BOLLORE TRANSPORT & LOGISTICS COTE D'IVOIRE

SOCIETE IVOIRIENNE DE BANQUE COTE D'IVOIRE

<a href="https://airtel.africa/" rel="noopener noreferrer" target="_blank">Airtel Africa</a> is set to contribute to the expansion of Africa's digital infrastructure with the launch of Nxtra, a data center business aimed at meeting the continent's growing digital economy and providing sustainable data center capacity. This development follows the telco's launch of a data center in Lagos just a year ago.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.

Daba Finance/Airtel Africa doubles down on data centers

Airtel Africa doubles down on data center business with new facility

<a href="https://www.prescient.co.za/" rel="noopener noreferrer" target="_blank">Prescient Management</a> has listed its inaugural Actively Managed Exchange Traded Fund (AMETF), named the Prescient Income Provider Feeder Actively Managed ETF, on the <a href="https://www.jse.co.za/" rel="noopener noreferrer" target="_blank">Johannesburg Stock Exchange</a> (JSE). This recent addition, marking the sixth AMETF on the JSE in the current year, emphasizes the ongoing dedication to broadening investment prospects within South Africa's dynamic financial market.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.

Daba Finance/Prescient lists active ETF on JSE

African Markets

Prescient lists active ETF on Johannesburg Stock Exchange

African nations are expected to grapple with elevated borrowing expenses in the global market in the short term, a consequence of the alluring interest rates available in the US financial market. This poses a challenge to the retirement of maturing Eurobonds for numerous states over the next two years.<a href="https://www.linkedin.com/in/george-asante-08a27514/?originalSubdomain=uk" rel="noopener noreferrer" target="_blank">George Asante</a>, the Managing Director and Africa Head of Markets at <a href="https://www.citi.com/" rel="noopener noreferrer" target="_blank">Citi</a> 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.

Daba Finance/African countries face steep costs in global credit market

African countries face steep costs in global credit market

In November 2023, the <a href="https://gse.com.gh/" rel="noopener noreferrer" target="_blank">Ghana Stock Exchange</a> experienced significant growth, with its composite index rising by 44.28 points in the equities market. This marked a notable improvement compared to the previous month, bringing the year-to-date return to 29.71%. The Financial Stock Index also saw a positive shift, gaining 17.52 points and reducing the year-to-date loss to 2.71%.The top performers for the month included <a href="https://ecobank.com/gh/personal-banking/countries" rel="noopener noreferrer" target="_blank">Ecobank Ghana</a> (18.64%), <a href="https://gse.com.gh/listed-company/gld/" rel="noopener noreferrer" target="_blank">GLD</a> (2.58%), <a href="https://mtn.com.gh/" rel="noopener noreferrer" target="_blank">MTN Ghana</a> (2.19%), <a href="https://calbank.net/" rel="noopener noreferrer" target="_blank">CAL</a> (2%), and <a href="https://africanfinancials.com/company/gh-fml/" rel="noopener noreferrer" target="_blank">FanMilk</a> (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.

Daba Finance/Ghana Stock Exchange soars in November

Ghana Stock Exchange records strong performance in November

The <a href="https://www.agg-fund.com/" rel="noopener noreferrer" target="_blank">Africa Go Green Fund</a> (AGG), managed by <a href="https://www.cygnumcapital.com/" rel="noopener noreferrer" target="_blank">Cygnum Capital</a>, is providing strategic financing of $10 million to <a href="https://www.burnstoves.com/" rel="noopener noreferrer" target="_blank">BURN Manufacturing</a>, the world's leading clean cookstove manufacturer. The funds will be used to distribute clean cookstoves to households in Mozambique, Nigeria, and the Democratic Republic of Congo.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.

AGG and BURN sign $10m deal to fund clean cooking in Africa

<a href="https://www.linkedin.com/company/wic-capital/?originalSubdomain=sn" rel="noopener noreferrer" target="_blank">Wic Capital</a>, a women-centric investment fund, has secured a credit line from the British investor <a href="https://fsdafrica.org/" rel="noopener noreferrer" target="_blank">FSD Africa</a> to continue its entrepreneurial financing activities in Senegal and Ivory Coast. The funding is a $1 million loan from FSDAi Nyala Facility, an investment vehicle focused on sub-Saharan Africa.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 <a href="https://www.linkedin.com/in/anne-marie-chidzero-8077a61/?originalSubdomain=za" rel="noopener noreferrer" target="_blank">Anne-Marie Chidzero</a>, 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.

Daba Finance/Wic Capital secures $1m to fund female-led SMEs

Techpoint Africa

Wic Capital secures $1m to fund female-led SMEs in francophone Africa

<a href="https://www.fuse.io/" rel="noopener noreferrer" target="_blank">Fuse Network</a> has introduced a $10 million grant program aimed at supporting businesses in accessing Web3 payment systems. The grant program includes both funding and infrastructure support and is open to businesses looking to build and use Web3 payment technologies. While the program is global in scope, there will be a specific focus on enterprises in emerging markets, particularly in Africa.<a href="https://www.linkedin.com/in/marksmargon/?originalSubdomain=il" rel="noopener noreferrer" target="_blank">Mark Smargon</a>, 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.

Daba Finance/Fuse launches $10m grant program for Web3 payment startups

Innovation Village

Fuse launches $10m grant program for Web3 payment startups

Kenyan insurtech <a href="https://www.lami.world/" rel="noopener noreferrer" target="_blank">Lami Technologies</a> had announced the acquisition of <a href="https://bluewave-insurance.com/" rel="noopener noreferrer" target="_blank">Bluewave</a> in February last year, aiming to expand its product offerings and scale into new markets in Africa. However, it has now been revealed that the deal fell through a few months later.As reported by TechCrunch, at the time Lami publicly disclosed the acquisition, only a two-year "strategic partnership agreement" was in place. Bluewave founder <a href="https://www.linkedin.com/in/adelaide-odhiambo-47600022/?originalSubdomain=sg" rel="noopener noreferrer" target="_blank">Adelaide Odhiambo</a> 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 <a href="https://harlem.capital/" rel="noopener noreferrer" target="_blank">Harlem Capital</a>.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.

Daba Finance/Kenya-based Lami’s planned acquisition of Bluewave fails

TechCrunch

Kenya-based Lami’s planned acquisition of Bluewave fails

<a href="https://www.societegenerale.com/en" rel="noopener noreferrer" target="_blank">Societe Generale</a>, the third-largest listed bank in France, has reached an agreement to sell its subsidiaries in Burkina Faso and Mozambique to the pan-African banking group <a href="https://vistabankgroup.com/group/about/" rel="noopener noreferrer" target="_blank">Vista Group</a>. As part of the deal, Vista will acquire Societe Generale's 52.6% stake in Societe Generale Burkina Faso and its 65% stake in Banco Societe Generale Mocambique.<a href="https://www.linkedin.com/in/simon-t-tiemtore-b695944/" rel="noopener noreferrer" target="_blank">Simon Tiemtore</a>, 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 <a href="https://www.uib.com.tn/" rel="noopener noreferrer" target="_blank">Union Internationale de Banques</a> (UIB) is ongoing, according to a spokesperson for the bank. Financial details of the deals were not disclosed.

