NSIA Banque Côte d'Ivoire (<a href="https://www.dabafinance.com/en/capitalmarkets/NSBC" rel="noopener noreferrer" target="_blank">BRVM: NSBC</a>) reported a 9% increase in net profit for 2024, reaching 38.1 billion CFA francs ($62.6 million), up from 34.8 billion CFA francs in 2023. The bank posted 7.5% growth in net banking income to 97.8 billion CFA francs, supported by a 27% increase in commissions, which rose to 34.3 billion CFA francs. Interest income declined slightly to 63.5 billion CFA francs.Operating expenses increased 9% to 49.9 billion CFA francs, driven by higher personnel and overhead costs. The operating ratio stood at 59.7%, down from 62.3% in 2023. The cost of risk improved significantly, dropping from -3.4 billion to 0.6 billion CFA francs. This reflected lower provisions and better portfolio quality. Non-performing loans fell 47%, and total assets rose 23% to 2,514 billion CFA francs. Customer deposits increased 20% to 1,701 billion CFA francs. The stock rose 58% over the past year. The bank has not yet announced a 2024 dividend.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Ivorian Lender NSIA Banque CI Reports $62.6M Annual Profit

Daba Intelligence

Ivorian Lender NSIA Banque CI Reports $62.6M Annual Profit

Morocco-based Bank of Africa Group reported a 29% increase in net profit for 2024, reaching 3.4 billion dirhams ($353 million), up from 2.7 billion dirhams in 2023. The bank said growth came from improved performance in Morocco and sub-Saharan Africa, which contributed 49% and 45% of total profit, respectively.Net banking income rose 10% to 18.7 billion dirhams, supported by a 6% rise in interest margin and 4% growth in commission income. Operating income increased 23% to 10 billion dirhams, while the consolidated operating ratio improved to 52%.Customer loans excluding resales increased 2% to 223.2 billion dirhams, and customer deposits (excluding repos) rose 8% to 256 billion dirhams. Total assets grew 9%. The cost of risk rose 15% to 3.2 billion dirhams. Equity rose 9%, while the debt coverage ratio improved to 64% from 62.3%. The bank expects to maintain growth momentum across key markets in 2025.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Bank of Africa Group Profit Hits Record 3.4B Dirhams ($312M) in 2024

Company Filings

Morocco's Bank of Africa Group Profit Hits Record $312M in 2024

African online marketplace Jiji will launch operations in Bangladesh, marking its first expansion outside the continent. The move targets the country’s growing middle class, mobile connectivity, and expanding e-commerce sector, which is expected to reach $13 billion by 2027, according to Payments and Commerce Market Intelligence (PCMI).Jiji operates in seven African countries, including Nigeria, Kenya, and Ghana, with 12 million monthly active users. The company says Bangladesh, with 131 million internet users, offers similar growth potential.Jiji will compete with established players like Daraz, Bikroy, and Ajkerdeal. To gain market share, the company plans to apply strategies that worked in Africa, including free user listings, telco partnerships, and localized services. Jiji was founded in 2014 and has grown through acquisitions, including OLX Africa and Cars45. The company is profitable and sees emerging markets as its next frontier.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Jiji Expands Beyond Africa with Bangladesh E-Commerce Entry

TechCabal

Jiji Expands Beyond Africa with Bangladesh E-Commerce Entry

Marketforce Technologies has been ordered to pay KES 2.1 million ($16,000) to former employee Tom Maina Chege for wrongful termination, according to a Kenyan court ruling issued nearly a year after the company shut down its B2B marketplace, RejaReja.Chege, a product manager at Marketforce from January 2022 to August 2023, was laid off in July 2023. He claimed the termination violated Kenya’s Employment Act due to insufficient notice and lack of notification to the Labour Office. The court found that Marketforce failed to comply with legal redundancy procedures.Marketforce did not defend itself in court. Judge C.N. Baari awarded Chege KES 1.3 million ($10,000) in terminal dues and KES 800,000 ($6,000) in compensation and legal costs. The ruling highlights ongoing uncertainty around the Y Combinator-backed startup, which raised over $40 million before exiting the B2B space in 2024. Co-founder Tesh Mbaabu has since launched a new venture, Chpter.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Kenyan Court Orders Marketforce to Pay $16K for Wrongful Termination

Kenyan Court Orders Marketforce to Pay $16K for Wrongful Termination

Kenyan buy-now-pay-later (BNPL) fintech Lipa Later has been placed under administration as of March 24, 2025, following months of financial strain. Joy Vipinchandra Bhatt of Moore JVB Consulting LLP has been appointed administrator, according to a gazette notice. The move removes the company’s directors from control of operations and hands decision-making authority to the administrator.Creditors have until April 23 to submit claims. Employees and suppliers have reported non-payment since late 2024. In one case, London-based Africa Foresight Group sued Lipa Later over a $13,516 unpaid consultancy fee. Kenya’s High Court ruled against Lipa Later in December 2024, citing internal emails admitting the debt.Lipa Later had raised $12 million in equity in 2022 and secured $3.4 million in debt in September 2023. However, it failed to raise additional capital in 2024. Its acquisition of the e-commerce platform Sky.Garden for KES 250 million ($1.9 million) in December 2023 raised questions about its financial stability.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Lipa Later Enters Administration After Failed Funding, Mounting Debt

Lipa Later Enters Administration After Failed Funding, Mounting Debt

AvtoVAZ, Russia’s largest automaker and majority state-owned, will enter Nigeria with plans to establish a spare parts hub and service center at Lagos’s Lekki Free Trade Zone by the end of 2025. The move marks the company’s biggest expansion in West Africa’s largest economy.The maker of Lada vehicles is also in talks with the Nigerian government to set up a local assembly plant and launch compressed natural gas (CNG) vehicle conversions through a partnership with a Russian engineering firm. The expansion comes as Chinese automakers grow their market share in Russia, while AvtoVAZ looks abroad to sustain growth. Nigeria’s vehicle demand exceeds 700,000 units annually, but local production covers just 14,000.AvtoVAZ aims to benefit from import duty exemptions on CNG vehicles. Some Lada units will arrive factory-fitted with gas-powered engines, while others will be converted locally. The company has previously operated in Egypt and Ethiopia and now seeks to reestablish its African footprint.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Russia’s AvtoVAZ Eyes Local Assembly in Nigeria With New Hub

Russia’s AvtoVAZ Eyes Local Assembly in Nigeria With New Hub

Nigerian fintech startup Payhippo has rebranded as Rivy and raised $4 million in a pre-Series A round to scale its clean energy financing business. The funding is split evenly between $2 million in equity and $2 million in local-currency debt.EchoVC and Shell’s All On co-led the equity round. EchoVC invested through its $2.5 million Eco fund, which backs climate and mobility ventures. The debt came from unnamed Nigerian debt providers. Founded in 2019, Rivy originally focused on SME lending. It now operates a marketplace connecting over 250 solar vendors to businesses, offering financing to spread solar system costs over time.CEO Dami Olawoye said loan demand has grown since the 2023 pivot to energy financing. Rivy disbursed $2 million in loans in 2024 and is growing its monthly loan book at 15%. Loan terms start at a 12% rate for three months, with a 30% down payment required.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Nigeria's Payhippo Becomes Rivy, Raises $4M for Clean Energy Financing

Nigeria's Payhippo Raises $4M to Fund Clean Energy After Rivy Rebrand

Bank of Africa Senegal (<a href="https://www.dabafinance.com/en/capitalmarkets/BOAS" rel="noopener noreferrer" target="_blank">BRVM: BOAS</a>) reported a net profit of 19.98 billion CFA francs ($32.9 million) in 2024, up 17% from 17.02 billion CFA francs ($28.1 million) in 2023. Operating income rose to 49.7 billion CFA francs ($81.9 million), up from 45.4 billion CFA francs ($74.8 million) the previous year.Total assets increased to 783.2 billion CFA francs ($1.29 billion), up 3.3%. Customer loans rose to 402.5 billion CFA francs ($663.3 million), while deposits grew to 585.8 billion CFA francs ($965.7 million), both recording modest annual gains. Shareholders' equity rose to 88.6 billion CFA francs ($146.1 million).BOA Senegal’s stock (BOAS) gained 28% over the past year, with a 25.4% increase year-to-date. It rose 14% over the last week, 40.8% in the last month, and 23.4% in the past quarter. The bank is part of the Bank of Africa Group, which operates in 18 countries.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/BOA Senegalese Unit Profit Jumps 17% to $33M

