly skilled jobs in software development, cloud support, and software engineering. The launch was presided over by Kenya's President William Ruto who emphasized that the center underscores Kenya’s appeal as a prime global investment destination for tech giants within the continent.

“The Kenyan technology sector continues to be a source of growth and job creation at a time when there is so much uncertainty in the world,” President Ruto said. “The decision to open a new development center in Kenya is evidence of the trust that AWS has in our people and in our economy. I look forward to our continued collaboration with AWS as it deepens their commitment to our country.”

Dash's mission was to simplify and streamline money transfers across Africa by ensuring interoperability between mobile money wallets and bank accounts throughout the continent. The company managed to secure substantial funding during its existence. In 2021, it raised an impressive $32.8 million in a single seed round, making it one of the highest-funded African firms. Investors included Insight Partners, Global Founders Capital, 4DX Ventures, and ASK Capital. Additionally, Dash secured further funding through convertible notes and debt financing from October 2021 to 2022.

During its operation, Dash claimed to have processed $1 billion in transactions and attracted a million users across Ghana, Nigeria, and Kenya, reflecting a remarkable fivefold increase in its user base within just five months. Despite its promising start, the company has decided to shut down its operations following a tumultuous journey filled with accusations of financial misconduct.

This seven-week program is designed for Pre-Series A and Series A startups in Egypt and focuses on providing personalized mentorship and growth strategies to empower founders and set the stage for their future success. The program covers various sectors, including Fintech, Martech, Real Estate, Logistics/Supply Chain, and more.

It commenced on October 1, 2023, and will culminate with the Scale Up Showcase on November 16, 2023, in Cairo, Egypt, where founders will have the opportunity to showcase their ventures and network with industry leaders and partners.

The Fund’s World Economic Outlook report indicates that the region's growth is expected to decline to 3.3% this year, down from 4% in the previous year. However, it anticipates a rebound in 2024, with growth reaching 4%.

These revised projections represent a slight downgrade from the IMF's earlier forecasts in July, where it had estimated Sub-Saharan Africa's growth at 3.5% for 2023 and 4.1% for 2024. They come after a similar projection from the World Bank last week.

CoverAI's technology, which leverages OpenAI's large language model, can swiftly generate or enhance CVs. It operates on a freemium model, allowing users to optimize their CVs and obtain a cover letter at no cost. Additional features like interview preparation and job application tracking are accessible through three subscription tiers: a $5 basic plan, a $7 premium plan, and a $15 lifetime plan.

Adolphus noted that selling the startup was always part of the plan and could have been a six-figure deal given the technology they developed. While Writesea declined to comment on the acquisition, Adolphus expressed confidence in their ability to propel CoverAI to the next level.

Leon Kiptum, the former country manager at Chipper Cash, has joined Flutterwave as Senior Vice President (SVP) for East Africa, bringing valuable experience to the team. Saruni Maina, a former Chipper Merchant Business Executive, has taken on the role of Associate Vice President (AVP) of Stablecoins.

Edward Gondi, previously associated with Wasoko and Safaricom, has been appointed as Flutterwave's People Operations Lead. Irene Wambui, who has previously worked at The Room and Microsoft, has joined Flutterwave as a Talent Manager. Bilha Mumbi, with a background in Kenyan banks and Telkom Kenya, has come on board as a Sales Manager at Flutterwave. These strategic hires reflect Flutterwave's commitment to expanding and strengthening its operations in Kenya.

These steadfast dividend-paying companies collectively distributed N3.47 trillion in dividends during the five-year period, reflecting an average 5-year compound annual growth rate (CAGR) of 14.74%. The substantial total payout underscores their commitment to providing returns to their shareholders.

For investors, the dividend CAGR holds significance, as it can exert a substantial influence on long-term investment returns. The consistency of these companies in delivering dividends signals financial stability and a commitment to rewarding their shareholders, making them an attractive option for income-focused investors in the Nigerian market.

The Moremi Platform consists of three core components: an accelerator program, a warehousing/lending facility, and a Fund of funds. The accelerator program, which functions as a mentorship and capacity-building platform, will target 40 female entrepreneurs and fund managers each year.

Wale Adeosun, CEO and Founder of Kuramo emphasized the significance of bridging the funding and knowledge gap for women in business, a substantial impediment to inclusive and sustainable economic and social development in African nations. The program will not only offer support to female entrepreneurs but also enhance the capabilities of women fund managers, thereby promoting the growth of women-driven enterprises.

This move comes as the International Monetary Fund (IMF) expresses approval for the recent governmental reforms and indicates its willingness to provide financial assistance to the West African nation.

The Nigerian authorities have finalized plans to request funding from the World Bank, including concessional financing from the International Development Association (IDA), a branch of the World Bank that aids economically disadvantaged countries.

IFC will extend a $234 million loan to Banque Misr to bolster its lending to micro and small businesses, which constitute the majority of Egypt's private sector workforce and are the primary source of job generation in the country. This loan was announced during the World Bank Group-International Monetary Fund Annual Meetings held in Marrakech.

Half of the loan is designated for women-owned MSMEs, aiming to address the substantial financing gap that these businesses encounter. This loan builds upon IFC's support for Banque Misr's ZAAT program, which provides women with guidance and mentorship to grow their businesses. Over the past year, Banque Misr has introduced banking services to more than 55,000 women.

Originally known as Plentywaka before rebranding in September 2021, Treepz was founded in 2019 and operates a digital platform that enables passengers to book daily rides along fixed routes. It also serves as an aggregator for bus travel companies across numerous cities in Nigeria, facilitating the transition from manual servicing and ticketing to digitalized solutions for transport operators.

Meanwhile, Octamile specializes in making insurance solutions accessible and convenient and is trusted by various B2C companies, including Gokada, Terminal Africa, Traccsystems, Messenger, DriveMe, Traction, Spreentar, and Kredibank. These companies rely on Octamile's API or widget to unlock a wide range of possibilities for both businesses and customers.

CFG has been a prominent independent investment bank in Morocco since its establishment in 1992. The institution provides a range of financial services, including asset management, equity brokerage, corporate finance, and private equity investments. In addition, it offers commercial banking services, facilitating efficient and reliable day-to-day operations for its clients. Notably, in 2015, it transitioned into retail banking by establishing a digital commercial bank.

It's worth noting that the most recent IPO on the Moroccan exchange took place in December 2022 when private hospital operator Akdital raised $110 million. The Bourse de Casablanca is one of the largest in Africa in terms of market capitalization, second only to South Africa's JSE, with a total value of around $59 billion as of mid-September.

The declines in large-cap stocks Orange CI (-1.81% to 10,605 FCFA or $17) and Ecobank CI (-2.22% to 6,600 FCFA) largely contributed to the general market dip. Similarly, the BRVM 30 and BRVM Prestige indexes fell by 0.91% to 105.05 points and 0.13% to 101.98 points respectively.

In the aggregate, 43 BRVM listed equities participated in trading, ending with nine gainers and 23 losers. Safca Côte d’Ivoire led the gainers with 6.92% share price appreciation closing at XOF 695 per share, followed by Air Liquide Côte d’Ivoire (+5.71%), SMB Côte d’Ivoire (+3.88%) and Crown Siem Côte d’Ivoire (+3.25%).

The Ministry of Lands and Natural Resources granted a 15-year lease for this project, recognizing its potential. Ghana upped the royalty rate from 5% to 10% and increased the state's stake from 10% to 13%. Furthermore, Ghana's Minerals Income Investment Fund will acquire an additional 6% in the mining operation and 3.06% in Atlantic Lithium. 

Additionally, the company will establish a lithium processing plant, aiming to retain the economic benefits that were previously sent to China for processing. This move signifies Ghana's intent to be a part of the growing electric vehicle battery supply chain.

Titan Seed Fund I is under the management of Medin Fund Management Company, which received approval from the CMF (Capital Market Authority) in November 2022. 

The company was founded by Noomane El Fehri, the former Minister of Communication Technologies and Digital Economy, and Ghazi Ben Othman, an Investment Capital Manager, each holding a 39.99% share of the company. With the new capital, Titan Seed Fund I is poised to invest in 20 Tunisian startups.

Key players in this movement include Eni, BP, and smaller independent firms such as Nigeria's UTM Offshore, which are actively engaged in projects along Africa's eastern and western coasts. Furthermore, the deployment of Floating Liquefied Natural Gas (FLNG) vessels marked a significant milestone when Mozambique initiated its inaugural gas exports in November, and the Republic of Congo is gearing up for its first LNG exports in December. 

Operators, energy companies, and financiers note that the accelerated demand for such facilities is partly attributed to advancements in vessel technology and reduced turnaround times, which have evolved significantly since Shell's groundbreaking but delayed FLNG vessel Prelude, situated off the coast of Australia.

In August, Mastercard struck an agreement to acquire a minority stake in the fintech business of South Africa's MTN Group. The deal, which is valued at $5.2 billion (though not yet finalized), opens the doors for Mastercard, with a potential stake of up to 30%, to capitalize on the growing mobile money sector. This development followed Visa's announcement in late 2022, where they committed to investing $1 billion in Africa over the next five years, with a primary focus on expanding digital payment solutions, further advancing the mobile money landscape in Africa.

These investments coincide with the remarkable growth of mobile money in Africa, where online transactions have historically trailed other regions, especially North America. As of this year, the U.S. Commerce Department projects that nearly 435 million Africans will engage in online spending, nearly doubling the pre-pandemic level, propelled by the sustained use of mobile money for shopping, education, and entertainment.

The rating agency has maintained the short-term sovereign credit ratings at 'B' and anticipates an adjustment to the exchange rate through a further devaluation of the Egyptian pound to approximately the level seen in the parallel market, around EGP 40 per US dollar. This move is expected to enable the Central Bank of Egypt (CBE) to make the Egyptian pound more responsive to external economic shocks.

S&P Global notes that inflationary pressures are likely to persist due to the anticipated exchange rate weakness. The agency also projects that Egypt's economic growth will average around 4% over the next three years.

Despite these promising returns, there were losses totaling R80 million (around $4.2 million) on exits. Furthermore, this marks the third consecutive year of declining exit returns in South Africa.

Across the continent, meanwhile, private capital exit activity soared to unprecedented levels in 2022, reaching an impressive 82 full exits—the highest number of exits ever recorded in a single year on the continent. This record-breaking number of exits marks a 2.3x year-over-year growth and an 86% increase when compared to the pre-pandemic average (44 from 2012 to 2019).

Over the past three years, Capital Films successfully raised $800,000 through two funds to support the production of seven films, reporting a 37% cumulative return on these investments. The company aggregates funds from retail investors, with a minimum investment threshold of ₦10 million. Capital Films commits a minimum of ₦50 million and up to ₦100 million to each film project. 

The company selects its movie investments based on an assessment of the filmmaker's track record and business model. The average budget per movie varies depending on the specific project and story. Typically, the investment return cycle is around 24 months.

Additionally, both the DRC and Zambia stand as Africa's leading copper producers, a vital component in wiring and motors. A study commissioned by BloombergNEF investigated the feasibility of establishing Special Economic Zones for manufacturing battery precursors in the DRC and Zambia. The study affirmed the technical feasibility and financial viability of the project, estimating a total cost of $2.7 billion.

The findings reveal that a precursor facility in the DRC would be three times cheaper than it would cost for a similar plant in the USA, thanks to cost competitiveness and proximity to raw materials. Battery precursors are essential components used in the production of lithium-ion batteries, underscoring the potential for the DRC to play a pivotal role in the global battery and electric vehicle industry.

Marie Francoise Marie-Nelly, the World Bank's director for South Africa, had to Reuters last month that the loan was under discussion and could come soon. In Wednesday's statement, Marie-Nelly said reforms the government had launched would "benefit the people of South Africa - particularly the most vulnerable households - the economy, the environment, and advance the energy transition".

Eskom's coal-fired power stations routinely break down, leading to outages of up to 10 hours a day. Several plants breached government emissions regulations earlier this year, according to a Reuters analysis published in September. The World Bank said its Development Policy Loan would contribute to a gradual reduction in water and air pollution by reducing the reliance on coal for power generation.

WhereIsMyTransport specialized in mapping both formal and informal public transport networks and utilized this data to enhance the overall public transport experience, with a focus on safety and accessibility. The startup also licensed its data to governmental bodies. In May 2022, it reported having mapped 50 cities across Africa, Latin America, Southeast Europe, and Asia. Notable clients included the World Bank, which leveraged the data to assess public transport access to job opportunities in 12 African cities.

WhereIsMyTransport had a diverse group of investors, including Naspers Foundry, Cathay AfricInvest Innovation Fund, SBI Investment of Japan, Wuri Ventures, Capria Ventures, Nedbank, Global Innovation Fund, Goodwell Investments, Google, and Toyota Tsusho.

However, during the following session on October 24, the price experienced a slight dip, declining by 0.55% to $3,738. It's worth noting that the price of this essential agricultural commodity, for which Côte d'Ivoire stands as the world's leading producer with a substantial 40% market share, has witnessed an extraordinary surge of over 60% in just one year.

This historic price peak can be attributed to production challenges stemming from adverse weather conditions and a growing global demand. As a consequence of this cocoa price surge, which comes as good news for major producers like Côte d'Ivoire and Ghana, the chocolate industry faces significant pressure on production costs, which could have various implications for consumers in the short or medium term.

There is currently more than 300MW of installed IT load in Africa, the majority of which is in South Africa. Exponential growth in data generation and consumption in combination with an increased focus on data sovereignty will result in the onshoring of data onto the continent. 

With data center demand expected to grow to over 1GW by 2030, significant investment is needed to support the growth potential of the continent's digital economy. Investors have been actively seeking to capture this opportunity with the region already witnessing cloud investments leading to data center growth and acquisitions.

The round was led by Global Ventures, based in Dubai, and saw the participation of esteemed international investors, including Proparco and Digital Africa via the Bridge Fund, Wrightwood Investments, and other prominent international funds.

The funds raised will be primarily allocated to the development and expansion of its DRU, which stands as MEA's premier patient-centric, digitally-enabled platform for lifestyle and diabetes management. The platform is designed to facilitate the prevention and management of diabetes, pre-diabetes, and obesity.

Inflation reached 6.9% year-on-year in October, marking a modest rise from the 6.8% recorded in the previous month. On a month-on-month basis, the inflation rate remained at 1.0%, consistent with the figure for September.

In mid-October, the Energy and Petroleum Regulatory Authority in Kenya announced an impending price hike for petrol, diesel, and kerosene for the following month. Fuel prices have a significant impact on inflation in Kenya due to the nation's heavy reliance on diesel for transportation, power generation, and agriculture. Additionally, kerosene is commonly used in many households for cooking and lighting.

Among them are favorable policies introduced by President Bola Tinubu's new administration. These include the removal of fuel subsidies, the rationalization of exchange rates, and the decision to float the naira. These policy changes have boosted investor confidence and spurred optimism in the market.

Additionally, investors have strategically positioned themselves to capitalize on the recent record earnings reported by publicly traded companies. This confluence of factors has created a conducive environment for the stock market to flourish, resulting in its noteworthy performance and crossing the significant threshold. In June, the 60,000 index points, for the first time since 2008.

MarketForce's super-app, known as RejaReja, which facilitates informal retailers in ordering fast-moving consumer goods (FMCGs) directly from distributors and manufacturers while providing access to financing, will only be available in Uganda. The service has been discontinued in Kenya, Nigeria, Rwanda, and Tanzania.

Kenya will continue to serve as the company's headquarters, and it will also be the launchpad for Chpter, a social commerce spinoff created by MarketForce. Chpter aims to assist merchants in translating social media interactions into increased sales. Tesh Mbaabu, who will serve as co-founder and CEO of both MarketForce and Chpter, confirmed these strategic changes.

Regarding the value of investments, the report indicated that African-focused fund managers generated $1.2 billion in deal value during Q3 2023, marking a 16% decrease from the same period the previous year. Notably, the third quarter was primarily impacted by the absence of large private debt deals (deals exceeding $100 million), which significantly influenced private debt investments in Q3 2022.

These large private debt deals accounted for a substantial portion of private capital deal values in the prior year, and their absence in Q3 2023 contributed to the observed decline in deal value. Meanwhile, private capital deals, a combination of venture capital and private equity, declined by 34%.

The company serves more than 500 million end-users across various sectors, including Telecom, Financial Services, Energy & Utilities, Media & Entertainment, Aviation, Retail, and E-commerce. iSON Xperiences has a workforce of over 18,000 individuals operating in 19 countries, with 16 of them located in Africa.

With the support of AfricInvest and Verod, iSON aims to diversify its service offerings and enter new markets in its next chapter. A key component of this strategy involves integrating digital tools to enhance customer operations, improve customer experience, and boost agent productivity through digital self-service while concurrently enhancing agent skills.

The substantial investment will aid Cash Plus in its expansion endeavors, both nationally and internationally. It is also expected to enhance the company's digital financial services offerings, particularly its M-Wallet application, which currently serves over 1 million customers. This investment reflects the growing interest in Morocco's financial services sector and the potential for further development in digital financial services in the region.

Mediterrania Capital Partners' investment in Cash Plus represents the second investment from MC IV, following its investment in Laprophan, one of Morocco's largest pharmaceutical companies, in May 2023.

As part of this agreement, SBI Holdings will acquire a minority stake in Novastar and secure a non-executive position on its board. Riki Yamauchi, an adviser to SBI in Africa, will also join Novastar's investment team to ensure the successful realization of their partnership goals. SBI has additionally committed to rallying other Japanese institutional investors to match their investment in Novastar, reflecting the growing interest in Africa from Japan.

Just last week, AAIC Investment expanded its support for the Africa Healthcare Fund 2 (AHF2), increasing the total size of its two funds to $87 million. Yoshitaka Kitao, representing SBI Holdings Inc., commented on the partnership, stating, "With Africa's rapid growth, young and tech-savvy population, abundant natural resources, and increasing urbanization, the continent is positioned to assume a global leadership role in sustainable development."

Managed by PCP Uganda Ltd, the Dairy-Horticulture Credit Limited (DHCL Fund) serves as a wholesale lending vehicle for SACCOs, cooperatives, and SMEs collaborating with and aiding smallholder farmers. The DHCL fund is comprised of two distinct credit lines: the Uganda Dairy Credit Facility (UDCF) and the Horticulture Credit Line, each endowed with $3.4 million.

This credit fund will extend efficient medium-term loans to SACCOs and cooperatives operating in Uganda's central, eastern, western, and southern regions, with the aim of facilitating onward lending to smallholder farmers engaged in dairy and horticulture, as well as farmer groups.

For the quarter ending on September 30, 2023 (Q2 2024), the revenue in reported currency declined by 4.7%. This decline was attributed to the impact of the devaluation of the Nigerian naira in June 2023. Nonetheless, in constant currency, the group achieved a noteworthy year-on-year revenue increase of 19.0% during the quarter. 

As per the half-year financial statements for the period ending on September 30 made available on the Nigerian Exchange, the group reported a pre-tax loss of $13 million, marking a significant 103.8% decrease compared to the $330 million pre-tax profit reported during the same period in the prior year.

Over the span of 2017 to 2023, the number of active fintech startups in Africa saw a remarkable 125.2% increase. However, the swiftly evolving fintech landscape grapples with challenges like limited access to industry expertise, navigating regulatory complexities, a scarcity of partnership education, and the need for seamless end-to-end technology infrastructure, among other issues.

Founded by Miranda Perumal, Scale seeks to bridge these gaps and empower fintech companies to thrive. Through the utilization of cutting-edge technology, digital content, and media marketing solutions, the company will offer an array of services and solutions. These encompass regulatory compliance, infrastructure development, end-customer education, and support for expanding into new markets, all aimed at fostering the growth of fintech startups.

As a part of this transformation, SIMAD University established SIMAD iLab, a tech hub that has made substantial contributions to the ecosystem. To date, this innovation hub has incubated nearly 50 startups, collectively raising over $500,000—an impressive feat in an emerging ecosystem. Furthermore, it manages a micro-finance fund with $3 million in support from DirectAid.

Building on its achievements, the hub has expanded its facilities, introducing an innovation theater, a creative digital studio, an executive space, and a dedicated area for startups and Micro, Small, and Medium-sized Enterprises (MSMEs). This expansion further cements SIMAD iLab's commitment to nurturing entrepreneurship and innovation in the region.

In its ongoing pursuit of offering seamless and innovative payment solutions, Verve, a leading brand in payment cards and digital tokens in Africa, has collaborated with Sterling Bank, a progressive Nigerian financial institution. Together, they are launching a new line of credit cards denominated in naira.

These credit cards, available in two categories, Ultra Bronze and Ultra Ruby, are designed to provide flexible access to funds for Nigerians. They offer a revolving line of credit, convenient repayment options, contactless payment capabilities, a 45-day interest-free period, and the versatility to be used across various cities in Nigeria at different payment terminals and locations. These credit cards also come with a validity period of 3 years.

UNESCO Director-General Audrey Azoulay emphasizes the significance of Africa's youthful population, which is projected to double by 2050, and the fashion industry's role in promoting cultural diversity and empowering young people and women. Omoyemi Akerele, Director of Lagos Fashion Week, points out the growing consumer preference for products "Made in Africa" as symbols of pride and identity. However, to meet this rising demand, strengthening the entire production chain is essential.

Africa stands out as a significant producer of raw materials, with 37 out of 54 countries engaged in cotton production. Annually, it exports textiles worth $15.5 billion while importing textiles, clothing, and footwear valued at $23.1 billion.

This accomplishment represents a significant milestone as it signifies the first complete exit from the Oasis Africa Fund I. Established in 2015, Legacy Girls College is a prominent institution in the Ghanaian education sector, which aims to empower young women to become ethical and dynamic leaders.

Matthew Boadu Adjei, Chief Executive Officer at Oasis, commented, "Throughout the investment period, we have actively supported the school's founders in realizing their vision. We have played a pivotal role in enhancing corporate governance and substantially expanding both digital and physical infrastructure, all of which are essential for long-term business success."

Kendall Ananyi, the founder and CEO of Tizeti, expressed, "We will utilize these funds to establish last-mile digital infrastructure, enhancing internet access in various Nigerian states, stimulating sustainable development, creating value, improving connectivity, and broadening digital inclusion. This expansion will extend our reach from five states, establishing us as the largest internet service provider in Nigeria in terms of coverage."

Tizeti claims to serve over three million subscribers in Nigeria, including residential users, businesses, and hotspot customers, through its extensive network of solar-powered base stations in five states. The funding will be used to construct new internet infrastructure and acquire additional equipment, enabling Tizeti to expand its services to Delta, Akwa Ibom, Cross River, Abia, Anambra, Imo, Enugu, Abuja, Kano, and Kaduna states.

Sonatel shares concluded the session on a positive note, trading at 16,950 FCFA. In contrast, Orange Cl experienced a significant decline of 3.19%, closing at 10,020 FCFA, primarily due to less impressive financial performance.

This underperformance of the second-largest valuation on the market, coupled with a 7.07% drop in Oragroup's stock price to 2,300 FCFA, led to a 0.99% decline in the market. As a result, the BRVM Composite index now stands at 205.96 points. Following the same trend, the Composite, BRVM 30, and BRVM Prestige indices also registered declines of 1.02% to 103.56 points and 0.65% to 99.54 points, respectively.

This optimistic outlook is contingent on the implementation of three crucial policies that could stimulate an annualized growth rate of 6.5%, as outlined in a report released during the WTTC Global Summit in Kigali, Rwanda.

The report emphasizes a three-pronged policy approach centered around air infrastructure, visa facilitation, and tourism marketing as the key drivers for boosting revenues in the sector. Travel and tourism are pivotal industries in Africa, not only contributing significantly to economic growth but also playing a vital role in employment, offering livelihoods to 25 million people, which constitutes 5.6% of all jobs in the region.

This comes as a revitalized global interest in Africa has emerged, underscored by significant investment commitments from major players. Over the past decade, Gulf Cooperation Council (GCC) countries have been key investors in African nations, with the UAE leading at $59.4 billion in investments.

The report spotlights Egypt’s real estate market, particularly Cairo, as an outstanding prospect for investment. The vibrant city of Cairo alone is home to over 20 million people, making it a bustling metropolis.

Leading the pre-Series A funding round is Janngo Capital, a venture capital firm focused on Africa. Distinguished investors, including professional soccer players Aurélien Tchouaméni of Real Madrid, Jules Koundé of Barcelona, and Mike Maignan from AC Milan, who are all associated with the athlete representation agency Excellence Sport Nation, have also participated in this investment round.

This injection of funds will equip the Los Angeles-based company, currently employing 40 individuals, to better support its content creators and gradually increase payouts in the upcoming years, a significant step in fortifying the creative industry within the region. Furthermore, StarNews has ambitious expansion plans, with a focus on solidifying its dominant presence in Francophone Africa and extending its reach into key markets such as Nigeria and Ghana.

