South Africa’s annual inflation rate fell to 4.4% in August, dipping below the midpoint of the central bank’s target range for the first time in over three years. This drop, down from 4.6% in July, boosts the likelihood of an interest rate cut, the first since 2020.The South African Reserve Bank (<a href="https://www.resbank.co.za/en/home" rel="noopener noreferrer" target="_blank">SARB</a>) prefers to anchor inflation at 4.5%, and with a favorable inflation outlook, officials are expected to cut the policy benchmark, currently at 8.25%. Governor Lesetja Kganyago has stated that rates will only be adjusted when inflation is firmly at the midpoint.A stronger rand, bolstered by weaker Brent crude prices and expectations of a U.S. Federal Reserve rate cut, has improved economic sentiment. The rand firmed 0.3% to 17.5611 per dollar, and bond yields fell to their lowest since February 2022.

Daba Finance/South Africa Inflation at Below Central Bank Target, Rate Cut Likely

Bloomberg

South Africa Inflation at Below Central Bank Target, Rate Cut Likely

The Federal Reserve cut interest rates by half a percentage point on Wednesday, marking the first reduction since early 2020. The decision lowers rates to about 4.9%, down from a two-decade high, signaling that the central bank believes it is making progress in controlling <a href="https://dabafinance.com/en/investing-glossary/inflation" rel="noopener noreferrer" target="_blank">inflation</a>.The cut follows months of easing inflation and is aimed at preventing the economy from slowing too much, especially as unemployment edges higher. The Fed's economic projections indicate another half-point cut by year-end, with borrowing costs expected to drop to 4.4%.The move reflects cautious optimism as inflation eases, but the central bank remains focused on preventing an economic slowdown. Fed officials aim to achieve a "soft landing," maintaining growth without pushing the economy into recession. Additional <a href="https://dabafinance.com/en/news/african-economies-prepare-for-interest-rate-cuts-amid-easing-inflation" rel="noopener noreferrer" target="_blank">cuts</a> are expected, with rates projected to fall to 3.4% by the end of 2025.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/U.S. Federal Reserve Cuts Interest Rates for First Time Since 2020

U.S. Federal Reserve Cuts Interest Rates for First Time Since 2020

Ghana’s economy expanded 6.9% in the second quarter of 2024, marking its fastest growth in five years and beating economists’ estimates by more than double, driven by stronger performances in the industrial, agriculture, and services sectors. The growth follows a revised 4.8% expansion in the previous quarter, according to Government Statistician Samuel Kobina Annim. The industrial sector saw the strongest growth, expanding 9.3% year-on-year, while agriculture and services grew 5.4% and 5.8% respectively. Despite this, the cocoa subsector, a major part of Ghana's agriculture, contracted for a fourth consecutive quarter. Ghana’s cedi remained stable, trading at 15.7 per dollar, while bonds maturing in 2032 rose slightly.

Daba Finance/Ghana's Economy Grows at Fastest Pace in Five Years in Second Quarter

Ghana's Economy Grows at Fastest Pace in Five Years in Second Quarter

The National Lottery of Benin SA (or Loterie Nationale du Bénin SA in French) is set to become the second Beninese company listed on the Bourse Régionale des Valeurs Mobilières (BRVM) in October 2024. <a href="https://www.loteriebenin.bj/acceuil" rel="noopener noreferrer" target="_blank">LNB SA's</a> decision to list follows years of significant financial growth, with revenues projected to rise from 80 billion FCFA in 2021 to 94 billion FCFA ($160 million) by 2024. It operates over 3,000 points of sale across Benin and has emerged as a key player in West Africa’s lottery sector.The <a href="https://dabafinance.com/en/investing-glossary/initial-public-offering-ipo" rel="noopener noreferrer" target="_blank">Initial Public Offering</a> offers investors shares priced between 4,000 and 5,000 FCFA, providing an opportunity to benefit from the company’s continued growth. The IPO is seen as a significant step in strengthening Benin’s presence on the regional financial scene, positioning the company as a catalyst for economic development.

Daba Finance/Benin's National Lottery Company to List on BRVM in Historic IPO

Sika Finance

Benin's National Lottery Company to List on BRVM in Historic IPO

Oil prices steadied on Wednesday following gains earlier in the week, as investors await the U.S. Federal Reserve's anticipated interest rate cut.Brent crude futures for November edged down 3 cents to $73.67 a barrel, while U.S. crude futures for October slipped 11 cents, or 0.2%, to $71.08 a barrel.Prices had risen about $1 per barrel on Tuesday due to lingering supply disruptions from Hurricane Francine in the U.S., the world’s largest oil producer, and expectations of increased demand following the Fed's first rate cut in four years.

Daba Finance/Oil Prices Steady Above $70 Ahead of Fed Rate Cut Decision

Reuters

Oil Prices Settle Up Above $70 Ahead of Fed Rate Cut Decision

Gold prices remained steady on Tuesday as the market awaited the U.S. Federal Reserve’s interest rate decision on Wednesday. Following a stronger-than-expected U.S. Retail Sales report for August, the U.S. dollar strengthened, and Treasury yields advanced, limiting the upside for gold. XAU/USD was flat at $2,569, after pulling back from Monday’s record high of $2,590.Market expectations for a 50 basis point rate cut by the Fed stand at 63%, while the chances of a 25 basis point cut are 37%, according to the CME FedWatch Tool. Gold’s retreat below $2,575 on Tuesday led to a low of $2,561 during the session, indicating potential for a deeper pullback.

Daba Finance/Gold Holds Steady at Around $2,570 as Investors Await Fed Decision

FXStreet

Gold Holds Steady at Around $2,570 as Investors Await Fed Decision

Senegal’s dollar bonds dropped after the International Monetary Fund (IMF) warned of a worsening fiscal outlook for the country. The bonds were the worst performers in Bloomberg’s index of emerging and frontier sovereign dollar debt. Yields on Senegal’s 2048 notes increased by 14 basis points to 9.78%.This decline follows political instability after President Bassirou Diomaye Faye disbanded the opposition-controlled parliament to push his reform agenda. Elections for new representatives are scheduled for November 17. Senegal <a href="https://dabafinance.com/en/news/Senegal-IMF-agree-on-200m" rel="noopener noreferrer" target="_blank">secured a $1.5 billion IMF facility</a> last year to support economic reforms.In its recent statement, the IMF noted that Senegal’s economy slowed in early 2024, with weaker growth in key sectors such as mining and construction. The fiscal deficit widened due to falling revenues and rising energy subsidies, highlighting the need for urgent reforms to stabilize public finances.

Daba Finance/Senegal’s Dollar Bonds Fall as IMF Warns of Fiscal Deterioration

Senegal’s Dollar Bonds Fall as IMF Warns of Fiscal Deterioration

Investors funneled money into exchange-traded funds (ETFs) focused on emerging market bonds on Friday, anticipating a boost from the Federal Reserve’s expected rate cut this week. Two of the largest ETFs tracking emerging-market bonds saw inflows, with the $16 billion iShares J.P. Morgan USD Emerging Markets Bond ETF receiving $46.3 million and the Vanguard Emerging Markets Government Bond ETF gaining $32.9 million, per Bloomberg data.Optimism is rising as the Federal Reserve is expected to cut interest rates by 50 basis points this week. This potential rate cut could spark greater demand for higher yields in developing markets and investors are increasingly attracted to emerging-market debt as a high-yield, long-duration asset class.