Bank of Africa Senegal Posts 17% Rise in Profit to $33M

Société Africaine de Plantations d’Hévéas (SAPH) reported a net profit of 18.8 billion CFA francs ($31 million) for 2024, a 186% increase from 6.6 billion CFA francs ($10.9 million) in 2023. Revenue rose 17% to 279.4 billion CFA francs ($460.6 million), from 240.6 billion CFA francs ($396.6 million) the previous year.Operating profit climbed to 29.5 billion CFA francs ($48.6 million), up from 7.7 billion CFA francs ($12.7 million), while EBITDA reached 40.1 billion CFA francs ($66.1 million). Cash flow from operations was 4.2 billion CFA francs ($6.9 million), and year-end cash stood at 11.6 billion CFA francs ($19.1 million).The company (<a href="https://www.dabafinance.com/en/capitalmarkets/SPHC" rel="noopener noreferrer" target="_blank">BRVM: SPHC</a>) maintained its dividend payout, distributing 10.8 billion CFA francs ($17.8 million). SAPH’s stock rose 97.9% over the past year and is up 14.7% year-to-date. It gained 4.4% in the last week, 9.2% over the past month, and 39.7% in the last six months.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Ivorian Rubber Maker Saph Triples Profit to $31M in 2024

Ivorian Rubber Maker Saph Triples Profit to $31M in 2024

Bank of Africa Mali (<a href="https://www.dabafinance.com/en/capitalmarkets/BOAM" rel="noopener noreferrer" target="_blank">BRVM: BOAM</a>) posted a net profit of 9.1 billion CFA francs ($15 million) for 2024, up from 5.8 billion CFA francs ($9.5 million) in 2023. Operating income increased slightly to 36.2 billion CFA francs ($59.6 million), while total assets declined to 541.5 billion CFA francs ($892.5 million), from 560.4 billion CFA francs ($923.7 million) a year earlier.Customer loans rose to 276.2 billion CFA francs ($455.2 million), while deposits increased to 420.3 billion CFA francs ($692.7 million). Shareholders’ equity stood at 46.2 billion CFA francs ($76.1 million), up from 40.2 billion CFA francs ($66.3 million). The cost of risk increased to 7.3 billion CFA francs ($12 million), while operating expenses were flat at 19.1 billion CFA francs ($31.5 million).BOA Mali’s stock rose 55.2% over the past year and is up 22.8% year-to-date. Shares gained 11% over the last week, 19.3% over the past month, and 36.1% over six months. BOA Mali is part of the Bank of Africa Group, which operates in 18 African countries.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Bank of Africa Mali Annual Profit Jumps 57% to $15M

Bank of Africa Mali Annual Profit Jumps 57% to $15M

Consumer confidence in South Africa fell to its lowest level since Q2 2023 as concerns over tax hikes and strained US relations hit sentiment. The FirstRand Consumer Confidence Index dropped to -20 in Q1 2025 from -6 in the previous quarter, First National Bank said on Tuesday.The Johannesburg-based bank attributed the decline to fears of higher taxes and global diplomatic tensions. Finance Minister Enoch Godongwana proposed raising the VAT rate to 16% by mid-2026 and plans to hold income-tax brackets unchanged, effectively increasing personal tax through bracket creep.FNB also cited anxiety over South Africa’s worsening relationship with the United States. Trade uncertainty and political tensions, including past criticism from former US President Donald Trump over South Africa’s land policies and foreign alliances, have heightened economic concerns. The drop in sentiment signals growing pressure on households as inflation, tight monetary policy, and rising fiscal burdens weigh on spending capacity.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/South African Consumer Confidence Falls to Two-Year Low on US Tensions

Bloomberg

South African Consumer Confidence Falls to Two-Year Low on US Tensions

Nigeria plans to set up a 1 trillion-naira ($654 million) mortgage fund to reduce its housing deficit, which stands at around 28 million homes. The initiative aims to expand access to affordable housing and stimulate construction.Finance Minister Wale Edun said on Tuesday that the first phase of the program has raised 250 billion naira ($164 million). The funding includes a 40-year, 1% interest loan from the World Bank’s International Development Association. Local pension funds, commercial banks, and insurance firms matched the World Bank loan to reach the initial capital.The fund is expected to finance long-term mortgages and encourage private sector participation in the housing sector. It forms part of President Bola Tinubu’s broader economic reform program to improve living conditions and drive inclusive growth.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Nigeria Launches $654M Mortgage Fund to Tackle Housing Deficit

Nigeria Launches $654M Mortgage Fund to Tackle Housing Deficit

Egypt’s economy grew 4.3% year-on-year in the fourth quarter of 2024, its fastest pace since Q3 2022, according to the Ministry of Planning, Economic Development and International Cooperation. The figure marks a sharp rebound from the 2.3% growth recorded in the same quarter a year earlier.The acceleration was supported by increased foreign inflows and a pivot toward boosting domestic production and exports. The government said recent economic reforms and support from international partners played a key role in stabilizing macroeconomic conditions and unlocking investment.The growth comes after Egypt faced years of pressure from rising inflation, a currency crisis, and declining foreign reserves. Although challenges remain, authorities are now targeting improved growth momentum heading into 2025.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Egyptian Economy Posts Strongest Growth Since 2022

Egyptian Economy Posts Strongest Growth Since 2022

Ecobank Côte d’Ivoire (<a href="https://www.dabafinance.com/en/capitalmarkets/ECOC" rel="noopener noreferrer" target="_blank">BRVM: ECOC</a>)reported a net profit of 57.5 billion CFA francs ($94.8 million) for 2024, up from 48.1 billion CFA francs ($79.3 million) in 2023. The bank’s total assets rose to 2.05 trillion CFA francs ($3.38 billion), while operating income increased to 122.3 billion CFA francs ($201.7 million).Customer loans declined to 972.6 billion CFA francs ($1.6 billion), while customer deposits slightly dropped to 1.41 trillion CFA francs ($2.33 billion). Interbank liabilities increased to 364.7 billion CFA francs ($601 million). Operating expenses grew to 55.3 billion CFA francs ($91.2 million), and the cost of risk fell to 2.9 billion CFA francs ($4.8 million).Ecobank CI will propose a gross dividend of 804 CFA francs per share (708 CFA francs net), a 19% increase from last year. This dividend represents 77% of net income, up from 73% the previous year. Equity rose to 199.4 billion CFA francs ($328.7 million). The stock’s valuation stands at 523.8 billion CFA francs ($863.5 million), with a price-to-earnings ratio of 9.1, above the BRVM banking sector average of 7.7.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Ecobank Ivorian Unit Proposes Higher Dividend After $95M Profit

Ecobank Ivorian Unit Proposes Higher Dividend After $95M Profit

Angola has removed diesel subsidies, raising pump prices by 50% as part of an International Monetary Fund-backed plan to redirect public funds toward health and education. As of Monday, diesel now costs 300 kwanzas ($0.33) per liter, up from 200 kwanzas. This marks the second increase in a year, following an earlier hike from 140 to 200 kwanzas in April 2024.The IMF estimates the move could free up $3 billion—equivalent to Angola’s current combined health and education budget. The government aims to use the savings to boost social spending and stabilize its recovering economy.However, the policy shift is drawing backlash. Angola’s truck drivers union, representing 3,500 members, expressed opposition and warned of potential disruptions, citing rising transport costs. A final stance will be decided in a meeting on April 11. The change echoes last year’s gasoline subsidy cut, which triggered violent protests in Huambo, leaving five people dead.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Angola Ends Diesel Subsidies to Free $3B for Social Spending