Maisha Meds operates a software platform that ensures rural pharmacists and clinicians can efficiently procure quality, affordable medicines and pass on subsidies to patients. The $5.25 million in funding from DIV, disbursed over three years, will support Maisha Meds' expansion efforts to reach individuals in need of cost-effective, high-quality malaria care across Africa. This expansion will primarily target private drug shops, pharmacies, and clinics that often serve as the first, and sometimes only, point of care for patients.

With additional backing from the Bill & Melinda Gates Foundation, Maisha Meds plans to extend its mobile software to a total of 7,500 pharmacies and clinics by the end of the grant period, thus providing subsidized care to nearly a million patients in the process. This initiative will significantly contribute to improving healthcare accessibility and affordability across the region.

Eskom anticipates another loss of 23.2 billion rand in the 12 months through March 2024. This poor financial outlook is attributed to the underperformance of its power plants and delays in securing additional generation capacity from private producers.

The interim Chief Executive Officer, Calib Cassim, conveyed this information during a briefing in Johannesburg, highlighting the ongoing challenges faced by the utility as it seeks to stabilize its operations and financial position.

The funding, from Dutch firm Triodos Investment Managers, represents an initial step in a growing pipeline of international development finance and impact investors seeking to collaborate in financing Bridge Taxi Finance. More so, the funding is part of the Common Terms Agreement (CTA) structure, which simplifies and standardizes security sharing among like-minded investors.

This transaction marks the introduction of a simplified investment structure for international impact investors looking to participate in South Africa's inclusive finance sector. Verdant Capital serves as the exclusive advisor to Bridge Taxi Finance, assisting in attracting longer-term international capital to support their initiatives.

The digital and financial inclusion app is aimed at all Moroccans, including individuals who are illiterate and part of the diaspora. The app offers a wide range of features, encompassing peer-to-peer transactions, e-commerce capabilities, on-demand services, chat functionality, social networking, and, in the near future, a digital wallet.

ORA Technologies is dedicated to democratizing access to e-commerce and digital payment solutions for customers, vendors, and service providers throughout Morocco. ORA Maroc consolidates a multitude of essential functions within a single app, similar to a number of super apps launched across Africa in the last couple of years.

Established by a team of five individuals with extensive experience in venture capital and private equity, Norrsken22 comprises founding partners Niklas Adalberth and Hans Otterling, as well as managing partner Natalie Kolbe, and general partners Ngetha Waithaka and Lexi Novitske. This venture capital firm, in operation for nearly two years, has established operational teams in Nigeria, South Africa, Kenya, and Ghana.

The fund, known as the Norrsken22 African Tech Growth Fund, was launched in January of the previous year and reached its first close at $110 million. Notably, approximately 59% of the funding was secured from a consortium of 30 unicorn founders worldwide, which included notable figures such as Olugbenga Agboola, CEO of Flutterwave, Niklas Zennström, co-founder of Skype, Jacob de Geer, co-founder of Zettle, and Niklas Östberg, co-founder of Delivery Hero.

This assembly plant is a collaborative effort involving local Mobile Network Operators, including Safaricom and Jamii Telecommunications, in partnership with the Chinese company Shenzhen TeleOne Technology. The smartphones produced at EADAK will be made available nationwide through Faiba shops, dealer stores, Safaricom shops, and the Masoko online platform. The devices are priced starting at KES 7,499 ($50).

This venture aligns with the Kenyan government's commitment to establishing local smartphone assembly capacity in the country. The factory has the capacity to manufacture up to 3 million mobile phone units annually, marking a significant stride towards enhancing smartphone accessibility and affordability for Kenyan consumers.

The Nalubaale and Kiira hydropower plant complex, situated at the source of the River Nile in Jinja, Uganda, generates approximately 380 megawatts (MW) and is the country's oldest power plant, commissioned in 1954. The facility was previously operated by South African power company Eskom under a 20-year concession that concluded earlier this year, after which the Ugandan government regained control.

The investment will focus on rehabilitating the Kiira and Nalubaale hydropower plants, with the aim of providing reliable energy to support Uganda's industrialization efforts. Jan Sadek, the EU's ambassador to Uganda, made this announcement at a mining conference in Kampala, Uganda's capital.

Over the past decade, one of the primary obstacles to South Africa's economic growth has been the recurring power outages, as the state-owned utility Eskom grapples with breakdowns in its coal-fired power plants. In addition to this, underperformance at the state-owned logistics company Transnet has also had a negative impact on economic growth.

This challenging economic landscape, combined with a substantial decrease in mining revenue due to falling commodity prices, has led to reduced tax collections. The treasury revealed that revenue collections for the current 2023/24 fiscal year were expected to fall short by 56.8 billion rand ($3.04 billion) compared to the estimates in the primary budget released in February. Gross debt is also expected to rise, reaching 6.52 trillion rand in 2026/27, compared to 5.24 trillion rand in 2023/24.

Presently, the company operates a network of more than 200 warehouses in Nigeria, Kenya, and Uganda, serving over 450,000 farmers. This recent cash injection from BII is expected to support vital structural enhancements within the agricultural industry, with a significant positive impact on smallholder farmers and food security.

Specifically, the BII investment will be channeled toward the construction of 20 modern warehouses across AFEX's markets while also advancing warehouse technology and developing software for post-harvest pricing analysis. These smart storage solutions have the potential to extend the shelf life of harvested crops, ultimately increasing the available food supply.

CFM, a prominent finance manager with a focus on climate-related initiatives, has the backing of FMO, the Dutch Development Bank, and Sanlam Infraworks, a division of the South African Sanlam Group. CFM invested in Release through its Climate Investor One (CIO) fund, which is dedicated to supporting renewable energy infrastructure in emerging markets.

In line with previous announcements, CFM's equity investment in Release amounts to $55 million, securing them a 32% stake, while Scatec will maintain the majority shareholding at 68%. Furthermore, CFM will extend shareholder loans totaling $47 million, including a portion with concessional terms.

The press release highlighted the following global factors: Forecasts for key international commodity prices, particularly in the energy sector, have been revised upward compared to previous predictions due to increased geopolitical tensions in the region. However, global inflationary pressures have eased, thanks to tightening monetary policies in major economies and favorable base effects.

The MPC reaffirms that the path of future policy rates will be determined by projected inflation, not current inflation rates. It will continue to assess the relative significance of various risks associated with the inflation outlook.

In the absence of a viable debt solution that would alleviate Ethiopia's external debt servicing burden and facilitate external financing, Fitch predicts that the country's already strained external liquidity will continue to deteriorate.

Fitch estimates that Ethiopia will face sovereign external principal and interest payments of $1.0 billion in the fiscal year ending on July 7, 2024 (FY24) and $2.0 billion in FY25, with a $1 billion Eurobond maturing in December 2024. The non-sovereign public sector also faces about $1 billion in debt service obligations annually.

This decision is attributed to concerns about the Republic of Congo's weak public finance management, coupled with a high debt burden and a heavy reliance on oil revenues, making the country susceptible to oil price fluctuations. 

Moody's highlights the risk of acute liquidity issues during an oil shock, which could jeopardize the country's ability to meet its debt payment obligations due to its substantial public debt and the absence of economic stabilizers. Additionally, an expected increased oil revenue may not be sufficient to address the country's internal arrears in the short term.

Fitch expressed its concern in a statement released on Tuesday, stating, "Utilizing reserves for the redemption of the Eurobond could diminish import cover, potentially contributing to a credit rating downgrade for Kenya, depending on the extent of the reserve drawdown and the outlook for other external financing sources." 

Nevertheless, Fitch remains optimistic that some of the government's planned additional external financing will materialize, which could mitigate this risk.

The agency's rationale, however, is linked to Niger's inability to meet its obligations to creditors, which it attributes to economic and financial sanctions imposed by regional economic organizations. These sanctions include the suspension of commercial and financial transactions and the freezing of Niger State assets at the Central Bank. Moody's anticipates that ongoing discussions involving Niger, ECOWAS, and UEMOA will result in an agreement that could lead to the removal of sanctions, likely no later than the beginning of 2024.

The agency's decision to confirm the Caa2 rating is based on its expectations that an agreement on a transition to civilian rule, following the military coup in July, will be reached between the involved parties by the end of 2023 or, at the latest, early 2024. Moody's also suggests that if sanctions are lifted in early 2024 and debt payments resume, any losses incurred by investors would be relatively limited.

The exchange rate adjustment was needed because there were still supply-demand imbalances in the currency market and arbitrage opportunities had resurfaced. Spot checks on some players indicated that the market was able to clear import bills at the new exchange rate, the central bank said.

“The Reserve Bank of Malawi will closely monitor developments in the market to avoid disorderly behavior among market players that may cause excessive volatility,” it said.

The investment comes with a plea from Ford to the South African government to expedite the implementation of an electric vehicle (EV) policy. As global markets, particularly in Europe, shift towards electric mobility, there is growing urgency for countries to establish clear policies and frameworks to support the transition to EVs.

Andrea Cavallaro, Ford's operations director of the international market group, emphasized the importance of finalizing the government's EV policy swiftly, highlighting that other countries are making rapid progress in this area.

The launch of "FEZ ECO" represents a significant move towards a cleaner, more cost-effective, and efficient solution for goods transportation. This initiative underscores Fez Delivery's commitment to sustainability and environmental responsibility.

The electric motorcycles in the "FEZ ECO" lineup offer a sustainable and eco-friendly alternative for delivery services. These bikes come with lower operational costs, as they do not require fuel and have minimal maintenance expenses. Additionally, they are zero-emission, contribute to reduced environmental impact, and enable smart tracking capabilities for enhanced logistics management.

During this period, Kenyans living abroad sent a total of $3.1 billion, compared to $2.9 billion sent over a similar period the previous year. The sluggish rise in remittances has been attributed to ongoing inflationary pressures, prompting central banks worldwide to raise their benchmark interest rates and limit cash flow.

The CBK mentioned in a recent monetary policy committee meeting that the growth outlook in Kenya remains weak, influenced by the effects of monetary policy tightening in advanced economies. Notably, North America, which typically contributes around 60% of the total inflows to Kenya, experienced a drop of $13.9 million during the specified period.

Established in 2018, MNT-Halan's primary mission is to provide digital financial services to the unbanked population and transition traditional cash transactions into electronic solutions. Its digital ecosystem encompasses small and micro business lending, payment solutions, consumer finance, and e-commerce. With a user base of more than 1.5 million active users each quarter, MNT-Halan has effectively served over seven million customers in Egypt.

The company recently disclosed that all of these issuances were met with overwhelming demand, cumulatively raising over $400 million this year, and it is aiming to secure an additional $150 million by year-end. The company attributes the strong demand for these issuances to the "resilience" of its business model, the exceptional quality of its loan portfolio, and the robust repayment capabilities associated with its underlying loan book.

Launched in 2018, the startup operates as a web-based platform that is freely accessible to job seekers seeking entry-level employment. It guides job seekers through the process of creating CVs and facilitates direct applications for job opportunities using mobile phones, currently offering data-free access for users on the MTN and Vodacom networks.

Jobjack claims to have attracted nearly 2 million job seekers to its platform, with an additional 2,000 new registrations occurring daily. The funding is expected to help it expand operations and further develop its network across South Africa.

Furthermore, OBM Education, a prominent institution providing college guidance and career readiness to Egyptian school students, announced a pivotal partnership with VMS. This collaboration will significantly boost OBM's presence in the Saudi Arabian educational market, driven by OBM Education's transformative Taleb Super App.

VMS is not just investing in these ventures but is also set to launch its "Bridge Programme" in early 2024. This program, in partnership with various organizations, will offer comprehensive support to startups, including funding, tech services, legal counsel, financial management, and HR expertise, thereby fostering growth and success in the ever-evolving business landscape.

During the reception, attendees had the opportunity to establish new connections and gain insights into Persistent's forthcoming Africa Climate Venture Builder Fund. The fund's strategy underscores Persistent's commitment to invest in African startups addressing climate change by providing both financial investment and essential human capital support.

May Yego, an Investment Manager at FSD Africa Investments, provided her insights into the fund, emphasizing FSDAi's unique investment approach. She highlighted their commitment to supporting ambitious management teams with innovative financing solutions aimed at addressing significant gaps in the current financial system. By playing a pivotal role in establishing the Fund, FSDAi aims to bolster an investor willing to take on proof-of-concept investment risks, which are essential for advancing scalable green energy and climate change mitigation solutions.

The launch of its South Africa-to-Zambia corridor is set to create significant savings for users, improve sending speeds, and provide a seamless user experience for Zambians living in South Africa.

“We’re delighted to announce the launch of Minit Money’s ability to serve the Zambian diaspora community in South Africa. We have experienced significant growth in our existing corridors of Ghana, Nigeria, Uganda, Cameroon, Senegal, Benin, Ivory Coast, and Kenya, and the Zambia launch marks our first foray into the Southern Africa region,” said Minit Money co-founder and CEO Angus Brown.

The report's projections suggest that investments in Africa's geothermal energy sector are expected to surge to at least $35 billion between 2024 and 2050, primarily propelled by the escalating energy requirements in East Africa.

Kenya and Ethiopia are poised to lead this growth, contributing to nearly 90% of the total geothermal capacity. Their rich geothermal resources, coupled with Ethiopia's imperative to diversify its power sector, which is currently 88% reliant on hydroelectric power, are the driving forces behind the expansion of geothermal installations in this region, as outlined in the report.

These blackouts, imposed by the state-owned power utility Eskom to safeguard the grid from collapse, typically occur in two-to-four-hour intervals, sometimes multiple times a day. The frequency of these outages reached record levels this year, and as of August, the utility's energy availability factor, which measures how much energy the grid can handle, was at a mere 60%, indicating that more than a third of the power supply was unavailable to customers.

With no immediate solution in sight, South Africans are increasingly turning to renewable energy sources, and the country's major banks are stepping up to support this transition, per a Bloomberg report. Since the beginning of the year, financial institutions like FirstRand, Standard Bank Group, Absa, and Nedbank have introduced financing options to assist individuals and businesses in adopting solar energy solutions.

The International Money Transfer Operator (IMTO) license granted by the Reserve Bank of Malawi enables Flutterwave to facilitate international payments from the Malawian diaspora into the country.

The remittance service will be provided through Flutterwave's Send App, an international payments app that was relaunched in August. The Send App allows users to transfer funds from over 34 countries worldwide, including the United States and Canada. Notably, Egypt and Sénégal have been recent additions to the Send App's network.

President Ruto addressed the issue in his State of the Nation address to parliament, expressing confidence that Kenya will fulfill its debt obligations. The country's government is currently allocating approximately half of its revenue to debt servicing, putting pressure on public finances.

The announcement comes after Kenya sought financing from multilateral institutions including the World Bank and syndicated loans from lenders. The successful repayment of the Eurobond will be a key development in Kenya's efforts to manage its debt situation and maintain financial stability.

Launched in Nigeria in October 2021, Bolt Food entered the market during a surge in demand for food delivery services amid the COVID-19 pandemic. Since its introduction, Bolt Food claims to have partnered with over 10,000 restaurants, delivered more than one million meals, and enlisted 23,000 agents and 12,000 merchants.

Bolt Food faced competition from various players in the Nigerian food delivery market, including Jumia Food, Gokada, Glovo, Chowdeck, and Buyfood, operating in a market estimated at $834.7 million. The decision to discontinue the food delivery service reflects the dynamic nature of the sector and the need for companies to reassess their strategies in response to market conditions.

Simultaneously, the official Investors and Exporters (I&E) window demonstrated renewed strength, trading at an impressive rate of N776.14 per US dollar, reflecting an appreciation from the N793.28 per dollar recorded at the close of Thursday's trading session.

Analyzing intraday data from FMDQ, the highest spot rate observed was N1,100.60 per dollar, while the lowest spot rate recorded was N700 per dollar. Furthermore, the official I&E window reported a daily volume turnover of $98.82 million, indicating a 27.41% decrease compared to the previous day's turnover of $136.11 million.

The report states, "Information technology increased from the ninth most attractive sector in 2021 to the joint top sector in 2022." This shift is substantiated by strong reasons: from 2020 to 2022, technology companies showed the highest revenue growth, with 52% of portfolio companies experiencing rapid revenue growth. However, 29% of tech companies also reported a decline in revenues during the same period.

Over the years, South Africa's private equity sector has raised substantial amounts from various sources, including pension funds, government, aid agencies, and development finance institutions (DFIs). In 2022, the total assets under management in the private equity sector reached around $11 billion. In comparison, venture capital (VC) funds raised only $555 million during the same period.

The Bank of Zambia has announced an increase in the statutory reserve ratio for both local and foreign-currency deposits, raising it by 3 percentage points to 14.5%, effective from November 13. This move is intended to alleviate the persistent foreign exchange market pressure and curb inflation.

The kwacha has experienced a significant 21% decline against the US dollar since the end of June, primarily due to a drop in metal prices and production in this copper-producing nation. Additionally, the ongoing efforts to restructure more than $10 billion of external sovereign debt have further strained the currency.

Since introducing its submarine cable and opening the initial data center in 2019, MainOne has consistently delivered top-tier connectivity, colocation, and interconnection services to meet the technological needs of customers in Cote d'Ivoire. This expansion represents a significant step toward facilitating digital transformation and accommodating the ever-growing demand for data processing, storage, and connectivity in Cote d'Ivoire and the broader francophone West Africa region.

Etienne Kouadio Doh, MainOne's Country Manager in Cote D'Ivoire, emphasized the significance of the new data center's launch. He stated that it heralds a transformative phase for businesses by providing an opportunity to welcome more customers into their robust digital ecosystem, connecting them with major digital players in the region and ensuring 100% uptime connectivity to the internet.

The country's debt management agency is currently offering three-year savings bonds at an interest rate of 13.46%, marking a significant increase of 139 basis points compared to a previous sale in October. This 13.46% rate is the highest observed in a year, as indicated by a statement on the agency's website.

Furthermore, the Central Bank of Nigeria recently sold 99-day OMO (Open Market Operations) bills, which are typically favored by both domestic and foreign investors, at an interest rate of 13.9%. This represents a substantial 390 basis point increase compared to the rate at which similar securities were sold in August.

The introduction of these new 5G sites represents a pivotal step toward delivering faster internet connectivity, fostering connections among people, businesses, and communities in ways that were once considered unimaginable. The Managing Director, Ashish Malhotra, emphasized the company's unwavering commitment to innovation and connectivity, expressing excitement about being part of this exciting new era of possibilities.

Airtel initially launched its 5G network on July 6, 2023, with the deployment of 372 sites and a promise to further expand its 5G coverage nationwide. With the addition of these new sites, Airtel's objective is to onboard more customers onto the network, facilitating enhanced connectivity and access to high-speed internet services.

Cavex leverages cutting-edge technology to remotely collect real-time data on the activities of these projects and accurately calculate the amount of carbon displacement or removal. This approach ensures complete transparency for buyers, assuring them that the information they receive is trustworthy and precise.

FSDAi's investment is a crucial component of Cavex's seed funding round, which aims to secure a total of $6 million. This funding will be instrumental in advancing Cavex to a commercially viable stage, including support from FSD Africa's Digital Innovation team, along with other co-grantors, for the core development of the platform by 4R Digital.

This recent funding round marks the third installment in their Series A funding, with the previous two tranches totaling nearly $3 million. The latest infusion was led by Goodwell Investments, an impact investment firm that has consistently supported Inclusivity in its previous fundraising endeavors.

The capital injection will play a pivotal role in realizing Inclusivity's expansion plans, which include the ambitious goal of establishing a presence in a minimum of 12 African markets by the close of 2024. Additionally, the company will continue to invest in enhancing its no-code, open-API platform. This platform empowers distribution partners and insurers to swiftly offer a comprehensive range of insurance products within a matter of hours.

These findings were disclosed at the 39th Meeting of the COMESA Trade and Customs Meeting held in Mauritius. A report presented by the COMESA Secretariat on regional trade developments highlighted a 10% increase in the value of intra-COMESA total exports, climbing from $12.8 billion in 2021 to $14.1 billion in 2022.

This increase was driven by exports of various products, including sulfur of all types, cobalt oxides and hydroxides, palm oil, refined petroleum oil, urea, electric current, cotton, sulphuric acid, wheat flour, gold, and ammonia, among others. Most COMESA Member States reported growth in their intra-COMESA total export values for 2022, with the exception of DR Congo, Ethiopia, Malawi, and Seychelles, which saw a decline in exports to the region.

Moneex, founded in 2021, provides banking services to African businesses and consumers. The acquisition combines Gozem's super app network with Moneex's fintech capabilities, creating an "unparalleled fintech starting point" for Gozem.

Gozem aims to broaden its fintech offerings in Togo and Benin starting in Q1 2024 with the launch of "Gozem Money," which will provide a wide range of payment solutions and value-added user experiences.

This decision was made following BAK's second appearance before the National Assembly Committee on Finance and National Planning on October 31. BAK had previously engaged with the committee in August 2023, where it expressed opposition to the Digital Asset Tax (DAT) provision included in Kenya's Finance Act for the year 2023.

The drafting of BAK's proposed bill coincides with significant cryptocurrency activities in Kenya, with transactions totaling nearly $20 billion recorded between July 2021 and June 2022. Kenya's involvement in cryptocurrency assets is substantial, as it ranks third in Africa for cryptocurrency website traffic and 21st globally in terms of crypto adoption. This underscores the growing importance of cryptocurrencies and the need for regulatory frameworks in the country.

The proceeds from this green bond will enable BURN to expand its manufacturing capacity in Kenya and establish a new manufacturing facility in Lagos, Nigeria. This expansion will raise production from the current 400,000 units per month to 600,000 units, focusing on the production of life-saving biomass, electric, and LPG stoves.

BURN's stoves have undergone independent verification by reputable institutions such as the University of Pennsylvania and the University of Chicago. Additionally, comprehensive impact assessment surveys conducted by Yunus Social Business have consistently demonstrated that these stoves provide substantial health, financial, and climate action benefits. The funds raised through the Green Bond will extend these benefits to an additional 2 million households in 2024.

Data shows that about $50 million in liquidations occurred in a four-hour period during the early hours of trading in Asia, creating a "short squeeze" that sent prices higher. A short squeeze occurs when short sellers are forced to buy back the asset they had borrowed and sold, driving up the price.

Bitcoin's rally continued in the following hours, with the price soaring to nearly $37,000. After a brief pullback, the asset mounted another price increase, taking it to the same level late on Wednesday. Analysts believe that the SEC's decision on the Bitcoin ETF application is a key factor driving the current rally.

A notable aspect of this listing is the significant participation of retail investors, with 4,600 individuals taking part. This surge in retail investor interest is remarkable given their historical lack of enthusiasm for local company offerings, often attributed to inadequate awareness and limited resources to acquire substantial stakes in listed firms.

Airtel managed to boost participation by doubling the shares available for both ordinary Ugandans and institutions during the offering. However, the level of participation is deemed relatively low when compared to the 7,000 individuals who opened Securities Central Depository (SCD) accounts during the IPO that commenced on August 30, 2023. Nonetheless, it marks an increase in retail investor engagement compared to previous public offerings.

Under this partnership, Google will contribute valuable insights into global travel trends. The tech giant will work closely with the South African tourism ministry, offering strategies to target specific markets and tailor experiences to meet visitor expectations. The collaboration also includes Google committing to supporting tourism startups with training in advertising, facilitating their digitization, and enhancing the global competitiveness of small businesses.

Described by the ministry as a non-monetary partnership, the agreement was formalized in Cape Town by South Africa's tourism minister, Patricia de Lille, and Alistair Mokoena, Country Director for Google South Africa.

In contrast, shorter tenor notes, such as the 2029, 2033, and 2038 maturities, experienced undersubscription at the same auction, indicating a clear preference for the longer-dated debt. The 30-year bond, which also boasted a record yield of 18%, witnessed heightened demand.

The subscription trends reflect investor confidence in the potential of the long-dated instruments to yield significant returns over inflation in the long term. Notably, this robust response comes amidst expectations of a 27.7% annual inflation rate in October, as projected by economists surveyed by Bloomberg.

As part of the delisting process, Union Bank is initiating a buyout of all remaining shareholders at ₦7.70 per share, a premium compared to the ₦7 per share paid by TitanTrust when acquiring 89.3% of Union Bank's shares. The closing share price today stands at ₦6.70, up from ₦6.50 at the market's opening.

Mudassir Amray, the CEO of Union Bank, stated, "This move is an effort to attract larger private investments to reconsolidate our position as one of the top pioneer Banks in Nigeria." The delisting and buyout represent a strategic step towards Union Bank's goal of reinforcing its standing in the Nigerian banking sector.

The airport's opening will initially cater to cargo traffic before introducing domestic passenger flights in February 2024, followed by international flights in June 2024. Originally estimated to cost $5 billion, the government has revised the project cost down to $3.85 billion. The airport is designed to handle up to 15 million passengers annually, providing a significant boost to Angola's aviation infrastructure.

Furthermore, ANIA will replace the existing Quatro de Fevereiro International Airport (LAD) as Angola’s main international gateway and become a new hub for the country’s flag carrier, TAAG Angola Airlines.