Daba Finance/Investors Bet on Emerging Market Bonds Amid Fed Rate Cut Expectations

Investors Bet on Emerging Market Bonds Amid Fed Rate Cut Expectations

Nigeria’s annual inflation rate eased to 32.2% in August, down from 33.4% in July, marking the lowest level in six months as announced by the National Bureau of Statistics. The decline is partly attributed to reduced pressure from earlier currency devaluation and the removal of fuel subsidies in 2023. Additional factors include improved corn yields and a temporary suspension of import duties on corn and wheat. The Central Bank of Nigeria’s monetary policy committee, which has raised interest rates to 26.75% from 11.5% in two years, is expected to evaluate these factors when it meets next week to decide on potential rate adjustments.

Daba Finance/Nigeria Inflation Falls to Six-Month Low Ahead of Policy Meeting

Nigeria Inflation Falls to Six-Month Low Ahead of Policy Meeting

Saudi Arabia’s sovereign wealth fund is set to invest $5 billion in Egypt, marking the latest Gulf funding for the North African nation as it recovers from a severe economic crisis. The investment, described as a “first phase” by Egypt's cabinet, follows meetings between Egyptian Prime Minister Mostafa Madbouly and Saudi Crown Prince Mohammed bin Salman in Riyadh. However, the timeline and specific investment areas remain undisclosed.Gulf countries have been crucial investors in Egypt as it emerges from two years of economic turmoil, having secured a $57 billion bailout led by the <a href="https://dabafinance.com/en/news/egypt-secures-imf-deal-after-biggest-ever-rate-hike-pound-devaluation" rel="noopener noreferrer" target="_blank">IMF</a> and <a href="https://dabafinance.com/en/news/egypt-dollar-bonds-currency-jump-after-multi-billion-uae-deal" rel="noopener noreferrer" target="_blank">United Arab Emirates</a>. The UAE recently announced a $35 billion investment deal, which included development rights to a prime Mediterranean beachfront.

Daba Finance/Saudi Sovereign Wealth Fund Poised for $5B Investment in Egypt

Saudi Sovereign Wealth Fund Poised for $5B Investment in Egypt

Flooding across 14 Central and West African nations has left at least 4 million people displaced and caused about 1,000 deaths, compounding food shortages and insecurity in a region already under significant strain. The Sahel zone, stretching from West to East Africa along the southern Sahara Desert, has been hit hard by heavy rains that are expected to continue, exacerbated by global warming. Rising temperatures have led to increased water vapor in the atmosphere, resulting in unprecedented rainfall.The floods have devastated large areas, including parts of Mali, Niger, Chad, and Nigeria, with many regions receiving record rainfall. The <a href="https://www.rescue.org/" rel="noopener noreferrer" target="_blank">International Rescue Group</a> has described the current flooding as the worst the region has seen in 30 years.

Daba Finance/Severe Flooding Displaces Millions in Central and West Africa

Severe Flooding Displaces Millions in Central and West Africa

Flux, a climate startup based in Nairobi, has made history by selling Africa’s first carbon dioxide removal credits using enhanced rock weathering, a technique that involves spreading crushed basalt to absorb CO2 from the atmosphere. <a href="https://www.fluxcarbon.earth/about-us" rel="noopener noreferrer" target="_blank">The company</a>, founded just a year ago, pre-sold credits for the future removal of 540 tons of carbon dioxide at $370 each. They were purchased by the <a href="https://www.milkywire.com/impact-funds/climate-transformation-fund" rel="noopener noreferrer" target="_blank">Milkywire Climate Transformation Fund</a> via Kenya’s <a href="https://www.cynk.io/" rel="noopener noreferrer" target="_blank">CYNK</a> platform.Enhanced rock weathering accelerates the natural process by which CO2 is absorbed by certain rocks. When basalt is spread across large areas, it reacts with rainwater to capture CO2, which is eventually washed into oceans, where it can be stored for centuries. The technique also improves soil fertility.

Daba Finance/Nairobi-Based Flux Sells Africa’s First Carbon Dioxide Removal Credits

Nairobi-Based Flux Sells Africa’s First Carbon Dioxide Removal Credits

Zimbabwe will carry out its first elephant cull since 1988, targeting about 200 elephants from its herds, which total over 100,000. The decision follows a <a href="https://dabafinance.com/en/news/record-drought-threatens-food-copper-production-in-southern-africa" rel="noopener noreferrer" target="_blank">severe drought</a> that has left wildlife vulnerable to thirst and starvation, with the government opting for culling to maintain ecosystem balance."Culling elephants is a tough but humane choice," said Nick Mangwana, Secretary for Information and Publicity. He emphasized that the cull aims to prevent prolonged suffering among the animals while ensuring that the remaining wildlife thrives.

Daba Finance/Zimbabwe to Conduct First Elephant Cull in Decades Amid Severe Drought

Zimbabwe to Conduct First Elephant Cull in Decades Amid Severe Drought

South African consumer confidence surged to pre-pandemic levels in the third quarter of the year, with increased optimism about personal finances driving the trend. A quarterly index measuring consumer sentiment, compiled by FirstRand’s <a href="https://www.fnb-online.com/" rel="noopener noreferrer" target="_blank">First National Bank</a> and Stellenbosch University’s Bureau for Economic Research, improved to -5 in the three months ending September, up from -10 in the previous quarter. This marked the highest reading since early 2019.Several positive developments have boosted the confidence of more affluent consumers, according to FNB Chief Economist Mamello Matikinca-Ngwenya, including the formation of a broad governing coalition after the <a href="https://dabafinance.com/en/news/south-africas-anc-loses-its-30-year-majority-in-landmark-election" rel="noopener noreferrer" target="_blank">May 29 elections</a>, improved electricity supplies, lower inflation, and a stronger rand.

Daba Finance/South African Consumer Confidence Rebounds to Pre-Pandemic Levels

South African Consumer Confidence Rebounds to Pre-Pandemic Levels

Shares of <a href="https://group.outsurance.co.za/" rel="noopener noreferrer" target="_blank">OUTsurance Group</a> hit a record high after the South African insurer reported a 36% increase in full-year net income to 4.06 billion rand ($230 million) and announced a special dividend of 0.40 rand per share. This complements a total dividend of 1.74 rand, marking a 29% increase from the prior year. The stock surged 8.9% to 55.99 rand in Johannesburg, its highest since the company took over the listing of Rand Merchant Investment Holdings Ltd.The company's gross written premiums in the property and casualty business grew 21% to 33.2 billion rand, driven by inflation, high interest rates, and improved new business performance. CEO Marthinus Visser expects premium inflation to moderate over the next 12 months in South Africa and Australia, with a more favorable inflationary and interest-rate outlook.

Daba Finance/OUTsurance Shares Surge as Profits Jump and Special Dividend Announced

OUTsurance Shares Surge as Profits Jump and Special Dividend Announced

Port and logistics giant DP World has teamed up with Johannesburg-based lender Nedbank to offer trade financing solutions aimed at addressing the working capital challenges faced by small and medium-sized enterprises (SMEs) across sub-Saharan Africa.Announced on Tuesday, the partnership involves the launch of a supply chain finance program on a <a href="https://www.dpworld.com/" rel="noopener noreferrer" target="_blank">DP World</a> platform, with <a href="https://personal.nedbank.co.za/home.html" rel="noopener noreferrer" target="_blank">Nedbank</a> acting as the financier. The initiative will enable DP World’s suppliers in the region to access early payments on approved receivables, providing an economical financing option compared to current market solutions. It follows a <a href="https://dabafinance.com/en/news/uk-partners-with-dp-world-to-build-congos-first-deep-sea-port" rel="noopener noreferrer" target="_blank">recent partnership with BII</a> to build Congo’s first deep-sea port and plans to <a href="https://dabafinance.com/en/news/DP-World-to-run-part-of-Tanzanian-port" rel="noopener noreferrer" target="_blank">invest $250m</a> in a deal to run part of a Tanzanian port.