Daba Finance/SocGen to sell two more African businesses

Bloomberg

SocGen to sell two more African businesses to Vista Group

South African consumer confidence has declined, reflecting ongoing concerns about the <a href="https://dabafinance.com/en/news/south-africa-economy-contracts-on-power-cuts-and-logistics" rel="noopener noreferrer" target="_blank">country's economic outlook</a>. The quarterly index measuring consumer sentiment dropped to -17 in the three months through December, marking its lowest fourth-quarter reading in more than two decades. This is a slight decrease from -16 in the previous quarter, as reported by <a href="https://www.firstrand.co.za/" rel="noopener noreferrer" target="_blank">FirstRand</a>’s <a href="https://www.fnb-online.com/" rel="noopener noreferrer" target="_blank">First National Bank</a>.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.

Daba Finance/South Africa consumer confidence slips to two-decade low

South Africa consumer confidence slips to two-decade low

In the first nine months of the year, Botswana's commercial banks collectively reported after-tax profits of P2.3 billion, signaling a trajectory to surpass the all-time full-year record of P2.7 billion achieved in the previous year. Prior to the record profits in 2022, the highest point in after-tax profits for banks was P2.02 billion in 2018.Recent figures from the <a href="https://www.bankofbotswana.bw/" rel="noopener noreferrer" target="_blank">Bank of Botswana</a> (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.

Daba Finance/Bank profits in Botswana near historic levels

Bank profits in Botswana near historic levels amid high interest rates

Nigerian banks are on track to exceed their projected profit margins for the year according to financial reports covering January to September 2023. Nairametrics, tracking the 9M results, indicates that many banks listed on the NGX have achieved a net profit margin higher than their margins for the full year 2022.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 <a href="https://www.accessbankplc.com/" rel="noopener noreferrer" target="_blank">Access Bank</a>, <a href="https://www.gtbank.com/" rel="noopener noreferrer" target="_blank">GT Bank</a>, <a href="https://www.firstbanknigeria.com/" rel="noopener noreferrer" target="_blank">First Bank</a>, <a href="https://www.zenithbank.com/" rel="noopener noreferrer" target="_blank">Zenith Bank</a>, and <a href="https://www.ubagroup.com/" rel="noopener noreferrer" target="_blank">UBA</a>, 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 <a href="https://www.cbn.gov.ng/" rel="noopener noreferrer" target="_blank">Central Bank of Nigeria</a> (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.

Daba Finance/Nigerian banks on track to beat 2023 profit margin outlooks

Nigerian banks on track to beat 2023 profit margin outlooks

Banks in Kenya experienced a 4.9% decrease in pre-tax profit for the nine months ending in September, according to the latest data from the <a href="https://www.centralbank.go.ke/" rel="noopener noreferrer" target="_blank">Central Bank of Kenya</a> (CBK). During this period, pre-tax profit dropped to Sh177.8 billion, down from Sh187 billion the previous year, marking an unusual occurrence for the industry, which has generally seen consistent profit growth.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, <a href="https://equitygroupholdings.com/" rel="noopener noreferrer" target="_blank">Equity Group</a> and <a href="https://kcbgroup.com/" rel="noopener noreferrer" target="_blank">KCB Group</a>, 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.

Daba Finance/Kenyan banks' profit dips 4.9%

Kenyan banks' profit dips 4.9% in rare decline for industry

Mozambique anticipates a surge in economic growth to 5.5% next year, even as its budget deficit is expected to widen to 10.4% of gross domestic product (GDP). This expansion is attributed to factors such as debt service, public sector wage reforms, and election-related spending, as highlighted by Finance Minister <a href="https://am.afdb.org/en/speaker/he-ernesto-max-elias-tonela-2888" rel="noopener noreferrer" target="_blank">Max Tonela</a> in a budget speech on Wednesday.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.

Daba Finance/Mozambique anticipates a surge in economic growth to 5.5% next year

Reuters

Mozambique expects higher economic growth, wider deficit in 2024

The <a href="https://www.worldbank.org/en/home" rel="noopener noreferrer" target="_blank">World Bank</a> has unveiled its commitment to allocate $5 billion to extend electricity access to 100 million people in Africa by the end of the decade (2030). President of the World Bank, <a href="https://www.worldbank.org/en/about/people/a/ajay-banga" rel="noopener noreferrer" target="_blank">Ajay Banga</a>, shared this announcement during his speech at the mid-term review of the <a href="https://ida.worldbank.org/en/home" rel="noopener noreferrer" target="_blank">International Development Association</a> (IDA)'s $93 billion replenishment package on December 6, 2023, in Zanzibar, Tanzania.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."

Daba Finance/World Bank earmarks $5bn for electricity in Africa

World Bank to allocate $5bn to provide electricity for 100m Africans

The <a href="https://mastercardfdn.org/all/africa-growth-fund/" rel="noopener noreferrer" target="_blank">Mastercard Africa Growth Fund</a> has taken a significant stride in bolstering impact investment in Africa by announcing substantial investments totaling $27 million in three prominent investment firms: <a href="https://chuivc.com/" rel="noopener noreferrer" target="_blank">Chui Ventures</a>, <a href="https://www.vestedworld.com/" rel="noopener noreferrer" target="_blank">VestedWorld</a>, and <a href="https://www.smeimpactfund.com/" rel="noopener noreferrer" target="_blank">SME Impact Fund</a>.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 <a href="https://aruwacapital.com/" rel="noopener noreferrer" target="_blank">Aruwa Capital</a> and $5 million to <a href="https://inuacapital.com/" rel="noopener noreferrer" target="_blank">Inua Capital</a>. 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, <a href="https://crowdforce.io/" rel="noopener noreferrer" target="_blank">CrowdForce</a>, <a href="https://taeillo.ng/" rel="noopener noreferrer" target="_blank">Taeillo</a>, <a href="https://pngme.com/" rel="noopener noreferrer" target="_blank">Pngme</a>, and <a href="https://lifestorespharmacy.com/" rel="noopener noreferrer" target="_blank">Lifestores Pharmacy</a>.

Daba Finance/Mastercard Africa growth fund injects $27m in three VC firms

Mastercard Africa growth fund injects $27m in three VC firms

<a href="https://www.havaic.com/" rel="noopener noreferrer" target="_blank">HAVAÍC</a>, a Cape Town-based venture capital firm, is investing $1 million in <a href="https://www.sportable.com/" rel="noopener noreferrer" target="_blank">Sportable</a> as part of a $15 million Series A funding round. The startup deploys Micro-Tracking (MT) technology to enhance data collection and analysis in ball and contact sports, with a focus on rugby, soccer, and American football.&nbsp;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 <a href="https://www.sixnationsrugby.com/" rel="noopener noreferrer" target="_blank">Six Nations Rugby Championship</a>, 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.