The Spark Accelerator initiative is designed to offer selected startups valuable resources, including access to markets, capital, technology, and support for product development. The statement highlights the challenges faced by entrepreneurs in Kenya, where startup survival rates are pegged at 30% over a lifetime. Common obstacles include difficulties in securing funding for growth, limited market access, and a knowledge and skills gap crucial for scaling businesses.

Peter Ndegwa, CEO of Safaricom, expressed the company's commitment to empowering startups, citing Safaricom's own journey. M-PESA, initially launched as a startup mobile money transfer system in 2007, has evolved into a global leader in the fintech industry, illustrating the potential for growth and success in the startup ecosystem.

Following the listing, the share price of Mecure experienced an increase, reaching N3.25 billion by the end of trading on the NGX floor, resulting in a market capitalization of N13 billion (~$15 million). To mark the occasion, Mecure engaged the market with a Facts Behind the Listing presentation at the Exchange Group House.

Welcoming Mecure Industries to the Exchange, Temi Popoola, CEO of NGX, praised the company for its strategic decision to list on the Growth Board. He acknowledged that this listing provides the healthcare firm with an opportunity to raise and unlock additional capital. Popoola highlighted the detailed process of listing on the Exchange, emphasizing that it opens up avenues for growing companies like Mecure to raise funds.

The significant reduction in losses can be attributed to heightened cost discipline. With a cash balance of $54 million and a liquidity position of $147 million, Jumia implemented substantial expenditure cuts. Under the leadership of Francis Dufay, the company undertook strategic measures such as relocating senior executives from Dubai to Africa, downsizing its workforce, and shifting focus away from low-ticket item deliveries.

As part of its cost-cutting initiatives, Jumia trimmed its sales and advertising expenditure to $4.3 million, opting for reduced advertising on expensive channels and cutting back on consumer incentives. The decline in advertising spending is substantial, with a 73% drop compared to Q3 2022. Additionally, the company curtailed its general and administrative spending to $17 million as part of its efforts to enhance financial efficiency.

The UfarmX platform serves multiple purposes, linking farmers to quality inputs, often on credit with the assistance of a transparent blockchain ledger. It facilitates access to markets after the harvest and provides essential data for farmers to scale their operations.

Established in 2019, UfarmX claims to currently support over 1,300 farmers. Its expansion into Senegal is made possible through a strategic partnership with The SEED Project, an NGO founded by Amadou Gallo Fall, the President of the Basketball Africa League (BAL).

Since its launch in November 2018, KudiGo has been providing an integrated, mobile-based retail solution encompassing payments, accounting, and analytics for the consumer retail industry in Ghana and Nigeria. This has facilitated thousands of businesses in receiving payments, managing inventories, and creating robust financial models based on historical trends.

VerifiBuy enhances the security of transactions on social media by utilizing existing payment infrastructure. Notably, it aims to enable sellers to operate cashlessly with a zero percent fraud risk, while also providing buyers with a 100% refund guarantee. The platform employs an escrow system, holding funds until delivery confirmation is received, thereby ensuring the protection of both buyers and sellers throughout the transaction process.

Founded in 2019 by Luther Lawoyin (CEO), Deepak Bansal (CTO), Mosun Lawoyin (CXO), and Jummai Abalaka (COO), Pricepally aims to address food cost issues, ensure availability, and maintain price predictability in the face of shortages and inflation.

The funding will be utilized to expand beyond the three cities currently served in Nigeria and reintroduce group buying to fulfill the company's commitment to making food affordable for consumers. Pricepally enables same or next-day delivery through its digital channels, including the app and WhatsApp chatbot, utilizing a network of fulfillment centers within its operational cities while outsourcing delivery services.

While these sectors have become more accessible to foreign firms, other areas have remained restricted, limiting participation in the country's financial markets to locals and the Ethiopian diaspora. Brook Taye, the director-general of the Ethiopian Capital Markets Authority (ECMA), shared that the nation is actively working to liberalize more sectors.

"Over the past five years, the country has adopted an exceptionally progressive and forward-looking economic policy, leading to substantial improvements. The holistic approach has been instrumental in shaping the overall economic landscape," he said.

The Central Bank of Kenya confirmed the acceptance of 67.06 billion shillings, with an associated interest rate of 17.93%. The bond, available for subscription from October 20 to November 8, is set to mature in 2030. Importantly, the interest earned from this bond will enjoy tax-free status, aligning with the provisions outlined in the East African country's Income Tax Act for infrastructure securities.

This bond issuance forms a part of the government's strategy to address a 4.4% budget deficit for the fiscal year 2023/24, spanning from July to the end of June. Njuguna Ndung'u, Kenya's finance minister, presented the budget amid economic challenges, including a sluggish economy, rising inflation, and a slower-than-expected pace of tax collection, contributing to the observed deficit.

The GSE Composite Index is a vital indicator tracking the performance of all companies traded on the Ghana Stock Exchange. Despite the dip in the CI, the GSE Financial Stock Index (FSI) exhibited positive momentum, rising by 89.3 points during the month. Nevertheless, it still recorded a year-to-date loss of 3.56%, providing investors with insights into the performance of stocks on the Accra bourse.

In October, volume and value traded witnessed a notable decrease, falling by 79.42% and 77.98%, respectively, compared to the previous month. Despite this reduction in trading activity, certain stocks saw significant gains, with EGH leading at 37.21%, followed by ACCESS (9.68%), BOPP (6.98%), and ASG (0.11%).

Established in 2006, the company offers its new stakeholders a well-established business with a comprehensive service offering. In this transaction, RMB Corvest, operating through Shalamuka Capital, will acquire an effective 30% stake in Switch Telecom, significantly enhancing the Broad-Based Black Economic Empowerment (B-BBEE) scorecard of the business.

The retention of the current skilled management team is deemed significant for the business's continuity and success. Both the CEO, Gregory Massel, and the Managing Director, Shannon Swanepoel, will remain actively involved in the company as majority shareholders. This decision reflects a strategic commitment to continuity, stability, and leveraging the expertise of the existing leadership to guide the business forward.

Onafriq is leveraging Ripple Payments, Ripple's crypto-enabled payments technology, to establish three new payment corridors connecting Africa to the rest of the world. Customers of PayAngel in the UK, Pyypl in the GCC, and Zazi Transfer in Australia can now conduct fast and cost-effective remittances and business payments to recipients in 27 countries across Onafriq's pan-African network.

Using Ripple's crypto technology, Onafriq aims to overcome traditional challenges associated with cross-border payments, such as lengthy transfer times, unreliability, and high costs. The partnership aims to bring faster, more efficient, and cost-effective international money transfers to Africa, accelerating financial inclusion across the continent. This collaboration highlights the potential for blockchain and crypto solutions to address longstanding challenges in cross-border payments, ultimately benefiting individuals and businesses across diverse regions.

Pending approval from the executive board of the Washington-based fund, Kenya is set to gain access to a total of $3.88 billion. This additional funding will increase Kenya's total support under the existing Extended Fund Facility and Extended Credit Facility arrangements to $4.43 billion, according to the IMF.

The ongoing program, initially agreed upon in April 2021, witnessed its first expansion in May with an additional $1 billion injection. This included $544 million under the IMF's Resilience and Sustainability Facility (RSF) and a new arrangement under the same RSF.

The primary goal of the Komex project is to facilitate regulated access to structured trading of diverse commodities, offering market information, access to domestic and international markets, trade finance, and support services for sector regulators and participants along the value chain (such as farmers/producers, aggregators, traders, consumers, and processors).

This commodities exchange will function as an online marketplace where buyers and sellers can engage in trade with the assurance of quality, timely delivery, and secure payment. The instruments available at the exchange will initially include spot trading in commodities, with plans to introduce derivatives trading such as futures, options, and index trading at a later stage. The sectors covered will span agriculture, metals, minerals, and energy before expanding into currencies and other asset classes.

The plan involves meeting MTN Nigeria's site needs by tapping into ATC Africa's extensive portfolio, which comprises over 8,000 sites in Nigeria, with a significant portion already equipped with green energy solutions. Moreover, new sites will be deployed following ATC Africa's green site specifications.

Marek Busfy, Senior Vice President and CEO of ATC Africa expressed his enthusiasm for the collaboration, stating, "We're thrilled to further strengthen our partnership with MTN Nigeria. We believe this agreement, securing incremental lease-up on our existing portfolio and a robust development pipeline, clearly demonstrates the differentiated value ATC Africa can provide its customers through our quality of assets, leading build-to-suit capabilities, and best-in-class Power-as-a-Service and green site offerings."

In alignment with Rwanda's commitment to expanding electricity access and decreasing its carbon footprint to meet the 2024 targets, ARC Power aims to make energy accessible and affordable for all Rwandans while enhancing the country's clean energy mix. The $10 million investment, facilitated by Oikocredit and Triodos IM through the Triodos Emerging Markets Renewable Energy Fund and Triodos Groenfonds, will play a pivotal role in realizing this objective.

This investment will be utilized to broaden ARC Power's operations, executing grid expansion and implementing grid-tied distributed renewable energy generation assets throughout the nation. This initiative falls within the scope of the recently established Strategic Power Partnership between ARC Power and the Government of Rwanda.

Specifically, data for the three months spanning from July 1 to September 30 this year demonstrates a remarkable 287.8% increase in fixed wireless internet subscriptions, soaring from 7,496 to 21,574. In contrast, mobile internet subscriptions experienced a more modest growth of 1.3%, climbing from 33.96 million to 34.39 million.

However, the release of TCRA's October report coincided with growing public dissatisfaction following a controversial move by the regulator the previous month. This move involved imposing restrictions on the use of Virtual Private Networks (VPNs) to access online content, sparking increased public scrutiny and criticism.

The telecom company's statement revealed the approval of a second interim dividend of USh6.0 per share for the quarter ending September 30, 2023. According to the Uganda Securities Exchange (USE) Trading Rules 2021, the ex-dividend date is set for Tuesday, November 28, 2023. Investors purchasing MTN Uganda shares before this date will be eligible for the interim dividend, while those acquiring shares after November 28, 2023, will not benefit from the declared dividend.

The dividend payout is scheduled for December 22, and among the beneficiaries are individual and institutional investors from Kenya. MTN Uganda's positive financial results and dividend distribution reflect the company's strong performance in the telecommunications sector.

Founded in 2021, CloudFret initially addressed the challenge of empty truck returns between the Mediterranean shores by leveraging an AI algorithm-driven platform connecting shippers and carriers. This mobile Software as a Service (SaaS) solution is accessible to European carriers, freight forwarders, and shippers through various download platforms.

With the infusion of new funding, CloudFret aims to introduce an innovative solution designed to optimize empty truck returns, with a specific emphasis on the intra-European market. The startup also plans to expand its customer base among shippers and partner carriers while doubling its workforce by the end of 2024.

Led by the African Development Bank (AfDB), the AIF serves as a multi-stakeholder and multi-disciplinary platform aimed at advancing projects to bankable stages, raising capital, and expediting deals to financial closure. The $34.82 billion garnered during the Market Days highlights the significant impact and effectiveness of the AIF in catalyzing investment across diverse sectors.

The Forum showcased a broad spectrum of projects spanning various industries, including food and agriculture, renewable energy, mining, transport corridors, aviation, deep-water seaports, railways, ICT, digital infrastructure, artificial intelligence, creative industries, and health. The diversity of these projects reflects the depth and breadth of investment opportunities available across the continent.

Despite a marginal 1.2% decline in turnover, reaching 62.07 billion FCFA, attributed to decreases in the handling and warehousing sectors, the result from ordinary activities reached 19.36 billion FCFA. The outstanding performance can be attributed to effective expense management and a boost in financial income.

It's noteworthy that the achieved result far surpasses the company's performance for the entire 2022 financial year, with a remarkable net margin standing at 28.98% compared to 15.69% as of September 2023. This signifies a substantial enhancement in operational efficiency and financial health for AGL Côte d'Ivoire, reinforcing its positive trajectory and effective financial management under the new ownership.

The Akhdar platform provides users with concise 15-minute audio summaries of popular books, offering a convenient and time-efficient way to consume educational content. The platform boasts an extensive library featuring over 2500 audio materials, including book summaries, short casts, and book reviews.

On the other hand, VMS operates as a venture studio, bringing together diverse talents, resources, and ideas to transform innovative concepts into successful businesses. VMS is dedicated to actively empowering exceptional entrepreneurs, driving technological innovation, fostering job creation, and establishing a strategic presence within the Saudi market. The funding positions Akhdar to further enhance its presence and impact in the education technology landscape, particularly in Saudi Arabia.

Furthermore, the housing, water, electricity, gas, and fuel segment experienced a 7.5% year-on-year increase in prices in October. Other segments contributing to the inflationary pressures include alcoholic beverages and tobacco, where prices were 54.8% higher compared to October 2022. The restaurants and hotels segment also recorded a significant increase of 45% year-on-year.

These inflationary pressures pose challenges for consumers and businesses alike, impacting the overall economic landscape in Egypt. Addressing the factors contributing to inflation will be crucial for achieving economic stability in the country.

Sheke Mobility operates in the same space with other mobility startups like Autochek and Moove, who are addressing vehicle ownership by serving consumers and drivers, respectively through financing. Earlier this year, the startup secured a $1.95 million pre-seed investment, with support from Ventures Platform, Y Combinator, Voltron Capital, and Zedcrest.

The recent seed round was co-led by Ventures and MaC Venture Capital, with participation from a diverse group of investors. The debt component of the funding was provided by Zedvance, VFD Microfinance Bank, Zenith Bank, Fluna, and others. Some of these entities have utilized Shekel Mobility's platform for financing auto dealerships, showcasing the startup's impact on the financial ecosystem.

Marc Jury, CEO of Showmax, highlighted the company's significant growth, experiencing a 26% year-on-year increase in paid subscribers over the last four years. Showmax has strategically invested $1 billion in content production and acquisition in Africa, with a focus on strengthening its local content offerings.

While Netflix entered Africa in 2016 and initially gained several hundred thousand subscribers, it now faces challenges from both local and global competitors, with Showmax's emphasis on regional content contributing to its current market leadership.

Founded in 2017, Pineapple utilizes a technology-driven operating model that it claims allows it to service customers at 20% of the cost of traditional insurance providers. This efficiency enables the startup to pass on cost savings to customers in the form of lower insurance premiums, contributing to its growth.

The Series B funding round was led by new investors Futuregrowth, Talent10, and MIC, with additional support from existing investors including Old Mutual ESD, Lireas Holdings, ASISA ESD Fund, and E4E Africa. Pineapple's success in securing this funding is attributed to its robust growth and sustainable claims ratios, surpassing industry standards for a newer insurance portfolio.

Established in 2020 with a business presence in both Cape Town and San Francisco, Neighbourgood specializes in providing co-living and co-working spaces tailored for digital nomads and tourists. On the other hand, Local Knowledge, as a digital platform, offers curated recommendations for activities and tours in Cape Town, making it a valuable addition to Neighbourgood's expanding ecosystem.

This strategic move plays a pivotal role in Neighbourgood's upcoming launch of a mobile app designed to offer users recommendations for activities and tours. Murray Clark, the founder of Neighbourgood, emphasized the company's initial focus on constructing physical locations but revealed a broader strategy to enhance the technology that enriches the living and working experience within these spaces.

The launch of the new venture arm comes four months after InDrive entered its first US market in South Florida. With an eye on achieving profitability, InDrive sees this initiative as an opportunity to diversify its revenue streams.

Andries Smit, Vice President of New Ventures, stated that the company sees promising opportunities in various verticals across its ecosystem. Originating in Russia and now headquartered in the U.S., InDrive aims to target startups in regions where it already operates, including Latin America, the Middle East, Africa, Southeast Asia, and Central Asia.

In April, AltSchool secured a $3 million funding round, with participation from Angaza Capital, a venture capital firm that co-manages the Rwandan Innovation Fund. Notably, this investment had not been previously disclosed. While Adewale Yusuf, AltSchool's CEO, acknowledged his startup's receipt of funding from the innovation fund, specific financial details were not disclosed.

The Rwandan Innovation Fund, initiated in 2021 with a $30 million loan from the African Development Bank, plays a crucial role in Rwanda's ambition to position itself as a technology hub within the African continent. Expressing gratitude for the support received, Yusuf stated in a LinkedIn post, "The Rwandan government has been instrumental to our success since we entered the market, and we're thankful for their support."

The 3MTT program will follow a 1-10-100 model, with the minister explaining that the plan involves testing a prototype with 1% of the target, equivalent to 30,000 individuals, during the initial three months. Remarkably, the program received around 2 million applications in less than 30 days for the first cohort.

The second cohort, consisting of 30,000 participants, is set to commence in February 2023. Insights gained from these initial batches will play a pivotal role in scaling the program to achieve the ambitious 3 million target. This program is crucial as Nigeria's unemployment rate is expected to rise beyond 40% this year, up from 33% in 2020.

This new center provides visitors with an in-depth understanding of Kaspersky's engineering and data processing practices, coupled with a live demonstration of the source code for its products and services.

The Transparency Center in Kigali is accessible to Kaspersky's partners, customers, and regulatory bodies overseeing cybersecurity. It is tailored to accommodate the "blue piste" review option, a feature that has gained considerable popularity among visitors to Transparency Centers since the inaugural facility opened its doors in 2018.

As part of this effort, Paystack has decreased its workforce by 33 employees, according to a tweet by co-founder and CEO Shola Akinlade. Following its acquisition by U.S.-based fintech Stripe, Paystack expanded its geographical presence by establishing offices in Accra, Cape Town, Dubai, and Nairobi.

This expansion also involved recruiting staff in Europe through remote operations and setting up an engineering hub in Dubai. Prior to these developments, Paystack already had offices in Lagos and San Francisco.

The unexpected delay has surprised many analysts, especially since the rates meeting in September was also postponed without explanation. At that time, the Central Bank of Nigeria (CBN) had assured that new dates would be communicated "in due time." 

The current meeting, initially expected to be the first rates meeting under the new CBN governor, Olayemi Cardoso, who was approved by the Senate in September, has now been rescheduled to an unspecified date. While the acting CBN governor, Folashodun Shonubi, had raised interest rates twice, it appears that Olayemi Cardoso is opting to defer such decisions.

Founded in 2018, Zazuu initially raised a $200,000 seed round from Launch Africa and ODBA in August 2021. Subsequently, in the following year, the company secured $2 million in funding from investors such as Launch Africa, Founders Factory Africa, ODBA, HoaQ, and several angel investors.

Zazuu, which began as a simple chatbot on platforms like Facebook and Telegram, providing users with daily foreign exchange rates, evolved into a comprehensive aggregator. The platform listed over 17 Africa-focused remittance providers before its closure. The decision to shut down reflects the challenges faced by fintechs in the competitive landscape, despite the significant demand for solutions addressing high remittance costs in Africa, where the average rate for sending money from Europe is notably high.

The acquisition of Khoemacau underscores MMG's confidence in the future demand for copper, particularly as the global energy transition gains momentum. Jiqing Xu, the Chairman of MMG, stated that the purchase aligns with the company's belief in copper as a commodity with robust forward demand.

MMG's shares saw a rise of up to 7.5% in Hong Kong following the announcement. The transaction is expected to be finalized in the first half of 2024 and is anticipated to be immediately earnings accretive, according to MMG. This acquisition will complement MMG's existing copper output, which is already more than 350,000 tons at the top end of its guidance for 2023.

Established in 2018 by Lydia Koros and David FitzHerbert, and currently under the leadership of CEO Amos Mwangi, Ed Partners focuses on providing financial solutions for essential components of the education system, such as infrastructure, technology, and transportation. The organization has already made a substantial impact, reaching over 100,000 students in 350 schools.

Following a successful $1.9 million funding round in June 2021 and securing $1.5 million in debt funding from Oikocredit in August, Ed Partners has now solidified its financial position. Upon disbursement, the DFC loan will play a crucial role in fostering the expansion of accessible and high-quality education opportunities in Kenya, providing vital financial support to these schools.

In its efforts to strengthen its presence in South Africa, M-KOPA has recently sought a sales executive through postings on platforms like Glassdoor and Beebee. This move aligns with the company's commitment to expanding its reach and impact in areas such as Soweto.

Jesse Moore, CEO, and Co-founder of M-KOPA, outlined the company's ambitious plans last year, expressing its intention to expand into more markets across Africa and scale its customer base to over 10 million in the coming years. The commencement of pilot operations in South Africa signifies a significant stride toward realizing these expansion goals.

The agency did not provide specific reasons for the uptick, but a likely contributor was a 2 US cents per kilowatt-hour increase in power tariffs implemented last month. This comes after the country revised its inflation measure for the second time in 2023 on September 28, with the previous revision occurring in February. Both revisions led to a notable decline in the inflation rate. The new methodology combines price changes of goods and services in both the US dollar and Zimbabwean dollar.

In addition to the annual increase, monthly inflation accelerated to 4.5%, surpassing the central bank's target of 3% for the year. Following the methodology change, the Reserve Bank of Zimbabwe's monetary policy committee reduced the benchmark interest rate to 130% from 150%, relinquishing its position of having the world's highest interest rate to Argentina.

GoMetro's flagship product, Bridge, serves as a platform that consolidates vehicle data, irrespective of the make or model, into a unified system. This technology proves particularly valuable for fleet managers, offering them the ability to access and analyze data seamlessly, overcoming the challenges posed by disparate telematics systems associated with various original equipment manufacturers (OEMs).

The Series A funding will play a pivotal role in strengthening GoMetro's operations in the UK, Europe, and South Africa. The company also has plans for expansion into the US, Latin America, and Australia within the next 12 months, leveraging the markets where Zenobē Energy holds a significant presence. Additionally, GoMetro has an interest in entering the Middle East, specifically Dubai and Saudi Arabia, citing similar challenges and issues in fleet management in those regions.

Positioning itself with the aspiration to be the Sequoia Capital for underestimated founders and markets, EchoVC operates from offices in Lagos, Nairobi, New York, and London, boasting a diverse portfolio of nearly 70 companies.

The new fund, with a capital of $2.5 million, serves as a preliminary fund designed to identify and invest in promising pre-seed startups that are shaping the future in areas such as climate, energy, agriculture, and mobility. Through this fund, EchoVC aims to nurture early-stage enterprise development and innovation, fostering solutions that contribute to an uplift in income for all participants involved in the entrepreneurial journey.

To combat inflation, which has surpassed its 6%-8% target range, Zambia's central bank raised its benchmark lending rate from 10% to 11% last week. This move represents the fourth increase in the key rate this year by the Bank of Zambia, aiming to control inflation, which climbed from 12.0% in September to 12.6% year-on-year in October.

Following the policy decision, central bank Governor Denny Kalyalya, in a press conference, noted that inflationary pressures were expected to intensify from the fourth quarter of 2023 to the third quarter of 2025. Kalyalya also addressed the challenges faced by the Zambian kwacha, citing delays in restructuring the country's debt, which is affecting the foreign currency flows anticipated by the bank.

Established in 2015, Nawah Scientific operates as an online platform that facilitates experiment requests, sample collection, testing procedures, and the digital delivery of results. The platform's overarching goal is to empower scientists to conduct high-quality research, irrespective of their geographical location or access to laboratory facilities.

With its newfound accreditation from the US FDA for food analysis and safety, Nawah becomes the pioneer African center to attain such recognition. This achievement is poised to streamline processes for Egyptian and African companies by eliminating the need to send samples abroad for analysis, thereby saving time and costs.

Enable's tailored funding solutions address the specific challenges faced by SME subcontractors, encompassing aspects like equipment hire, the supply of building materials, and diesel procurement. By engaging directly with suppliers and service providers in bulk, Enable Capital streamlines processes for the benefit of subcontractors.

This collaboration with Verdant Capital positions Enable to continue its support for SMEs involved in fiber deployment, contributing to economic growth in vital areas and communities. The focus extends beyond affluent regions, aiming to bridge the digital divide by facilitating the rollout of fiber network infrastructure in areas with unequal internet access, thereby enhancing internet accessibility for all.

Winshot is dedicated to addressing the intricate challenges within retail distribution networks through a dual focus. Firstly, it aims to foster stronger connections, deeper involvement, and heightened engagement among internal teams operating both in the field and at the point of sale. Secondly, it employs real-time monitoring to ensure the seamless application of processes and adherence to brand standards at every point of sale within a distribution network.

Winshot plans to use these funds to establish high-caliber marketing and sales teams, solidifying a robust market presence in both France and Tunisia. Dhekra Khelifi, partner at 216 Capital, expressed confidence in Winshot's potential and commitment to supporting their journey to success, citing the startup's fantastic team and a product that addresses a real need in a promising market as key reasons for their investment.

A substantial portion of the budget, R333 million, will be allocated for site upgrades and the deployment of 98 new base stations. This expansion is designed to support Vodacom's goal of "ensuring digital inclusion for all" by bringing reliable connectivity to underserved and rural communities across the province.