Daba Finance/DP World, Nedbank Partner to Expand Trade Financing for African SMEs

DP World, Nedbank Partner to Expand Trade Financing for African SMEs

Central banks in two of Africa’s largest economies, South Africa and Nigeria, are set to shift their interest rate policies for the first time in years as inflation shows signs of easing. The South African Reserve Bank is expected to <a href="https://dabafinance.com/en/insights/african-economies-set-for-rate-cuts-as-inflation-eases" rel="noopener noreferrer" target="_blank">reduce</a> its benchmark interest rate by 25 basis points to 8%, as inflation appears to have eased to the midpoint of the central bank’s 4.5% target range. The stability of the rand and tapering oil prices will support this move. Several other nations, including Morocco, Mozambique, Kenya, Ghana, and Eswatini, are expected to follow South Africa’s lead by making small interest rate cuts while countries like Angola are anticipated to keep rates unchanged alongside Nigeria.

Daba Finance/African Economies Prepare for Interest Rate Cuts Amid Easing Inflation

African Economies Prepare for Interest Rate Cuts Amid Easing Inflation

Sonatel (<a href="https://dabafinance.com/en/capitalmarkets/SNTS" rel="noopener noreferrer" target="_blank">SNTS</a>), the largest company on the BRVM stock market, recorded a 2.13% increase on Friday, pushing its share price to 24,000 FCFA, a level not seen since August 2017.This rise added 50 billion FCFA ($85 million) to the telecommunications giant’s market capitalization, further solidifying its dominant position in the regional stock market.The performance of Sonatel drove the BRVM Composite index up by 0.26% to reach 261.24 points, its highest level in seven years. Similarly, the BRVM 30 index rose by 0.34% to 131.15 points, while the BRVM Prestige index saw a decline of 1.40% to 113.24 points.

Daba Finance/Senegalese Telco Sonatel Trading at Highest Share Price Since 2017

Senegalese Telco Sonatel Trading at Highest Level Since 2017

The Burkinabe subsidiary of Moov Africa, Onatel BF (<a href="https://dabafinance.com/en/capitalmarkets/ONTBF" rel="noopener noreferrer" target="_blank">ONTBF</a>), closed the first half of 2024 with a 16.4% drop in profits, falling to 9.33 billion FCFA ($16 million) from 11.16 billion FCFA a year earlier. This follows a promising start to the year, where the company reported a 9.4% increase in results at the end of March.The decline in profitability is attributed to rising energy costs and increased maintenance efforts, particularly for repairs to vandalized sites. These challenges contributed to a 6.9% decrease in operating income, which stood at 14.86 billion FCFA by the end of June, while the result of ordinary activities contracted by 6.6% to 16.03 billion FCFA.Despite these setbacks, Onatel BF’s revenue grew by 1.7%, reaching 71 billion FCFA, up from 69.83 billion FCFA during the same period in 2023. This was largely driven by the strong performance of its Mobile Data (+15.7%), Mobile Money (+16.1%), and high-speed services (+186.2%), with a 27% increase in transaction volumes.

Daba Finance/Burkina Faso's Onatel Reports 16.4% Dip in Profit for First Half 2024

Daba Intelligence

Burkina Faso's Onatel Reports 16.4% Dip in Profit for First Half 2024

BRVM-listed Setao rebounded with a 7.69% increase to 700 FCFA last week, following a 5.11% drop the previous week. Renewed investor interest places Setao stock (<a href="https://dabafinance.com/en/capitalmarkets/STAC" rel="noopener noreferrer" target="_blank">STAC</a>) at the top of the largest weekly gains, despite its continued susceptibility to speculative investor behavior.Similarly, Tractafric Motors CI (<a href="https://dabafinance.com/en/capitalmarkets/PRSC" rel="noopener noreferrer" target="_blank">PRSC</a>) saw a 6.19% rise to 2,400 FCFA after a sharp decline of 13.08% the prior week. Other top performers include <a href="https://dabafinance.com/en/capitalmarkets/SAFC" rel="noopener noreferrer" target="_blank">Safca</a> (+6.02% to 880 FCFA), <a href="https://dabafinance.com/en/capitalmarkets/SCRC" rel="noopener noreferrer" target="_blank">Sucrivoire</a> (+5.61% to 565 FCFA), and <a href="https://dabafinance.com/en/capitalmarkets/BOAM" rel="noopener noreferrer" target="_blank">BOA Mali</a> (+4.86% to 1,835 FCFA).After gaining over 7% the previous week, BOA Niger (<a href="https://dabafinance.com/en/capitalmarkets/BOAN" rel="noopener noreferrer" target="_blank">BOAN</a>) share price fell by 11.69% to 3,400 FCFA, placing it among the worst-performing stocks. The drop followed its new share allocation process and the stock’s overbought RSI indicator. Other underperformers include Onatel BF (<a href="https://dabafinance.com/en/capitalmarkets/ONTBF" rel="noopener noreferrer" target="_blank">ONTBF</a>), Nei-ceda (<a href="https://dabafinance.com/en/capitalmarkets/NEIC" rel="noopener noreferrer" target="_blank">NEIC</a>), Oragroup (<a href="https://dabafinance.com/en/capitalmarkets/ORGT" rel="noopener noreferrer" target="_blank">ORGT</a>), and Air Liquide (<a href="https://dabafinance.com/en/capitalmarkets/SIVC" rel="noopener noreferrer" target="_blank">SIVC</a>).

Daba Finance/Setao, Tractafric Motors Lead Weekly Gains Amid Market Fluctuations

Setao, Tractafric Motors Lead Weekly Gains Amid Market Fluctuations

The benchmark BRVM Composite index continued its upward trend for the fourth consecutive week, increasing by 0.76% to reach 261.24 points, marking its first return to the 260-point level since July 2017. This growth was largely driven by the performance of Sonatel (<a href="https://dabafinance.com/en/capitalmarkets/SNTS" rel="noopener noreferrer" target="_blank">SNTS</a>), the largest company on the BRVM, which saw a valuation increase of 4.58%, reaching 24,000 FCFA and adding 105 billion FCFA to its market capitalization to hit 2.4 trillion FCFA ($4.07 billion).The BRVM 30 <a href="https://dabafinance.com/en/learn/blogs/what-is-an-index-a-beginners-guide-to-stock-markets" rel="noopener noreferrer" target="_blank">index</a> rose by 0.88% to 131.15 points, and the BRVM Prestige <a href="https://dabafinance.com/en/learn/blogs/what-is-an-index-a-beginners-guide-to-stock-markets" rel="noopener noreferrer" target="_blank">index</a> edged up 0.07% to 126.56 points. Despite a balance of 13 stock increases against 25 decreases, the market's overall momentum remained positive.