Angola Ends Diesel Subsidies to Free $3B for Social Spending

Cassava Technologies, founded by Zimbabwean telecoms tycoon Strive Masiyiwa, has selected Nvidia to build Africa’s first artificial intelligence factory. The project will deploy Nvidia’s advanced computing and AI software at Cassava data centers in South Africa by June 2025, with future expansion to Egypt, Kenya, Morocco, and Nigeria.Cassava aims to become Africa’s first Nvidia cloud partner, providing accelerated computing capabilities across the continent. The company says the infrastructure will support businesses, researchers, and startups with localized access to high-performance AI resources.“The rollout of AI infrastructure is critical if Africa is to take full advantage of the fourth industrial revolution,” said Masiyiwa. “Now African innovators don’t have to look beyond the continent to access it.” The move comes amid broader efforts to expand cloud capacity in Africa. Last year, Microsoft and UAE-based G42 announced interest in developing a $1 billion geothermal-powered data center in Kenya.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Masiyiwa’s Cassava Taps Nvidia to Build Africa’s First AI Factory

Masiyiwa’s Cassava Taps Nvidia to Build Africa’s First AI Factory

Bank of Africa (BOA) Benin plans to draw from its reserves to maintain dividend payouts, despite reporting an 8.74% decline in 2024 net profit. The proposal will be voted on at the General Meeting on April 2 in Cotonou.Net income fell from 21.53 billion FCFA ($35.49 million) in 2023 to 19.65 billion FCFA ($32.39 million) in 2024, impacted by regional pressures such as the devaluation of the Nigerian naira, border closures with Niger, and a 300 basis point rise in WAEMU refinancing costs. The bank had already reported a 12.82% drop in first-half profits.Despite this, the BRVM-listed lender (<a href="https://www.dabafinance.com/en/capitalmarkets/BOAB" rel="noopener noreferrer" target="_blank">BRVM: BOAB</a>) will propose a dividend of 468 FCFA ($0.77) per share, up 32.6% from 353 FCFA ($0.58) in 2023. The total dividend budget will be 19.99 billion FCFA ($32.96 million), exceeding net income and requiring 349.4 million FCFA ($577,000) from reserves.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/BOA Benin to Tap Reserves for Dividends Despite Profit Drop

BOA Benin to Tap Reserves for Dividends Despite Profit Drop

Startup Club ZA, in partnership with The South African Future Trust, has launched The Big Pitch 2025, the country’s first $1 million startup pitch competition. Over the next six months, 20 startups will compete for investment, media exposure, and access to top-tier partners.The competition will unfold in three phases, starting with two regional qualifiers—Johannesburg in April and Cape Town in August. Five startups from each qualifier will advance to the grand final at the South African Future Trust Summit, to be held at the Sandton Convention Centre in October.Startups must demonstrate disruptive innovation, commercial scalability, and tech-enabled solutions to qualify. Applications for the Johannesburg qualifier close on April 8.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/South Africa Launches $1M Startup Innovation Pitch Competition

Disrupt Africa

South Africa Launches $1M Startup Innovation Pitch Competition 

Cascador, a Nigerian accelerator for mid-stage entrepreneurs, has launched the Catalytic Fund, a $2 million annual initiative to provide targeted capital to its alumni network. The fund seeks to close the persistent funding gap for growth-stage businesses in Nigeria that are viable but often overlooked by traditional investors.Since its founding in 2019, Cascador has supported over 60 entrepreneurs who have collectively raised more than $55 million in funding. The new fund will focus on companies creating jobs, delivering social impact, and serving underserved communities.Applications opened on February 14, with a Pitch Day set for May 14, 2025. Finalists will be evaluated by an investment committee on business viability, impact, and financial health. Sterling Bank will provide blended financing under flexible repayment structures tailored to cash flows, while NSIA and the Development Bank of Nigeria will sponsor innovation prizes worth $10,000 and $5,000, respectively.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Cascador Launches $2M Fund to Back Nigerian Entrepreneurs

Cascador Launches $2M Fund to Back Nigerian Entrepreneurs

Baobab Group, a global financial services provider with over $900 million in its loan portfolio, has fully acquired Baobab Nigeria, formerly Microcred Microfinance Bank. The deal marks the first exit for the uMunthu Fund, jointly managed by Alitheia Capital and Goodwell Investments, which had invested in Baobab Nigeria in 2012.The exit delivered a 3x return and contributed to uMunthu’s internal rate of return of 39.3%. Since the initial investment, Baobab Nigeria has expanded from a single branch in Kaduna to 38 branches across 16 Nigerian states, growing its customer base from 19,000 to 230,000. The bank’s loan book grew 43.5 times and its balance sheet expanded 37-fold while continuing to focus on small-ticket loans and deposits.The transaction comes amid a broader decline in private equity exits in Africa. Only 43 exits were recorded in 2023, down 48% from the previous year, and just 31 exits were noted by Q3 2024.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Baobab Group Acquires Nigeria Unit from Alithea, Goodwell

Baobab Group Acquires Nigeria Unit from Alithea, Goodwell

Dubai-based startup Enza, founded by ex-Network International executives Hany Fekry and Hamish Houston, aims to redefine financial infrastructure in Africa. Launched in January 2023, Enza has raised $6 million in seed funding led by Algebra Ventures and Quona Capital.Enza offers payment infrastructure for banks and fintech, covering issuance and acceptance. The platform integrates local and global card schemes, real-time payments, wallets, and QR codes, targeting underserved small businesses in Egypt, Nigeria, and South Africa. With over 10 million monthly contracted transactions across six African markets, Enza charges banks on a per-transaction model. Volumes are growing 35–40% month over month.Unlike their former employer Network International, which focused heavily on merchant acquiring, Enza is building infrastructure for banks to regain market share from fintechs. The startup supports banks with compliance, transparency, and expanded payment options, aiming for 30–40 strategic partnerships rather than scale.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Enza Raises $6M to Provide Digital Payment Infrastructure in Africa

TechCrunch

Enza Raises $6M to Provide Digital Payment Infrastructure in Africa

Ivory Coast is experiencing one of Africa’s strongest economic recoveries, with annual GDP growth averaging 7% from 2012 to 2023 and projected at 6.5% in 2024 and 2025, according to the IMF. Inflation remains relatively low at 3.8%, compared to a 21.6% West African average. Youth unemployment stands at 5%, and GDP per capita reached $2,900 in 2024—the highest in West Africa after Cape Verde.The growth is driven by diversification beyond cocoa, with services and industry now accounting for over 75% of GDP. Private investment is rising steadily, backed by tax incentives and infrastructure development under President Alassane Ouattara, a former IMF official. Electricity access expanded from 34% in 2013 to over 90% in 2024, and a $10 billion offshore oil and gas project by Italy’s Eni is expected to raise oil output to 200,000 barrels a day by 2027.However, the economy faces risks. A weak education system limits skilled labor, and oil-led growth raises sustainability concerns. Most significantly, political tensions are growing as Ouattara—now 83—may seek a controversial fourth term in elections later this year, amid opposition challenges and memories of past conflict.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Ivory Coast’s Economic Boom Faces Test in 2025 Election

The Economist

Ivory Coast’s Economic Boom Faces Test in 2025 Election

South Africa’s central bank left its benchmark interest rate unchanged at 7.5%, pausing its easing cycle after three consecutive 25 basis point cuts. The decision was driven by uncertainty surrounding global trade policy, particularly recent actions by U.S. President Donald Trump.Governor Lesetja Kganyago said four of six monetary policy committee members supported the hold. The decision aligns with the Federal Reserve's pause and reflects concerns about geopolitical risks and potential inflation pressures from global developments.The rand weakened 0.4% against the dollar, while two-year bond yields fell three basis points to 8.23%. Inflation held steady at 3.2% in February, below expectations of 3.4%, supporting calls for further easing. However, rising trade tensions and diplomatic strain with the U.S. have added risk. The bank now sees inflation averaging 3.6% in 2025 and forecasts economic growth of 1.7% in 2025, rising to 1.8% in 2026. Its model indicates a benchmark rate of 7.25% by end-2025.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/South Africa Holds Interest Rate at 7.5% Amid Global Trade Uncertainty