Daba Finance/South Africa’s Sportable raises $15m Series A to scale

Weetracker

South Africa’s Sportable raises $15m Series A to scale

<a href="https://dabafinance.com/en/news/morocco-cfg-bank-gets-approval-for-ipo" rel="noopener noreferrer" target="_blank">CFG Bank's IPO</a> reportedly proved to be a remarkable success among investors. Data gathered on Thursday, shortly after the closure of subscriptions, reveals that the offering was oversubscribed by an impressive 25 to 30 times, drawing interest from an estimated 20,000 investors. It's important to note that these numbers may fluctuate as all orders are processed.Market operators indicate that the initial tranche experienced a subscription rate exceeding 50 times. These early statistics position the <a href="https://dabafinance.com/en/news/morocco-cfg-bank-gets-approval-for-ipo" rel="noopener noreferrer" target="_blank">CFG Bank IPO</a> as even more popular than <a href="https://www.marsamaroc.co.ma/" rel="noopener noreferrer" target="_blank">Marsa Maroc</a>'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, <a href="https://akdital.ma/en/" rel="noopener noreferrer" target="_blank">Akdital's</a> 1.2 billion dirham IPO attracted 8,225 investors and was oversubscribed 3.8 times.

Daba Finance/ZCFG Bank IPO oversubscribed

CFG Bank IPO on Casablanca Stock Exchange oversubscribed

<a href="https://flutterwave.com/ng/" rel="noopener noreferrer" target="_blank">Flutterwave</a>, the Pan-African fintech company, has recently acquired 13 new money transmission licenses in the United States. With these additional licenses and existing partnerships, Flutterwave is now positioned to facilitate remittances to and from approximately 29 states in the U.S. through its remittance product, Send App.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.

Daba Finance/Flutterwave secures licenses in US

Pymnts

Flutterwave secures licenses to facilitate remittances from US

<a href="https://pivo.africa/#/" rel="noopener noreferrer" target="_blank">Pivo</a>, the Nigerian fintech startup that secured over $2.6 million in funding from <a href="https://www.ycombinator.com/" rel="noopener noreferrer" target="_blank">Y Combinator</a>, <a href="https://www.venturesplatform.com/" rel="noopener noreferrer" target="_blank">Ventures Platform</a>, <a href="https://www.mercycorps.org/what-we-do/ventures" rel="noopener noreferrer" target="_blank">Mercy Corp Ventures</a>, and other investors, is reportedly shutting down. Established in July 2021 by <a href="https://www.linkedin.com/in/nkiru-amadi-emina/?originalSubdomain=ng" rel="noopener noreferrer" target="_blank">Nkiru Amadi-Emina</a> (CEO) and <a href="https://www.linkedin.com/in/ijeoma-akwiwu/?originalSubdomain=uk" rel="noopener noreferrer" target="_blank">Ijeoma Akwiwu</a> (COO), Pivo aimed to provide banking services to small logistics and haulage businesses operating within Nigeria's supply chain sector.Pivo initially raised $100,000 in a pre-seed round from investors such as <a href="https://www.microtraction.com/" rel="noopener noreferrer" target="_blank">Microtraction</a>, <a href="FirstCheck Africa" rel="noopener noreferrer" target="_blank">FirstCheck Africa</a>, and <a href="https://rallycap.vc/" rel="noopener noreferrer" target="_blank">Rally Cap Ventures</a> 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.

Daba Finance/Pivo Africa is shutting down

TechCabal

YC-backed supply chain fintech Pivo Africa is shutting down

<a href="https://www.lidya.info/" rel="noopener noreferrer" target="_blank">Lidya</a>, the SME lending company founded by <a href="https://www.linkedin.com/in/tunde-kehinde-048aa635/?originalSubdomain=ng" rel="noopener noreferrer" target="_blank">Tunde Kehinde</a>, a co-founder of <a href="https://www.jumia.com/" rel="noopener noreferrer" target="_blank">Jumia</a>, has decided to close its European lending operations in Poland and the Czech Republic. The company, which has been in operation for seven years, is shifting its focus to the Nigerian market, concentrating on the growth of its new credit assessment and loan recovery offering.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 <a href="https://lawpadi.com/global-standing-instruction-everything-you-need-to-know/" rel="noopener noreferrer" target="_blank">Global Standing Instruction</a> (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 <a href="https://nibss-plc.com.ng/" rel="noopener noreferrer" target="_blank">Nigerian Inter-Bank Settlement System</a> (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.

Daba Finance/Lidya shuts operations in Europe

Lending fintech Lidya shuts operations in Europe to focus on Nigeria

<a href="https://www.tappi.org/" rel="noopener noreferrer" target="_blank">tappi</a>, an end-to-end digital commerce SaaS (Software as a Service) solution designed for small and medium-sized businesses (SMEs), has raised $1.5 million in a pre-seed funding round. This fundraising effort positions <a href="https://www.tappi.org/" rel="noopener noreferrer" target="_blank">tappi</a> to streamline the process of establishing and managing online business profiles, providing SMEs with tools to showcase their products and services, engage with customers, and facilitate online payments.The round was led by <a href="https://www.mercycorps.org/what-we-do/ventures" rel="noopener noreferrer" target="_blank">Mercy Corps Ventures</a> and <a href="https://chuivc.com/" rel="noopener noreferrer" target="_blank">Chui Ventures</a>, with participation from notable entities such as <a href="https://dcg.co/" rel="noopener noreferrer" target="_blank">Digital Currency Group</a>, <a href="https://sosv.com/" rel="noopener noreferrer" target="_blank">SOSV</a>, <a href="https://www.resilience17.com/" rel="noopener noreferrer" target="_blank">Resilience17</a>, <a href="http://growxventures.com/" rel="noopener noreferrer" target="_blank">growX ventures</a>, <a href="https://orbitstartups.com/" rel="noopener noreferrer" target="_blank">Orbit Startups</a>, <a href="https://www.reflectventures.com/" rel="noopener noreferrer" target="_blank">Reflect Ventures</a>, and involvement from angel investors and advisors associated with prominent global tech companies like <a href="https://www.google.com/" rel="noopener noreferrer" target="_blank">Google</a>, <a href="https://www.salesforce.com/" rel="noopener noreferrer" target="_blank">Salesforce</a>, and <a href="https://www.zendesk.com/" rel="noopener noreferrer" target="_blank">Zendesk</a>. 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.

tappi raises $1.5m pre-seed to digitize SMEs in Africa

After being acquired by Kenyan fintech startup <a href="https://lipalater.com/" rel="noopener noreferrer" target="_blank">Lipa Later</a> a year ago, <a href="https://sky.garden/home" rel="noopener noreferrer" target="_blank">Sky.Garden</a>, a Kenyan e-commerce startup, has reemerged with a reported $1.6 million investment, as per Citizen Digital.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.