The investment is expected to increase Vodacom's 3G and 4G population coverage to 99.62% and 99.14%, respectively. The company has also expanded its 5G sites to 109, reaching 29.81% of Mpumalanga's population. This progress allows 13% of data traffic to be carried over 5G, enabling customers to experience next-generation speeds.

The Africa Solar Industry Association’s (AFSIA) Africa Solar Outlook 2023 report, released earlier this year, revealed that around 1 GW of new solar capacity was installed on the continent. The commercial and industrial segment, in particular, experienced a remarkable year-on-year growth of 61.5%. Notable installations included an additional 949 MW of solar energy across the continent in 2022, marking a 14% increase compared to the 833 MW added in 2021.

Per estimates from state-run utility Eskom, South Africa alone witnessed the addition of over 1,000 megawatts (MW) of private solar capacity within two months in 2023. This surge in solar installations in the first half of the year surpassed the capacity added in the preceding six months, underscoring not only South Africa's but also the broader continent's considerable solar power potential.

Now operating as a subsidiary of Lipa Later, Sky.Garden offers merchants a range of services including access to financing, real-time transaction monitoring, direct bill payments, and the ability to make deposits and withdrawals to M-Pesa or bank accounts. Additionally, merchants have the option to open a bank account. The platform also serves as an e-commerce marketplace where shoppers can directly purchase items.

Eric Muli, the CEO at Lipa Later, stated, "Our group vision is to be a commerce catalyst for businesses and communities across Africa. We firmly believe that local ownership and operation are essential in understanding the needs of our people, contributing to the prosperity of our nation, and forging a true connection with our community." This relaunch and investment signify the commitment to fostering local business growth and facilitating financial services in the African market.

The prices of essential items such as bread, cereals, oil, fat, potatoes, yam, tubers, fish, fruit, meat, vegetables, and dairy products experienced significant increases. NBS data revealed that food inflation soared to 31.5% in October.

The Central Bank is anticipated to raise interest rates at its upcoming Monetary Policy Meeting, with the previous meeting in September being postponed, marking the first time in eight years. Financial and business advisory firm KPMG has predicted that Nigeria's headline inflation could reach 30% by December 2023, reflecting the challenging economic situation in the country.

The accelerator program will facilitate the growth of selected startups through a three-month intensive learning program focused on business expansion and mentorship. After completing the program, Visa will continue to support startups through capital investment, further accelerating their commercial launch by providing access to Visa technology and capabilities.

Alfred F. Kelly Jr., Executive Chairman of Visa, expressed excitement about Africa's vibrant fintech ecosystem, emphasizing the region's entrepreneurial talent and the growth potential of its young, digital-first population. The Fintech Accelerator aims to bring expertise, connections, and investment to Africa's leading fintech startups, fostering their growth on a larger scale.

Launched in 2013, Okada Books aimed to simplify book distribution and sales in Nigeria. The platform provided a means for Nigerian writers to engage in self-publishing, making the process more accessible and affordable.

Through its Android application and online platform, authors could directly share their books with readers and earn from their work. Okada Books operated on a business model where the platform took a 30% commission on every sale. The average book on the platform was priced between N250 ($0.31) – N500 ($0.62), with variations depending on the author's choices.

Governor Denny Kalyalya announced on Wednesday in Lusaka, the capital, that the monetary policy committee has raised the interest rate from 10% to 11%. This marks the most significant increase since November 2019. Despite previous monetary tightening efforts, inflationary pressures and the depreciation of the currency have persisted, even in the face of weakened private sector activity.

The Zambian currency has reached record lows against the dollar, prompting the central bank to raise reserve-ratio requirements for lenders for the second time in two weeks, setting it at 17% from the previous 14.5%, effective from November 27.

This agreement aims to attract $500 million in investment for renewable energy projects across Nigeria, with a primary focus on rural communities, as reported by spokesperson Ajuri Ngelale. The second MoU revolves around a gas export partnership and involves Riverside LNG of Nigeria and Germany's Johannes Schuetze Energy Import AG.

Under this agreement, Nigeria commits to supplying 850,000 tons of natural gas to Germany annually, with expectations for this volume to increase to 1.2 million tons. The initial deliveries are scheduled for 2026, marking a significant collaboration in the energy sector between the two nations. The deal will help process about 50 million cubic feet per day of natural gas that otherwise would have flared.

Despite the change in outlook, Fitch Ratings has maintained Cameroon's rating at "B," demonstrating a degree of optimism compared to other rating agencies. In August, both S&P and Moody's had downgraded the country's rating to the "Ultra-speculative" category.

This downgrade was a result of delayed payments on a debt owed to Deutsche Bank Spain. Fitch clarified that they did not classify this as a default because they applied a 30-day grace period. Furthermore, Fitch noted that all of Cameroon's external arrears, amounting to 0.2% of GDP, have been settled.

Small-scale fish farmers in Kenya often encounter challenges such as limited resources and access to high-quality feed. Aquarech aims to address these issues by increasing production, improving the economics of small-scale farmers, and fostering the overall growth of the aquaculture industry in Kenya. The startup supports farmers by offering quality feed, implementing climate-smart precision fish feeding techniques, providing market access, offering technical training, and extending financial access, including a 90-day credit period for feed payments.

The recently secured funding will be utilized by Aquarech to hire talent, acquire additional feed, and establish infrastructure to further integrate its technology vertically. The investment was led by Aqua-Spark, a Netherlands-based global aquaculture investment fund, with additional capital contributions from Acumen, Katapult, and Mercy Corps Ventures. This funding is poised to significantly contribute to Aquarech's mission of revolutionizing and advancing the aquaculture sector in Kenya.

This move into the Asian market is a key component of a broader global expansion strategy. The bank aims to deepen its presence in Francophone Africa, foster stronger connections in North Africa, and extend its footprint across Europe. Access has already established wholesale banking operations in London and Paris, commencing operations in May.

Herbert Wigwe, the CEO of Access Holdings, the parent company of Access Bank, expressed optimism about receiving approval from monetary authorities "by this side of Christmas." Although Wigwe did not disclose the specific country for the bank's Asian launch to avoid preempting local regulators, he confirmed, "We will definitely be in Asia by the first quarter of next year."

Botala Energy Limited, an Australian energy company with a focus on exploration and development opportunities for natural gas and renewables in Botswana, undertook the listing of all its issued shares on the Foreign Main Board through the Way of Introduction, in accordance with the BSE Listings Requirements.

This listing signifies a significant milestone for both Botala and Botswana's capital market. Firstly, it expands the accessibility of investment opportunities for both local and international investors, thereby fostering economic growth and diversification. Botala offers Botswana's investors the opportunity to participate in the success of the country's energy sector, thereby contributing to the overall development of the local economy.

Arabian Cement reported standalone net profits of EGP 342.50 million for the 12-month period ending on December 31, 2022, marking a significant annual increase from EGP 27.12 million. In the first nine months (9M) of 2023, the company's consolidated net profits attributable to the owners reached EGP 500.24 million, surpassing the figure from the same period in the previous year, which stood at EGP 262.26 million. Additionally, standalone net profits after tax rose to EGP 502.69 million in 9M-23, compared to EGP 244.74 million in 9M-22.

In a recent development, the European Bank for Reconstruction and Development (EBRD) has collaborated with A³&Co., a consulting firm, to lead a sustainable initiative at the cement company. This initiative aims to reduce carbon emissions and lower costs through innovative, environmentally responsible approaches, supporting the company's transition to NetZero.

Having been active in the French-speaking startup ecosystem since 2018 with its first €10 million fund, Saviu invests in seed-stage startups. While sector-agnostic, the current fund places emphasis on fintechs, health-techs, and climate-techs, while slowing down investments in e-mobility, e-commerce, and e-logistics.

The firm intends to invest between €500,000 and €3 million in 15 to 20 post-revenue startups with its second fund. The firm adopts a strategy of supporting "sustainable companies" and provides business development assistance in addition to financial investment. Notable investments from the second fund include Waspito, a Cameroonian health tech; Rubyx, a Senegalese digital lending SaaS provider; and Workpay, an HR payroll provider.

Despite the market capitalization decreasing by N132 billion to close at N39.04 billion, the benchmark All-Share Index saw a 0.17% appreciation, closing at 71,353.81 points. The market also witnessed increased trading activity, with 746.67 million units traded compared to 582.77 million units the previous Friday. Additionally, the value of trade rose to N5.945 billion compared to N4.27 billion.

“We must make difficult decisions regarding capital adequacy,” Governor Olayemi Cardoso said on Friday. “As the first steps, the central bank will be directing banks to increase their capital,” he told bankers during a dinner speech in the commercial hub of Lagos.

The new funding has been obtained from four investors, namely Creadev, Juven, TLcom Capital Partners, and DOB Equity—all of whom participated in Twiga's 2021 $50 million Series C funding round. Twiga's CEO, Peter Njonjo, confirmed the completion of their restructuring and refinancing in a now-deleted Medium article posted two weeks ago.

Njonjo mentioned, “We have sent over 100 letters informing suppliers that we have now finalized our restructuring and refinancing, and they will finally have their long outstanding dues paid.”

The hybrid solar solution is anticipated to generate 5,249 MWh of electricity annually, covering 42% of the Lagos brewery's daytime power consumption. By integrating solar into the factory's energy mix, the initiative aims to reduce dependence on diesel generators, displacing an estimated 31.4 million liters of diesel and offsetting around 84,758 tons of CO2 over the 20-year lifetime of the installation.

Nigerian Breweries, a subsidiary of Heineken and one of Nigeria's leading manufacturers, is known for producing popular beverages such as Star Beer and Maltina. This collaboration with Daystar aligns with Heineken's commitment to decarbonize its own production by 2030 and achieve decarbonization across its entire value chain by 2040.

The operating revenue for the same period surged by 271% year-on-year, reaching EGP 957 million. This growth is attributed to strong operational performance across non-banking financial institutions (NBFIs), the investment bank, and other ventures.

The NBFIs operating revenue experienced remarkable growth, reaching EGP 478 million, reflecting a substantial increase of 680% year-on-year. Meanwhile, the investment bank's operating revenue stood at EGP 198 million, and the securities brokerage margin lending portfolio rose to EGP 621 million. Beltone's assets under management (AUM) reached EGP 23 billion at the end of September, contributing to the positive overall financial performance.

Established in 2022, Cynoia is dedicated to simplifying and optimizing collaboration within companies. Its platform consolidates a comprehensive suite of essential tools, covering various aspects such as chat and video conferencing, email and calendar management, document handling, and project management.

With a user base spanning over 3,000 individuals across nine countries, Cynoia is poised for further growth following this funding injection from investors such as United Gulf Financial Services, 216 Capital Ventures, and Bpifrance. The startup aims to strategically expand its presence in UEMOA markets, with a particular emphasis on Senegal and Ivory Coast.

Mtor stands out as a transformative force in the automotive aftermarket industry, offering advanced technological solutions to streamline the currently fragmented supply chain. The platform serves as a centralized hub, enabling local car workshops to access a diverse array of automotive spare parts promptly and at competitive prices. With a focus on meeting the needs of mechanics and car owners, Mtor aims to enhance delivery speed and provide accurate data, simplifying and expediting the overall workflow for mechanics.

The funds will be channeled towards expanding Mtor's product suite, digitalizing local car workshops, and addressing inefficiencies prevalent in the automotive spare parts supply chain across Egypt and the broader region. Mtor has strategically partnered with key spare parts importers, facilitating their distribution to workshops while equipping them with predictive demand data to optimize importing cycles and cash flow.

In seasonally adjusted terms, the quarter-on-quarter contraction of 0.2% was slightly larger than the 0.1% predicted by analysts polled by Reuters. This downturn follows two consecutive quarters of growth. The recent figures indicate that Africa's most industrialized economy only expanded by 0.3% in the first nine months of the year.

Joe de Beer, the head of economic statistics at Statistics South Africa, remarked that nearly all sectors of the economy showed minimal growth or decline. "The economy has moved sideways... the numbers are just oscillating around zero," he stated during a briefing in the capital, Pretoria.

Established in February 2021, Stitch specializes in providing payment infrastructure solutions that facilitate faster business scaling and increased operational efficiency. The Stitch payments API and accompanying tools streamline the integration of businesses across various sectors with the financial system, ensuring seamless and enjoyable experiences for users.

Through the Pay with Crypto option, South African businesses can give their customers the flexibility to either make deposits or complete transactions using cryptocurrency from their VALR or Binance wallets. Alternatively, customers can directly send Bitcoin or Ethereum. The businesses will receive settlements in ZAR, providing them with a convenient solution to navigate and mitigate currency volatility.

The 2023 program, sponsored by Absa, reflects the ongoing commitment of Grindstone to propel high-growth ventures forward. The selection comprises eight startups, with seven originating from South Africa and one representing Lesotho.

This strategic partnership with Absa is anticipated to provide significant opportunities for the chosen African startups. The program's distinctive focus on market access readiness is poised to catalyze growth, innovation, and overall prosperity, according to Catherine Young, the managing partner of Grindstone.

The monetary policy committee implemented a significant increase of 200 basis points, bringing the benchmark interest rate to 12.5%, marking the most substantial hike since 2011. Governor Thugge conveyed this announcement in an emailed statement from Nairobi on Tuesday.

The bank's Monetary Policy Committee (MPC) explained the decision, stating, "There is a need to adjust the monetary policy stance to address the pressures on the exchange rate and mitigate second-round effects. This will ensure that inflationary expectations remain anchored while setting inflation on a firm downward path towards the 5% mid-point of the target range."

Founded in 2021 by Cossi Achille Arouko (CEO), with a background in software engineering and previous experience leading initiatives at Paystack, and Samy Chiba (COO), Bujeti aims to streamline financial management for African businesses. The platform is a comprehensive solution, integrating all necessary components for businesses to handle their finances and operations seamlessly.

With the newly secured investment, Bujeti intends to expedite its growth, expand its market share, and diversify its product offerings. The fintech startup is specifically focused on introducing credit lines for small and medium-sized businesses (SMBs) and creating new products tailored to the unique needs of enterprises.

Pivo initially raised $100,000 in a pre-seed round from investors such as Microtraction, FirstCheck Africa, and Rally Cap Ventures just two months after its launch. Subsequently, the startup secured a $2 million seed round in November 2022.

At that time, Amadi-Emina expressed plans to utilize the funds to expand into East Africa and introduce new products focusing on addressing payment challenges for SMEs in the supply chain sector. The decision to shut down raises questions about the factors influencing Pivo's closure and the challenges faced in achieving its expansion goals.

The MT modules, integrated into balls and worn by players, are tracked by Radio Frequency (RF) beacons around the field to accurately collect and process data. The wireless hardware and cloud-based platform can be set up and broadcast-ready within 90 minutes, providing near-zero latency for game analysis. Sportable's partners leverage the insights delivered through APIs and event streams to generate actionable real-time data.

This investment is expected to enable Sportable to further extend its successful partnerships with major international tournaments, including the Six Nations Rugby Championship, as well as global ball manufacturers, media companies, and sporting leagues. The funding will support the company's growth and development as it continues to innovate in the sports technology space.

One key factor contributing to the substantial gross earnings of Nigerian banks from January to September is the increased interest income resulting from rising interest rates throughout 2023. Tier-1 banks in Nigeria, including Access Bank, GT Bank, First Bank, Zenith Bank, and UBA, reported a cumulative interest income of N3.394 trillion in the nine months ending September 2023, reflecting a significant 70.9% year-on-year growth from the same period in 2022.

Another notable source of income for banks in 2023 has been forex revaluation gains due to the devaluation of the Naira. Tier-1 banks collectively reported a cumulative income of N897.2 billion from forex revaluation gains in the first nine months of 2023. However, it's essential to note that in September 2023, the Central Bank of Nigeria (CBN) restricted banks from using gains from forex revaluation for dividend payments and operational expenditures. This introduces a new dynamic that may impact future financial strategies for these banks.

Having already executed two investments (Laprophan and Cash Plus), MC IV is poised to deploy up to €350 million in African businesses, facilitating their realization of full operational and growth potential. Mediterrania Capital Partners' funds are strategically aimed at mid-cap companies in sectors pivotal for developmental progress.

In addition to providing crucial financial support to targeted businesses, Mediterrania Capital is collaborating with BII to develop a new impact framework. This framework will significantly focus on fostering climate and gender impact within its investment companies, reflecting a commitment to broader sustainability and inclusivity goals.

Equipped with its collections and disbursement payment solutions, Cellulant empowers global and regional merchants in Egypt to effortlessly manage their B2B and B2C payments both domestically and internationally. This includes transactions through mobile money, wallets, cash, cards, or direct bank transfers across a diverse range of payment methods and currencies.

Ahmed Marwan, Cellulant's General Manager for Egypt and North Africa, emphasized the strategic timing of obtaining these licenses, stating, "With the prevalence of prepaid cards and mobile wallets already exceeding 40% of the adult population in Egypt, the timing of Cellulant's acquisition of these licenses could not be more opportune."

The fast-track listing process is designed for HKEX-listed companies with a minimum operational history of 18 months. These companies can seek a listing on the JSE Main Board or Alternative Exchange without the requirement of a pre-listing statement; instead, they can proceed with a pre-listing announcement. 

Despite this streamlined approach, the framework ensures that investors have access to pertinent information about the company, facilitating well-informed investment decisions. This initiative aims to simplify the dual-listing process by leveraging the wealth of market information available for these companies in their primary markets.

Surayyah Ahmad, an experienced founder who launched the E-commerce startup YDS Online in 2017 (which was acquired in 2022), is also the co-founder of Ethco, a startup assisting ethnic stores in going digital. She serves as the chairman of the Northern Founders Community. Ahmad's co-founder, Sanusi Ismaila, has been a key figure in technology innovation in Northern Nigeria, founding Colab, likely the largest innovation hub in Kaduna State.

The firm envisions contributing to the transformation of Northern Nigeria, a region home to over 100 million Nigerians. The fund also aims to redirect attention away from Lagos, which currently houses more than 80% of startups in Nigeria. This initiative reflects a broader effort to promote regional diversity and inclusivity within Nigeria's startup ecosystem.

Arrie Rautenbach, Chief Executive Officer of Absa Group, expressed that this transaction aligns with Absa's growth objectives in Africa, where they perceive substantial opportunities. He emphasized the organization's commitment to creating a more diversified business across geography, segments, and products, deploying capital to attractive growth prospects across the continent with the aim of becoming a leading pan-African bank.

The deal also underscores Absa Mauritius's dedication to expanding its role as a significant player in the Mauritian economy. Through this transaction, Absa Bank Mauritius aims to enhance the scale of its Retail and Business Banking division, capitalizing on existing resources, expertise, and infrastructure, including its innovative digital solutions.

This collaboration is strategically designed to extend access to the comprehensive Payment24 platform across Europe, offering a wide range of services including payment solutions, fleet management, mobile and retail services, loyalty programs, electric vehicle (EV) services, and Cloud Switch solutions.

Founded in 2013 by Nolan Daniel and Shadab Rahil, Payment24 has established a significant presence on five continents and operates in 18 countries. Notably, the company originated as a digital fuel management and telematics platform and has evolved into a major player in the global payment and loyalty solutions space. Payment24 presently operates one of Africa's most extensive private refueling and fuel loyalty networks, with billions of liters of fuel transacted through its platform annually.

The funds will play a crucial role in supporting AHN's accelerated pan-African growth and expansion initiatives, addressing significant gaps in the availability of high-quality and affordable renal care across the continent. Africa50, leading the equity funding, specializes in investing in high-impact, high-growth businesses and projects across Africa. AfricInvest contributed debt financing through its Transform Health Fund (THF). Ohara Pharmaceutical Co Ltd also played a key role in the consortium.

Matt Williams, AHN's Chief Executive, expressed optimism about the impact of this funding in the fight against kidney disease and the improvement of the overall healthcare landscape in Africa. The investment will empower AHN to broaden access to care, enhance technology and disease prevention, strengthen its healthcare workforce, and maximize its development impact and sustainability.

The Startup Engagement Portal serves as the gateway to the provisions outlined in the Startup Act. Positioned as the central hub, it is designed to streamline startup processes. Section 30 of the Act establishes this portal as a comprehensive resource for startups, offering assistance in navigating paperwork and facilitating registration with key agencies such as the Corporate Affairs Commission, the Securities and Exchange Commission, and the Central Bank of Nigeria. Notably, startups registered on the portal, referred to as "labeled startups," stand to benefit from fiscal advantages, including tax breaks.

Furthermore, the Act implies that only startups registered on the Portal will be permitted to operate within the country. Tijani emphasized in a tweet that the Portal will be crucial in selecting representatives for the Startup Consultative Forum. This forum, in turn, will be responsible for appointing leaders for the National Council for Digital Innovation and Entrepreneurship (NCDIE), the governing body tasked with implementing the Startup Act.

Despite inflation experiencing a notable increase to 5.9% year-on-year in October from 5.4% in September, nearing the upper limit of the central bank's target range of 3%-6%, the bank chose to keep the rates unchanged. Central Bank Governor Lesetja Kganyago, addressing a news conference, expressed concern about the uptick in inflation in October, stating that "serious upside risks" to the inflation outlook persist.

Analysts are projecting a potential interest rate cut by the central bank in early 2024. However, some caution that the bank might delay its easing cycle due to persistent high inflation. The MPC of the South African Reserve Bank has emphasized its preference for inflation to consistently hover around the midpoint of its target range before contemplating any rate adjustments.

In an interview with the Financial Times, Dangote confirmed that the company has successfully addressed challenges related to crude oil supply, clearing the path for the refinery's listing. This development is anticipated to enhance investor confidence and open up new avenues for growth for Dangote Industries.

Having resolved issues concerning crude oil supply, Dangote expressed readiness to proceed with the plans for the refinery's listing on the Nigerian Exchange Limited. Furthermore, he articulated his vision for the refinery to evolve into an independent entity, solidifying its standing as a prominent player in the global oil and gas industry.

This decision comes after a cumulative 16.5 percentage points increase in borrowing costs since November 2021. Governor Ernest Addison emphasized that the disinflation process is expected to persist with the current tight monetary policy stance and a relatively stable currency and base drift effect.

Although inflation is showing signs of deceleration, it remains elevated relative to the target, necessitating the need to sustain the policy rate at a higher level until inflation is firmly anchored on a downward path toward the medium-term target. In addition to maintaining the interest rate, the Monetary Policy Committee (MPC) increased the cash reserve ratio requirement on all bank deposits from 14% to 15%, effective November 30.

Nigeria, recognized for its appeal in the African digital infrastructure landscape, boasts a favorable regulatory environment and a substantial population. Pan African Towers perceives significant investment opportunities in the country's telecom sector.

Presently managing 760 towers with approximately 1,200 tenants, Pan African Towers aims to triple these figures in the upcoming years. The company plans an expansion by introducing new towers and exploring acquisitions and partnerships. The primary focus remains on delivering substantial value to mobile network operators (MNOs) and other stakeholders in the telecom sector.

The government, seeking fiscal consolidation and economic development, aims to partially privatize these entities. Among the companies listed, the Kenya Pipeline Company, fully owned by the government, stands out as a profitable entity with a monopoly on the transport of gas and white oil products. 

The finance ministry has invited public input on the privatization plan until December 11, as mandated by the constitution. This move marks Kenya's renewed focus on privatization, the last instance being in 2008 when the government conducted an initial public offering, offering a 25% stake in the telecommunications firm Safaricom.

This marks the initial phase of a larger $65 million investment initiative designed to support CSquared's expansion and overall growth. Concurrently, CPDIF has acquired Google LLC's stake in CSquared. At present, CSquared has a presence in six markets spanning the continent, namely Uganda, Ghana, Liberia, Kenya, the Democratic Republic of Congo, and Togo.

Originally conceived as a Google project in 2011, CSquared emerged with the goal of constructing metropolitan fiber optic networks in sub-Saharan Africa, functioning as a carrier-neutral operator of shared infrastructure. The company's overarching mission is to enhance Internet accessibility in Sub-Saharan Africa and lower Internet costs by strategically investing in the essential infrastructure required to propel digital transformation across the region.

The selected entrepreneurs will benefit from the Endeavor ScaleUp methodology over a 28-month period, involving expert mentors, immersive business development training, fundraising support, and a robust peer network of accomplished entrepreneurs who have successfully built and managed businesses.

Managing Director of Endeavor Kenya, Maryanne Ochola, emphasized the program's significance in scaling high-growth companies within the ecosystem. She highlighted the Endeavor ScaleUp program as an exceptional opportunity for ambitious local founders to leverage global expertise and curated services, accelerating their path to scale.

This successful raise follows a $2 million pre-seed funding round in March 2023, led by Pale Blue Dot, with participation from Superorganism, a contributor to this seed round, and new investors like Satgana. Amini, boasting a team with over 20 years of combined experience in developing AI solutions for tech giants like NVIDIA, Arm, and Apple, is committed to building an AI ecosystem tailored to the emerging markets it serves.