South Africa Holds Interest Rate at 7.5% Amid Global Trade Uncertainty

Zambia’s foreign-exchange reserves reached a record $4.31 billion at the end of 2024, equivalent to 4.6 months of import cover. The rise was supported by inflows from the World Bank, African Development Bank, and International Monetary Fund. Despite this, the kwacha continued its decline, falling 0.2% to 28.83 against the dollar on Thursday—its eighth consecutive day of losses and near an all-time low.The currency has become Africa’s fourth-worst performer this year, pressured by rising demand for dollars to pay for energy and food imports following a historic drought. Zambia, Africa’s second-largest copper producer, has seen a sharp increase in energy imports due to low hydroelectric output. Over 80% of Zambia’s power comes from hydro sources, but dam levels remain critically low. The Kariba Dam currently has less than 10% usable storage.The Bank of Zambia recently increased the threshold for foreign exchange transactions between banks and clients from $1 million to $5 million to boost dollar liquidity. The move provided brief relief but failed to reverse the broader trend.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Zambia’s FX Reserves Hit Record-High But Currency Woes Persist

Zambia’s FX Reserves Hit Record-High But Currency Woes Persist

Go Big Partners and 216 Capital Ventures have made joint investment in Juridoc.tn, a Tunisia-based legal-tech company aiming to expand into the OHADA region, which covers 17 West and Central African countries. The investment is expected to support Juridoc’s regional expansion and contribute to the development of legal-tech services in Africa.The funding supports Juridoc’s goal of enhancing legal accessibility and efficiency through digital tools across the region. The company, founded by Assali Kais, Maya Boureghda Chebeane, and Anis Wahabi, offers tech-driven legal services targeting individuals and businesses.Both Go Big Partners and 216 Capital Ventures are backed by the ANAVA fund of funds, managed by Smart Capital. Launched in 2021 with a target size of €100 million, ANAVA aims to support Tunisia’s venture capital ecosystem. In July 2024, ANAVA contributed €4.5 million to Go Big’s GO LIVE Fund, which totals €8 million and focuses on early-stage B2B startups in sectors such as AgriTech, HealthTech, and Cybersecurity.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Tunisia Legal-Tech Juridoc Gets Funding to Expand Across Africa

Wamda

Tunisia Legal-Tech Juridoc Gets Funding to Expand Across Africa

Cairo-based startup Grinta, a B2B tech platform digitizing the pharmaceutical supply chain, has secured an undisclosed amount of funding and acquired Citi Clinic, one of Egypt’s leading primary healthcare service chains. The strategic investment round was led by Beltone Venture Capital and Raed Ventures.Founded in 2021, Grinta provides independent pharmacies with access to traceable pharmaceutical and medical products from multiple vendors, along with fulfillment, demand planning, and inventory financing. The company collaborates with manufacturers, distributors, wholesalers, and pharmacies to build a data-driven pharmaceutical supply chain.The acquisition of Citi Clinic grants Grinta access to over 150,000 patients, expanding its presence beyond supply chain management into direct healthcare services. The move follows Grinta’s previous $8 million seed round in 2022 and its 2023 acquisition of B2B e-commerce platform Auto-Cure.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Egypt’s Grinta Expands with New Funding and Citi Clinic Acquisition

Egypt’s Grinta Expands with New Funding and Citi Clinic Acquisition

Quidax, a Nigerian crypto startup with a provisional license, has listed cNGN, Nigeria’s first regulated stablecoin pegged to the naira. The March 12 listing follows a similar move by Busha, another provisionally licensed exchange, marking a shift in Nigeria’s approach to crypto regulation.With Nigeria’s Securities and Exchange Commission (SEC) overseeing the rollout of cNGN, the stablecoin is gaining traction as a potential tool for payments, transfers, and trading. Since its launch in February 2024, the African Stablecoin Consortium (ASC)—comprising Convexity, Alpha Geek Technologies, Digital Currency Coalition, and Interstellar—has reported 121.3 million cNGN in circulation across 127 holders.WrappedCBDC Ltd, the entity managing cNGN’s adoption, requires exchanges to meet reserve management standards before listing the stablecoin. However, some crypto traders question the necessity of cNGN because fiat naira is already available on major platforms. The ASC aims to increase cNGN’s adoption, particularly on decentralized exchanges that have delisted the naira.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Quidax Lists Nigeria’s First Regulated Stablecoin Amid Market Shift

Quidax Lists Nigeria’s First Regulated Stablecoin Amid Market Shift

M-PESA, Safaricom’s mobile money platform, has recorded its fifth consecutive quarterly decline, with its market share dropping by 2.3 percentage points to 91% in Q4 2024. Meanwhile, Airtel Money increased its share from 7.6% to 8.9%, according to data from the Communication Authority of Kenya (CA).The decline reflects growing competition in Kenya’s mobile money market, driven by increased interoperability and Airtel Money’s aggressive pricing strategy. Airtel Money has attracted new users with lower fees, transaction refunds as airtime, and a growing agent network. Sending KES 1,000 ($7.7) costs KES 11 ($0.085) on Airtel Money compared to KES 13 ($0.093) on M-PESA, while withdrawing the same amount costs KES 29 ($0.22) on Airtel, KES 2 less than M-PESA.Despite the shift, M-PESA remains dominant, processing over 30 billion transactions worth KES 40 trillion ($308.8 billion) and serving 34 million customers. Airtel Money has eight million registered users. The Central Bank of Kenya’s planned agent interoperability and the introduction of a new Fast Payment System (FPS), allowing instant transactions across all financial institutions, could further disrupt the market.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/M-PESA Market Share Declines for Fifth Consecutive Quarter

M-PESA Market Share Declines for Fifth Consecutive Quarter

Adeniyi Abiodun, co-founder of blockchain infrastructure firm Mysten Labs, and his wife, Gloria Abiodun, have launched a $1.3 million endowment fund to address Africa’s software engineering talent gap. The five-year fund, managed by Inurere Foundation, will provide student loans for aspiring software engineers enrolled in Semicolon Africa’s Techpreneurship program.The fund will offer ₦5 million ($3,300) loans at a 12% annual interest rate. Loan repayments will be recycled to support new students, ensuring long-term sustainability. Meedl Africa, a fintech firm, will facilitate the loans, while Semicolon Africa, which has trained over 800 engineers, will help place graduates into jobs.The initiative aims to build Africa’s blockchain talent base. Abiodun, a former engineer at JP Morgan, HSBC, Oracle, and Meta’s Novi project, sees the fund as a way to develop Nigerian software engineers in blockchain and AI.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/New $1.3M Fund to Help Train African Software Engineers

New $1.3M Fund to Help Train African Software Engineers

Nigeria has seen the sharpest decline in cash transactions among seven major economies over the past decade, with cash usage dropping by 59% from 2014 to 2024, according to a report by Worldpay. The decline surpasses that of the Philippines (43%), Indonesia (44%), Mexico (41%), Japan (31%), Germany (24%), and Colombia (22%).The shift comes as digital payments in Nigeria reach record levels, driven by growing fintech-bank partnerships. The report, which examined 40 markets covering 88% of global GDP, projects Nigeria’s cash usage will drop further to 32% by 2030 as electronic payments continue to expand.The Central Bank of Nigeria’s 2023 naira redesign policy, intended to reduce cash hoarding and money laundering, accelerated the transition, causing a 29.2% drop in currency circulation to ₦982.1 billion ($1.63 billion) in early 2023. Fintech firms like OPay and PalmPay capitalized on the shift, stepping in as traditional banks struggled to handle surging online transactions.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Nigeria Sees Largest Drop in Cash Transactions on Digital Payment Boom

Nigeria Sees Largest Drop in Cash Transactions on Digital Payment Boom

IHS Towers, the world’s fifth-largest independent telecom tower company, reported that 57% of its 2024 revenue came from MTN Nigeria and Airtel Nigeria, highlighting its reliance on a few key customers. Nigeria accounted for 58.3% of its total earnings, making it the company’s largest market.Total revenue fell to $1.7 billion in 2024 from $2.1 billion in 2023, with 98.5% of earnings tied to three mobile network operators: MTN Nigeria, Airtel Africa, and MTN South Africa. Any economic downturn, currency devaluation, or regulatory changes affecting these companies could impact IHS Towers’ financial stability.The devaluation of the naira since 2023 has increased inflation and financial uncertainty for the company. Rising operating costs, particularly for power generation, remain a challenge. Energy expenses made up 39.2% of its cost of sales in 2024, up from 33.5% in 2023. To cut costs, IHS Towers invested in hybrid energy solutions, with 41% of its sites using a mix of diesel generators, solar, and battery systems by December 2024.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/IHS Towers Faces Nigeria Risks as MTN, Airtel Drive Revenue