Daba Finance/Sky.Garden to launch rebranded e-commerce

Disrupt Africa

Lipa Later-owned Sky.Garden to launch rebranded e-commerce

<a href="https://www.fbnholdings.com/" rel="noopener noreferrer" target="_blank">FBN Holdings</a>, one of Nigeria's longstanding banks, achieved a significant milestone as its share price surpassed the N1 trillion market capitalization on Wednesday. This achievement followed consecutive gains of approximately 10%, propelling the share price to new heights during the week. With this, FBNH officially joins the esteemed group of SWOOTs, denoting Stocks Worth Over One Trillion Market Capitalization.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 <a href="https://www.dangotecement.com/" rel="noopener noreferrer" target="_blank">Dangote Cement</a>, <a href="https://airtel.africa/#/" rel="noopener noreferrer" target="_blank">Airtel Africa</a>, <a href="https://www.mtn.ng/" rel="noopener noreferrer" target="_blank">MTN</a>, <a href="https://www.buacement.com/" rel="noopener noreferrer" target="_blank">BUA Cement</a>, <a href="https://www.buafoodsplc.com/" rel="noopener noreferrer" target="_blank">BUA Foods</a>, <a href="https://www.seplatenergy.com/" rel="noopener noreferrer" target="_blank">Seplat</a>, and most recently, <a href="https://www.zenithbank.com/" rel="noopener noreferrer" target="_blank">Zenith Bank</a> and <a href="https://www.gtcoplc.com/" rel="noopener noreferrer" target="_blank">GTCO</a>.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.

Daba Finance/FBN Holdings market cap crosses N1trn

First Bank joins elite group of stocks on Nigerian exchange

Nigerian fintech startup, <a href="https://www.bujeti.com/" rel="noopener noreferrer" target="_blank">Bujeti</a>, has secured $2 million seed funding in a round led by <a href="https://www.ycombinator.com/" rel="noopener noreferrer" target="_blank">Y Combinator</a> (YC). Other notable investors participating in this funding round include <a href="https://entreecap.com/" rel="noopener noreferrer" target="_blank">Entrée Capital</a>, <a href="https://voltron.africa/" rel="noopener noreferrer" target="_blank">Voltron Capital</a>, <a href="https://www.unpopular.vc/" rel="noopener noreferrer" target="_blank">UnpopularVC</a>, <a href="https://www.kimaventures.com/" rel="noopener noreferrer" target="_blank">Kima Ventures</a>, and several angel investors.Founded in 2021 by <a href="https://www.linkedin.com/in/achille-arouko/?originalSubdomain=fr" rel="noopener noreferrer" target="_blank">Cossi Achille Arouko</a> (CEO), with a background in software engineering and previous experience leading initiatives at <a href="https://paystack.com/" rel="noopener noreferrer" target="_blank">Paystack</a>, and <a href="https://www.linkedin.com/in/samychiba/?locale=en_US" rel="noopener noreferrer" target="_blank">Samy Chiba</a> (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.

Daba Finance/ZBujeti raises $2m in seed round

YC-backed fintech Bujeti raises $2m in seed round

Zambia's <a href="https://cecinvestor.com/" rel="noopener noreferrer" target="_blank">Copperbelt Energy Corporation</a> (CEC) is set to issue the country's inaugural green bond by the year-end, as announced by the power company this week. The $54 million bond is part of a larger $200 million green bond program.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 <a href="https://www.linkedin.com/in/owen-silavwe-99202653/?originalSubdomain=zm" rel="noopener noreferrer" target="_blank">Owen Silavwe</a>, 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. <a href="https://www.linkedin.com/in/nonde-sichilima-826406216/?originalSubdomain=zm" rel="noopener noreferrer" target="_blank">Nonde Sichilima</a>, a director at <a href="https://www.seczambia.org.zm/" rel="noopener noreferrer" target="_blank">Zambia's Securities and Exchange Commission</a>, 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.

Daba Finance/Zambia's first green bond to be issued by year-end

Zambia's first green bond to be issued by year-end

In an unexpected move, Kenya's <a href="https://www.centralbank.go.ke/" rel="noopener noreferrer" target="_blank">central bank</a>, under the leadership of Governor <a href="https://www.kpa.co.ke/AboutUs/Pages/DR.-KAMAU-THUGGE-CBS.aspx" rel="noopener noreferrer" target="_blank">Kamau Thugge</a> since June, has raised its benchmark interest rate for the second time. The decision is attributed to the necessity of supporting the country's weakened shilling, stabilizing the exchange rate, and managing inflationary pressures.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."

Daba Finance/Kenya looks to stabilize currency with big hike in interest rate

Kenya looks to stabilize currency with big hike in interest rate

<a href="https://bitmama.io/" rel="noopener noreferrer" target="_blank">Bitmama Inc</a>., a blockchain payments platform, has acquired <a href="https://www.usepayday.com/" rel="noopener noreferrer" target="_blank">Payday</a>, a virtual card service provider. This follows closely on the heels of Payday's disclosure of a $3 million seed round just nine months ago and the confirmation of its exploration of sale options three months ago.Through Bitmama's cross-border payments solution, <a href="https://changera.co/" rel="noopener noreferrer" target="_blank">Changera</a>, this acquisition signifies a significant departure from earlier speculations, particularly those suggesting a potential acquisition by the primary investor, <a href="https://moniepoint.com/ng" rel="noopener noreferrer" target="_blank">Moniepoint</a>. 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.

Daba Finance/Bitmama acquires Nigerian fintech Payday

Bitmama acquires Nigerian fintech Payday in all-stock deal

<a href="https://www.basi-go.com/" rel="noopener noreferrer" target="_blank">BasiGo</a>, an electric bus company operating in Kenya and Rwanda, has secured $5 million in debt funding from the <a href="https://www.bii.co.uk/en/" rel="noopener noreferrer" target="_blank">British International Investment</a> (BII), the UK’s development finance institution and impact investor.The company operates on a pay-as-you-drive model, providing its electric buses to <a href="https://en.wikipedia.org/wiki/Matatu" rel="noopener noreferrer" target="_blank">matatu</a> 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).

BasiGo secures $5m debt to ramp up e-bus assembly

<a href="https://www.partment.co/" rel="noopener noreferrer" target="_blank">Partment</a>, an Egyptian prop-tech startup offering diverse second-home co-ownership opportunities, has recently expanded to Greece. This move comes on the heels of a remarkable five-fold increase in market size within just one year in Egypt.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.

Daba Finance/Egyptian proptech startup Partment expands to Greece

Egyptian proptech startup Partment expands to Greece

The latest edition of <a href="https://www.grindstonexl.com/" rel="noopener noreferrer" target="_blank">Grindstone Africa</a>, a globally recognized accelerator fostering high-growth entrepreneurship, has chosen eight startups to participate. Grindstone, established in 2013 and jointly owned by <a href="https://knifecap.com/" rel="noopener noreferrer" target="_blank">Knife Capital</a> and <a href="https://thinkroom.co/" rel="noopener noreferrer" target="_blank">Thinkroom Limited</a>, has a reputation for supporting innovation-driven companies in scaling their operations. The 2023 program, sponsored by <a href="https://www.absa.africa/" rel="noopener noreferrer" target="_blank">Absa</a>, 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 <a href="https://www.linkedin.com/in/catherine-young-b7077115/" rel="noopener noreferrer" target="_blank">Catherine Young</a>, the managing partner of Grindstone.