The funds from this latest round will fuel Amini's expansion into new sectors, particularly supporting major food and beverage companies and consumer packaged goods producers seeking sustainable transformations in their supply chains across the tropical belt. This momentum builds on Amini's initial success with corporations and multinationals in the agricultural and insurance industries, including collaborations with Aon, a global professional services firm.

The updated figures are part of the 2023 Africa’s Macroeconomic Performance and Outlook (MEO) update, following the Bank's 2023 Africa Economic Outlook released in May. Despite a global decline in inflationary pressures, Africa continues to grapple with persistent inflation, projected to average 18.5% and 17.1% in 2023 and 2024, respectively, according to the update.

Prof. Kevin Urama, Chief Economist and Vice President of the Bank noted, “The challenging global economic environment and multiple shocks continue to shape Africa’s macroeconomic performance. The entrenched inflationary pressures threaten to reverse all the macroeconomic gains made since the easing of pandemic risks while the continued depreciation of domestic currencies in many countries has exacerbated debt service costs.”

The startup's new UK logistics hub, coupled with the recent introduction of eco-friendly bikes, represents a significant milestone as Fez expands its digital footprint across borders. The focus is on facilitating easy cross-border shipping from the UK, and the logistics hub is expected to streamline delivery processes, improve efficiency, and provide faster and more reliable delivery services to customers.

Seun Alley, CEO and co-founder of Fez Delivery stated, "At Fez, our expansion into the UK marks a pivotal milestone in our commitment to revolutionize shipping. Our strategic alliances with leading local delivery firms, suppliers, and vendors in the UK have been instrumental. These collaborations have strengthened our supply chain and expanded our operational reach significantly."

The funding for this surge will primarily be sourced from an anticipated more than doubling of tax revenue to Z$51.2 trillion. This increase in spending comes in the wake of an 89% depreciation of Zimbabwe's dollar against the US currency in the current year, coupled with an annual inflation rate exceeding 176% in June.

It's noteworthy that authorities have since revised the method of measuring price growth. As of November, prices have risen by 21.6% year-on-year. Notably, the majority of transactions within the country are conducted in US dollars.

The company operates on a pay-as-you-drive model, providing its electric buses to matatu companies. Customers are presented with the flexibility to purchase an electric bus without a battery, resulting in a reduced initial cost. Alternatively, they can choose a pay-as-you-drive subscription, which includes the lease of the battery. This subscription model allows for a more accessible entry point for businesses interested in adopting electric buses while managing costs through a battery lease arrangement.

The newly acquired funds are earmarked for expanding the assembly of electric buses in Kenya, as BasiGo endeavors to meet the goal of delivering 100 buses in the country. Currently, the company has deployed 19 buses on the streets of Nairobi, operated by various matatu companies (privately owned mini-buses used for public transport).

Through Bitmama's cross-border payments solution, Changera, this acquisition signifies a significant departure from earlier speculations, particularly those suggesting a potential acquisition by the primary investor, Moniepoint. Changera is poised to strengthen its position in blockchain payment by taking over Payday's entire customer base.

Launched in 2021, Changera is now in the process of assimilating key personnel from various departments of Payday, including marketing, customer service, and engineering. The integration is already in progress, with several Payday employees transitioning to roles within Changera.

The round was led by Mercy Corps Ventures and Chui Ventures, with participation from notable entities such as Digital Currency Group, SOSV, Resilience17, growX ventures, Orbit Startups, Reflect Ventures, and involvement from angel investors and advisors associated with prominent global tech companies like Google, Salesforce, and Zendesk.

The infusion of capital will enable tappi to intensify its presence in existing markets, with a primary focus on talent acquisition and overall brand building. This strategic use of funds aligns with tappi's mission to enhance digital commerce capabilities for SMEs.

The move is part of Lidya's strategic decision to emphasize its Lydia Collect tool, developed last year for its in-house SME lending business. This tool has since become central to Lidya's new business direction. Lidya Collect is based on the technology supporting Nigeria's Global Standing Instruction (GSI), a system that enables connected lenders to directly debit the accounts of loan defaulters in other banks.

Kehinde highlighted Nigeria's tech-savvy lending ecosystem as the ideal launchpad for their solutions, particularly those supporting data-driven decision-making. The company worked in collaboration with the Nigerian Inter-Bank Settlement System (NIBSS) to build Lidya Collect on top of the existing GSI infrastructure. This strategic shift underscores Lidya's commitment to leveraging innovative solutions within the Nigerian market for credit assessment and loan recovery.

Market operators indicate that the initial tranche experienced a subscription rate exceeding 50 times. These early statistics position the CFG Bank IPO as even more popular than Marsa Maroc's privatization, marking it as one of the notable success stories in the recent history of the Casablanca Stock Exchange.

For context, TGCC's IPO, considered the most popular in the last six years, garnered interest from 11,800 investors and was oversubscribed 22 times. The construction specialist aimed to raise 600 million dirhams. In a more recent comparison, Akdital's 1.2 billion dirham IPO attracted 8,225 investors and was oversubscribed 3.8 times.

Chui Ventures secures a noteworthy $9 million from the fund, VestedWorld receives a substantial $10 million, and SME Impact Fund is granted a significant $8 million. This marked infusion of funds represents a pivotal step in advancing impact-driven initiatives on the continent. Notably, this latest round of investments brings the total number of recipients supported by the Africa Growth Fund to five.

Before this development, the Mastercard Fund had already made noteworthy investments, allocating $2.2 million to Aruwa Capital and $5 million to Inua Capital. Aruwa, a women-led investment firm established in 2019, focuses on supporting women entrepreneurs and businesses that cater to the needs of women. The firm has directed its investments into various ventures, including Fastizers, CrowdForce, Taeillo, Pngme, and Lifestores Pharmacy.

Banga emphasized this initiative as an exemplary use of funds from the bank's IDA, which extends zero- or low-interest loans to low-income countries, underscoring the importance of support from donor countries.

Highlighting the ambitious plan, Banga stressed the need for World Bank shareholders, donor countries, and philanthropies to increase their contributions, emphasizing that creative financial engineering alone cannot compensate for the growing demand for concessional resources. He stated, "The truth is we are pushing the limits of this important concessional resource and no amount of creative financial engineering will compensate for the fact that we need more."

These projections contrast with the 2023 targets of 5.0% growth and a budget deficit of 8.7% of GDP. Tonela clarified that the 2024 deficit would be funded through external grants, constituting 5.4% of GDP, foreign loans at 1.9% of GDP, and domestic borrowing amounting to 3.0% of GDP.

The finance minister outlined that the anticipated growth in 2024 would be propelled by various sectors, including extractive industries, agriculture, and finance, among others. This strategic focus aims to drive economic development in Mozambique in the coming year.

Simon Tiemtore, the president of Vista Bank headquartered in Guinea, emphasized that this agreement aligns with Vista's expansion strategy, aiming to establish itself as a pan-African group present in 25 countries. The completion of the sales is contingent on regulatory approvals, according to Vista.

Following these transactions, Societe Generale will maintain its presence in 10 African countries. Additionally, a strategic review of Societe Generale's 52.34% stake in Tunisia's Union Internationale de Banques (UIB) is ongoing, according to a spokesperson for the bank. Financial details of the deals were not disclosed.

As reported by TechCrunch, at the time Lami publicly disclosed the acquisition, only a two-year "strategic partnership agreement" was in place. Bluewave founder Adelaide Odhiambo shared that the groundwork had been laid for an acquisition once Lami's fundraising campaign, which was gaining momentum around the same time, was successfully closed. Lami eventually raised a $3.7 million seed extension led by Harlem Capital.

Odhiambo, who joined Lami as head of partnerships, alleges that the terms of the deal, including the acquisition cost, began to change, leading her to step away from the agreement in August of the same year. In the meantime, Bluewave had licensed its technology to Lami and onboarded partners and employees based on the terms of the initial agreement. Lami declined to provide comments on the situation.

Mark Smargon, CEO of Fuse Network, mentioned that there are already interesting businesses in Africa with innovative Web3 use cases, and the program aims to facilitate the scaling of such solutions. Fuse Network, founded in 2019, supports various projects in decentralized finance (DeFi), non-fungible tokens (NFTs), and gaming sectors.

Additionally, it provides a blockchain payments API platform, allowing businesses and developers to access advanced payment capabilities. The grant program is currently open for applications, and interested businesses and startups can apply through the Fuse website.

The company plans to increase production to 15,000 vehicles per year within the next three years and intends to introduce electric models, according to CEO Nassim Belkhayat in an interview in Marrakech with Bloomberg. Neo Motors is exploring additional financing options in discussions with the African Development Bank.

Neo Motors' endeavors mark a significant development for Morocco's automotive sector, aligning with the government's broader strategy to transform the North African nation into a prominent manufacturing and trade hub, fostering collaboration with both Western and Chinese markets. Notably, Stellantis NV's Peugeot and Renault vehicles are already assembled in Morocco, with a current emphasis on enhancing value by locally manufacturing key components.

Malawian authorities had previously reached a staff-level agreement with the IMF for a four-year Extended Credit Facility back in September. In response to severe shortages of fuel, medicines, and fertilizers linked to foreign currency shortages, Malawi devalued its currency by 30% earlier this month.

Finance Minister Simplex Chithyola Banda expressed relief, stating, "The decision is a big breather for us and our economy." He highlighted two major expected benefits: the resumption of budgetary support from traditional donors and the alleviation of foreign currency shortages. Malawian President Lazarus Chakwera, claims that the IMF program would pave the way for additional financial support from development partners.

Yuguda, represented by Dayo Obisan, Executive Commissioner, Operations, explained that the creation of the new e-dividend portal is a proactive measure to address the persistent issue of unclaimed dividends. He stated, "Once operational, this portal will simplify the process of mandating accounts for e-dividend. This will improve efficiency and ultimately lead to a significant fall in unclaimed dividends."

In addition to the e-dividend portal, Yuguda highlighted the SEC's commitment to preventing new dividends from becoming unclaimed. The Commission is actively supporting the development of an identity management system to ensure proper identification of investors and market participants, thereby preventing the issues that have led to the accumulation of unclaimed dividends.

Established in 2020, Chari provides a platform for traditional proximity store owners in Morocco to order and receive product deliveries. The startup claims to have onboarded over 20,000 food businesses in Morocco and has expanded its operations into Tunisia and Ivory Coast.

The recent investment, associated with Université Mohammed VI Polytechnique (UM6P), adds to Chari's capital. UM6P Ventures aims to promote entrepreneurship and accelerate scientific innovation in Morocco and across Africa, operating through two funds: a Deeptech projects fund and a Digital Transformation fund.

Founded in 2021 by Moni Alli, a former McKinsey consultant with a background in digital transformations for major banks in Nigeria, South Africa, and Morocco, FrontEdge is addressing the SME financing gap in Africa. The fintech operates a lending-first platform that diverges from traditional banking models, allowing SMEs to access upfront capital without needing collateral.

The company aims to provide SME exporters and importers with working capital and innovative software tools. FrontEdge plans to utilize the capital to expand its team, extend its financing product to multiple African countries, and introduce additional products to diversify revenue streams. TLG Capital, the lead investor, expresses confidence in FrontEdge's mission to empower African SMEs and enhance their participation in global trade.

The inflation rate exceeding the median estimate of 5.6% by 19 economists in a Bloomberg survey suggests some unexpected pressure. However, factors such as softer oil prices and the appreciation of the rand against the dollar since the last meeting in September may contribute to a potential easing of price growth in the coming months. 

Additionally, core inflation, which excludes food and energy costs, decelerated to 4.4% from 4.5% in September. These factors could influence the central bank's decision on whether to adjust interest rates.

The 2023 accelerator will span six months, catering specifically to post-seed to Series A green sector startups. With the support of the ecosystem and strategic partners, Grindstone aims to enhance the growth of the selected startups by addressing gaps in their knowledge and business skills through in-depth workshops and monthly coaching sessions.

Participants will benefit from learning experiences with Grindstone's alumni and established ecosystem network partners such as Green Cape and Savant, and they will become part of a community that includes sustainability-focused investors.

Often likened to the 'Facebook for healthcare,' Waspito is a health-centric social network that empowers users across Africa to seamlessly connect with verified doctors through instant video calls, diverging from traditional telemedicine models that involve pre-registration and appointment booking.

Given the scarcity of doctors, with fewer than 2 for every 10,000 people in target countries, Waspito aims to bridge this gap by offering a comprehensive platform for all healthcare services. The platform enables patients to make payments through various channels, including insurance, thereby incentivizing doctors to remain available online for extended periods.

The startup offers performance-based sportswear and equipment for a variety of sports, directly sourced from both local and international brands. The platform caters to a broad spectrum of athletes, from young enthusiasts to professional champions.

Furthermore, it provides customers with a seamless experience by overseeing the entire product journey, including warehousing, quality checks, sales, and delivery processes. Moreover, the platform invests in training customer service personnel to assist and guide sports enthusiasts throughout their journey.

As a pioneer in investment banking in Morocco, CFG was founded in 1992 by Adil Douiri, Amyn Alami, and Moroccan and foreign institutional investors. Over the years, CFG Bank has become a prominent independent, multi-business investment bank in Morocco, securing a strong position in various market segments and earning a reputable status.

The subscription period for the IPO is set to take place from Thursday, November 30, 2023, to Thursday, December 7, 2023. The share price has been established at 110 MAD. CFG Bank shares will be available for purchase at all bank branches and brokerage firms, facilitating accessibility for potential investors.

The full program is set to be unveiled by President Filipe Nyusi on December 2 at the COP28 international climate summit in Dubai. The strategy positions Mozambique to be a global leader in climate-aligned development. The government also plans to conduct more auctions, aiming to incentivize the development of privately owned solar and wind power plants. 

Additionally, it will establish "green industrial parks" with the goal of promoting the processing of the country's minerals, including those essential for the green transition, such as lithium and graphite. These initiatives align with global efforts to transition to cleaner and more sustainable energy sources while also harnessing the economic potential of renewable resources and fostering green industrial development.

In an interview with CNBC Africa, Damilola Aloba, a partner at Ernst & Young, discussed the key findings of the report and provided insights into how Africa can maximize the attention it is currently receiving.

Aloba highlighted the challenges faced by FDI in Africa, pointing to global shocks such as the Covid-19 pandemic and the Russia-Ukraine war. These events eroded investor confidence, leading to caution in committing capital to African markets. Travel restrictions and disruptions in the global supply chain exacerbated the situation, hindering investment processes and creating vulnerabilities in sectors such as tourism, hospitality, and manufacturing.

Of this amount, $18.3 million has been earmarked for the rehabilitation and expansion of the Port Autonome de Cotonou in Benin. The funding will support the implementation of climate-proofing measures and best practices in port operations to address the risks associated with climate change, including temperature and sea level rises, and droughts. Importantly, the project is expected to generate employment opportunities for women. Notably, this concessional loan from CACF supplements a EUR 55 million loan from the African Development Bank, approved in July 2023.

The remaining $18 million will be allocated to support the construction of three seawater desalination plants under the Green Investment Program of the OCP Group in Morocco. The project aims to produce and distribute 105 million cubic meters of potable water, benefiting around 1.5 million people in the cities and surrounding areas of Safi and El Jadida, situated on the Atlantic coast of Morocco.

The Startup Bill includes provisions for incentives, such as tax breaks, for registered startups. Additionally, it introduces a platform for startups to access information on resources and support. The bill outlines a credit guarantee scheme to offer financial support and training for the growth of startups.

Moreover, the legislation will establish a legal framework to promote technological growth, foster innovation, and attract talent and capital. It assigns crucial roles to both national and county governments, including promoting innovation, facilitating technology transfer, generating employment and wealth, and establishing connections between research institutions and businesses.

On Monday, the world's largest cryptocurrency reached $41,522, its highest level since April 2022, signaling a departure from the downturn that had gripped crypto markets following the collapse of FTX and other crypto businesses in 2022. Ether, the digital coin associated with the Ethereum blockchain network, also experienced a boost, reaching a one-and-a-half-year high of $2,264.

In recent weeks, riskier investments and interest-rate-sensitive assets, including gold, have seen substantial rallies. This surge is attributed to market speculation that the US Federal Reserve has concluded its rate hikes and is poised to initiate cuts early in 2024. Despite these gains, both Bitcoin and ether remain significantly below their respective record highs set in 2021 at $69,000 and $4,868.

Operating out of the UAE and Saudi Arabia, Omniful has developed comprehensive systems for ordering, warehouse management, and transport management. These systems empower merchants to leverage hyperlocal and omnichannel commerce, efficiently manage orders, and monitor inventory in real time. Additionally, its technology equips third-party logistics providers (3PLs) to optimize their workflows.

The recent funding paves the way for Omniful's expansion plans, which involve growing its customer base in other regions, notably Africa and India, where it already maintains a research and development center.

Established in 2022, Partment provides a solution for second-home co-ownership. Utilizing a digital platform and a smart booking system, the startup empowers users to co-own second homes at a fraction of the cost. Additionally, Partment offers an end-to-end property management service, optimizing property utilization.

Having successfully closed a pre-seed funding round of $1.5 million in October 2022, Partment allocated these funds to enhance its platform infrastructure and deploy its minimum viable product (MVP). With the expansion into the Greek market, Partment aims to unlock new investment prospects and contribute to advancements in the proptech and real estate sectors, not only in Egypt but also on a global scale.

The funds raised through this initiative will be allocated to support solar energy generation, aligning with CEC's objective to produce 200MW of renewable energy, according to a statement by Owen Silavwe, the CEO of CEC, released during the COP28 climate summit.

The regulatory framework for issuing green bonds within Zambia was finalized in December 2022, facilitating the financing of climate-related projects locally. Nonde Sichilima, a director at Zambia's Securities and Exchange Commission, expressed optimism about CEC's announcement, anticipating that it would stimulate the listing of additional green bonds. This, in turn, is expected to serve as a capital-raising avenue for green initiatives and contribute to the expansion of capital resources in the country.

As of 10:34 am, FBNH experienced a notable increase of 9.91%, equivalent to N2.65, reaching a market capitalization of N1.056 trillion. Noteworthy members of the SWOOT category include Dangote Cement, Airtel Africa, MTN, BUA Cement, BUA Foods, Seplat, and most recently, Zenith Bank and GTCO.

In the year-to-date performance for 2023, FBN Holdings has exhibited exceptional growth, boasting a 160% increase since the year's opening at approximately N11.15. With the share price closing at N29.4 per share on Wednesday, FBNH's market capitalization stands at N1.055 trillion, underscoring its remarkable performance and market valuation.

The states covered by these licenses include Arizona, Arkansas, Maryland, Michigan, Delaware, Georgia, Maine, Mississippi, Missouri, New Hampshire, Iowa, North Dakota, and South Dakota.

Stephen Cheng, Executive Vice President for Global Expansion and Partnerships at Flutterwave, highlighted the significance of obtaining these licenses, emphasizing that it expands the company's regulatory footprint, showcases its ability to provide services with safety and soundness, and enhances trust among regulators, partners, and customers. This move reinforces Flutterwave's commitment to extending its reach and services in the financial space, particularly in remittances.

This decline in profit coincides with a notable increase in loan defaults, reaching levels not seen in 16 years. The economic challenges faced by borrowers in Kenya contributed to this downturn, presenting a stark contrast to the same period the previous year when the banking sector recorded a 28.5% growth in gross earnings, rising from Sh145.5 billion in the nine months to September 2021.

Even the top two most profitable lenders in Kenya, Equity Group and KCB Group, experienced a dip in profits from their operations in Kenya during the review period. Both banks had to rely on their subsidiaries to support overall earnings as they navigated the challenging economic landscape.

Recent figures from the Bank of Botswana (BoB) indicate that commercial banks are on course to achieve a new high in 2023, largely driven by healthy interest margins. Net interest income for the first nine months reached P4.5 billion, a notable increase from P3.6 billion during the same period the previous year. This growth is attributed to an increased credit appetite among consumers and higher interest rates.

On the non-interest side, net non-interest income for the year was approximately -P1.3 billion, compared to negative one billion in the corresponding period last year. Provisions for bad and doubtful debts were higher in the current year at P184.1 million in the first nine months, compared to P77 million during the same period in the previous year. These figures provide insights into the factors influencing the banking sector's financial performance in Botswana.

The decline in consumer confidence suggests that individuals are likely to exercise caution in their spending during the holiday shopping season, especially on expensive luxury goods, according to the Johannesburg-based lender. The index measuring consumer sentiment regarding the economic outlook also weakened, falling to -28 from -22 in the prior quarter, indicating increased pessimism among consumers about the overall economic conditions.

However, there is a contrasting positive trend as consumers express optimism about their personal finances. A measure of households' financial outlook improved to 3 from -1, suggesting that individuals are more optimistic about their own financial situations despite broader economic concerns.

The top performers for the month included Ecobank Ghana (18.64%), GLD (2.58%), MTN Ghana (2.19%), CAL (2%), and FanMilk (0.33%). Both volume and value traded exhibited substantial increases, rising by around 1,009% and 807%, respectively, in comparison to the previous month. The GSE Financial Stock Index (FSI) mirrored this growth, adding 17.52 points and further mitigating the year-to-date loss to 2.71%.

Shifting to the debt market, the Ghana fixed-income market observed a surge in trading volumes in November 2023, reaching 12.78 billion. This represented a notable 32.16% increase compared to the previous month. Long-term government securities transactions constituted 50.33% of market activity, showing an upward trend from the 41.43% recorded in the preceding month.

Failure to make the bond coupon payment would potentially lead Ethiopia, which sought a debt overhaul under the Group of 20 (G20) Common Framework in early 2021, into default after a 14-day grace period expires. Ethiopia had been meeting interest payments on its international bond until this recent development.

In a statement, the finance ministry indicated that, given the debt service suspension agreements secured with official creditors, including China, and certain commercial lenders, Ethiopia would aim to negotiate a "broadly similar treatment" from bondholders. The outcome of the call with international bondholders will be crucial in determining the path forward for Ethiopia's debt situation.

The government has introduced a digital platform to streamline the process, enabling all visitors to receive electronic travel authorization in advance, and eliminating the need for a traditional visa application.

Ruto emphasized that individuals from any part of the world would no longer be burdened with the task of applying for a visa to enter Kenya. This move is aimed at facilitating smoother travel and promoting tourism to Kenya. The announcement was made during an event in Nairobi commemorating the country's 60 years of independence from Britain.

Established in 2022 by CEO Matthew Davey and COO Craig Lowman, TUNL was inspired by Davey's firsthand experience as the managing director of a Dutch company that imported South African engineering materials into Europe. Facing substantial challenges and high shipping costs, Davey recognized the pervasive issue of exorbitant shipping expenses, particularly for smaller businesses in emerging markets like South Africa.

The two-year-old e-commerce platform generates revenue by taking margins on orders placed through its platform. TUNL manages a diverse array of products, ranging from backpacks, fashion footwear, arts and crafts, books, nanofiber materials, and high-performance springs to various types of furniture, musical instruments, and nonperishable items like cosmetics.

The consumer price index (CPI) rose by 5.5% in November compared to the same month a year earlier, following a 5.9% gain in October, according to a statement from Statistics South Africa. This figure slightly exceeded the median estimate of 5.4% from 16 economists surveyed by Bloomberg. The South African Reserve Bank (SARB) targets inflation within the range of 3% to 6%. 

Despite food price inflation being higher than anticipated at 9% year on year, the overall data suggests that the SARB is likely to maintain a cautious stance, keeping interest rates at elevated levels in the upcoming months. The central bank remains wary of ongoing cost pressures, and the mixed signals in the inflation data contribute to the complexity of its decision-making regarding monetary policy.

Teraco's DB1 facility is linked to the Teraco campus in Isando, Johannesburg, through diverse regional fiber routes, allowing clients to enhance their connectivity and extend their reach into new markets. Offering secure colocation and interconnection services, the DB1 facility enables clients to leverage Teraco's digital hubs in Johannesburg directly.

The recent expansion of the DB1 facility addresses the increasing demand for data center capacity from enterprises and cloud service providers. The expansion has doubled DB1's capacity to 2.2 megawatts (MW) of critical power load, with the facility now encompassing 5,800 square meters of building structure accommodating over 700 racks. This expansion aligns with Teraco's overarching vision of facilitating digital transformation across Africa.

This investment follows Chefaa's expansion into the Kingdom of Saudi Arabia (KSA), where the platform is now operational in 8 cities. The strategic funding will play a crucial role in supporting Chefaa's initiatives to scale various models aimed at digitizing the supply chain and empowering industry stakeholders. 

These efforts are expected to enhance user experiences and promote adherence to treatment regimens. Chefaa's overarching goal is to spearhead a secure digital transformation of healthcare by adopting a patient-centric and comprehensive approach.

Established by the Women's Investment Club Senegal in 2019, Wic Capital will use this loan to offer innovative products tailored to the structures of SMEs. This includes providing capital, mentorship, and organizing training sessions to support these businesses operating in a market where access to financing poses a significant obstacle to their growth.