IHS Towers Faces Nigeria Risks as MTN, Airtel Drive Revenue

Gas deliveries have resumed to Egypt’s two liquefied natural gas (LNG) export facilities, marking a rare move after the country had to resort to imports to meet domestic demand.Feedgas deliveries to the Damietta and Idku plants have increased, with the possibility of exporting a first cargo from Idku within the next year, according to sources familiar with the situation. However, the timing and duration of potential exports remain uncertain, as Egypt may still need to import gas to meet summer power demand.The country’s aging gas fields, coupled with rising domestic consumption, have forced Egypt—once an LNG exporter—to halt its LNG exports and turn to the global market. This has led Egypt to compete with buyers in Asia and Europe, especially during the summer months when fuel demand surges due to air conditioning needs.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Egypt Resumes Gas Flow to LNG Facilities Amid Domestic Fuel Shortages

Egypt Resumes Gas Flow to LNG Facilities Amid Domestic Fuel Shortages

Old Mutual Group has reported its highest profit since 2019, driven by strong demand for its short-term insurance and wealth management products in South Africa. The Johannesburg-based company’s adjusted headline earnings rose 14% to R6.69 billion ($370 million), exceeding the R6.6 billion forecast by analysts.The company, along with rivals like Sanlam, is benefiting from a modest economic recovery in South Africa, bolstered by improved performance at the state-run power utility and government-backed infrastructure projects, which are spurring consumer demand.Headline earnings per share increased by 17%, boosted by Old Mutual’s R1 billion share repurchase program in 2024, which helped reduce the weighted average number of shares. The company also proposed a final dividend of 52 cents per share, bringing the total payout to 86 cents per share, slightly below the consensus estimate of 89 cents.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Old Mutual Posts Highest Profit Since 2019 on Demand Growth

Old Mutual Posts Highest Profit Since 2019 on Demand Growth

OM Bank, the latest entrant in South Africa’s competitive banking sector, has received its banking license from the South African Reserve Bank. Set up by Old Mutual, the new bank plans to be fully operational by the fourth quarter of 2025. CEO Iain Williamson confirmed the news in an interview on Tuesday.The bank is expected to face initial losses of up to R1.3 billion ($72 million) before reaching break-even, which is targeted for 2028. South Africa already has six established banks, and OM Bank will also compete with new entrants, including one backed by billionaire Patrice Motsepe, and fintech firms.Old Mutual has invested R2.8 billion to build the bank and secure its deposit-taking license. The lender, which currently has 10 employees, will first target Old Mutual’s money account cardholders before expanding to the broader public in early quarter four of 2024.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Old Mutual Launches Bank With Plans to Break Even in Three Years

Old Mutual Launches Bank With Plans to Break Even in Three Years

Morocco's central bank, Bank al-Maghrib, has cut its benchmark interest rate to 2.25% from 2.5%, marking the second consecutive reduction. The move comes despite global trade uncertainties, particularly due to the protectionist policies of former U.S. President Donald Trump, which have stirred concerns about Morocco's trade relations. The central bank's decision surprised analysts, as two of the country’s main banks had expected the rate to remain unchanged.The central bank cited confidence in inflation, which it forecasts will remain around 2% over the next two years. The rate cut aims to support economic activity and employment, and follows previous reductions in June and December 2024. Inflation, which surged to a record high in 2023, has been controlled, and the government hopes to encourage investment, especially ahead of the 2030 FIFA World Cup.However, the global trade landscape remains complicated by Trump's tariffs, which could affect Morocco's trade, particularly with the U.S. and China. Despite these challenges, March’s strong rainfall offers a glimmer of hope, with expectations of improved domestic food supplies.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Morocco Cuts Interest Rate Again as Inflation Steadies

Morocco Cuts Interest Rate Again as Inflation Steadies

Kenya has faced setbacks with the International Monetary Fund (IMF), as its failure to meet fiscal obligations has led to the cancellation of an $850 million payment under a $3.6 billion loan program. The country had agreed to reduce spending and improve tax collection under the program, but President William Ruto’s administration struggled to implement the necessary reforms. A planned IMF review of Kenya's finances was also called off after protests halted new tax measures last year.In response to the funding gap, Kenya secured a $1.5 billion loan from the United Arab Emirates, but this could push the country's borrowing beyond IMF limits and expose it to foreign-exchange risks. The government also restructured a eurobond, pushing its maturity by 11 years to ease debt servicing.The IMF program termination caused a selloff in Kenya’s foreign debt and the shilling. The government is exploring a new agreement with the IMF, but market uncertainty remains. Economists warn that any new deal that fails to address fiscal discipline could hurt Kenya's financial standing further.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Kenya Faces IMF Setback After Canceling $800M Review

Kenya Faces IMF Setback After $800M Review Falls Through

NSIA Banque CI and Orabank CI are set to securitize receivables worth 12.65 billion FCFA ($20.92 million) to raise liquidity for small and medium-sized enterprises (SMEs) in the WAEMU region. The banks aim to use the proceeds to finance SME projects and small and medium industries (SMIs) within the zone.This deal is part of the Keur Samba program, launched by BOAD Titrisation in March 2025. It marks the first multi-seller securitization operation within the WAEMU region and will help finance SMEs and SMIs in Côte d'Ivoire and other WAEMU countries. <a href="https://www.dabafinance.com/en/capitalmarkets/NSBC" rel="noopener noreferrer" target="_blank">NSIA Banque CI</a> and Orabank CI are the first Ivorian banks to participate in this program, aimed at improving financing access for SMEs.Through this process, the banks will gain immediate liquidity, which will be used to support SMEs’ financing needs. The funds raised will allow the banks to increase their lending capacities and reduce borrower default risks. The program aims to improve financial access and diversify business opportunities within the region.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/NSIA Banque, Orabank Secure $21M for SMEs in Francophone West Africa

NSIA Banque, Orabank Secure $21M for SMEs in Francophone West Africa

Société Ivoirienne de Câbles (<a href="https://www.dabafinance.com/en/capitalmarkets/CABC" rel="noopener noreferrer" target="_blank">CABC</a>) reported a solid performance for 2024, with a 7% increase in overall revenue to 19.125 million FCFA (around $31.8 million). The company saw strong sales in aluminum cables, up 19%, but faced challenges in export markets, where sales dropped by 35%.Operating profit grew to 1.785 million FCFA ($2.96 million), a slight increase from the previous year. However, its net income dropped to 1.225 million FCFA ($2.03 million), down from 1.431 million FCFA ($2.38 million) in 2023. The decrease was attributed to higher taxes and a reduction in provisions for bad debts.Sicable also made notable investments, with capital expenditures rising to 159 million FCFA ($264,000), driven by new production and transport equipment. The company’s working capital showed a slight decline, indicating tighter liquidity management amid external pressures. Looking ahead to 2025, Sicable plans to focus on securing raw material supplies and expanding into new markets, aiming for 20% of its margins to come from these areas. The stock (<a href="https://www.dabafinance.com/en/capitalmarkets/CABC" rel="noopener noreferrer" target="_blank">CABC</a>) is up 19% in the past week.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/BRVM-Listed Sicable Annual Profit Declines on Higher Taxes

BRVM-Listed Sicable Annual Profit Declines on Higher Taxes

Ethiopian Airlines has partnered with the African Development Bank (AfDB) to develop a new airport near Addis Ababa. The Bishoftu International Airport project, valued at $7.8 billion, will increase Ethiopia’s passenger capacity from 17 million to over 60 million annually by 2040. This will make it the largest airport in Africa upon completion.The partnership is expected to address the growing demand for air travel and cargo services, which the current Bole International Airport can no longer accommodate. The new airport, located about 40 kilometers southeast of Addis Ababa, will handle more than 100 million passengers annually once fully operational.In August 2024, Ethiopian Airlines signed a memorandum of understanding with Dubai-based consulting firm Dar to design the new facility. The project is slated for completion in five years and is expected to significantly enhance Ethiopia’s economic development while boosting Africa’s global air connectivity. The mega airport will reinforce Africa’s position as a key aviation hub.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Ethiopian Airlines Gets AfDB Backing to Build Africa’s Largest Airport