Daba Finance/BRVM Stock Market Maintains Upward Momentum to Reach Seven-Year High

BRVM Stock Market Maintains Upward Momentum to Reach Seven-Year High

The BRVM stock market said trading of Solibra (<a href="https://dabafinance.com/en/capitalmarkets/SLBC" rel="noopener noreferrer" target="_blank">SLBC</a>) shares resumed on September 12, 2024, after its <a href="https://dabafinance.com/fr/nouvelles/brvm-suspends-trading-of-solibra-shares-over-regulatory-non-compliance" rel="noopener noreferrer" target="_blank">April 2 suspension</a>, due to the company's failure to meet certain regulatory requirements.Although the Castel Group-owned company met the BRVM’s minimum free float of 15%, it fell short of the required 2 million tradable securities, having only 306,224 shares. At an extraordinary general meeting held on September 11, 2024, Solibra addressed this issue by approving a stock split.The nominal value of each share will be divided by ten, reducing the share price from 2,500 FCFA to 250 FCFA. As a result, the total number of shares will increase to 16,460,840, with 3,062,240 listed securities, meeting the BRVM’s requirements.

Daba Finance/Solibra Resumes Trading After Share Split to Comply with BRVM Rule

Solibra Resumes Trading After Share Split to Comply with BRVM Rule

Consumer prices in Rwanda rose by 5% year-on-year in August 2024, with a monthly increase of 0.9%, according to the latest Consumer Price Index (CPI) report by the National Institute of Statistics of Rwanda (NISR).The CPI tracks the average price changes of goods and services purchased by households, with urban CPI being the primary measure of inflation. Transport costs saw the largest annual rise, increasing by 19%, contributing 2.2 percentage points to the overall inflation rate. Housing, water, electricity, gas, and other fuels rose by 4.8%, contributing 0.8 percentage points, while food and non-alcoholic beverages rose by 1.6%, contributing 0.6 percentage points. In August, the central bank <a href="https://dabafinance.com/en/news/rwanda-central-bank-lowers-key-rate-by-50-basis-points" rel="noopener noreferrer" target="_blank">cut its key interest rate</a> by 50 basis points to 6.5%.

Daba Finance/Rwanda's Consumer Prices Increase by 5% in August on Transport Costs

African Markets

Rwanda's Consumer Prices Increase by 5% in August on Transport Costs

NASDAQ-listed South African fintech company <a href="https://lesakatech.com/" rel="noopener noreferrer" target="_blank">Lesaka Technologies</a> is set to finalize its $86 million acquisition of fintech startup Adumo in October, following approval from shareholders and South Africa’s Competition Commission. The acquisition, <a href="https://dabafinance.com/en/news/south-african-fintech-lesaka-snaps-up-adumo-in-86m-deal" rel="noopener noreferrer" target="_blank">announced in May</a>, will significantly expand Lesaka’s consumer and SME merchant financing services into Botswana, Kenya, Namibia, South Africa, and Zambia.On an earnings call, Lesaka highlighted that the deal will enhance its payment processing, integrated payments, and reconciliation solutions for SME merchants, particularly in South Africa, Namibia, and Botswana. It will also introduce Lesaka into the hospitality sector.

Daba Finance/Lesaka $86M Adumo Acquisition Gets Regulatory, Shareholder Nod

TechCabal

Lesaka $86M Adumo Acquisition Gets Regulatory, Shareholder Nod

<a href="http://www.digitax.com/" rel="noopener noreferrer" target="_blank">DigiTax</a>, a Kenyan electronic tax compliance solution owned by <a href="https://support.namiri.tech/en/" rel="noopener noreferrer" target="_blank">Namiri Technology</a>, has launched in Zambia, following the country’s adoption of electronic invoicing regulations under the Value Added Tax (Amendment) Act No. 27 of 2023. The new regulations, effective from July 1, 2024, require businesses to adopt Smart Invoices to streamline tax compliance, reduce fraud, and improve efficiency in government revenue collection.Gilbert Lungu has been appointed as the Country Manager for DigiTax in Zambia, bringing extensive experience from previous roles at <a href="https://www.mtn.com/" rel="noopener noreferrer" target="_blank">MTN</a>, <a href="https://airtel.africa/" rel="noopener noreferrer" target="_blank">Airtel</a>, and <a href="https://www.cellulant.io/" rel="noopener noreferrer" target="_blank">Cellulant</a>.

Daba Finance/Kenya's DigiTax Live in Zambia to Aid Businesses with New E-Invoicing

Techpoint Africa

Kenya's DigiTax Live in Zambia to Aid Businesses with New E-Invoicing

<a href="https://field.inc/" rel="noopener noreferrer" target="_blank">Field</a>, a Nigerian e-health company, has launched a route-to-market service aimed at addressing critical issues in maternal mortality, newborn and child health, and nutrition. Supported by $11 million in funding from the <a href="https://www.gatesfoundation.org/" rel="noopener noreferrer" target="_blank">Bill &amp; Melinda Gates Foundation</a>, this initiative seeks to introduce emerging therapies and bolster healthcare infrastructure across Nigeria and Kenya.Founded in 2015, Field is a leading pharmaceutical supply chain provider, collaborating with African governments to scale healthcare programs. The company claims to have facilitated over 800 million health interventions in areas such as family planning, HIV, and tuberculosis.

Daba Finance/Nigerian Healthtech Field Gets $11M Gates Foundation Backing

Disrupt Africa

Nigerian Healthtech Field Gets $11M Gates Foundation Backing

Nigeria’s <a href="https://www.itana.africa/" rel="noopener noreferrer" target="_blank">Itana</a>, a digital free zone dedicated to accelerating Africa’s digital economy, has partnered with <a href="https://www.acceler8.africa/" rel="noopener noreferrer" target="_blank">Accelerate Africa</a> to provide emerging businesses with the tools, networks, and support needed to scale across the continent.Itana’s digital zone enables global and pan-African technology and service businesses to operate across Africa, offering incentives in taxation, immigration, banking, and regulation. It also includes a Digital Residency community, a marketplace for vendors, and plans for a new campus in Lagos, the Itana District.Accelerate Africa, a pre-seed and seed-stage accelerator program, supports startups in storytelling, team development, product growth, and fundraising. The partnership allows participating startups to register within the Itana Zone, gaining access to Itana’s infrastructure, regulatory support, and community resources.

Daba Finance/Itana Partners with Accelerate Africa to Help Startups Scale

Itana Partners with Accelerate Africa to Help Startups Scale

South African international calling app <a href="https://www.talk360.com/" rel="noopener noreferrer" target="_blank">Talk360</a> has secured $1.4 million in pre-Series A funding to localize its service into more African languages and establish additional partnerships with remittance companies, retailers, and brands.The app, co-founded in 2016 by South African entrepreneur Dean Hiine and Dutch entrepreneurs Hans Osnabrugge and Jorne Schamp, allows consumers to <a href="https://dabafinance.com/en/learn/updates/investor-updates-october-3-2022" rel="noopener noreferrer" target="_blank">make international calls</a> to any mobile or landline number.With a presence in South Africa, the Netherlands, India, and Nigeria, Talk360 claims to have connected over 4 million people in 2023. This funding round was led by its long-standing investor, <a href="https://www.havaic.com/" rel="noopener noreferrer" target="_blank">HAVAÍC</a>, which contributed $1 million, and values the startup at around $30 million.

Daba Finance/South Africa's Talk360 Raises $1.4M in Pre-Series A Round

South Africa's Talk360 Raises $1.4M in Pre-Series A Round

<a href="https://www.rubyx.io/" rel="noopener noreferrer" target="_blank">Rubyx</a>, a Senegalese fintech startup, has received a EUR400,000 (US$440,000) loan from French development finance institution <a href="https://www.proparco.fr/en" rel="noopener noreferrer" target="_blank">Proparco</a>. The funding will help Rubyx accelerate the rollout of its new algorithmic loan offering, designed for startups and microfinance institutions across Africa.Rubyx's cloud-native, API-driven digital lending platform enables service providers to quickly launch loan products, addressing the evolving needs of borrowers. The loan, provided through the Bridge by Digital program, supported by <a href="https://digital-africa.co/en/" rel="noopener noreferrer" target="_blank">Digital Africa</a>, and deployed by Proparco, offers bridging finance to innovative African companies to accelerate their growth between funding rounds.