The amount to be invested per project and the number of companies benefiting from this initiative has not been disclosed. According to Anne-Marie Chidzero, Director of Investments at FSD Africa, the manager of the FSDAi Nyala Facility vehicle, this financial contribution will enable Wic Capital to attract additional funds necessary to expand its strategy.

The new facility, designed to accommodate high-density racks and incorporate the latest construction practices to achieve a 1.3 power usage effectiveness (PUE), is scheduled to become operational in mid-2025. It is poised to deliver 34 megawatts of total power, establishing it as the first Nxtra facility in Lagos, Nigeria.

Through Nxtra, Airtel Africa intends to establish one of the largest networks of data centers in Africa, strategically positioning high-capacity data centers in major cities within its reach. Segun Ogunsanya, the Managing Director, highlighted the necessity for a rapid increase in data center capacity to support Africa's economic growth potential.

Billed as the largest of its kind in Africa, the Dangote refinery boasts a capacity of 650,000 barrels per day. When fully operational, it has the potential to be a game-changer for Nigeria's economy by reducing the country's dependence on fuel imports.

The facility recently received its initial shipment of one million barrels of crude from the Agbami deepwater field, with loading commencing on Friday. The initial phase will focus on the production of diesel and aviation fuel before transitioning to petrol output. The company has not provided a specific date for the official commencement of refinery production.

As of the close of the market on Wednesday, the DCI has recorded a 15% increase year-to-date. Notable contributors to this performance include leading companies such as Chobe Holdings (up 88.6%), Standard Chartered Bank Botswana (up 77.7%), Seedco (up 30%), Absa Botswana (up 22.1%), and First National Bank Botswana (up 21.7%).

This marks a noteworthy achievement for the DCI, as the last time it demonstrated similar levels of performance was in 2013 when it concluded the year with a gain of 17.8%. Subsequently, the index experienced several years of decline, including an 11.3% drop in 2018 and an 8.3% fall in the challenging Covid-19 year of 2020.

Enza Capital, the Pan-African VC firm co-founded by Lazar in 2019, played a significant role in the Series C extension round, alongside participants such as LGT, Goodwell Investments, the US International DFC, Germany’s DEG, Swiss-based Elea, Perivoli Foundation, and Sorenson Foundation.

Copia utilizes a network of local agents and logistics to reach its target market. With a robust network of over 50,000 agents, who are small business owners in Kenyan towns and villages, Copia has served over 2 million consumers. Most transactions through Copia's agent network occur offline, as customers place orders for household items, electronics, or food items in person at agents' shops, via USSD, or by phone.

The 14-week immersive program will provide selected startups with up to $120,000 in funding each, along with access to over $400,000 in cash equivalent hosting, accounting, legal support, and other benefits totaling more than $5 million.

Beyond financial support, the program offers tailored mentorship, world-class company-building support, lifetime access to the Techstars worldwide network, and targeted interactions with potential investors. This support aims to ensure that the selected startups have the resources and guidance needed to navigate their growth journey.

Bloomberg survey of economists had a median estimate of a 27.9% increase. Prices rose by 2.1% within the month. Compared to November 2022, the year-on-year headline inflation rate saw a substantial increase of 6.73 percentage points, rising from 21.47% the same month the previous year.

On a month-on-month basis, the inflation rate for November 2023 was 2.09%, indicating a 0.35% increase from the October 2023 rate of 1.73%. This implies that the rate of average price level increase in November 2023 exceeded that observed in October 2023. The elevated inflation figures suggest potential challenges for Nigeria's central bank in managing monetary policy to address rising price levels.

Leading the viewership rankings in Africa is the inaugural season of the South African series "Unseen," securing the 229th position globally. This series captivated audiences for a cumulative duration exceeding 60 million hours on Netflix, equivalent to a staggering 6,800 years—surpassing the span of human civilization.

The top 10 most-streamed movies in Africa prominently featured South Africa, contributing eight titles, while Nigeria claimed two spots with "Shanty Town" and "Far From Home," ranking 750 and 2088 globally on Netflix's scale, respectively.

The NGX has shown impressive performance year-to-date, achieving returns of around 41%, marking its most robust performance since 2020. Notably, the all-share index has surpassed the 72,000 mark, and the market capitalization has reached new heights, exceeding N39 trillion in 2023. Throughout the year, the NGX experienced three new listings, and the sole delisting occurred in July when Ardova Petroleum exited the exchange.

Looking ahead, early 2024 is anticipated to witness more delistings, with GSK Consumer Nigeria and PZ Cussons Nigeria reaching the final stages of their delisting process from the NGX. Despite potential delistings, the NGX's performance in 2023 underscores positive momentum and growth in the Nigerian stock market.

The data, presented in the Trialogue Business in Society Handbook, indicates a consistent recovery in CSI expenditure, with 59% of surveyed companies reporting an increase in CSI spending. This marks a notable increase compared to 36% in 2021.

Around 60% of companies determined their CSI budget as a percentage of net profit after tax (NPAT), linking changes in corporate profits to the primary reasons for increases or decreases in CSI expenditure. These findings suggest a positive trend in corporate social responsibility efforts among South African companies.

The financing is expected to result in the distribution of improved cooking solutions to between 50,000 and 150,000 customers in each of the mentioned countries. This initiative aims to enhance livelihoods, promote health benefits, and contribute to the reduction of deforestation.

Moreover, it targets a substantial reduction in CO2 emissions, to reduce emissions by approximately 6.9 million tons of CO2 over the lifespan of the project. The investment aligns with AGG's focus on supporting projects in Sub-Saharan Africa that contribute to reducing greenhouse gas emissions.

George Asante, the Managing Director and Africa Head of Markets at Citi highlighted the arduous market access conditions facing African countries and companies, particularly in the realm of Eurobonds. The challenges stem from risk aversion influenced by tough economic conditions and pricing dynamics influenced by higher rates prevailing in developed markets. This risk premium is not limited to international markets but is also impacting domestic markets.

Asante emphasized the formidable hurdles faced by sub-investment grade assets, a category to which much of Africa belongs. He pointed out that when investors can secure returns of five or six percent in the US, convincing them to accept a comparable yield on an African asset becomes more challenging. Therefore, achieving a lower cost of funding for Africa may hinge on waiting for a shift in the interest rate environment in the US.

The ETF is a diverse multi-asset portfolio with a nuanced investment strategy. It centers on a varied array of income-generating assets, encompassing preference and listed property shares, interest-bearing stocks, and various financial instruments. The fund exhibits flexibility in investing in both local and offshore markets.

Anticipated to be driven by a blend of strategies, the AMETF's performance is expected to hinge on factors such as interest rate adjustments, yield enhancement through credit instruments, asset allocation, offshore exposure, and the utilization of derivatives.

Nigerian President Bola Tinubu aims to stimulate growth and attract substantial investments, addressing issues such as foreign exchange shortages, low oil production, and widespread insecurity in Africa's largest economy. Tinubu has implemented significant reforms, including the removal of a costly fuel subsidy, the elimination of exchange controls, and the lifting of a ban on certain imports.

While these reforms have garnered support from investors, critics, particularly unions, argue that they have led to surging costs. Inflation in Nigeria has remained in double digits since 2016, exacerbating the erosion of savings and incomes. Moody's acknowledged the potential for fiscal and external improvements in the country's credit profile, attributing it to the implemented policy changes and those anticipated in the future.

Equities saw a gain of N130 billion, resulting in a market capitalization closing at N39.349 trillion. Key contributors to the market's growth included stocks like ACCESSCORP, which gained 0.99% with a turnover of N380 million, and GTCO, which had a turnover of N849 million.

Despite the positive momentum, there was a decline in trading volume, decreasing to 319.56 million units from the previous day's 375.32 million units. However, in terms of value, there was an increase to N5.88 billion compared to the previous day's N3.85 billion.

The addition of these new executives is seen as a potential confidence boost for the company, especially in the context of ongoing speculation about Flutterwave's intentions regarding an Initial Public Offering (IPO) on the NASDAQ. In August, Flutterwave's CEO, Olugbenga Agboola, disclosed the company's commitment to pursuing an IPO but refrained from providing a specific timeline.

While this latest move fuels speculation, the departure of Bhambani, along with two other finance executives in October, raised questions about the company's trajectory. The recent appointments may signal a continued dedication to the IPO plans and could serve to reinforce confidence in Flutterwave's position in the public market.

After seven months of negotiations, a draft deal was initiated in June, with the EU Council approving it last week. The Union stands as one of Kenya's major export markets. The agreement is now set to undergo the ratification process in the respective parliaments of both parties before it becomes operational.

Rebecca Miano, Kenya's trade minister, expressed optimism about the agreement, stating that it marks a new era where Kenyan goods will enjoy immediate duty- and quota-free access to the European market. Additionally, she noted that, over time, European goods will also receive preferential access to the Kenyan market.

The transaction, contingent upon regulatory approvals and the transfer of business operations, signifies the conclusion of the divestment process from various markets, a plan initially disclosed in 2022.

Sunil Kaushal, Chief Executive Officer of Standard Chartered AME, emphasized that this agreement represents a milestone in Standard Chartered's regional journey. It aligns with their commitment to streamline business operations, allowing them to focus on delivering top-notch services and expertise to their clients.

The partnership aims to introduce innovative services and integrated solutions for banks and financial technology companies in both local and regional markets through Disruptech's regional headquarters in Egypt.

Meanwhile, the investment is anticipated to facilitate Banknbox's expansion into new markets. Also, Disruptech aims to enhance its current and future investments by leveraging Banknbox's 15 years of experience in fintech solutions. Notably, this marks its initial foray into a platform focusing on payment processing and digital banking technology.

Despite the decline in the BRVM Prestige, the overall market performance has been notable, boasting a gain of 3.62% since the beginning of the year. The stock market's total capitalization increased by 23.99 billion FCFA (around $40 billion) during the week, reaching 7.8 trillion FCFA.

Oragroup emerged as a significant contributor to the market's positive momentum. The Oragroup shares secured the top position for the second consecutive time, experiencing a remarkable jump of 12.09%. This contributed to the biggest valuation of the week, amounting to 20.48 billion FCFA. Oragroup shares are currently trading at 2,735 FCFA, approaching one of their resistance points in recent months.

While confirming the layoffs, Chipper maintained a positive outlook on its overall performance, expressing confidence in the business's prosperity, stating, "Our business is doing very well and will be profitable in a few months." The company also emphasized its commitment to operational efficiency, citing minor restructuring, and clarified that no roles in Africa were affected.

Sources connected to the company revealed that, in addition to the layoffs, Chipper Cash has reduced the salaries of its remaining US and UK employees. However, the company did not provide further details or context regarding the salary adjustments.

Founded in 2021, Maka initially started as an interactive social commerce platform. The platform utilizes live try-on hauls, reviews, and user-generated content from both creators and customers to enable users to discover products tailored to their styles in a scalable manner.

Since its inception, Maka claims to have garnered over 500,000 downloads, primarily through its initial model of engaging with creators via live sessions. Recently, the two-year-old startup shifted to a user-generated content model two months ago, resulting in over 2,000 reviews created. The capital infusion is intended to fuel the expansion of Maka's operations and business reach.

The closure of Jumia Food is scheduled for the end of December 2023. The decision stems from a comprehensive strategic review, revealing that Jumia Food was not aligning with the current operating environment and macroeconomic conditions.

Despite accounting for around 11% of Jumia's Gross Merchandise Value (GMV) for the nine months ending September 30, 2023, the food delivery segment has struggled to achieve profitability since its inception. This move reflects Jumia's commitment to optimizing its business operations and concentrating on areas that align more effectively with its overall strategic goals.

The fund focuses on investing in entrepreneurial teams developing highly scalable and impactful businesses across key sectors in Sub-Saharan African economies. The key sectors include fintech, education and job tech, e-health, and energy solutions. E4E Africa prioritizes providing founder-centric support and brings value through its network of experienced entrepreneurs.

Having achieved the first close, E4E Africa is actively seeking interest from additional investors, both local and international, to reach its target size, allowing the fund to further expand its reach and impact in the African entrepreneurial ecosystem.

According to the World Bank, this financial assistance is intended to aid the southern African nation in enhancing fiscal sustainability, fostering private sector-led growth, and building resilience to economic shocks. The initial disbursement of $80 million is accompanied by the provision of an additional $57 million in the event of a crisis.

Malawi is currently grappling with chronic foreign currency shortages, resulting in shortages of essential commodities such as fuel, medicines, and fertilizers. To address economic challenges, the country devalued its kwacha currency by 30% against the previous month's dollar. The World Bank's financial support aims to address these economic challenges and promote stability in Malawi.

Njonjo's decision comes just two weeks after Twiga secured new funding, raising $35 million in convertible bonds. These bonds, a form of debt with interest payments that can be converted into equity, were provided by Creadev and Juven, both private equity investors who had previously invested in Twiga. The specifics of the funding, such as its size and terms, had not been disclosed previously.

The timing of Njonjo's sabbatical and the recent fundraising success coincide with efforts by Twiga to settle outstanding debts, particularly to suppliers. Notably, Incentro, a cloud service vendor owed by Twiga, had sought court intervention for liquidation proceedings to compel the startup to settle its debts. Ongoing private discussions between Twiga and Incentro are aimed at finding a resolution to the dispute.

The startup specializes in autonomous airships that offer a cost-effective alternative to drones, helicopters, and satellites. These airships enable real-time data capture in remote and challenging-to-reach locations, presenting a solution for areas that are both difficult to access and expensive to serve. The key strengths of Cloudline's airships lie in their impressive range, endurance, and efficiency.

Having completed the regulatory approvals process, Cloudline has launched its commercial operations in South Africa. The startup is actively pursuing expansion into neighboring countries, namely Namibia and Mozambique, with subsequent plans to enter global markets.

Luanda, the capital of Angola, rejected a reduced output limit imposed by OPEC leaders, which aimed to account for the country's declining oil output capacity. In the preceding month, the OPEC+ oil producer group had reduced Angola's oil output target to 1.11 million barrels per day (bpd).

In response, Angola's oil minister's office expressed discontent by sending a note of protest to OPEC regarding the decision. OPEC Governor Estevao Pedro of Angola was quoted by Bloomberg at that time, indicating the country's dissatisfaction with the 2024 target and its intention not to adhere to it.

The initial modular components of the German company's factory, designed from shipping containers, arrived at the construction site in Kigali in March and were subsequently assembled into structures known as BioNTainers.

Ugur Sahin, the co-founder and CEO of BioNTech, emphasized, "Africa will have one of the most advanced manufacturing facilities in the world," and highlighted the versatility of BioNTainers in producing various mRNA vaccines. The company confirmed that it has fully financed the facility, committing a total of $150 million for this significant initiative.

The MoU was signed by the Egyptian Ministry of Communications and Information Technology and the Emirati Ministry of Investment. This agreement encompasses cooperation in investment for the development of data center projects in Egypt, starting with an initial capacity of 100 megawatts (MWs) for the first phase and a future targeted capacity of up to 1,000 MWs.

Additionally, the MoU outlines the exchange of information related to these projects and commits both parties to collaborate on developing a joint work plan and mechanisms for monitoring the implementation of the agreement. This collaboration signifies a commitment to advancing digital infrastructure and fostering technological development in both Egypt and the UAE.

This injection of capital has significantly increased InfraCredit's credit guarantee capacity to an impressive $875.7 million (N742.77 billion). AIICO Insurance's CEO, Babatunde Fajemirokun, emphasized the company's longstanding relationship with InfraCredit, having previously invested in InfraCredit guaranteed bonds and other financing arrangements promoted by the institution.

This strategic move not only deepens AIICO's involvement in infrastructure financing but also strengthens InfraCredit's position in facilitating critical investments for infrastructure projects in Nigeria.

The "Zambezi" bond, with a five-year amortizing structure, represents IFC's third issuance in this currency and marks the third instance of a nonresident issuer placing a bond in Zambia's domestic capital markets. Listed on the Lusaka Stock Exchange, the bond carries an 18% coupon, which is 4 percent lower than the comparable government bond. IFC had previously issued two "Zambezi" bonds, first in 2013 and more recently in August of the current year.

The bond, distributed through private placement, will channel its proceeds into supporting IFC's local currency investment program within the country. Emphasizing the significance of increasing the availability of local currency financing, Martin Habel, Head of IFC Treasury Client Solutions in Africa, Europe, the Middle East, and Central Asia, highlighted that this is a crucial priority for IFC.

The acquisition by Engie and Meridiam is from BTE Renewables' previous owner, Actis. The pan-African renewable energy platform, BTE Renewables, was established by Actis in 2017 through the acquisition of the Kipeto wind project in Kenya during its development stage.

BTE Renewables is dedicated to the pan-African region, with a primary focus on utility-scale wind and solar projects. As of now, the platform includes operational projects in both South Africa and Kenya.

While the earthquake caused minor damage in Marrakech, one of Morocco's primary tourist destinations, the city rebounded with the hosting of the IMF and World Bank meeting in October. However, since the onset of the conflict in Gaza, located 3,500 kilometers (2,200 miles) away, there has been a reported decline in bookings and an increase in cancellations for the winter season, according to Faouzi Zemrani, a tour operator in Marrakech.

Several hotels in Marrakech confirmed that bookings for the upcoming New Year holiday season were below pre-pandemic levels, indicating a recent downturn in tourism activity linked to geopolitical events.

Starlink deploys a low earth orbit to provide broadband internet to both urban and remote areas, supporting activities such as streaming, online gaming, and video calls. For the "Residential" package in Eswatini, customers can expect to pay R1,070 (~$58) per month, with additional costs of R12,450 (~$670) for the Standard rectangular antenna and shipping.

The recent expansion of Starlink into Eswatini marks the company's presence in the eighth country and the tenth overall market in Africa where its services are now available. Starlink has also established a presence in other African countries, including Mozambique, Rwanda, Mauritius, Sierra Leone, Zambia, and Nigeria. In Zimbabwe and Botswana, regulatory authorities are currently vetting Starlink's application for an operating license.

Founded in 2018, iSchool specializes in providing live gamified classes led by coding instructors for students aged six to 18. The curriculum covers a wide range of topics, including AI, VR, app development, game development, and web development.

The newly secured funding will be utilized to expedite iSchool's expansion plans into six additional countries within the MENA (Middle East and North Africa) region. Additionally, the funds will support technological scaling for the online coding platform and pave the way for the extension of its gamified online classroom app service throughout Sub-Saharan Africa.

The persistent bearish trend on the NSE has affected the majority of listed stocks, including those of prominent companies like Safaricom, KCB Group, and East African Breweries Plc (EABL). Various factors, such as a flight of foreign investors, have contributed to the significant decline in stock prices.

In general, companies typically prefer to go public during a bull market when they can offer shares at a premium valuation, allowing for stable or rising paper wealth for their shareholders post-listing. According to the Capital Markets Authority (CMA) two other unnamed companies in the food processing and mining sectors, have also decided to halt its planned listing due to the current market conditions.

The first portion of the financing, amounting to $750 million and referred to as Development Policy Financing, is intended to support reforms aimed at expediting business licensing processes and enhancing access to affordable credit. These reforms are expected to accelerate the growth of the private sector in Tanzania.

The second tranche, totaling $385 million, will be directed towards financing infrastructure projects and establishing institutions that will assist Dar es Salaam, Tanzania's commercial capital, in adapting to and mitigating the impacts of climate change, as highlighted by the World Bank.

Equities witnessed a substantial gain of N488 billion during the day, propelling the market cap to N40.652 trillion. Notable performers included TRANSCORP, MULTIVERSE, and INFINITY, which continued their impressive streaks by gaining 10%, 9.96%, and 9.87%, respectively.

In terms of trading activity, the volume reached 760.93 million units, a significant increase from the previous day's 411.21 million units. The total value of trades amounted to N13.03 billion, reflecting an uptick from the previous day's N12.83 billion.

This acquisition follows Fyyne's launch of its beauty tech platform and successful pre-seed funding round about a year and a half ago. Bumpa aims to leverage this strategic acquisition to support its expansion into new markets.

Bumpa is actively working on a Shopify-like e-commerce platform designed to assist African small business owners in initiating, overseeing, and expanding their enterprises through mobile devices. Concurrently, with the acquisition, Fyyne has introduced a revamped version of its app powered by Bumpa.

This loan disbursement represents the third payout under Zambia's $1.3 billion Extended Credit Facility arrangement, which was approved in August 2022. According to a Q&A document on the IMF's website, Zambian authorities are actively refining their Eurobond restructuring proposal to align with the comparability of treatment requirements set by official creditors.

Despite notable progress, the IMF acknowledges that further adjustments are necessary to satisfy both program parameters and the comparability of treatment, as stipulated by official bilateral creditors.

Established in 2021, Imaginario provides AI-driven solutions for the processing of video and audio content, with the capability to efficiently manage large datasets, streamlining and expediting the creation and comprehension processes for multimedia content for marketers and content creators.

Noteworthy Hollywood studios and media companies such as Warner Bros. Discovery, Universal Pictures, and Cineverse have attested that Imaginario AI has contributed to saving over 60% of search and creation time. The funding will help the startup to solidify its developmental efforts and extend its engineering and sales teams across the United States, Europe, and the MENA region.

During mid-day trading, LSEG data revealed that the naira depreciated to a record low of N1,248 against the dollar, starting the day at N927. However, it later rebounded to N845. Governor Olayemi Cardoso of the Central Bank of Nigeria has emphasized the commitment to allowing market forces to determine exchange rates. This approach is coupled with the establishment of clear, transparent, and unified rules governing market operations.

The combination of these statements and persistent dollar shortages in the official market has led the naira's official exchange rate to trend closer to levels observed in the parallel market. On the unofficial parallel market, the currency was traded at approximately N1,225 on Tuesday, while the one-month non-deliverable forwards market quoted it at N1,002.50.

EMIF II is set to allocate around 50% of its funds to each of Africa and South and Southeast Asia. The fund's focus will be divided, with around 60% dedicated to onshore transport infrastructure, covering areas such as ports and storage, roads and rail, warehouses, and distribution. The remaining share will be directed toward renewable energy projects and distribution infrastructure.

Kim Fejfer, Managing Partner and CEO at A.P. Moller Capital expressed enthusiasm for the partnership, emphasizing the alignment with their commitment to "doing well while doing good." The goal is to increase sustainable investments in green energy and transport in high-growth markets across Asia and Africa, with a focus on building businesses that contribute to economic and social development.

Currently facing its most severe economic crisis in a generation, Ghana is contending with a significantly devalued cedi currency and double-digit inflation. 

Efforts are underway to negotiate a debt restructuring agreement with official creditors, a crucial step toward receiving a $600 million disbursement from the International Monetary Fund. This disbursement is part of a $3 billion rescue loan aimed at stabilizing the country's economy.

This framework agreement builds upon the initial agreement signed in December 2022. It outlines the initial phase of the green hydrogen project, which will be powered by wind and solar plants and aims to produce 600,000 tonnes per year of green ammonia. The estimated investment for this phase exceeds $4 billion.

The second phase of the project holds the potential to achieve a capacity of 2 million tonnes per year. The agreement was formalized between ACWA Power and various entities, including the Sovereign Fund of Egypt (TSFE), the SCZone, the Egyptian Electricity Transmission Company (EETC), and the New and Renewable Energy Authority (NREA).

Officially announced on October 3, 2023, at the Money & DeFI Summit by the Bank of Ghana, the eCedi Hackathon stands out as a significant CBDC innovation challenge initiated by the Bank of Ghana. It highlights how a central bank can engage with the innovation, banking, and fintech ecosystems to foster collaboration and drive internal innovation.

EMTECH's Beyond Cash™ solution has been crafted as a Web3-enabled Digital Cash Infrastructure. This infrastructure not only seamlessly integrates with established payment rails but also provides a secure foundation for the development of new financial products.

The Africa50 platform, backed by the African Development Bank (AfDB) and African governments, will play a pivotal role in financing solar energy production in Africa. Teaming up with AMEA Power, an independent power producer based in Dubai, the two entities have committed to co-develop solar photovoltaic power plants in at least five African nations.

Both parties will make co-investments to support the energy transition goals of the continent. Beyond the partnership's scope with Africa50, AMEA Power is also engaged in negotiations for concessions in several other African countries, including Gabon, the Democratic Republic of Congo (DRC), Djibouti, Egypt, Morocco, Uganda, and South Africa.

Issued to all banks and financial entities on December 22, 2023, the guidelines outline the conditions for virtual assets providers to open accounts. Despite this allowance, the CBN underscored that banks and financial institutions remain prohibited from holding, trading, or transacting in virtual currencies through their accounts.

This development follows a two-year period during which the apex bank restricted banks and financial institutions from engaging in account operations for cryptocurrency service providers. The CBN clarified that the issuance of these guidelines is a response to current global trends, emphasizing the necessity of regulating the activities of virtual VASPs in the evolving financial landscape.