Jeune Afrique

Ethiopian Airlines Gets AfDB Backing to Build Africa’s Largest Airport

CIH Bank has posted a solid performance for 2024, with a 6.1% increase in net banking income (NBI), reaching 4.7 billion dirhams (446.7 million euros). The bank's consolidated net income grew by 24.3%, reaching 966 million dirhams, while outstanding loans surged 13% to 101.2 billion dirhams.As the fifth-largest Moroccan bank by balance sheet (141 billion dirhams), CIH Bank, led by CEO Lotfi Sekkat, is now aiming to expand its presence in the market. The bank intends to capitalize on its strengths, particularly in banking inclusion and digitalization, while targeting small businesses (VSEs and SMEs), which have not traditionally been its core focus.Sekkat also highlights the reconfiguration of the Moroccan banking sector, with the departure of French banks creating space for local players to grow. CIH Bank's market share has risen from 3.5% to 5.5% since 2015, and Sekkat aims to continue this gradual market share increase despite the tough competition. CIH is also looking to play a role in Morocco's social housing sector, water, and energy challenges, and the upcoming Africa Cup and 2030 World Cup, as it seeks to redefine its place in the market.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Morocco's CIH Bank Net Income Grew 24% in 2024

Morocco's CIH Bank Net Income Grew 24% in 2024

Senegalese e-health startup Eyone has won Africa’s Business Heroes (ABH) competition, earning US$300,000 in prize money. The competition, backed by the Jack Ma Foundation and Alibaba Philanthropy, recognizes African entrepreneurs. This year, 10 finalists were selected from around 20,000 applicants across 54 African countries.Eyone, which developed a medical interoperability platform, stood out for its solution that allows healthcare professionals and patients to access real-time medical records. The startup's CEO, Henri Ousmane Gueye, expressed pride in the team’s achievement, calling it a milestone and a motivator to continue addressing healthcare challenges in Senegal.The second-place prize of US$250,000 went to Morocco's Green Watech, while Kenya's Solutech secured third place, winning US$150,000. Since its inception in 2019, ABH has awarded US$1.5 million annually to ten African entrepreneurs. The competition also provides winners with training, mentorship, and networking opportunities.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Senegalese Startup Eyone Wins Africa’s Business Heroes Competition

Senegalese Startup Eyone Wins Africa’s Business Heroes Competition

The NOWEDIF Digital Entrepreneurship Program is now accepting applications for its FCFA1 billion (US$1.6 million) initiative, aimed at empowering youth-led startups and scaling tech-enabled solutions to boost the digital economy in northwest Cameroon.The program is seeking to identify up to 100 youth entrepreneurs passionate about digital solutions and 25 startups focused on tech-driven innovations to transform the region's economy. Selected individuals and startups will benefit from a comprehensive training program on developing digital and AI-powered products, mentorship from industry experts, and direct access to regional, national, and global networks.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/New $1.6m Program to Support Entrepreneurs in Cameroon

New $1.6m Program to Support Entrepreneurs in Cameroon

Kenyan insurtech company Turaco is taking a major step in expanding insurance access with a partnership with M-KOPA, a pay-as-you-go financing startup. Turaco, which has spent six years disrupting Kenya’s underpenetrated insurance market, is now embedding microinsurance directly into M-KOPA’s smartphones, marking its most significant move yet in reaching underserved communities.As of Tuesday, Turaco reported that its embedded insurance offering, available through M-KOPA’s locally assembled smartphones, has provided coverage to over one million customers in Kenya. This follows M-KOPA’s sale of more than 1.5 million smartphones, which accounted for 20% of all new devices sold in Kenya in 2024, according to the Communications Authority of Kenya (CA).This partnership could serve as a model for increasing insurance penetration in Kenya, where only 3.1% of the population is covered outside of the Social Health Insurance Fund. With this innovative approach, Turaco, M-Tek, and Pula Advisors are leading the charge to embed insurance in everyday financial tools, driving accessibility for millions of underserved individuals in Kenya.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Turaco Partners with M-KOPA to Boost Insurance Access in Kenya

Turaco Partners with M-KOPA to Boost Insurance Access in Kenya

Nigerian food procurement startup Vendease, backed by Y Combinator, has made significant changes to its employee compensation model following a round of layoffs. The company, which recently cut 44% of its workforce—around 120 employees—has replaced traditional salaries with a performance-based pay system, supplemented by an Equity Share Option Plan (ESOP). This restructuring comes as Vendease seeks to reach profitability.The new pay structure includes a five-phase salary recovery plan. From February to May, employees will receive a percentage of their previous salaries based on performance targets, eventually restoring full pay by December if performance goals are met. Any unpaid portion will convert into stock options, with a portion vesting over 10 months and the remainder over three years. Employees can only exercise the options at board-approved fair market values.Vendease confirmed that the changes are part of a broader restructuring to reduce costs and become more financially sustainable. The company, which started in 2019 to streamline food procurement for African restaurants and food businesses, aims to focus more on software-driven growth and reduce its reliance on warehousing and logistics operations.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Vendease Seeks New Capital After Major Layoffs in Restructuring

Vendease Seeks New Capital After Major Layoffs in Restructuring

Leta, a Nairobi-based logistics software startup, has raised $5 million in seed funding to expand its AI-powered platform that optimizes delivery routes, tracks shipments in real-time, and helps businesses streamline logistics operations. The funding round was led by European VC firm Speedinvest, with additional backing from Google’s Africa Investment Fund and Equator, an Africa-focused climate tech fund.Leta’s platform is designed to reduce costs and improve efficiency in logistics, which currently accounts for a significant portion of product prices in Africa. By integrating with businesses' ERP, POS, and OMS systems, it automates tasks such as manifest creation and dispatch planning, ensuring that the most efficient vehicle is used for each order. It also helps reduce the number of vehicles needed for distribution by optimizing routes and load methods such as FIFO (first-in, first-out) and LIFO (last-in, first-out).The startup has already seen impressive growth, expanding operations across five African markets—Kenya, Nigeria, Uganda, Zambia, and Zimbabwe—and working with major clients like KFC and Diageo. Leta has increased the number of deliveries from 20,000 tons to 150,000 tons and is now managing 7,400 vehicles.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Kenya's Leta Raises $5M to Scale AI-Powered Logistics Platform

Kenya's Leta Raises $5M to Scale AI-Powered Logistics Platform

For the first time in 13 years, Computer Warehouse Group (CWG) and Chams Holding Company have posted billion-naira profits, driven by Nigerian banks upgrading their IT systems and telecom companies expanding SIM card production. Their combined after-tax profit surged 395% from ₦983.7 million in 2023 to ₦4.88 billion in 2024, as seen in their latest unaudited financial reports.Chams, known for identity management and transactional solutions, saw its revenue nearly triple from its Card Centre subsidiary to ₦6.48 billion. The growth came from partnerships, SIM card production for telecom companies, and a 37.7% rise in print solutions sales. "Our upscaling efforts are beginning to pay off," said a Chams spokesperson, highlighting the company's expansion into cross-border payments.CWG, which provides IT services to telcos and banks, experienced a 524% jump in profits to ₦3.59 billion, driven by increased demand for core banking systems as banks upgraded their IT infrastructure. Experts linked CWG’s 20-year partnership with Infosys, supplying Finacle software, to a 400% increase in software revenue, reaching ₦19.1 billion.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/CWG, Chams Report Record Profits Amid Nigeria’s IT Infrastructure Boom