Daba Finance/Grindstone Africa selects 8 startups

Grindstone Africa selects 8 startups for accelerator program

<a href="https://stitch.money/" rel="noopener noreferrer" target="_blank">Stitch</a>, a South African payments infrastructure company, has unveiled a new payment method named "Pay with crypto." This feature empowers businesses to cater to an expanding customer base interested in purchasing goods and services using cryptocurrency. With this functionality, customers can make direct transactions with crypto and have settlements processed in ZAR.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 <a href="https://dabafinance.com/en/news/bitcoin-surges-past-41k-for-first-time-since-April-2022" rel="noopener noreferrer" target="_blank">Bitcoin</a> or <a href="https://dabafinance.com/en/news/bitcoin-surges-past-41k-for-first-time-since-April-2022" rel="noopener noreferrer" target="_blank">Ethereum</a>. The businesses will receive settlements in ZAR, providing them with a convenient solution to navigate and mitigate currency volatility.

Daba Finance/ZStitch launches feature to allow South Africans pay with crypto

Stitch launches feature to allow South Africans pay with crypto

The <a href="https://dabafinance.com/en/news/south-africa-inflation-reaches-five-month-high" rel="noopener noreferrer" target="_blank">South African</a> economy experienced a slight contraction in the third quarter of the current year, with output declining in the agriculture, mining, and construction sectors, according to data from the statistics agency released on Tuesday. This comes as logistics constraints and a chronic electricity shortage took their toll.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.<a href="https://www.linkedin.com/in/joedebeer1969?originalSubdomain=za" rel="noopener noreferrer" target="_blank">Joe de Beer</a>, the head of economic statistics at <a href="https://www.statssa.gov.za/" rel="noopener noreferrer" target="_blank">Statistics South Africa</a>, 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.

CNBC Africa

South Africa’s GDP contracts on power cuts, logistics 

Supply chain and e-commerce facilitator <a href="https://www.omniful.com/" rel="noopener noreferrer" target="_blank">Omniful</a> has emerged from stealth mode, securing $5.85 million in seed funding led by <a href="https://www.venturesouq.com/" rel="noopener noreferrer" target="_blank">VentureSouq</a>. Other contributors to the funding round include <a href="https://500.co/" rel="noopener noreferrer" target="_blank">500 Global</a>, <a href="http://dashventures.com/" rel="noopener noreferrer" target="_blank">DASH Ventures</a>, <a href="https://jahezgroup.com/" rel="noopener noreferrer" target="_blank">Jahez Group</a>, <a href="https://seedra.com/" rel="noopener noreferrer" target="_blank">SEEDRA Ventures</a>, <a href="https://bunat.vc/" rel="noopener noreferrer" target="_blank">Bunat Ventures</a>, <a href="https://www.hala.vc/" rel="noopener noreferrer" target="_blank">Hala Ventures</a>, <a href="https://rzm.com.sa/en/" rel="noopener noreferrer" target="_blank">RZM Investments</a>, and several family offices.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.

Omniful raises $5.85m with plans to expand in North Africa

Egypt's online auto parts marketplace, <a href="https://pitchbook.com/profiles/company/506971-72" rel="noopener noreferrer" target="_blank">Mtor</a>, has secured a pre-seed funding round of $2.8 million, led by <a href="https://www.algebraventures.com/" rel="noopener noreferrer" target="_blank">Algebra Ventures</a>. Other contributors include the <a href="https://www.dutchfoundersfund.com/" rel="noopener noreferrer" target="_blank">Dutch Founders Fund</a> (DFF), <a href="https://www.aditumim.com/ventures/" rel="noopener noreferrer" target="_blank">Aditum Ventures</a>, <a href="https://loftyinccapital.vc/" rel="noopener noreferrer" target="_blank">LoftyInc Capital</a>, and various notable local and global angel investors.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.

Wamda

Mtor gets $2.8m pre-seed for its online auto parts marketplace

<a href="https://bitcoin.org/en/" rel="noopener noreferrer" target="_blank">Bitcoin</a> surged past $40,000 for the first time this year, riding a wave of momentum fueled by widespread enthusiasm for anticipated US interest rate cuts. Traders are also optimistic about the imminent approval of US stock market-traded bitcoin funds. This marks a new year-to-date high for BTC, which is up over 140% since January 1.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 <a href="https://coinmarketcap.com/currencies/ethereum/" rel="noopener noreferrer" target="_blank">Ethereum</a> 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 <a href="https://www.federalreserve.gov/" rel="noopener noreferrer" target="_blank">US Federal Reserve</a> 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.

Daba Finance/Bitcoin rallies past $41,000

CoinDesk

Bitcoin surges past $41k for the first time since April 2022

Recent analysis indicates a growing trend of homes and businesses in Africa adopting off-grid solutions for their energy needs, a factor that was previously overlooked in earlier assessments of electricity access on the continent. The <a href="https://www.iea.org/reports/world-energy-outlook-2023" rel="noopener noreferrer" target="_blank">World Energy Outlook 2023</a> highlights a notable increase in the use of solar power by households and businesses worldwide.The Africa Solar Industry Association’s (AFSIA) <a href="https://www.africanpowerplatform.org/resources/3645-annual-solar-outlook-2023-a-country-by-country-review-of-the-status-of-solar-energy-in-africa.html" rel="noopener noreferrer" target="_blank">Africa Solar Outlook 2023</a> 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 <a href="https://dabafinance.com/en/news/cleantech-drives-rebound-in-fdi-flows-to-africa" rel="noopener noreferrer" target="_blank">considerable solar power potential</a>.

Daba Finance/More Africans powered by off-grid solutions

More African homes, businesses powered by off-grid solutions

In a recent funding round, Tunisian team collaboration startup <a href="https://cynoia.com/" rel="noopener noreferrer" target="_blank">Cynoia</a> has successfully raised $930,000 to support its expansion into the West African Economic and Monetary Union (UEMOA), with a primary focus on Senegal and Ivory Coast.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 <a href="https://www.ugfsnorthafrica.com.tn/" rel="noopener noreferrer" target="_blank">United Gulf Financial Services</a>, <a href="https://216capital.vc/" rel="noopener noreferrer" target="_blank">216 Capital Ventures</a>, and <a href="https://www.bpifrance.com/" rel="noopener noreferrer" target="_blank">Bpifrance</a>. The startup aims to strategically expand its presence in UEMOA markets, with a particular emphasis on Senegal and Ivory Coast.

Daba Finance/Tunisia’s Cynoia raises over $900k

Tunisia’s Cynoia raises over $900k for West Africa expansion

Zimbabwe has introduced a new tax on lithium and a wealth tax to support a substantial 14-fold surge in expenditures aimed at stabilizing the economy. According to the annual budget presented by Finance Minister Mthuli Ncube, projected spending is set to increase to 58.2 trillion Zimbabwe dollars ($10 billion) in 2024, compared to the current Z$4.3 trillion. 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.

Daba Finance/Zimbabwe mulls wealth tax, lithium levy

Zimbabwe mulls wealth tax, lithium levy to boost revenue

<a href="https://www.vodacom.co.za/" rel="noopener noreferrer" target="_blank">Vodacom</a> is undertaking significant efforts to enhance connectivity in South Africa's Mpumalanga province, with plans to invest over R450 million ($24 million) in the region in the current financial year. The telecom giant aims to provide "best-in-class coverage and customer service" through this 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.