Daba Finance/Senegalese Lending Startup Rubyx Gets $440K Loan to Accelerate Rollout

Senegalese Lending Startup Rubyx Gets $440K Loan for Product Rollout

<a href="https://entlaq.com/" rel="noopener noreferrer" target="_blank">Entlaq</a>, a company specializing in supporting entrepreneurship, has acquired a stake in Brotinni, a leading Egyptian startup focused on dark butchers’ technology and smart food solutions. Founded in 2020, Brotinni uses industrial biotechnology and environmentally friendly green technologies to <a href="https://dabafinance.com/en/learn/updates/investors-update-november-7-2022" rel="noopener noreferrer" target="_blank">optimize</a> logistics and supply chains. These innovations allow Brotinni to maintain the sustainability of food products for up to 14 days while reducing reliance on environmentally harmful materials.The partnership aims to expand Brotinni’s operations within Egypt and explore opportunities in regional markets across the Middle East. Brotinni is expected to benefit from Entlaq’s expertise in business development and acceleration to enhance its reach in the meat and poultry sectors.

Daba Finance/Entlaq Acquires Stake in Egyptian Startup Brotinni to Boost Food Tech

Entlaq Acquires Stake in Egyptian Startup Brotinni to Boost Food Tech

FlapKap, a fintech platform born in Egypt and headquartered in Abu Dhabi, has secured $34 million in a pre-Series A funding round, bringing its total funding to $37.6 million. The round, led by <a href="https://becocapital.com/" rel="noopener noreferrer" target="_blank">BECO Capital</a>, included new investment from <a href="https://www.pactvc.com/" rel="noopener noreferrer" target="_blank">Pact VC</a> and follow-on support from <a href="https://www.a15.com/" rel="noopener noreferrer" target="_blank">A15</a>, <a href="https://nclude.com/" rel="noopener noreferrer" target="_blank">Nclude</a>, <a href="https://www.qedinvestors.com/" rel="noopener noreferrer" target="_blank">QED Investors</a>, and debt financing from <a href="https://www.channelcapital.io/" rel="noopener noreferrer" target="_blank">Channel Capital</a>.Co-founded in 2022, <a href="https://www.flapkap.com/" rel="noopener noreferrer" target="_blank">FlapKap</a> provides <a href="https://dabafinance.com/en/learn/updates/investor-update-march-23-2022" rel="noopener noreferrer" target="_blank">revenue-based and embedded financing solutions</a>, particularly for SMEs in the e-commerce, retail, and restaurant sectors. The platform uses a data-driven approach, leveraging data sources from e-commerce platforms, social media, and payment gateways to streamline loan approval.The funds will be used to scale FlapKap's SME financing services across the Middle East, North Africa (MENA), and the Gulf Cooperation Council (GCC) region. Part of the funding will also go toward enhancing the platform’s technology infrastructure and launching trade finance products specifically designed for B2B businesses.

Daba Finance/Egypt-Born FlapKap Raises $34M for SME Financing Across MENA, GCC

Wamda

Egypt-Born FlapKap Raises $34M for SME Financing Across MENA Region

Kenya is reviving plans to issue a diaspora bond to raise funds for infrastructure projects, according to Prime Cabinet Secretary Musalia Mudavadi. The bond, which will target Kenyans living abroad, is part of a renewed effort to secure financing for key projects such as roads, hospitals, and other critical institutions.Initially proposed in early February 2024, the bond’s development was put on hold due to concerns about whether the overseas Kenyan community would buy sufficient amounts of the debt. However, Mudavadi, addressing Kenyan diaspora members in Namibia, stated that the current economic figures indicate the country is now well-positioned to launch the bond.The revival of the diaspora bond plan follows an increase in Kenya’s budget deficit forecast for the fiscal year ending June 2025, after the government was forced to <a href="https://dabafinance.com/en/news/kenya-president-withdraws-controversial-finance-bill-after-protests" rel="noopener noreferrer" target="_blank">abandon a controversial revenue collection plan</a>.

Daba Finance/Kenya Revives Plans for Diaspora Bond to Fund Infrastructure Projects

Kenya Revives Plans for Diaspora Bond to Fund Infrastructure Projects

Mozambique is grappling with rising risks from looming domestic-currency debt repayments and delayed natural gas windfalls, according to <a href="https://www.spglobal.com/ratings/en/" rel="noopener noreferrer" target="_blank">S&amp;P Global Ratings</a>. The country’s domestic public debt has more than doubled since 2020, as the government turned to local debt to cover persistent budget deficits after losing access to international markets in 2016.In 2024, <a href="https://dabafinance.com/en/news/mozambique-cuts-key-rate-for-fourth-straight-time-after-imf-advice" rel="noopener noreferrer" target="_blank">Mozambique</a> must repay 38 billion meticais ($601 million) in government bonds, with an additional 34 billion meticais due by 2026, half of which matures in November of that year. S&amp;P’s Leon Bezuidenhout warned that these "chunky maturities" pose significant challenges for the government.

Daba Finance/Mozambique Faces Debt Challenges as Natural Gas Revenues Delayed

Mozambique Faces Debt Challenges as Natural Gas Revenues Delayed

<a href="https://paymob.com/" rel="noopener noreferrer" target="_blank">Paymob</a>, a fintech company in the Middle East and North Africa (MENA), has raised an additional $22 million in its Series B extension, bringing the total for the round to $72 million. Founded in 2015, Paymob has <a href="https://dabafinance.com/en/news/egypts-paymob-teams-up-with-tamara-to-bolster-smes-in-gcc" rel="noopener noreferrer" target="_blank">grown</a> to serve over 350,000 merchants in Egypt, Pakistan, <a href="https://dabafinance.com/en/news/egyptian-fintech-paymob-secures-payments-license-in-oman" rel="noopener noreferrer" target="_blank">Oman</a>, Saudi Arabia, and the UAE. Its payment solutions include mobile wallets, cards, buy-now-pay-later (BNPL) services, and QR payments, positioning it as a key player in driving digital transactions in the region.The funding, led by <a href="https://www.ebrdvcip.com/" rel="noopener noreferrer" target="_blank">EBRD Venture Capital</a>, will enhance Paymob's technological infrastructure, expand its presence across the MENA region, and advance its mission to promote financial inclusion and digital payments.

Daba Finance/Paymob Secures $22M in Series B Extension

Paymob Secures $22M in Series B Extension to Drive Regional Expansion

Crude oil futures closed at their lowest levels since December 2021 on Tuesday as market sell-offs intensified following OPEC’s second downward revision of its demand forecast in two months.Concerns over softening demand from China and OPEC's revised outlook weighed heavily on the market. West Texas Intermediate (WTI) for October delivery settled at $65.75 per barrel, down 4.3%, marking an 8.2% decline year to date. Brent crude for November delivery fell 3.69% to $69.19 per barrel, pulling back 10.2% for the year. OPEC now expects demand to grow by 2 million barrels per day (bpd) in 2024, down 80,000 bpd from its previous forecast. The group also lowered its 2025 forecast, citing weakened Chinese demand, which has declined 3% in 2024 due to rising electric vehicle sales.