Prime Minister al-Dbeibah underscored the significance of the stock market as a crucial economic instrument. He noted, "The importance of the stock market is embodied in doubling the gross domestic product and helping to close the budget deficit, which reduces the burden on the state’s general budget."

Ashour, the Chairman of the Board, stressed that the success of the market would be contingent on the "stability and development of the various sectors of the state." The reopening marks a milestone for Libya, signaling efforts toward economic revitalization and stability in the region.

Additionally, IFC and Biovac have entered into a collaboration agreement to offer project development support for Biovac's plans to construct a new multi-vaccine production plant in Cape Town. The new facility is expected to significantly increase Biovac's production capacity from the current 150 million doses to around 560 million vaccine doses annually.

The financing and collaboration with IFC will also facilitate Biovac's development of local capabilities for manufacturing traditional bacterial-based vaccines and messenger RNA (mRNA)–based vaccines. This initiative aims to strengthen African vaccine value chains and reduce the continent's reliance on vaccine imports, contributing to increased vaccine production and pandemic preparedness in Africa.

The letter reportedly outlines concerns about the Tanzanian economy, citing potential negative impacts from heightened geopolitical conflicts, increased volatility in commodity prices, a sudden global slowdown or recession, and climate change-related natural disasters.

Similarly, Rwanda projects a 6.6% growth in its economy for 2024, a slight increase from the 6.2% recorded in the current year, as communicated by the finance minister and central bank governor to the IMF. It is noteworthy that in February, Finance Minister Uzziel Ndagijimana had initially forecasted economic growth of around 7.5% for the East African country in both 2024 and 2025.

The loan proceeds will be used for procuring three Boeing 737 Max jets and two Boeing 777 freighters. This investment in additional aircraft not only demonstrates the carrier's dedication to improving its services but also underscores its confidence in the future of aviation, despite recent challenges faced by the industry.

The new fleet additions are expected to be delivered in December, increasing Ethiopian Airlines' total aircraft count to 150. This expansion aligns with the airline's long-term vision of bolstering its fleet in the coming decade, to address growing transportation demands while sustaining a competitive position in the aviation sector.

The investor consortium for the project includes Thebe Investment Corporation and Aventro Investments, all of whom have notable involvement in significant renewable energy initiatives. The agreement was formalized by Minister of Mineral Resources and Energy Gwede Mantashe, Eskom representative Segomoco Scheppers, and Ashley Singh, a signatory from Acwa Power for Project DAO.

Project DAO, identified as one of the preferred bidders in the Risk Mitigation IPP Procurement Program in 2021 with the lowest tariff, aims to feature the largest solar PV installation in the country, boasting 442 MW, accompanied by approximately 1,200 MWh of battery storage—one of the largest globally. The plant is scheduled to commence operations in the second quarter of 2026, contributing substantial dispatchable capacity to the grid.

According to the bank's statement following the meeting, inflation, primarily driven by food prices, is projected to average 6.1% for the current year, a slight decrease from the 6.6% recorded last year. In 2024, inflation is anticipated to further decrease to 2.4%, attributed to an expected decline in the prices of imported goods and the stability of food prices.

Assuming an average cereals harvest, economic growth is expected to improve to 3.4% in the following year, following an expected growth rate of 2.1% for the current year.

Abena Amoah, the Managing Director of the GSE, expressed her satisfaction with achieving this significant milestone. She emphasized the teamwork and effort put forth by the GSE team during the rigorous evaluation process. Amoah stated, "The GSE remains committed to providing a secure and reliable platform for all market participants, enhancing investor confidence, and promoting Ghana as an attractive destination for investments."

The GSE emphasized its ongoing commitment to continuous improvement in processes, personnel, and technology in alignment with these international standards. This commitment aims to ensure robust and dynamic operations in the capital market.

The merged entity plans to leverage MaxAB's position as a one-stop supplier for a network of mom-and-pop stores in North Africa. This strategic move will enable the company to reach over 450,000 merchants across eight African countries, including Morocco, the Democratic Republic of Congo, Zambia, and key East African nations.

While the valuation of the combined entity remains undisclosed, Wasoko secured $125 million in Series B funding last year, and MaxAB received $40 million in pre-Series B capital. Notably, both companies count 4DX Ventures Management among their investors.

The preceding five years have been less favorable for Dangote Sugar shareholders, with a 21% decline in share value during this period. In 2022 alone, the share price saw a 7.76% decrease, trailing behind the broader market returns of 19.98%.

It is crucial to highlight that despite the share price decline, the company's earnings have seen substantial growth. Over the past five years, Dangote Sugar achieved impressive earnings per share growth, boasting a compound annual growth rate of 19.5%. This positive earnings trajectory may contribute to the renewed confidence reflected in the recent uptick in share price.

Kenya had until December 24 to make the interest payment for the $2 billion debt issued nearly 10 years ago at a rate of 6.875%. The price of the maturing Eurobond has demonstrated volatility in secondary market trading as investors seek a potential premium. 

The 10-year sovereign bond, issued in June 2014 and traded on the Irish stock market, has witnessed weekly yield fluctuations of more than a percentage point since the start of November. In contrast, the other five outstanding Eurobond issues, maturing between 2027 and 2048, have experienced more modest yield movements.

Also, the presence of Orange CI (-1.87% at 10,500 FCFA) among the regressions, offset the performance of Sonatel (+1.74% at 17,795 FCFA). In sync with the Composite Index, the BRVM 30 Index also showed a decline of 0.24%, settling at 106.40 points, while the BRVM Prestige improved slightly (+0.02% at 100.18 points). 

It's noteworthy that shares of Sonatel, the BRVM giant in terms of capitalization, continued their upward trajectory, reaching a new high in the last 5 years. Throughout this session, the total cumulative volume amounted to 821.4 million FCFA, with the majority observed in Sonatel, accounting for 73.52% of daily activity.

Founded in Kigali, Rwanda, in 2016, Ampersand introduced electric motorcycles to Africa in May 2019. With an impressive four-year track record, the company's motorcycles have collectively covered 180 million kilometers, preventing 8,000 tons of carbon emissions. It currently caters to 1,700 electric motorcycle riders through battery swaps. These riders collectively traverse 1.4 million kilometers weekly in Kigali and Nairobi, facilitated by 140,000 monthly battery swaps.

The equity funds secured by Ampersand will be directed towards expediting product development, while a combination of debt and equity will support the expansion of Ampersand's battery swap network. Research and development efforts will concentrate on enhancing Ampersand's next-generation batteries and battery-swap technology.

This depreciation increased the costs of imported goods, such as cereals and meat. Consumer prices rose by 13.1% compared to the previous year, a slight uptick from the 12.9% recorded in November, according to Statistician-General Mulenga Musepa's announcement in Lusaka on Thursday. 

The average inflation rate for the year stands at 10.9%, aligning with the central bank's projections. Notably, costs experienced a 1% increase during the month. The surge in inflation is primarily attributed to food prices, while non-food prices saw a modest deceleration, influenced by stable fuel prices in December.

David Ige, the CEO of Riverside LNG, mentioned in an interview that they are likely to finalize another segment of the market, securing an off-take agreement for South Africa early in the year. He emphasized the significant growth in the gas market within a radius of about 3,000 nautical miles of Nigeria, encompassing southern Africa, western Africa, northwest Europe, the Caribbean, and South America.

This development comes after Riverside LNG, in November, entered into a pact with Johannes Scheutze Energy Import AG in Germany, focusing on renewable energy and a gas export deal valued at $500 million.

The current BRICS members—Brazil, Russia, India, China, and South Africa—extended invitations in August to six other nations. Argentina was the only country to decline the invitation. The term "BRIC" was originally coined by Goldman Sachs economist Jim O'Neill in 2001 to describe the rise of Brazil, Russia, India, and China. 

The BRICS countries, with the inclusion of South Africa in 2010, account for more than 40% of the world's population and approximately 26% of the global economy. The expansion of the BRICS group reflects a broader representation of major economies from different regions, further solidifying its significance in the global economic landscape.

In response to the naira's depreciation, the Central Bank of Nigeria (CBN) took measures to defend the currency, depleting its foreign exchange reserves. These reserves reached a peak of $47.63 billion in June 2018 and were significantly reduced by December, reaching a level last seen in September 2017 at $32.16 billion.

A combination of factors, including a backlog of unsettled forwards, unfulfilled commitments for dollar inflows, and a two-decade high in inflation, contributed to a challenging year for the naira. The local unit lost over 50% of its value in 2023, ranking as one worst-performing global currencies during that period.

These funds are earmarked for the Sustainable Green Industry project under the auspices of the Ministry of Environment. The project is managed by the Environmental Affairs Agency and executed by the National Bank of Egypt (NBE). Minister of International Cooperation, Rania El-Mashat, emphasized that the initiative is geared towards supporting the green transformation in the industrial sector, aligning with climate change and environmental sustainability objectives.

The project's scope encompasses all governorates in Egypt, with a primary focus on industrial sites and areas affected by pollution. The aim is to mitigate the adverse effects on residents and the surrounding environment. The allocated funds will be utilized to provide loans to companies operating in the industrial sector, encouraging the implementation of investment plans in key areas.

On the first trading day of the year, equities witnessed a notable increase of N663 billion (~$670 million) in market capitalization, culminating in a closing value of N41.583 trillion. The market's positive momentum was predominantly fueled by the robust performance of blue-chip stocks, including AIRTELAFRI, BUACEMENT, and ZENITHBANK, which registered gains of 5.99%, 5.15%, and 0.91%, respectively.

Trading volume experienced an uptick, reaching 515.807 million units, compared to the 368.629 million units recorded in the previous trading session. However, there was a decline in terms of trading value, with a depreciation to N5.57 billion from the previous figure of N12.82 billion. The overall performance of the NGX on the first day of the year indicates a strong bullish sentiment, driven by significant gains in key stocks.

The funding landscape for African startups witnessed a quarter-on-quarter decline throughout 2023. TechCabal reports that it started with $1.2 billion raised in Q1, followed by $877.8 million in Q2 and a further drop to $492.7 million in Q3. However, there was a slight increase in Q4, where startups raised $551.2 million.

It's important to note that this decline in venture funding is not unique to Africa; it aligns with a global trend. According to Crunchbase, the flow of venture capital funding has been consistently decreasing since January 2022, which was the last time global tech funding exceeded $60 billion per month.

The strong performance of NICOL and NMB significantly contributed to the positive momentum in the banking, finance, and investment stocks. This sector witnessed an average weighted return of 34%, as indicated by the Banking, Finance, and Investment Index for the past year.

In a surprising move, TICL (Tanzania International Container Terminal Services Limited), a closed-end fund, conducted a rights issue, drawing considerable attention and becoming one of the most actively traded counters, especially in the fourth quarter of the previous year, as reported by Orbit Securities.

Koree aims to address the challenge of spare change in cash-based economies by introducing a card and digital wallet solution that enables merchants to return customers' spare change. The fintech platform also allows these merchants to establish loyalty programs, offering customers the opportunity to earn cashback rewards.

The raised funds will be utilized to expand Koree's network of merchants, scale its user base, and ultimately achieve product-market fit, as outlined by Magalie Gauze-Sanga, the founder of Koree.

While this recovery toward pre-COVID-19 levels is promising, the performance is still 17.6% lower when compared to the same period in 2019. Nevertheless, the data suggests that the tourism sector is effectively driving travel to South Africa, fostering cultural exchanges, and contributing to inclusive economic growth.

In the first eleven months of 2023, South Africa welcomed 5.8 million visitors from the rest of the African continent, constituting a significant 75.5% of all arrivals, a substantial increase from the same period in 2022.

CashCall, Qardy's new partner, operates an inclusive financial multi-purpose platform through B2B, B2C, and B2M modules. The platform offers a variety of solutions, including a payment network, gateway, aggregation, open finance hub, request to pay, and a cashless app.

This collaboration aims to provide advanced solutions tailored to the financial requirements of CashCall's merchants and customers, offering them access to a diverse range of customized financial instruments. Qardy has chosen CashCall for its AI competency center, dedicated to analyzing user data and behavior to enhance the financial services it provides.

The process, known as an annual downward crawl, mirrors the rate observed in the previous year and will involve incremental, daily adjustments accumulating to a 1.51% depreciation over the year until December.

According to the statement from the Finance Ministry on Thursday, the need for this downward adjustment in the pula is attributed to the country's weak production capacity and overall economic productivity. The ministry notes that this strategy is also viewed as inflationary, with potential implications for price competitiveness.

Divercity is a low-cost housing platform based in South Africa, focusing on providing housing in well-located but underinvested neighborhoods in major cities. BII initially invested in Diversity in 2021. Since the initial investment, Divercity has completed nearly 2,700 residential homes and has contracted more than 2,000 units.

In this fundraising round, BII is joined by new investors, including Proparco and 27four Investment Managers, highlighting the collaborative effort to support sustainable and inclusive urban development in South Africa. The follow-on investment is expected to facilitate the delivery of an additional 2,500 units by 2027.

The country, ranked as Africa's second most populous, had declared its intention to formally enter default earlier in the month, citing severe financial challenges resulting from the aftermath of the COVID-19 pandemic and a concluded two-year civil war in November 2022.

Although the payment was initially due on December 11, Ethiopia technically had until Tuesday to submit the funds, thanks to a 14-day 'grace period'. According to Reuters, as of the close of business on Friday, December 22, the final international banking working day before the grace period lapsed, bondholders had not received the coupon payment.

Thani Al Zeyoudi, the UAE's trade minister, expressed on X (formerly Twitter), "The breadth of the UAE’s trade network continues to broaden as we conclude negotiations toward a Comprehensive Economic Partnership Agreement with the Republic of Congo-Brazzaville – a thriving economy in West-Central Africa and valued trade and investment partner."

Since 2021, the UAE has actively pursued Comprehensive Economic Partnership Agreements, focusing on bilateral trade, investment, and cooperation deals. These efforts align with the UAE's strategy to diversify income sources and enhance collaboration across various economic sectors. The recent agreements underscore the UAE's commitment to expanding its trade network and strengthening economic ties with African nations.

Egypt's blue-chip index recorded a 0.8% increase, bringing its total gains for 2023 to an impressive 70.5%. Commercial International Bank, the leading lender, saw a 75% increase, while the tobacco monopoly Eastern Company concluded the year with a 98.5% higher valuation compared to the beginning of 2023.

The backdrop for these gains includes a two-year upward trajectory in Egypt's annual inflation, reaching a record 38% in September. Additionally, the country's currency has experienced significant depreciation in recent months, falling to around 50 pounds to the US dollar on the black market, compared to the official rate of 30.85 pounds.

This negative performance is attributed to the decrease in Orange CI (-2.75% at 10,600 FCFA), the second-largest capitalization on the BRVM, along with a decline in the Oragroup share. This downturn may be linked to a consolidation phase following previous market performances.

Notable securities in the flop 3 of this listing include Oragroup (-5.49% at 2,495 FCFA), Alios Finance (-3.47% at 1,250 FCFA), and Sicable (-3.15% at 1,075 FCFA). Despite a general decline with 22 decreases compared to 9 increases, certain stocks demonstrated significant gains. Noteworthy performers include Servair (+6.77% at 1,420 FCFA), Uniwax (+6.54% at 570 FCFA), and Bernabé (+5.00% at 1,050 FCFA).

During a year-end Parliament session, Bardash emphasized the country's commitment to further expanding the share of renewable sources in its energy mix. He highlighted that Morocco's total power production experienced a growth of around 4.5%, reaching 41.4 terawatts in 2022. 

Additionally, there was a noteworthy decline of nearly 11.5% in gas consumption within the electricity sector, indicating a shift towards cleaner and more sustainable energy practices in the country. Morocco's progress in renewable energy showcases a positive trajectory towards a greener and more environmentally friendly energy landscape.

Equities experienced substantial gains, contributing to an increase of N847 billion in market capitalization, pushing it to N42.430 trillion. Notable contributors to these gains were Dangote Sugar, UBA, and NASCON, each recording a 10% increase.

Market turnover witnessed an uptick in terms of volume traded, reaching 927.558 million units compared to the previous day's 515.807 million units. There was also an appreciation in terms of value, with a total of N10.69 billion, compared to the previous day's N5.57 billion. The overall performance indicates a sustained positive sentiment in the market, with notable gains in key equities driving the bullish run.

The ongoing economic reforms in Egypt aim to enhance the economy's resilience to global shocks, with the government allocating EGP 342 billion (~$11 billion) from the public treasury to subsidize five commodities and services. This marks a significant increase from the EGP 100 billion allocated two years ago.

Madbouly acknowledged the challenges faced by Egyptian citizens and emphasized that considering the difficulty of the current situation, the government has decided to implement a gradual increase in electricity bills over five years.

Seqoon's approach aims to overcome affordability barriers, providing users with a seamless and hassle-free method to own portions of luxury real estate. Following a $500,000 pre-seed funding round in October 2022, the company has expanded its presence in various destinations in Egypt, including El Gouna and the North Coast.

The move into Dubai marks Seqoon's first international expansion, signaling its commitment to becoming a leading platform for holiday home buyers in the region. Mohamed El Khatieb expressed excitement about introducing Seqoon's innovative model to Dubai, emphasizing the alignment of Dubai's dynamic real estate market and thriving tourism with Seqoon's mission of making property ownership more accessible and enjoyable.

The decision was influenced by global economic factors, with the CBE noting a slowdown in global economic growth and a downward revision of the outlook compared to the previous meeting. This was attributed to the continued impact of policy rate increases by major central banks on demand. Additionally, key international commodity prices, particularly energy, had declined due to reduced speculation over oil supply shortages and subdued global demand.

The CBE acknowledged that mounting geopolitical tensions had heightened uncertainty in the inflation outlook, particularly concerning oil prices. The bank stated its commitment to assessing the overall impact of previously implemented tightening policies and their transmission to the economy through a data-driven approach.

T-Vencubator aims to provide a supportive platform for startups to thrive with a mission that centers around using technology to solve everyday problems. It introduces a "Vencubation" model, described as a unique blend of venture capital and incubation.

Reem Safy, the CEO of T-Vencubator, emphasized the belief that technology can potentially solve many of Egypt's challenges. She stated, "We're not just putting money into startups; we're investing in exceptional talents shaping Egypt's future."

The investigation found that the tobacco company penalized retailers who provided equal visibility in stores to rival brands. As part of the resolution, BAT has agreed to pay the $110 million fine.

Additionally, the company will be subject to monitoring by the commission for two years, ensuring the implementation of appropriate behavioral and business practice modifications. This enforcement action reflects the Nigerian government's commitment to maintaining fair competition within the market and protecting consumers' interests.

As a result of the missed payment, Fitch also lowered Ethiopia's long-term foreign currency rating to "RD" (Restricted Default) from "C." The agency does not assign outlooks to sovereigns rated "CCC+" or below. This development marks Ethiopia as Africa's third default in as many years.

S&P (Standard & Poor's) had also downgraded Ethiopia's long- and short-term foreign currency sovereign ratings earlier in the same month. The downgrades reflect challenges in Ethiopia's financial situation and its ability to meet its international debt obligations.

This growth surpassed the central bank's forecast of 5.6% and outpaced the revised figures of 5.5% in the previous quarter and 4.3% a year earlier. Additionally, in December, consumer prices experienced the slowest pace of increase in almost two years. 

This moderation in inflation provides some relief for Kenya's economy, which has faced challenges. The accelerated economic growth and the slowdown in inflation suggest positive developments that may contribute to the overall economic recovery in the East African nation.

Experiencing a 4.3% increase, Bitcoin attained its highest level since April 6, 2022, reaching $45,355 as of 12:25 p.m. Singapore time. Concurrently, other cryptocurrencies demonstrated positive momentum, with Ether, the second-largest token, registering a 2.6% rise. 

Bitcoin's value has escalated by more than 20% since the beginning of December, fueled by the approaching January 10 deadline for the US Securities and Exchange Commission to approve a spot ETF for Bitcoin potentially.

In the 11 months leading up to November 2023, foreign investors withdrew a net amount of Sh20.04 billion (~$127 million) from the NSE, bringing the cumulative net sales since the beginning of 2020 to Sh83.3 billion. The last time the market recorded a net inflow position was in 2019, at Sh1.32 billion.

Foreign investors appear to be seeking better returns elsewhere, both within Kenya and in global markets. A significant factor contributing to these outflows has been the rate increases in the United States, the United Kingdom, and the European Union. High inflation from mid-2022 in these regions compelled central banks to tighten monetary policy, influencing the flow of money and impacting investor preferences.

Founded in 2018, iSchool specializes in providing live gamified classes led by coding instructors for students aged six to 18. The curriculum covers a wide range of topics, including AI, VR, app development, game development, and web development.

The newly secured funding will be utilized to expedite iSchool's expansion plans into six additional countries within the MENA (Middle East and North Africa) region. Additionally, the funds will support technological scaling for the online coding platform and pave the way for the extension of its gamified online classroom app service throughout Sub-Saharan Africa.

This acquisition aligns with center3's strategic vision for growth and expansion in the Middle East and African markets. It signifies a significant move in enhancing the company's market presence and expanding its offerings in these dynamic and rapidly growing regions.

CMC Networks is currently owned by the Carlyle Sub-Saharan Africa Fund (CSSAF), and the acquisition will support center3's efforts to strengthen its position in the telecommunications sector.

In December, the Organization of the Petroleum Exporting Countries (OPEC) produced 27.88 million barrels per day (bpd), reflecting a 70,000 bpd increase compared to November. However, it is worth noting that this output is still over 1 million bpd lower than the levels observed in the same month the previous year.

Looking ahead, further cuts are expected in 2024 as part of the OPEC+ agreement. Additionally, Angola's exit from OPEC is anticipated to contribute to a reduction in January output and market share. OPEC's overall market share has been declining due to output restraint measures and the departure of certain member countries.

The consortium made this announcement in a statement, noting that the launch of cNGN is facilitated by the Regulatory Sandbox recently introduced by the Central Bank of Nigeria (CBN). 

cNGN stablecoin is expected to bring about a transformation in financial transactions, offering a secure and compliant means for individuals to transact and engage with their money. The consortium expressed its commitment to enhancing the security and seamlessness of financial interactions through this project.

In 2022, startups in Africa secured 19 cents of debt for every $1 of equity raised. However, in 2023, this ratio increased to 65 cents, with debt comprising 38% of all funding raised, a notable surge from 16% in 2022.

Despite a -39% YoY decline in funding on the continent, this performance is viewed relatively positively in the context of a global slowdown in venture capital activity. In 2023, 500 startups raised at least $100k in Africa, compared to 821 in 2022, representing a -39% YoY decrease.

This marginal growth is primarily attributed to the initial public offering (IPO) of SCG-Ré on January 26, 2023, involving 250,000 equity securities. Additionally, the rise in share prices for SOCAPALM (+6.1%), BANGE (+0.18%), and SAFACAM (+8.1%) contributed to the overall increase.

However, the market capitalization of SEMC experienced a 2.2% decline, settling at 1.762 billion FCFA, down from 1.803 billion FCFA a year earlier. La Régionale's share price remained unchanged at 42,500 FCFA over the year.

Except for the NGX Growth and NGX Sovereign Bond Indices, which experienced depreciation of 6.38% and 1.21%, respectively, all other indices concluded higher. The NGX ASeM index remained unchanged.

Market analysts anticipate a continuation of the bullish trend in 2024, citing the eventful and positive performance of the stock market in 2023. They foresee further improvements as more companies consider listing and engaging in public offerings.

Salem informed Daily News Egypt that the company has initiated the rehiring of some previously laid-off employees. Additionally, Swvl is implementing a strategic plan for measured expansion in key markets, with a specific focus on the Saudi market.

In 2022, Swvl reduced its workforce by about one-third to achieve profitability and cut costs. This workforce reduction aimed to make the company profitable in 2023 instead of the initially projected 2024. Swvl implemented various operational and administrative measures, leveraging technology to streamline workflows and enhance overall company performance, expediting the journey to profitability.

1984 Ventures, an early-stage venture capital firm based in San Francisco, spearheaded the funding round. Additional contributors to the round include The Raba Partnership, Byld Ventures, FirstCheck Africa, and various angel investors. Y Combinator, a renowned accelerator, also joined Cleva's pre-seed funding as the fintech embarks on its participation in the accelerator's winter 2024 batch.

This investment positions Cleva to advance its mission of providing seamless international payment solutions and underscores the growing interest and support for fintech initiatives in the African market.

In the secret ballot conducted in Geneva, Ambassador Omar Zniber, the Moroccan candidate, secured 30 votes, while his South African counterpart, Ambassador Mxolisi Nkosi, received 17 votes. Before the vote, Ambassador Nkosi expressed concerns to Reuters, stating that Morocco represented the "antithesis of what the council stands for" and contended that its election would undermine the credibility of the body.

In response, Morocco accused South Africa and some other African states of obstructing its efforts to secure the prestigious, albeit mostly symbolic, position of leading the Human Rights Council. The heated exchange reflects differing perspectives on human rights records and underscores the complexities within international organizations.