Daba Finance/Vodacom to invest $24m on network expansion

Vodacom to invest $24m on network expansion in South Africa

Nigerian last-mile delivery startup, <a href="https://www.fezdelivery.co/" rel="noopener noreferrer" target="_blank">Fez Delivery</a>, has launched a UK-Nigeria shipping service as part of its strategy to refine operations and enhance delivery services in the UK market. Founded in 2018, Fez Delivery has developed a last-mile delivery platform to connect businesses with markets.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.<a href="https://www.linkedin.com/in/seunalley/?originalSubdomain=ng" rel="noopener noreferrer" target="_blank">Seun Alley</a>, 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."

Daba Finance/Fez Delivery expands with new UK hub

Nigeria’s Fez expands last-mile delivery services with new UK hub

<a href="https://beltoneholding.com/" rel="noopener noreferrer" target="_blank">Beltone Financial Holding</a> has reported robust growth with a 161% year-on-year increase in net profit for the first nine months of 2023, reaching EGP 86 million ($2.8 million). This is a significant turnaround from the previous year when the company recorded a loss of EGP 140 million.The operating revenue for the same period <a href="https://www.egx.com.eg/en/NewsDetails.aspx?NewsID=195679" rel="noopener noreferrer" target="_blank">surged</a> 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.

Daba Finance/ZEGX-listed Beltone sees major turnaround

Zawya

EGX-listed Beltone sees major turnaround as 9m profit grows 161%

<a href="https://www.daystar-power.com/" rel="noopener noreferrer" target="_blank">Daystar Power</a>, a prominent provider of hybrid solar power solutions for businesses and industrial manufacturers in Africa, has entered into an agreement with <a href="https://www.nbplc.com/" rel="noopener noreferrer" target="_blank">Nigerian Breweries</a> to implement and operate a 4.2MWp solar plant along with a 2MWh battery storage system. This project is set to become one of the largest solar and battery storage initiatives for an industrial manufacturer in Nigeria.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 <a href="https://www.theheinekencompany.com/age-gate/574" rel="noopener noreferrer" target="_blank">Heineken</a> 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.

Daba Finance/Nigerian Breweries signs deal with Daystar Power

Daystar inks deal with Nigerian Breweries on solar, battery system

Kenya's President, William Ruto, recently revealed that the <a href="https://mwc.legal/the-startup-bill-2022/" rel="noopener noreferrer" target="_blank">Startup Bill 2022</a> is scheduled to be signed into law by April 2024. The bill, aimed at creating employment opportunities for Kenyan youth and providing tax breaks for startups, was disclosed during the Kenya Innovation Week (KIW).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.

Daba Finance/Kenya's Startup Bill will give tax break to startups

Kenya's Startup Bill will give tax break to startups

The <a href="https://www.afdb.org/en/topics-and-sectors/initiatives-partnerships/canada-african-development-bank-climate-fund" rel="noopener noreferrer" target="_blank">Canada–African Development Bank Climate Fund</a> (CACF), established to support gender-affirmative climate change projects in Africa, has granted approval for $36.3 million in concessional loans to two private sector operations aimed at advancing climate adaptation on the continent.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 <a href="https://www.afdb.org/en" rel="noopener noreferrer" target="_blank">African Development Bank</a>, 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.

Daba Finance/Canada, AfDB Climate Fund approves $36.3m for climate adaptation

Canada, AfDB Fund approves $36.3m for climate adaptation

<a href="https://www.crunchbase.com/organization/twiga-foods" rel="noopener noreferrer" target="_blank">Twiga Foods</a>, a platform facilitating the connection between Kenyan farmers and food vendors, has secured undisclosed funding as part of a business refinancing effort. This development comes just weeks after the company faced a KES 40 million (USD 261,878.75) debt collection lawsuit from Incentro Africa, a cloud services vendor.The new funding has been obtained from four investors, namely <a href="https://www.creadev.com/" rel="noopener noreferrer" target="_blank">Creadev</a>, <a href="https://www.juven.africa/" rel="noopener noreferrer" target="_blank">Juven</a>, <a href="https://tlcomcapital.com/" rel="noopener noreferrer" target="_blank">TLcom Capital Partners</a>, and <a href="https://www.dobequity.nl/" rel="noopener noreferrer" target="_blank">DOB Equity</a>—all of whom participated in Twiga's 2021 $50 million Series C funding round. Twiga's CEO, <a href="https://www.weforum.org/people/peter-njonjo/" rel="noopener noreferrer" target="_blank">Peter Njonjo</a>, 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.”

Daba Finance/Twiga Foods gets new funding

Embattled Twiga Foods secures new funding to settle suppliers

Tunisian retail-tech startup <a href="https://www.winshot.net/" rel="noopener noreferrer" target="_blank">Winshot</a> has successfully secured a six-figure funding round with the lead investment coming from the Tunis-based VC firm <a href="https://216capital.vc/" rel="noopener noreferrer" target="_blank">216 Capital</a>, aimed at improving operational efficiency and enhancing the overall customer experience for brands, retail chains, and franchise leaders.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. <a href="https://www.crunchbase.com/person/dhekra-khelifi" rel="noopener noreferrer" target="_blank">Dhekra Khelifi</a>, 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.

Daba Finance/216 Capital invests in retail startup Winshot

216 Capital invests in Franco-Tunisian retail startup Winshot

The <a href="https://www.afdb.org/en" rel="noopener noreferrer" target="_blank">African Development Bank</a> (AfDB) has revised its short to medium-term macroeconomic projections for Africa in 2023 and 2024, lowering them to 3.4% and 3.8% from the initial estimates of 4.0% and 4.3%. This downward adjustment is attributed to persistent long-term impacts of COVID-19, geopolitical tensions, conflicts, climate shocks, a global economic slowdown, and the limited fiscal capacity of African governments to effectively respond to shocks and sustain post-pandemic economic recovery.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. <a href="https://www.weforum.org/people/kevin-chika-urama/" rel="noopener noreferrer" target="_blank">Kevin Urama</a>, 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.”

Daba Finance/AfDB cuts Africa growth forecasts

AfDB

AfDB lowers Africa’s growth forecasts amid global uncertainty

Nairobi-based climate tech startup <a href="https://www.amini.ai/" rel="noopener noreferrer" target="_blank">Amini</a>, dedicated to addressing Africa's environmental data gap through artificial intelligence and satellite technology, has secured $4 million in seed funding. <a href="https://salesforceventures.com/" rel="noopener noreferrer" target="_blank">Salesforce Ventures</a>, the global investment arm of Salesforce, and <a href="https://femalefoundersfund.com/" rel="noopener noreferrer" target="_blank">Female Founders Fund</a>, a seed-stage venture fund focusing on female-founded companies, led the funding round.&nbsp;This successful raise follows a $2 million pre-seed funding round in March 2023, led by <a href="https://paleblue.vc/portfolio" rel="noopener noreferrer" target="_blank">Pale Blue Dot</a>, with participation from <a href="https://www.superorganism.com/" rel="noopener noreferrer" target="_blank">Superorganism</a>, a contributor to this seed round, and new investors like <a href="https://www.satgana.com/" rel="noopener noreferrer" target="_blank">Satgana</a>. Amini, boasting a team with over 20 years of combined experience in developing AI solutions for tech giants like <a href="https://www.nvidia.com/en-us/" rel="noopener noreferrer" target="_blank">NVIDIA</a>, <a href="https://www.arm.com/" rel="noopener noreferrer" target="_blank">Arm</a>, and <a href="https://www.apple.com/" rel="noopener noreferrer" target="_blank">Apple</a>, 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.