CWG, Chams Report Record Profits Amid Nigeria’s IT Infrastructure Boom

Sycamore, the Nigerian digital lender with ₦10 billion assets under management, has received a fund manager licence from the Securities and Exchange Commission (SEC). This marks a significant expansion for the company, which will now offer diversified investment portfolios across stocks, bonds, and money-market instruments in local and foreign currencies.CEO Babatunde Akin-Moses highlighted that the move was driven by the growing demand from Sycamore’s 300,000 users, including freelancers and small and medium-sized enterprises (SMEs), who seek accessible investment options.Sycamore joins a competitive market dominated by established firms like ARM, Stanbic IBTC, and FBNQuest, alongside fintech challengers such as Bamboo and Rise. The company is targeting the underserved middle segment of the market—Nigerians who lack straightforward investment pathways.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Nigeria's Sycamore Expands Into Asset Management With SEC Licence

Nigeria's Sycamore Expands Into Asset Management With SEC Licence

South Africa’s electricity prices will rise by 26% over the next three years, pressuring households and businesses to seek alternative energy solutions, TechCabal reported. Eskom’s price hikes, starting in April and continuing through 2027, combined with VAT increases, are driving the demand for innovative energy startups. These companies are offering solutions such as smart technology, renewable energy, and off-grid systems to help reduce energy costs.Sensor Networks, a smart home energy management company, has seen a surge in demand for its products. Versofy, a renewable energy startup, provides a subscription-based solar service to bypass high upfront costs. Switch Energy offers software solutions for energy trading and smart metering, aiming to improve energy generation and consumption.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/South Africa’s Rising Energy Prices Spur Innovative Startups

South Africa’s Rising Energy Prices Spur Innovative Startups

Nigeria’s annual headline inflation eased to 23.18% in February, marking a decline from 31.7% a year earlier, according to data released by the National Bureau of Statistics (NBS). The drop followed a rebase of the Consumer Price Index (CPI), reflecting changes in consumption patterns.Inflation was down 1.3 percentage points from January’s rate of 24.48%. Food inflation, a significant driver of overall inflation, stood at 23.51% in February, compared to 26.08% in January. The drop marks the first significant slowdown since the NBS rebased the CPI, setting 2024 as the new base year instead of 2009. This change led to a sharp decline in inflation from 34.80% in December to 24.48% in January, the largest drop in over a decade. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) maintained the interest rate at 27.5% after six hikes in 2024, citing the easing of inflationary pressures.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Nigeria's Inflation Cools For Second Month After CPI Rebase

Reuters

Nigeria's Inflation Cools For Second Month After CPI Rebase

Gold prices surged past $3,000 per ounce for the first time on Friday as investors turned to the safe-haven asset amid escalating trade tensions between the United States and the European Union. Spot gold rose 0.4% to $3,001 per ounce at 6:30 a.m. ET.The latest rally follows President Donald Trump’s threat to impose 200% tariffs on European alcohol imports, retaliating against the EU’s new tariffs introduced this week. The EU’s move was in response to the US imposing 25% tariffs on steel and aluminum imports that took effect Wednesday.Gold has gained 15% this year, driven by geopolitical risks, economic slowdown fears, and central bank buying. The World Gold Council recently reported that rising geopolitical uncertainty has fueled gold demand, despite a strong US dollar.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

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

Business Insider

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

The Beninese government raised over 100 billion XOF ($165.6 million) from the sale of more than 33% of its stake in the International Bank for Industry and Commerce (BIIC) through an initial public offering (IPO). The shares will be listed on the BRVM, making BIIC the third publicly traded Beninese company after the National Lottery of Benin (LNB) and BOA Benin.With the completion of the IPO, the government’s stake in BIIC dropped from 51.26% to approximately 18%. The sale was part of a broader strategy to raise funds for infrastructure and economic development while increasing private sector participation in the banking sector. The offering, launched on December 24, 2024, and closed on February 28, 2025, involved the sale of 17.56 million to 23.10 million shares at 5,250 XOF ($8.72) per share. EDC Investment Corporation, a subsidiary of Ecobank, led the transaction.BIIC, formed from the 2020 merger of Banque Internationale du Bénin (BIBE) and Banque Africaine pour l'Industrie et le Commerce (BAIC), is one of Benin’s largest banks. As of June 30, 2024, BIIC’s total assets reached 1,141 billion XOF ($1.90 billion), representing 22% of national banking assets. The bank’s equity stood at 107.9 billion XOF ($179.3 million), making it the second most capitalized bank in the country.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

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

RichBourse

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

Société Ivoirienne de Banque (<a href="https://www.dabafinance.com/en/capitalmarkets/SIBC" rel="noopener noreferrer" target="_blank">SIB</a>) reported a 15% increase in net profit to 50 billion XOF ($79.1 million) for the year ended December 31, 2024, supported by higher lending and deposits. The bank’s total assets rose 5% to 1,685 billion XOF ($2.67 billion), reflecting steady expansion.SIB’s net banking income (PNB) increased 8% to 103 billion XOF ($163 million), driven by a 13% rise in interest margins and market operations. Customer deposits grew 8% to 1,399 billion XOF ($2.21 billion), while loans to clients increased 6% to 1,101 billion XOF ($1.74 billion). The cost of risk dropped 35% year-over-year, demonstrating stronger asset quality.<a href="https://www.dabafinance.com/en/capitalmarkets/SIBC" rel="noopener noreferrer" target="_blank">SIB</a> launched its "Impulsion 2028" strategic plan in October 2024, aiming to expand its digital banking offerings, support SMEs, and diversify financial products. The bank also raised its capital by 10 billion XOF ($15.8 million) to 20 billion XOF ($31.6 million) in compliance with new WAEMU banking regulations. The board proposed a dividend of 375 XOF ($0.59) per share, reflecting a 10.55% yield based on the year-end stock price, which rose 32.9% in 2024.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Ivorian Lender SIB Sees 15% Jump in Full-Year Net Profit

Ivorian Lender SIB Sees 15% Jump in Full-Year Net Profit

Ghana remains Africa’s top gold producer, with output reaching 135.1 tonnes, supported by mining investments and large-scale industrial operations. Mali follows with 105 tonnes, despite ongoing political and security risks. South Africa, once the continent’s leader, now ranks third with 104.3 tonnes, as declining reserves and rising costs impact production. Burkina Faso (98.6 tonnes) and Sudan (72.5 tonnes) continue to play a significant role in regional gold mining, despite security and regulatory challenges. Guinea (64.9 tonnes), Tanzania (52 tonnes), and Côte d'Ivoire (51.5 tonnes) are seeing steady production. Côte d'Ivoire benefits from mining-friendly policies and plans to develop the 155.5-tonne Tanda deposit. Zimbabwe (46.6 tonnes) and the Democratic Republic of Congo (45.4 tonnes) complete the continent’s top 10 gold producers.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

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

Sika Finance

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

Azamra Finance Technologies, a U.S.-based digital financial services firm, is seeking to enter the Cameroonian market to expand lending access for micro, small, and medium-sized enterprises (MSMEs) and informal sector workers. The company aims to provide flexible financing solutions in a country where access to credit remains limited due to strict banking requirements.A delegation from Azamra, accompanied by U.S. Ambassador to Cameroon Christopher J. Lamora, met with Cameroon’s Minister of Economy on March 12, 2025, to explore partnerships with the government, local banks, and the Bank of Central African States (BEAC), which regulates financial services in the region.Azamra integrates blockchain technology to enable secure transactions and reduce costs. It also supports stablecoins, pegged to traditional currencies, to facilitate cross-border payments. The company believes its approach can improve transparency and efficiency in Cameroon’s financial ecosystem.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/American Fintech Eyes Cameroon Market for Digital Lending Expansion

American Fintech Eyes Cameroon Market for Digital Lending Expansion

The International Finance Corporation (IFC) and the Africa Local Currency Bond Fund (ALCB Fund) have made an anchor investment in Côte d'Ivoire’s first gender bond, issued by Ecobank Côte d'Ivoire. The bond, the first of its kind in the West Africa Economic and Monetary Union (WAEMU), aims to increase financing for women-owned small and medium-sized enterprises (WMSMEs).Ecobank's XOF 10 billion ($16 million) bond will help provide nearly 1,200 loans to WMSMEs, helping to bridge the region’s significant gender credit gap. IFC and the ALCB Fund jointly invested XOF 4.9 billion ($7.8 million), with IFC providing a credit guarantee of XOF 1.25 billion ($2 million).The proceeds will support Ecobank’s Ellevate program, which provides tailored financial products, business advisory services, and capacity-building initiatives for women entrepreneurs. IFC will also offer advisory services to enhance Ecobank's ability to finance WMSMEs.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