In 2024, countries representing over half of the global population and contributing more than 60% to the global economic output are scheduled for elections. That includes 16 African countries. The election year begins with crucial votes in Taiwan in January, carrying geopolitical significance, and concludes with elections in Ghana in December, where the country is grappling with a sovereign debt crisis.

David Lubin, an associate fellow at Chatham House and former head of emerging market economics at Citi, describes this election year as unprecedented and highlights recent surprises in elections, such as those in Argentina and Poland. The outcomes of these elections could have profound implications for the economic landscape of emerging markets.

Yousef Al Husaini, CEO of Baims, emphasized the significance of this acquisition, stating, "By acquiring Orcas Tutoring, we are not just expanding our reach; we are redefining the EdTech landscape in MENA." Al Husaini highlighted the consolidation's potential to provide a comprehensive learning experience by combining Baims' online tailored recorded courses with Orcas Tutoring's personalized one-to-one tutoring platform.

Hossam Taher, CEO of Orcas Tutoring, shared the goal of establishing product and market synergies. He expressed plans to introduce personalized K12 tutoring services in the GCC (Gulf Cooperation Council) and subsequently expand the portfolio to address the diverse needs of university students.

The BRVM 30 index, a key performance indicator for the 30 most liquid stocks, undergoes quarterly changes based on specific criteria. For the first quarter of 2024, the composition of the index has been adjusted. The inclusion of Air Liquide, Eviosys Packaging Siem, Alios Finance, and Uniwax CI reflects sustained investor activity. 

Meanwhile, Oragroup has been included in the BRVM Prestige index (comprising the top 10 stocks with the highest capitalizations), displacing the ETI stock, which, despite its prior favorable standing, has been excluded.

UBA's stock has shown a bullish trend since the commencement of 2024, with a notable 16.6% appreciation in its share price from N25.65 at the close of trading in 2023. Over the same period, its market capitalization has also experienced a significant increase of N142.8 billion.

The bank's robust market performance in 2024 is reminiscent of its achievements in 2023 when it emerged as the best-performing bank stock on the NGX, recording an impressive gain of 237.5% throughout the year. This consistent positive trend underscores UBA's sustained success and resilience in the market.

The loan is the first tranche of a credit facility expected to reach $265 million and will be utilized to accelerate the development of the Kiakia gold project and support other projects undertaken by West African Resources. 

The Kiakia project is considered world-class and is anticipated to have a significant economic and social impact on the communities in the Manga region while contributing substantially to Burkina Faso's GDP. Idrissa Nassa, the President of Coris, expressed pride in providing local financing for the Kiakia gold project.

The S&P Global South Africa Purchasing Managers’ Index (PMI) dropped to 49.0 in December, down from 50.0 in November. A reading above 50 indicates growth in activity.

The port crisis in Durban had a significant impact on supply chains, inventories, output, and demand. The survey revealed that delivery times lengthened at the sharpest rate in nearly two years. The challenges in the port infrastructure have contributed to a contraction in private sector activity in South Africa.

The charges against him include conspiracy, securities fraud, and making false filings with the Securities and Exchange Commission (SEC). If convicted on all charges, Mmobuosi could face a maximum sentence of 45 years. Prosecutors have reported that Mmobuosi is currently at large.

According to the indictment, Mmobuosi allegedly "orchestrated a scheme to enrich himself by falsely representing that Nigerian companies he founded, Tingo Mobile and Tingo Foods, were operational, profitable businesses generating hundreds of millions of dollars in revenue, respectively."

The launch of the digital currency is expected to enhance the competitiveness of the national currency and improve the effectiveness of monetary policy. Additionally, the Egyptian government has set an ambitious target of achieving a 100% financial inclusion rate by 2030.

The publication of the document titled "The Most Prominent Strategic Directions of the Egyptian Economy for the New Presidential Period 2024-2030" by the IDSC serves to outline key priorities for policy initiatives, providing a roadmap for economic development in the coming years.

Building on an $8 million investment from the fund's anchor investor, French private equity firm LBO France, the fund aims to reach $80 million to $100 million. The objective is to support seed and Series A startups, providing follow-on funding up to Series B. This initiative addresses a substantial capital gap and supports startups beyond accelerator programs.

The venture capital firm was established through a collaboration between its partners Maxime Bouan, Tamim El Zein, and Bruce Nsereko Lule, along with the Seedstars Group—an emerging markets accelerator.

The economies are Niger, Senegal, Rwanda, Cote d’Ivoire, Burkina Faso and Benin. While these economies may be smaller individually, they contribute to a more optimistic outlook for the region. The economic performances of South Africa and Nigeria, which together constitute two-fifths of Africa's $2 trillion economy, are not as robust. 

Nevertheless, the collective strength of the top-performing economies is making a positive impact in a region still grappling with issues of poverty and inequality. Eight of Africa’s top 10 largest economies, accounting for an additional 40% of regional GDP, are expected to grow by a robust 5% on average.

The Central Bank of Nigeria (CBN) has pledged to settle these maturing forex forwards to enhance confidence in the foreign exchange market. The acting spokesperson for the CBN, Hakama Sadi Ali, stated that the bank has, in the past three months, redeemed outstanding forward liabilities amounting to almost $2 billion.

This move underscores the central bank's commitment to resolving pending obligations and promoting the functionality of the foreign exchange market. Despite these efforts, forex shortages persist and continue to impact the country's currency, the naira.

The 28.08% gains achieved by the composite index mark a notable turnaround from a 12.38% loss in 2022. However, the Financial Stock Index extended its 2022 losses from 4.61% to 7.36% in 2023. Volumes, value, and the number of trades also experienced a decline compared to the figures recorded in 2022.

The cumulative volume traded totaled 579,675,315, valued at GHS 818.1 million, signifying a decrease of 56.59% and 50.11%, respectively, compared to the same period in 2022. Despite a marginal 0.08% decrease in the number of transactions, there was an increase in market capitalization, rising by 14.55% by the close of December 2023.

Since its inception, the startup has conducted eyesight tests for over 300,000 individuals, positively impacting the lives of 180,000 people. Lapaire currently operates 58 branches across six African countries, namely Ivory Coast, Togo, Benin, Mali, Burkina Faso, and Uganda.

The recent funding round was led by Investisseurs & Partenaires (I&P), with contributions from AAIC, FINCA Ventures, and Beyond Capital. The raised funds will be used to expand Lapaire's presence in both existing and new African markets, in addition to ongoing optimization of its operations. The company aims to establish 300 new eye care centers across Africa.

The successful negotiation between Ghana and its official creditors is a significant milestone that could lead to the approval of the disbursement of $600 million by the Executive Board of the International Monetary Fund (IMF). This disbursement is part of Ghana's $3 billion bailout program with the IMF.

The discussions surrounding the "cut-off date," referring to the date after which new loans from bilateral creditors will not be subject to restructuring, had recently posed a challenge to reaching an agreement.

The projected total pay-TV subscribers are anticipated to reach 55 million by 2029, with satellite TV contributing 33 million and DTT contributing 21 million. At the end of 2023, there were 43 million pay-TV subscribers, with 26 million using satellite TV and 16 million using DTT.

The report highlights that four countries will contribute nearly half of the total pay TV subscribers by 2029, and eight countries will account for two-thirds of the total. Nigeria is expected to lead with 10 million subscribers, surpassing South Africa in 2022.

Following Tuesday's trading, the banking index experienced an 8.2% increase, equivalent to ₦6.1 trillion. This surge welcomed Access, UBA, and First Bank into the trillion-naira club, joining established members like Guaranty Trust Bank and Zenith Bank, which closed trading at market caps of ₦1.42 trillion and ₦1.49 trillion, respectively.

The recent appreciation in the stock prices of the three new bank entrants averaged 10%, contributing to their attainment of the trillion-naira status. Overall, the NGX's performance has been significantly influenced by seven trillion-naira firms, representing 66% of the market capitalization on the exchange.

A key component of Zeal's product offering is the SmartPOS Plugin, which redefines in-store customer engagement and payment intelligence. The technology allows credit card machines to identify, segment, and retarget in-store customers, transforming how physical retailers interact with and retain their clientele.

The startup has already made strides in the payments industry, forming partnerships with key entities like Ingenico and Network International and receiving recognition such as the Visa Everywhere Initiative. The funding will further extend Zeal's reach and impact, bolstering its payment acquirers' portfolio and facilitating seamless integration with POS terminals on a global scale.

The statistics office reported that the headline inflation rate for December 2023 surged by 0.72% compared to the rate in November 2023. On a year-on-year basis, the headline inflation rate was 7.58% higher compared to the rate recorded in December 2022, which stood at 21.34%.

This indicates that the average price level experienced a more substantial increase in December compared to the previous month, November. This escalation represents the eleventh consecutive rise in the inflation rate since February 2023.

Situated on a peninsula on the outskirts of Lagos, the commercial capital, the refinery, valued at $20 billion, was constructed by Aliko Dangote, Africa's wealthiest individual. Despite being Africa's leading energy producer, Nigeria has historically depended on imports for the majority of its fuel consumption.

The Dangote refinery aims not only to achieve self-sufficiency but also to facilitate fuel exports to neighboring West African nations, potentially reshaping oil trading dynamics in the Atlantic Basin. Company sources say that test runs could commence this week following the refinery's receipt of its sixth crude oil cargo on January 8th.

The 2023 gold production of 30.11 tons fell short of the government's target of 40 tons for the year. The data comes from Fidelity Refineries, a state-owned agency responsible for processing all the gold produced in Zimbabwe.

Gold producers in Zimbabwe, like other exporters, receive 75% of their earnings in U.S. dollars and the remaining balance in the local currency, which experienced a significant devaluation of over 80% in the past year alone. The country also faced challenges in power supply, with frequent breakdowns in aging coal-fired plants and reduced generation at the Kariba hydropower station due to low water levels.

The collaboration involves integrating Tamara's BNPL service with Paymob's secure gateway, allowing customers to split their payments into four without hidden fees or interest. Paymob's omnichannel payments infrastructure serves a total of 250,000 merchants in the region, while Tamara has over 9 million users and more than 30,000 partner merchants.

This partnership aims to create a comprehensive payments ecosystem, providing seamless solutions and enhanced customer experiences for merchants.

Kelebogile Mading, one of Prolude Capital's founders and CEO, expressed enthusiasm about Monter Capital's investment, seeing it as a testament to their confidence in local enterprises and the Botswana financial services sector.

Dr. Brian Malambo, Monter Capital's CEO, highlighted the firm's commitment to a long-term investment strategy, emphasizing its dedication to investing in impactful and growth-oriented companies throughout sub-Saharan Africa.

Currently valued at $485.1 million in 2022, Africa's green cement and concrete market is anticipated to experience a compound annual growth rate of over 10%. Projections indicate that it will reach $867.9 million by 2028, as per recent forecasts from Research and Markets.

This growth is attributed to a surge in large-scale infrastructure projects across various African nations. Key initiatives such as hydropower plants, oil refineries, port expansions, and residential and commercial building projects in countries like Nigeria, Egypt, and Kenya are expected to contribute significantly to the expansion of the green cement and concrete market during the forecast period.

Despite being fully licensed by the Central Bank of Nigeria (CBN) in 2022, with a Payment Solutions Service Provider (PSSP) license, Woven Finance has decided to transfer its services to Hydrogen, a fintech company owned and operated by Access Bank.

This move is seen as an effort by Access Bank to enhance its competitiveness against GTCO’s fintech, Squad. Kemi Okusanya, a former General Manager at Visa West Africa, leads Hydrogen. In the email to customers, Woven Finance stated, "After a thorough analysis of the current market dynamics and their impact on our business model, Woven Finance has resolved to cease its payment services operations in the first quarter of 2024."

The standout performer of the session was Oragroup's shares, which, after three consecutive declines, saw a significant increase of 7.45% (reaching 2,525 FCFA), contributing significantly to the overall market rise. Other notable top performers included Saph (+7.05% to 2,355 FCFA), Sitab (+6.19% to 6,000 FCFA), and Sucrivoire (+3.45% to 450 FCFA).

Conversely, the most significant losses were observed in the shares of Sodeci (-7.43% to 4,360 FCFA), Sicor (-6.59% to 3,260 FCFA), Total CI (-5.80% to 1,300 FCFA), and Servair Abidjan (-6.53% to 1,645 FCFA).

Although the financial terms of the deal were not disclosed, the agreement will expand General Atlantic's assets under management to approximately $96 billion. As part of this deal, Actis will transition into GA's sustainable infrastructure arm, contributing around $12.5 billion in assets focusing on energy transition, digital transformation, and supply chain evolution.

This development follows closely on the heels of BlackRock's recent agreement to acquire Global Infrastructure Partners for $12.5 billion, positioning the asset management giant at the forefront of investments in global ports, power, and digital infrastructure projects.

This brings the total disbursements under the $456 million Extended Credit Facility program, approved in 2022, to around $273 million.

The IMF noted that Mozambique's program performance has been satisfactory, highlighting a sharp decline in inflationary pressures and an accelerating economic recovery. The disbursements are part of the ongoing financial support to help Mozambique address economic challenges and implement necessary reforms outlined in the loan program.

Mr. Thapelo Tsheole, the CEO of BSE, expressed his enthusiasm, stating, "This is historic for the market, and I would like to congratulate Absa and their stakeholders for this magnificent achievement. Largely, it’s as a result of the various strategic undertakings to cultivate and foster a conducive market for Sustainable Bonds."

The impact of the fee incentives for listing Sustainable Bonds, which includes a 25% discount on initial listing fees and annual sustaining fees compared to conventional bonds, played a crucial role in elevating Botswana’s ranking in the Absa Africa Financial Markets Index (AFMI) 2023 from the 8th position in 2022 to the 6th position in 2023.

Founded in 2016, FriendyM plans to utilize the new funding to extend its services to all governorates across Egypt and aims to onboard 100,000 cars onto its platform within a year.

The startup provides services to assist car owners in managing vehicle maintenance. Abdelrahman Elgamal, the founder and CEO of FriendyM, stated, “We aim to reach all segments of society, especially women because they are naturally less experienced in knowing what concerns the technical aspect of the car.”

As of 7:15 a.m. in New York on Thursday, daily trading volume for Bitcoin across cryptocurrency exchanges reached $52 billion, the highest since March 21 of the previous year. This increase in trading activity occurred when confidence in the traditional financial system was shaken by the collapses of banks like Silvergate Capital Corp. and Silicon Valley Bank.

In a landmark move, US regulators have approved exchange-traded funds that directly invest in Bitcoin. This development is seen as a significant event for the digital asset sector, valued at approximately $1.7 trillion, as it broadens access to the largest cryptocurrency on Wall Street and beyond.

Participation in Africa50-IAF comes from 16 African institutional investors, comprising sovereign wealth funds, pension funds, social security funds, insurance companies, banks, and development finance institutions (DFIs), including the African Development Bank (AfDB) and the International Finance Corporation (IFC).

Designed as a 12-year closed-ended infrastructure private equity fund, Africa50-IAF aims to invest in infrastructure assets with the potential to generate transformative impact, foster job creation, and expedite Africa's green industrial revolution.

Established in 2021 and already operational in Kenya, Tanzania, and Uganda, Badili focuses on aggregating, repairing, and reintroducing used or damaged mobile phones to the market. The platform collaborates with major e-commerce platforms, local trade partners, and mobile network operators. Badili's model allows consumers access to top-tier smartphone brands at a fraction of the price of new models, leveraging local refurbishment to maintain quality standards.

After raising a pre-seed round last year and participating in the 12th edition of the SOSV MOX accelerator, where it secured $150,000 in funding, Badili has now secured seed capital from E3 Capital, which invests in early-stage businesses facilitating digitized, decentralized, and decarbonized business models across Africa.

De Beers, a unit of Anglo American, along with the Botswana government (joint owners of Debswana Diamond Company), have approved the investment. The funds will be utilized to convert the Jwaneng pit into an underground operation.

The decision to proceed with the investment aligns with Debswana's 2018 plan to extend the mine's lifespan by 11 years starting from 2024. De Beers emphasized that the spending is deemed necessary due to the expected long-term tightening of the supply of rough gems.

The insurance products provided by Turaco, targeted at underserved customers and low-income earners, are priced at less than ₦2,000 ($1.70) per month. These products come with straightforward terms and conditions, and the claims process is fully digitized. Bboxx customers can file claims through WhatsApp or a phone call, and payouts are processed in less than three days via mobile money.

The partnership has received support and mentorship from FSD Africa and Bimalab, with backing from NAICOM (National Insurance Commission). BimaLab plays a significant role as a key partner for Turaco in Nigeria.

The equity investment, facilitated by Türkiye’s official export credit agency, Turk Eximbank, is significant for AFC's mission to serve as a bridge between Africa and global stakeholders interested in contributing to the continent's development and prosperity.

This strategic move aligns with Türkiye's broader vision of promoting resilient and sustainable growth in Africa, as outlined in the government's Africa Partnership Policy. The investment underscores the relevance of AFC in realizing these developmental aspirations and highlights the growing collaboration between African and non-African entities for mutual benefit.

Established in 2022 by Nasreddine Riahi and Ayoub Rabeh, Cynoia's goal is to streamline and enhance collaboration within organizations. The platform consolidates an extensive suite of essential tools, covering everything from chat and video conferencing to email and calendar management, document handling, and project management.

"By centralizing all digital tools and communication channels into one dynamic platform, we aim to optimize your operations and boost your team’s productivity. We’re not just a tool; we’re your enterprise’s success partner that redefines digital collaboration and prioritizes human wellbeing," explained Riahi to Disrupt Africa.

The demand for cement in 2023 exceeded the peak consumption recorded in 2022 by almost 0.2 percent. A significant portion of the cement consumed last year was allocated to construction and infrastructure projects, according to a government report cited by the Arabic language daily Hespress.

The report highlighted that cement usage for buildings reached its pinnacle at 453,500 tonnes in the past year, while the demand for infrastructure projects accounted for approximately 744,000 tonnes.

Octavia Carbon is dedicated to combating climate change by designing, constructing, and deploying machines that directly capture atmospheric CO₂ through DAC technology.

Martin Freimüller, the founder and CEO of Octavia Carbon, emphasized the critical role of carbon capture technologies in addressing climate change. He stated, "Our DAC technology will contribute to reducing carbon emissions as part of the global efforts towards achieving a net-zero future."

In a remarkable trading week, the NGX All-Share Index reached a record-breaking 83,191.84 points on January 9, 2024. On the same date, all FUGAZ banks achieved a historic milestone by surpassing the N1 trillion (over $1 billion) market capitalization level for the first time.

According to the NGX weekly market report, equities gained N1.848 trillion during the week, with the market capitalization appreciating by 4.24% to close at N45.442 trillion, compared to the previous week's N43.594 trillion.

Complementing this effort, IFC has also committed a $20 million equity investment in the Africa50 Infrastructure Acceleration Fund (IAF Fund) to promote sustainable infrastructure development across the continent. Targeting digital infrastructure, renewable energy, transportation, logistics, and water and sanitation projects, the fund seeks to invest in projects where the private sector is pivotal in advancing infrastructure. 

Aligned with key World Bank Group initiatives, these strategic moves underscore IFC's commitment to projects delivering substantial developmental impact in Africa's digital infrastructure and energy sectors.

In Africa, more than 900 million individuals use polluting fuels like charcoal for cooking, contributing directly to extensive deforestation, causing over 600,000 deaths annually due to household air pollution, and emitting greenhouse gases on a scale comparable to the global aviation industry. To address this challenge, a comprehensive energy transition to clean and modern fuels is imperative across the continent.

KOKO is at the forefront of driving this transition, eliminating the demand for charcoal by supplying bioethanol cooking fuel to over 1.1 million homes through a sophisticated network of KOKO Fuel ATMs in numerous corner stores across urban Kenya. The resulting carbon revenues are shared with households as a non-government energy subsidy, facilitating even the most economically disadvantaged households in making the switch.

The British major, as per its statement, will divest The Shell Petroleum Development Company of Nigeria Limited (SPDC) for $1.3 billion, and the buyers will additionally make a payment of up to $1.1 billion relating to prior receivables at completion.

The consortium, Renaissance, consists of ND Western, Aradel Energy, First E&P, and Waltersmith—all local oil exploration and production companies—and Petrolin, a Swiss-based trading and investment company. This move marks a significant shift in Shell's long-standing presence in Nigerian onshore oil and gas activities.

Out of the 47 countries that have ratified the African Continental Free Trade Area (AfCFTA), 31 are set to participate in the guided trade initiative, a substantial increase from the seven involved in 2023, as stated by AfCFTA Secretary-General Wamkele Mene during a World Economic Forum panel in Davos.

The pilot program will introduce a pan-African payments and settlement system, utilizing local currencies to address foreign exchange shortages and currency-convertibility limitations across the continent. This initiative represents a significant step toward fostering economic collaboration and removing trade barriers among African nations.

Established in 2018, Yodawy operates a marketplace where patients can process prescriptions and place online orders for medicines. The platform also facilitates connections between patients, medical labs, and insurance companies.

The investment from Ezdehar—after a $16 million Series B round last February—is intended to support Yodawy's expansion initiatives, which include growing its customer base, enhancing technology-enabled prescription fulfillment capabilities, and generating additional value in the healthcare services market.

During a televised address, Ouattara stated, "The government will persist in the structural transformation of the Ivorian economy, expediting investments across various sectors such as digital technology and transportation, and capitalizing on recent oil and gas discoveries."

While the president refrained from revealing the deal's magnitude, Ivory Coast is anticipated to emerge as one of the most rapidly growing economies in the region in 2024. After his statements, yields on the country's Eurobond maturing in July 2024 experienced a 17 basis points drop on Monday, reaching 8.36%.

Drawing on their extensive experience in successful startups, they aspire to nurture the next wave of global businesses emerging from Africa. Aboyeji envisions Accelerate Africa to become the Y Combinator (YC) equivalent for the African continent. 

The inaugural cohort of Accelerate Africa is slated to run for eight weeks and will be open to ten pre-seed and seed-stage startups from any sector across the 54 countries of Africa. The program will focus on enhancing founders' skills in storytelling, team building, business development, and product development.

While Prime is the third-largest streaming platform in Africa, the decision aims to prioritize areas that contribute to the platform's highest impact and long-term success, according to Barry Furlong, the vice president of Prime's EMEA (Europe, Middle East, and Africa) division.

The extent of the impact on employees is not explicitly mentioned in the report, and it remains unclear how many staff members will be affected by the restructuring. While approved shows like "Ebuka Turns Up Africa" will continue to be released, Prime will cease approving new local shows in sub-Saharan Africa, the Middle East, and North Africa as part of the strategic shift in its business model.

Currently operational in Ghana, Rivia plans to expand its services to West and East Africa. The startup collaborates with clinics, providing comprehensive support in customer acquisition, financing, and technology to improve patient service quality and extend the reach of their clientele.

Rivia offers partner clinics a hospital management system to handle various tasks such as patient appointments, bookings, record-keeping, payment collection, lab, pharmacy, and other administrative functions. Additionally, the startup provides loans to partner clinics for upgrading their physical infrastructure and augmenting their inventory, contributing to the overall improvement of healthcare services in the region.

At 1:30 pm WAT on January 17, 2024, the company's share price rose by 1.23% to reach N82.40, resulting in a market capitalization of N1.085 trillion. However, by the close of trading at 2:30 pm WAT, the share price experienced a 9.95% decline, settling at N73.30 and reducing the market capitalization to N890 billion.

In 2024, Dangote Sugar became the sixth company on the NGX to surpass the N1 trillion market cap level. The other companies achieving this milestone include FBN Holdings, United Bank for Africa, Access Holdings, Transcorp Hotels, and Geregu Power. This reflects the notable market dynamics and the significant valuation of these key players in the Nigerian financial and corporate landscape.

Telecom Egypt's initiative to obtain the 5G license is aimed at keeping pace with global technology trends and accelerating the nation's digitalization process. 

The deployment of 5G networks is expected to contribute to advancements in various industries, fostering economic growth and enhancing Egypt's international standing in the information and communication technology (ICT) sector.

Notably, the European Union agriculture financing initiative, EDFI AgriFI, and Seedstars Africa Ventures (SAV) participated in this funding round, contributing $1.7 million in equity.

This recent funding marks a significant development for Shamba Pride, coming more than two years after the company secured $1.1 million in funding from Seedstars Africa Ventures and Gray Matters Capital. The earlier funding was aimed at supporting the startup's nationwide expansion and the rollout of its agricultural solution to over 1000 shops.

This acquisition involves the collaboration of the existing Datacentrix management team, which has effectively guided the company for over two decades. Alviva is divesting from Datacentrix as part of its delisting from the JSE in early 2023, focusing on its core operations in hardware distribution. The terms of the transaction were not disclosed.

The move aligns with CPDIF's strategy of investing in high-growth companies that stand as leaders in their field, boasting robust management teams and substantial customer and vendor relationships. The acquisition positions Convergence Partners to further enhance its presence in the digital infrastructure space.