Daba Finance/Amini closes $4 million seed round

Nairobi-based climate-tech startup Amini closes $4m seed round

<a href="https://verdant-cap.com/" rel="noopener noreferrer" target="_blank">Verdant Capital</a> has unveiled a revolving credit facility of $2.5 million for Enable Capital, a South African firm specializing in offering short-term funding solutions to SME subcontractors engaged in the physical construction and deployment of fiber network infrastructure across South Africa at local, regional, and national levels.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.

Daba Finance/Verdant makes $2.5m investment to back SA fiber-focused SMEs

Verdant makes $2.5m investment to back SA fiber-focused SMEs

<a href="https://nawah-scientific.com/" rel="noopener noreferrer" target="_blank">Nawah Scientific</a>, a life sciences and biotech startup based in Egypt, has recently earned accreditation from the <a href="https://www.fda.gov/" rel="noopener noreferrer" target="_blank">United States Food and Drug Administration</a> (US-FDA) for food analysis.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.

Daba Finance/Egyptian startup gets US FDA accreditation

Egyptian startup gets US FDA accreditation for food analysis

Zambian inflation reached its highest point in 20 months in November due to a decline in the kwacha's value, causing an increase in the prices of imported goods such as cereals, vehicles, and spare parts. Consumer prices saw a 12.9% year-on-year rise, up from October's 12.6%, marking the highest inflation rate since March 2022, with costs rising by 0.9% within the month.To combat inflation, which has surpassed its 6%-8% target range, Zambia's central bank <a href="https://dabafinance.com/en/news/Zambia-hikes-interest-rate-to-curb-kwacha-decline" rel="noopener noreferrer" target="_blank">raised its benchmark lending rate</a> 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 <a href="https://www.boz.zm/about/dr-denny-h-kalyalya-bio.htm" rel="noopener noreferrer" target="_blank">Denny Kalyalya</a>, 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.

Daba Finance/Zambia inflation hits 20-month high

Zambia inflation hits 20-month high as currency woes persist

<a href="https://endeavor.org/kenya/" rel="noopener noreferrer" target="_blank">Endeavor Kenya</a>, a non-profit organization dedicated to supporting impactful entrepreneurs, has introduced its inaugural ScaleUp Program, designed for high-growth founders. This initiative aims to identify and assist ten high-growth ventures in East Africa, providing them with a network and resources to gain clarity on their scaling journey.&nbsp;The selected entrepreneurs will benefit from the <a href="https://endeavor.org/kenya/" rel="noopener noreferrer" target="_blank">Endeavor ScaleUp</a> 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, <a href="https://www.linkedin.com/in/maryanne-nyawira-ochola/?originalSubdomain=ke" rel="noopener noreferrer" target="_blank">Maryanne Ochola</a>, 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.

Daba Finance/Endeavor launches scale-up program in Kenya

Endeavor launches scale-up program for founders in Kenya

<a href="https://www.echovc.com/" rel="noopener noreferrer" target="_blank">EchoVC</a>, a venture capital firm specializing in seed and early-stage technology investments with a focus on supporting underrepresented founders and underserved markets, has unveiled its latest pre-seed fund initiative, the EchoVC Eco Pilot Fund I. This fund is dedicated to making investments in ventures related to <a href="https://dabafinance.com/en/news/cleantech-drives-rebound-in-fdi-flows-to-africa" rel="noopener noreferrer" target="_blank">climate and energy</a>.Positioning itself with the aspiration to be the <a href="https://www.sequoiacap.com/" rel="noopener noreferrer" target="_blank">Sequoia Capital</a> 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.

EchoVC launches $2.5m fund to back climate-focused startups

Data from the <a href="https://www.ey.com/en_za/attractiveness/21/africa-attractiveness-report-" rel="noopener noreferrer" target="_blank">EY Africa Attractiveness Report</a> indicates a significant rebound in foreign direct investment (FDI) into Africa in 2022, with the cleantech sector emerging as a primary driver of these investments. The report underscores the importance of African governments implementing reforms to attract the critically needed next generation of FDIs.In an interview with CNBC Africa, Damilola Aloba, a partner at <a href="https://www.ey.com/en_us" rel="noopener noreferrer" target="_blank">Ernst &amp; Young</a>, 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.

Daba Finance/Cleantech drives a rebound in FDI

Cleantech is driving a rebound in FDI flows to Africa

South African technology firm <a href="https://gometroapp.com/" rel="noopener noreferrer" target="_blank">GoMetro</a> has successfully raised £9 million (~$11.4 million) in a Series A funding round, with leading investment from <a href="https://www.zenobe.com/" rel="noopener noreferrer" target="_blank">Zenobē Energy</a>, a notable supporter of electric transportation initiatives. Zenobē, recognized for its involvement in financing and operating electric buses, recently secured a substantial $750 million investment from <a href="https://www.kkr.com/" rel="noopener noreferrer" target="_blank">KKR</a> for fleet electrification financing.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.

Daba Finance/GoMetro raises $11.4m Series A

SA’s GoMetro raises $11.4m Series A to scale operations

<a href="https://www.csquared.com/" rel="noopener noreferrer" target="_blank">CSquared</a>, a pan-African technology company focused on digitally connecting the continent, recently secured $25 million in new equity through investments from <a href="https://www.convergencepartners.com/convergence-partners-latest-fund-to-drive-digital-inclusion-in-africa?category=" rel="noopener noreferrer" target="_blank">Convergence Partners Digital Infrastructure Fund</a> (CPDIF), the <a href="https://www.ifc.org/en/home" rel="noopener noreferrer" target="_blank">International Finance Corporation</a> (IFC), and the <a href="https://ida.worldbank.org/en/home" rel="noopener noreferrer" target="_blank">International Development Association</a> (IDA).&nbsp;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 <a href="https://www.google.com/" rel="noopener noreferrer" target="_blank">Google</a> 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.