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

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

Orange has launched the 15th edition of the Orange Social Venture Prize (OSVP) in Africa and the Middle East, inviting social impact startups to apply for funding and support. The annual competition, which began in 2011, recognizes tech-driven solutions in key sectors such as education, healthcare, agriculture, e-commerce, and the environment.Entrepreneurs from 17 countries where Orange operates can submit applications. The competition is divided into two stages: National stage (until May 2025): Each country will select three winners to move to the next round. International stage (October 2025): A final jury of industry leaders will select three winners for the International Grand Prize and one winner for the International Women’s Prize.First Prize: €25,000 (US$27,000), Second Prize: €15,000 (US$16,000), Third Prize: €10,000 (US$11,000), International Women’s Prize: €20,000 (US$22,000). Applications close on May 18.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Orange Opens Applications for 2025 MEA Social Venture Prize

Orange Opens Applications for 2025 MEA Social Venture Prize

The Africa Women Innovation and Entrepreneurship Forum (AWIEF) has partnered with the African Guarantee Fund (AGF) and FSDH Merchant Bank Limited to launch the AWIEF Growth Accelerator Program, which aims to improve access to finance and markets for women-led small and medium enterprises (WSMEs) in Nigeria.The initiative is backed by the African Development Bank’s Affirmative Finance Action for Women in Africa (AFAWA), which seeks to unlock up to $3 billion in financing for women entrepreneurs across the continent. AGF, a non-bank financial institution focused on economic development, will implement the initiative, while FSDH Merchant Bank will provide loans to selected businesses.The partnership is designed to bridge the funding gap for WSMEs, particularly in sectors driving economic growth. Applications are open until March 31.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/AWIEF, AGF, FSDH Launch Accelerator for Women Entrepreneurs in Nigeria

AWIEF, AGF, FSDH Launch Accelerator for Women Entrepreneurs in Nigeria

The BRVM Composite Index remained flat at 291.84 points, while the BRVM Prestige Index was unchanged at 122.79 points. The BRVM 30 Index declined slightly by 0.01% to 146.87 points.<a href="https://www.dabafinance.com/en/capitalmarkets/STAC" rel="noopener noreferrer" target="_blank">Setao</a> led gains, rising 6.77% to 710 FCFA ($1.18), followed by <a href="https://www.dabafinance.com/en/capitalmarkets/STBC" rel="noopener noreferrer" target="_blank">Sitab</a>, up 4.11% to 9,995 FCFA ($16.61), and <a href="https://www.dabafinance.com/en/capitalmarkets/SIVC" rel="noopener noreferrer" target="_blank">Air Liquide</a>, which climbed 3.03% to 510 FCFA ($0.85). Declining stocks included <a href="https://www.dabafinance.com/en/capitalmarkets/BNBC" rel="noopener noreferrer" target="_blank">Bernabé</a>, which dropped 6.05% to 1,010 FCFA ($1.68), <a href="https://www.dabafinance.com/en/capitalmarkets/FTSC" rel="noopener noreferrer" target="_blank">Filtisac</a>, down 3.79% to 3,050 FCFA ($5.07), and <a href="https://www.dabafinance.com/en/capitalmarkets/CIEC" rel="noopener noreferrer" target="_blank">CIE</a>, which lost 2.25% to 2,610 FCFA ($4.34).The overall market capitalization saw some gains, driven by <a href="https://www.dabafinance.com/en/capitalmarkets/CBIBF" rel="noopener noreferrer" target="_blank">Coris Bank</a>, which rose 2.44% to 10,495 FCFA ($17.45), adding 8 billion FCFA ($13.3 million). Sitab also gained 7 billion FCFA ($11.6 million). Trading volume fell sharply to 454.9 million FCFA ($756,000), a 99.95% drop from 904.2 billion FCFA ($1.5 billion) the previous day. BOA CI remained stable at 5,700 FCFA ($9.47), accounting for 17.98% of total trade.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/BRVM Stock Market Stabilizes After Recent Telco-Led Declines

BRVM Stock Market Stabilizes After Recent Telco-Led Declines

ORA Technologies, a Moroccan superapp, has raised $1.9 million in a pre-Series A round led by Witamax and Azur Innovation Management. This brings its total funding to $4.4 million since its launch in 2023.The funding will accelerate the expansion of its mobile wallet, ORA Cash, and e-commerce marketplace, KooulMaroc. ORA Cash enables peer-to-peer transactions, QR code payments, and digital money transfers, supporting Morocco’s push toward a cashless economy.The app integrates e-commerce, digital payments, chat, and social networking, offering a localized experience in five languages, including Darija.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

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

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

Antler, a global early-stage VC firm, has expanded into Nigeria, marking its second African market after Kenya. The firm, known for investing in startups at the idea stage, will provide $100,000 for a 10% stake in Nigerian startups and support them from inception to Series C.Antler’s West Africa partner, Anil Atmaramani, says the firm sees Nigeria’s deep pool of entrepreneurial talent as a key driver for expansion. It will help founders validate ideas, find co-founders, and raise capital, replicating its approach in East Africa.The firm, which has invested $14 million in 26 startups across East Africa, is also developing a debt plan to offer working capital without unnecessary dilution. Antler plans to create a founder hub in Lagos, offering mentorship, regulatory support, and connections to global investors.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Early-Stage Venture Capital Firm Antler Expands to Nigeria

Early-Stage Venture Capital Firm Antler Expands to Nigeria

South African IoT startup Sensor Networks has entered a strategic partnership with Italian geyser manufacturer Ariston to introduce smart water heating solutions in South Africa in 2025. The collaboration will see Ariston’s water heaters integrated with Sensor Networks’ smart geyser technology, enhancing energy efficiency and household electricity management. Founded in 2015, Sensor Networks specializes in IoT-based smart geysers, helping insurance companies reduce risk through low-cost sensors and an integrated platform. The partnership follows months of product development and certification, marking the first large-scale adoption of locally developed smart-geyser technology by a global manufacturer.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/SA’s Sensor Networks Partners Ariston for Smart Water Heating

SA’s Sensor Networks Partners Ariston for Smart Water Heating

Egyptian fintech company Basata has increased its stake in Jordan’s digital payments platform MadfoatCom to 25%, strengthening its position in the region’s financial services sector. The move aims to expand digital financial inclusion and enhance Jordan’s payments infrastructure, Basata said in a statement.Basata, formerly known as Ebtikar, was formed in 2009 through the merger of Masary and Bee. The company specializes in bill payments, mobile money, and supply chain solutions. MadfoatCom, founded in 2011 by Nasser Saleh, provides a real-time online bill payment system and works with key Jordanian financial institutions.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Egypt’s Basata Increases Stake in Jordan’s MadfoatCom to 25%

Egypt’s Basata Increases Stake in Jordan’s MadfoatCom to 25%

Funding for African tech startups fell sharply in 2024, with total investment declining by more than 50% to $1.1 billion, according to Disrupt Africa’s latest annual report. The number of funded startups dropped from 406 in 2023 to 200 in 2024, marking the second consecutive year of decline amid a global capital shortage.Nigeria reclaimed its position as Africa’s most funded tech ecosystem, raising $331.6 million, accounting for 29.6% of total funding. However, the amount was still down 17% from the previous year. Egypt followed closely with $312.1 million, despite securing investments for 51 startups—more than any other country.Kenya and South Africa saw steep declines. Kenya’s funded startups dropped by 55%, securing $100.4 million. South Africa, which had defied funding trends in 2023, saw its investment fall over 80% to $100.4 million.<a href="https://dabafinance.com/en/app-link/referral?referralCode=g3aZQft43s" rel="noopener noreferrer" target="_blank">Daba is Africa's leading investment platform for private and public markets. Download here</a>

Daba Finance/Nigeria Retakes Top Spot as African Tech Startups See Funding Drop

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