Daba Finance/Crude Oil Futures Hit Lowest Levels Since 2021 Amid Demand Concerns

CNBC Africa

Crude Oil Futures Hit Lowest Levels Since 2021 Amid Demand Concerns

The Central Bank of West African States (BCEAO) opted to maintain its key interest rate at 3.50% during its 3rd Monetary Policy Committee meeting this week in Senegal, amid persistent inflation and regional economic challenges.<a href="https://dabafinance.com/en/news/inflation-in-francophone-west-africa-eases-on-lower-food-costs" rel="noopener noreferrer" target="_blank">Inflation in WAEMU</a> reached 4.1% in the second quarter of 2024, up from 2.9% in the previous quarter, driven by unfavorable agricultural conditions, supply disruptions, rising energy prices, and increased costs of imported food products. The Central Bank projects an average inflation rate of 3.7% for 2024, with expectations for a return to the target range of 1%-3% in 2025, aided by improved agricultural output and falling global food prices.

Daba Finance/West African Central Bank Maintains Key Rate on Inflation Concerns

West African Central Bank Maintains Key Rate on Inflation Concerns

The Beninese textile industry continues its upward trajectory with the recent announcement of a new clothing export to Europe for the American brand, US Polo Assn.<a href="https://dabafinance.substack.com/p/pulse54-small-country-big-dreams" rel="noopener noreferrer" target="_blank">The French-speaking</a> West African nation confirmed the delivery of the first batch of over one million pieces of clothing, including hoodies, polo shirts, and t-shirts, to Italy-based <a href="https://www.incomitaly.com/en/" rel="noopener noreferrer" target="_blank">Incom SPA</a>, the brand’s licensed distributor.This marks a significant milestone for Benin's "Made in Benin" initiative, with previous successful <a href="https://dabafinance.com/en/news/benin-exports-first-locally-produced-clothes-to-europe" rel="noopener noreferrer" target="_blank">exports</a> to brands like The Children’s Place and <a href="https://dabafinance.com/en/news/benin-exports-first-locally-produced-clothes-to-europe" rel="noopener noreferrer" target="_blank">Kiabi</a>.&nbsp;As Africa's leading cotton producer, Benin’s focus on <a href="https://dabafinance.substack.com/p/pulse54-small-country-big-dreams" rel="noopener noreferrer" target="_blank">transforming its raw materials into value-added products</a> continues to enhance the country's position in the global textile market.

Daba Finance/Beninese Textiles Expand with First US Polo Assn Clothing Export

Benin Textile Industry Expands with First US Polo Assn Clothing Export

Vivo Energy bucked the hydrocarbon sector's weak performance to close the 2023 financial year with strong results, posting a 13% increase in net profit to 4.01 billion FCFA ($6.7 million), up from 3.75 billion FCFA the previous year. Building on this success, the BRVM-listed company (<a href="https://dabafinance.com/en/capitalmarkets/SHEC" rel="noopener noreferrer" target="_blank">SHEC</a>) increased its dividend payout for the third consecutive year, rewarding shareholders with a net dividend of 57 FCFA per share, representing a total dividend of 4.01 billion FCFA.This dividend offers a yield of 6.16%, based on the share price of 925 FCFA as of September 27. The company's positive performance has also driven its stock price upward, with Vivo Energy CI shares rising by <a href="https://dabafinance.com/en/capitalmarkets/SHEC" rel="noopener noreferrer" target="_blank">17.09%</a> since the start of the 2024 financial year after a 5.33% gain in 2023, signaling continued investor confidence.

Daba Finance/Vivo Energy Raises 2023 Dividend Payout After 13% Profit Growth

Vivo Energy Raises 2023 Dividend Payout After 13% Profit Growth

The BRVM this week admitted two new bond issues from the Public Treasury of Burkina Faso—TPBF.O19 and TPBF.020—further cementing the country’s standing in the regional bond market of the West African Economic and Monetary Union (<a href="Burkina Faso’s successful bond listings on the BRVM, along with its continued market presence, highlight the strength of the country’s financial standing within the UEMOA region. With total bond market capitalizations exceeding 9,000 billion FCFA, the BRVM remains a crucial platform for sovereign and private debt. However, to sustain this growth, the market must introduce innovative instruments like sustainable bonds and encourage participation from local authorities, SMEs, and real estate funds to broaden private sector access." rel="noopener noreferrer" target="_blank">WAEMU</a> or UEMOA in French). Burkina Faso’s consistent presence in the market is demonstrated by its ability to raise over 2 trillion FCFA ($3.4 billion) annually since 2020. Recent <a href="https://dabafinance.com/en/learn/blogs/treasury-bonds-your-ultimate-guide-to-govt-securities" rel="noopener noreferrer" target="_blank">treasury bond</a> operations raised 129.68 billion FCFA, exceeding the target of 120 billion FCFA, signaling strong investor confidence in the country’s economy. The BRVM now hosts 152 listed bond lines and 46 listed companies, including three from Burkina Faso, with a market capitalization reaching 9.6 trillion FCFA as of August 2024. Its growth solidifies its position as the <a href="https://dabafinance.com/en/learn/blogs/the-largest-stock-exchanges-in-africa-by-market-capitalization" rel="noopener noreferrer" target="_blank">5th largest African stock exchange</a>, behind Johannesburg, Casablanca, Egypt, and Nigeria.

Daba Finance/BRVM Lists Two New Bond Issues for Burkina Faso’s Public Treasury

BRVM Lists Two New Bond Issues for Burkina Faso’s Public Treasury

<a href="https://totalenergies.com/fr/gabon" rel="noopener noreferrer" target="_blank">TotalEnergies EP Gabon</a> reported a net profit of $53 million for the first half of 2024, marking a 36% increase compared to $39 million in the same period of 2023. That's thanks to an 8% increase in crude oil sales volume and a 9% improvement in international oil prices.The company’s turnover grew by 3% to $124 million, driven by enhanced operational efficiency and successful well interventions that counteracted the natural decline of oil fields. Lower operating costs and an increase in interest on cash deposits (+$9 million) also contributed to the positive performance, despite a $10 million decrease in investments. However, these gains were partly offset by higher production taxes, depreciation, and tax expenses, which amounted to $33 million.

Daba Finance/TotalEnergies Gabon Subsidiary Profit Up 36% to $53M in H1 2024

TotalEnergies Gabon Subsidiary Profit Up 36% to $53M in H1 2024

Nigeria's petroleum regulator has granted UTM Offshore the first permit to operate a floating natural gas liquefaction (FNLG) plant off the coast of Nigeria. The plant will be located in Akwa Ibom State, operating on the Yoho gas field, which is managed by <a href="https://corporate.exxonmobil.com/" rel="noopener noreferrer" target="_blank">ExxonMobil</a> and holds 2.2 trillion cubic feet of gas.The floating liquefaction facility is expected to begin production in the first quarter of 2029 and will produce 2.8 million tonnes of liquefied natural gas (LNG) annually for export and 500,000 tonnes of domestic gas to meet Nigeria’s internal demand.