Daba Finance/CSquared looks to bridge Africa’s digital divide

Nairametrics

CSquared looks to bridge Africa’s digital divide with $25m raise

<a href="https://dabafinance.com/en/news/kenya-gets-more-funds-from-imf-ahead-of-eurobond-payment" rel="noopener noreferrer" target="_blank">Kenya</a> is set to kick off its privatization initiative by offering stakes in 11 companies, including the state-owned oil pipeline, as part of a broader strategy to generate revenue amid increasing debt repayments. The companies, which are among a total of over 35 slated for sale, encompass diverse sectors such as a government-owned oil pipeline, a major convention center in Nairobi, a textbook publisher, agri-business firms, and industrial companies.The government, seeking <a href="https://dabafinance.com/en/news/kenya-gets-more-funds-from-imf-ahead-of-eurobond-payment" rel="noopener noreferrer" target="_blank">fiscal consolidation and economic development</a>, aims to partially privatize these entities. Among the companies listed, the <a href="https://www.kpc.co.ke/" rel="noopener noreferrer" target="_blank">Kenya Pipeline Company</a>, fully owned by the government, stands out as a profitable entity with a monopoly on the transport of gas and white oil products.&nbsp;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 <a href="https://www.safaricom.co.ke/" rel="noopener noreferrer" target="_blank">Safaricom</a>.

Daba Finance/Kenya kicks off privatization exercise

Kenya offers 11 state companies for sale in privatization drive

<a href="https://www.devex.com/organizations/pan-african-towers-limited-125311" rel="noopener noreferrer" target="_blank">Pan African Towers</a> has revealed a strategic investment from <a href="https://www.dpi-llp.com/" rel="noopener noreferrer" target="_blank">Development Partners International</a> (DPI) and <a href="https://www.verod.com/" rel="noopener noreferrer" target="_blank">Verod Capital</a>, marking a pivotal step in propelling the next phase of its strategic initiatives and expediting growth within the Nigerian telecommunications market.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.

Verod Capital, DPI acquire stake in Pan African Towers

On Monday, Nigerian <a href="https://dabafinance.com/en/news/access-bank-set-for-asia-expansion-next-year" rel="noopener noreferrer" target="_blank">bank</a> shares experienced a notable rise as investors responded positively to the announcement that the <a href="https://dabafinance.com/en/news/nigeria-postpones-mpr-meeting-again-as-inflation-soars" rel="noopener noreferrer" target="_blank">central bank</a> would require them to strengthen their capital buffers. <a href="https://ngxgroup.com/exchange/data/company-profile/?symbol=FBNH&amp;directory=companydirectory&amp;tdate=2023-11-27T00:00:00" rel="noopener noreferrer" target="_blank">FBN Holdings Plc</a> led the surge, climbing 10%, the maximum allowed in daily trading on the Nigerian exchange, reaching 22 naira per share. This marked the largest one-day increase for the company in five months.Despite the market capitalization decreasing by N132 billion to close at N39.04 billion, the benchmark <a href="https://ngxgroup.com/" rel="noopener noreferrer" target="_blank">All-Share Index</a> 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 <a href="https://www.cbn.gov.ng/AboutCBN/TheBoard.asp?Name=Mr%2E+Olayemi+Cardoso&amp;Biodata=cardoso" rel="noopener noreferrer" target="_blank">Olayemi Cardoso</a> 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.

Banking stocks surge in Nigeria on central bank recapitalization talks

Zimbabwe's annual inflation rate increased for the first time following the recent adoption of a new price measure that considers the widespread use of US dollars for transactions in the economy. Per the <a href="https://www.zimstat.co.zw/" rel="noopener noreferrer" target="_blank">Zimbabwe National Statistics Agency</a>, consumer prices rose to 21.6% in November from 17.8% the previous month. 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 <a href="https://www.rbz.co.zw/" rel="noopener noreferrer" target="_blank">Reserve Bank of Zimbabwe</a>'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.

Daba Finance/Zimbabwe inflation quickens after new measure

Zimbabwe's inflation surges two months after new price measure

The <a href="https://www.bog.gov.gh/" rel="noopener noreferrer" target="_blank">Bank of Ghana</a> has opted to maintain the benchmark interest rate at a record high of 30%, extending its stance to keep policy tighter for a more extended period until a clear downward trajectory toward its target range is established. This decision comes after a cumulative 16.5 percentage points increase in borrowing costs since November 2021. Governor <a href="https://www.afdb.org/en/virtual-launch-african-economic-outlook-2021/speakers-biographies/ernest-kwamina-yedu-addison" rel="noopener noreferrer" target="_blank">Ernest Addison</a> 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 <a href="https://dabafinance.com/en/news/south-africa-inflation-reaches-five-month-high" rel="noopener noreferrer" target="_blank">inflation</a> 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.

Ghana opts to holds interest rate on disinflation, pending debt deal

<a href="https://www.saviu.vc/" rel="noopener noreferrer" target="_blank">Saviu Ventures</a>, a venture capital firm focusing on startups in <a href="https://dabafinance.substack.com/p/pulse54-an-emerging-startup-powerhouse" rel="noopener noreferrer" target="_blank">francophone Africa</a>, has secured an initial close of €12 million ($13 million) for its second fund. Private investors, including French and Kenyan family offices, have contributed to the fund. Saviu, founded by Benoit Delestre and Samuel Touboul, plans to finalize the fund between €30 million and €50 million, primarily targeting investments in <a href="https://dabafinance.substack.com/p/pulse54-an-emerging-startup-powerhouse" rel="noopener noreferrer" target="_blank">startups within the region</a>.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 <a href="https://dabafinance.com/en/news/waspito-closes-seed-extension-round-to-expand-operations" rel="noopener noreferrer" target="_blank">Waspito</a>, a Cameroonian health tech; <a href="https://www.rubyx.io/" rel="noopener noreferrer" target="_blank">Rubyx</a>, a Senegalese digital lending SaaS provider; and <a href="https://www.myworkpay.com/" rel="noopener noreferrer" target="_blank">Workpay</a>, an HR payroll provider.

Daba Finance/Saviu Ventures reaches first close of second fund

Saviu Ventures raises $13m to back francophone African startups

Mozambique's government has approved an <a href="https://www.aljazeera.com/news/2023/11/27/mozambique-to-present-new-80bn-energy-transition-plan-at-cop28" rel="noopener noreferrer" target="_blank">Energy Transition Strategy</a> with the aim of reducing the nation's reliance on fossil fuels. The strategy, estimated to cost $80 billion by 2050, is designed to attract financing for economic development. The initial steps include the addition of 2,000 megawatts of hydropower capacity by 2030 and the expansion of the transmission grid to accommodate more renewable energy.&nbsp;The full program is set to be unveiled by <a href="https://www.africa-confidential.com/profile/id/3360/Filipe_Nyusi" rel="noopener noreferrer" target="_blank">President Filipe Nyusi</a> 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.&nbsp;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.

Daba Finance/Mozambique approves energy transition plan

Mozambique approves ambitious $80bn energy transition plan

Nigerian business tycoon <a href="https://www.dangote.com/about-us/aliko-dangote/" rel="noopener noreferrer" target="_blank">Aliko Dangote</a> has revealed intentions to list his $20 billion oil refinery on the <a href="https://ngxgroup.com/" rel="noopener noreferrer" target="_blank">Nigerian Exchange Limited</a> (NGX). This significant move signals a major stride for <a href="https://dangote.com/" rel="noopener noreferrer" target="_blank">Dangote Industries</a>, the largest conglomerate in Africa.In an interview with the <a href="https://www.ft.com/" rel="noopener noreferrer" target="_blank">Financial Times</a>, 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.

Daba Finance/Dangote Refinery to list on NGX

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