Daba Finance/UTM Offshore Granted First Permit for Floating Gas Plant in Nigeria

UTM Offshore Granted First Permit for Floating Gas Plant in Nigeria

BRVM-listed Société Générale CI (<a href="https://dabafinance.com/en/capitalmarkets/SGBC" rel="noopener noreferrer" target="_blank">SGBC</a>) reported a net profit of 48.23 billion FCFA ($81 million) for the first six months of 2024, reflecting an 8.5% increase compared to the same period in 2023. This performance comes despite a 5.4% rise in general expenses to 53.45 billion FCFA and a 1.5% increase in the net cost of risk to 17.15 billion FCFA.Net banking income grew by 7.4%, reaching 130.71 billion FCFA, supported by strong intermediation activity. The operating ratio improved by 80 basis points to 40.9%, demonstrating the bank’s operational efficiency. Year

Daba Finance/Société Générale CI Reports 8.5% Profit Jump in First Half 2024

Company Filings

Ivorian Unit of Société Générale Sees 8.5% Profit Jump in First Half

The Ivorian subsidiary of Unilever Group posted a net profit of 640.34 million FCFA ($1.07 million) in 2023, marking a 109.27% increase from the previous year. This is a stark contrast to the 6.38 billion FCFA loss Unilever CI (<a href="https://dabafinance.com/en/capitalmarkets/UNLC" rel="noopener noreferrer" target="_blank">UNLC</a>) recorded in 2022 and the profitability comes despite a 4.13% decline in turnover to 34.68 billion FCFA, down from 36.18 billion FCFA the year before.The company's improved financial performance is attributed to a 731.74% surge in added value, which rose to 10.28 billion FCFA from 1.24 billion FCFA in 2022. Gross operating surplus jumped 153.38% to 3.34 billion FCFA, while the operating result increased 136.99% to 1.57 billion FCFA.

Daba Finance/Unilever CI Posts 109% Profit Growth in 2023 Despite Revenue Decline

Unilever CI Posts 109% Profit Growth in 2023 Despite Revenue Decline

<a href="https://www.oandoplc.com/" rel="noopener noreferrer" target="_blank">Oando</a>, a Nigerian oil and gas company, has achieved a market capitalization of N1 trillion, placing it among an elite group of public companies on the Nigerian Exchange (NGX).This milestone follows a 207.6% increase in its share price in August, driven by positive market sentiment after the company <a href="https://www.oandoplc.com/press_release/oando-plc-completes-783-million-acquisition-of-enis-subsidiary-nigerian-agip-oil-company-naoc/" rel="noopener noreferrer" target="_blank">announced</a> its $783 million acquisition of <a href="https://www.eni.com/en-IT/actions/global-activities/nigeria.html" rel="noopener noreferrer" target="_blank">Nigeria Agip Oil Company</a> (NAOC), a subsidiary of Eni.The acquisition, finalized on August 22, sparked significant investor interest, with trading volumes reaching 547 million shares. Oando now joins the “Stocks Worth Over One Trillion” (SWOOTS) club, which includes other major players like <a href="https://www.zenithbank.com/" rel="noopener noreferrer" target="_blank">Zenith Bank</a>, <a href="https://www.seplatenergy.com/" rel="noopener noreferrer" target="_blank">Seplat</a>, <a href="https://www.buacement.com/" rel="noopener noreferrer" target="_blank">BUA Cement</a>, and <a href="https://cement.dangote.com/" rel="noopener noreferrer" target="_blank">Dangote Cement</a>.

Daba Finance/Oando Joins Nigeria’s Trillion-Naira Market Cap Club After Share Surge

Oando Joins Nigeria’s Trillion-Naira Market Cap Club After Share Surge

<a href="https://www.mahwimillers.rw/" rel="noopener noreferrer" target="_blank">Mahwi Grain Millers</a>, a Rwandan grain processing company, listed its first corporate bond worth Rwf5 billion (around $3.7 million) on the <a href="https://www.rse.rw/" rel="noopener noreferrer" target="_blank">Rwanda Stock Exchange</a> (RSE) on September 2. The bond issuance, approved by the Capital Markets Authority, was announced on August 9 and closed on August 23. The bond will now be traded on the secondary market, allowing initial buyers to sell portions of their investment to other parties.The bond issuance is divided into two tranches. The first tranche, worth Rwf3 billion, has a five-year tenor and offers a fixed interest rate of 15% per annum, payable semi-annually. The second tranche, worth Rwf2 billion, will be issued later with a tenor to be determined.

Daba Finance/Mahwi Grain Millers Lists $3.7M Bond on Rwanda Stock Exchange

Mahwi Grain Millers Lists $3.7M Bond on Rwanda Stock Exchange

Malawi has announced plans to launch a Smart Village Initiative in collaboration with Huawei to enhance internet access in rural communities. President Lazarus McCarthy Chakwera revealed the initiative during the <a href="https://dabafinance.com/en/news/china-seeks-to-expand-trade-investment-and-military-ties-with-africa" rel="noopener noreferrer" target="_blank">Forum on China-Africa Cooperation Summit</a> in Beijing.The project aims to provide digital training centers in rural areas, equipping young people with skills in artificial intelligence, cybersecurity, and smart agriculture.With an internet penetration rate of just 27.7% and 5.86 million users as of early 2024, Malawi seeks to bridge the digital divide, particularly in underserved regions.

Daba Finance/Malawi Partners with Huawei to Boost Rural Connectivity

Malawi Partners with Huawei to Boost Rural Connectivity

Bavarian Nordic A/S, a Danish company and one of the few manufacturers of an approved mpox vaccine, faces increasing pressure to lower its prices as talks to secure millions of doses for Africa progress. With initial shipments of 200,000 doses arriving in the Democratic Republic of the Congo, negotiations led by agencies like <a href="https://www.unicef.org/" rel="noopener noreferrer" target="_blank">Unicef</a> aim to finalize agreements for up to 12 million doses by 2025 to combat the <a href="https://dabafinance.com/en/news/africa-cdc-expects-mpox-vaccines-in-august-as-cases-hit-19000" rel="noopener noreferrer" target="_blank">mpox</a> outbreak.The vaccine, marketed as <a href="https://jynneos.com/" rel="noopener noreferrer" target="_blank">Jynneos</a>, Imvamune, and <a href="https://www.ema.europa.eu/en/medicines/human/EPAR/imvanex" rel="noopener noreferrer" target="_blank">Imvanex</a>, is priced at $100 to $141 per dose—significantly higher than most <a href="https://dabafinance.com/en/news/mpox-vaccines-to-start-arriving-in-congo-from-september-1" rel="noopener noreferrer" target="_blank">vaccines</a> used in Africa, which typically cost $1 to $3 per dose. With countries in Africa facing multiple health crises, including cholera and malaria, the high cost remains a significant barrier to widespread adoption.

Daba Finance/Bavarian Nordic Faces Pressure Over Mpox Vaccine Pricing in Africa

Bavarian Nordic Faces Pressure Over Mpox Vaccine Pricing in Africa

Engie SA, the French utility that led a <a href="https://dabafinance.com/en/news/actis-fully-exits-bte-renewables-to-engie-and-meridiam" rel="noopener noreferrer" target="_blank">$1 billion acquisition of renewable energy assets</a> from <a href="https://www.act.is/" rel="noopener noreferrer" target="_blank">Actis LLP</a> in Africa last year, expects further consolidation across the continent’s renewable energy sector. While the company focuses on integrating its new assets, it plans to develop a pipeline of seven gigawatts of projects in Africa, according to Mohamed Hoosen, managing director for Asia, the Middle East, and Africa.<a href="https://www.engie.com/en" rel="noopener noreferrer" target="_blank">Engie</a> plans to divest its stakes in two solar projects in Senegal, totaling about 60 megawatts, as it refocuses on its core markets of South Africa, Egypt, and Morocco. These markets offer favorable policies for emission reduction and strong legal protections.

Daba Finance/Engie Eyes Consolidation in Africa’s Renewable Energy Market

Engie Eyes Consolidation in Africa’s Renewable Energy Market

Anglo American Platinum (Amplats) shares fell sharply after parent company Anglo American Plc sold 13.94 million discounted shares, signaling the start of a phased exit from its controlling stake in the South African firm. <a href="https://www.angloamerican.com/" rel="noopener noreferrer" target="_blank">Anglo</a> raised 7.2 billion rand ($403 million) by selling the shares at 515 rand apiece, about 20% below <a href="https://www.angloamericanplatinum.com/" rel="noopener noreferrer" target="_blank">Amplats</a>’ 30-day average price. The shares dropped 9.2% in Johannesburg trading, marking their biggest decline since April. The sale represents about 5.3% of Amplats' total issued shares, and analysts from Bloomberg Intelligence noted it might indicate the extent of potential value leakage during Anglo’s restructuring.

Daba Finance/Anglo Raises $400M in First South African Amplats Stake Sale

Anglo Raises $400M in First South African Amplats Stake Sale

Nigeria’s government raised $900 million through its first-ever domestic dollar bond sale, aiming to diversify funding sources amid high yields in international capital markets. The five-year bond, issued with a 9.75% coupon, was oversubscribed by 180%, reflecting strong demand, according to the Africa Finance Corporation (<a href="https://www.africafc.org/" rel="noopener noreferrer" target="_blank">AFC</a>), which coordinated the issue.This bond sale provides much-needed hard currency for Nigeria, which has struggled with severe dollar shortages, prompting two naira devaluations in less than a year. The proceeds will be invested in critical sectors of the economy, though further details were not provided.

Daba Finance/Nigeria Raises $900M in First Domestic Dollar Bond Sale

Nigeria Raises $900M in First Domestic Dollar Bond Sale

Ghana’s annual inflation rate dropped to a 29-month low in August, raising the likelihood of an interest rate cut when policymakers announce their decision on September 30. Consumer prices rose 20.4%, down from 20.9% in July, according to Government Statistician Samuel Kobina Annim. The <a href="https://dabafinance.com/en/news/ghana-consumer-inflation-slows-to-two-year-low-of-22-8-in-june" rel="noopener noreferrer" target="_blank">fall</a> was driven by <a href="https://dabafinance.com/en/news/ghana-consumer-inflation-slows-to-two-year-low-of-22-8-in-june" rel="noopener noreferrer" target="_blank">deflation</a> in key categories like milk, oils, fats, and fruits and nuts. Food price growth eased to 19.1%, down from 21.5% in July, while non-food inflation increased slightly to 21.5%. Prices fell 0.7% month-on-month.

Daba Finance/Ghana’s Inflation Falls to 29-Month Low, Boosting Rate Cut Prospects

Ghana’s Inflation Falls to 29-Month Low, Boosting Rate Cut Prospects

The European Union (<a href="https://european-union.europa.eu/index_en" rel="noopener noreferrer" target="_blank">EU</a>) will provide two grants totaling €32 million ($35 million) to help South Africa develop its green hydrogen sector. The funding aims to leverage South Africa’s renewable energy resources, such as wind and solar, to produce green hydrogen, a potential clean fuel alternative for ships and heavy industry.The grants will attract further investments into South Africa's hydrogen economy. The first €25 million grant is expected to generate 10 billion rand ($558 million) in public and private investment while the second €7 million grant will support hydrogen studies and pilot projects by state-owned <a href="https://www.transnet.net/Pages/Home.aspx" rel="noopener noreferrer" target="_blank">Transnet SOC</a>.

Daba Finance/EU Grants $35M to Boost South Africa’s Green Hydrogen Industry

EU Grants $35M to Boost South Africa’s Green Hydrogen Industry

Burundi’s central bank may lower interest rates by the end of 2024, marking the first cut since shifting to using borrowing costs to control inflation, according to Governor Edouard Normand Bigendako. In March, the central bank set its policy rate at 12% as part of reforms tied to a $271 million, 38-month International Monetary Fund (<a href="https://www.imf.org/en/Home" rel="noopener noreferrer" target="_blank">IMF</a>) program launched in July 2023.Annual inflation is projected to decrease to 15% by December, down from 18.7%, which could lead to a rate cut, Bigendako said. He emphasized that reducing price pressures, particularly by ensuring a steady fuel supply, remains a key priority for the central bank.

Daba Finance/Burundi Signals Potential Interest Rate Cut as Inflation Eases

Burundi Signals Potential Interest Rate Cut as Inflation Eases

Namibia’s state-owned electricity provider, <a href="https://www.nampower.com.na/" rel="noopener noreferrer" target="_blank">NamPower</a>, has contracted with Chinese companies to build the country’s largest solar photovoltaic (PV) plant. China Jiangxi International Economic and Technical Corp. and Zhejiang CHINT New Energy Development Co. will construct the 100-megawatt Rosh Pinah plant, valued at 1.6 billion Namibian dollars ($89 million).The project will be funded primarily by a loan from the German development bank <a href="https://www.kfw-entwicklungsbank.de/International-financing/KfW-Entwicklungsbank/" rel="noopener noreferrer" target="_blank">KfW</a>, covering nearly 80% of the cost. The remaining funds will come from NamPower’s balance sheet. Construction is expected to take 18 months, with operations commencing in the second quarter of 2026.

Daba Finance/Namibia Signs Deal with Chinese Firms to Build Largest Solar Plant

Namibia Signs Deal with Chinese Firms to Build Largest Solar Plant

US Bitcoin exchange-traded funds (<a href="https://dabafinance.com/en/investing-glossary/exchange-traded-fund-etf" rel="noopener noreferrer" target="_blank">ETFs</a>) have experienced their longest streak of daily net outflows since launching at the start of the year.Over the eight days through September 6, investors pulled nearly $1.2 billion from a group of 12 <a href="https://dabafinance.com/en/news/bitcoin-crashes-to-60k-amid-decline-trading-volumes-globally" rel="noopener noreferrer" target="_blank">Bitcoin ETFs</a>, according to data from Bloomberg. The withdrawals come amid broader concerns about global economic growth, which have impacted both stocks and commodities.While Bitcoin’s year-to-date rally remains around 30%, the recent selloff has cooled its momentum, and the cryptocurrency is likely to trade within a $53,000 to $57,000 range ahead of key US inflation data.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/US Bitcoin ETFs See Record Outflows Amid Broader Market Uncertainty

US Bitcoin ETFs See Record Outflows Amid Broader Market Uncertainty

Egypt’s inflation rate rose to 26.2% in August, up from 25.7% in July, marking an end to five months of deceleration, according to the state statistics agency CAPMAS. The increase follows fuel subsidy cuts, disrupting expectations of an interest rate cut for the first time since 2020.The North African nation's <a href="https://dabafinance.com/en/news/inflation-in-egypt-slows-again-as-foreign-currency-crunch-eases" rel="noopener noreferrer" target="_blank">inflation</a> climbed 2.1% monthly in August, the highest rate since <a href="https://dabafinance.com/en/news/egypt-inflation-slows-more-than-expected-in-january" rel="noopener noreferrer" target="_blank">February</a>, compared to a 0.4% rise in July. Food and beverage prices, a key inflation component, increased 29% annually, slightly down from 29.7% in July.Egypt’s inflation had been slowing despite a nearly 40% currency devaluation in March, which helped secure a <a href="https://dabafinance.com/en/news/egypt-secures-imf-deal-after-biggest-ever-rate-hike-pound-devaluation" rel="noopener noreferrer" target="_blank">$57 billion bailout</a> led by the IMF and UAE. However, recent fuel and electricity price hikes have temporarily reversed the trend.

Daba Finance/Egypt’s Inflation Unexpectedly Quickens After Fuel Subsidy Cuts

Egypt’s Inflation Unexpectedly Quickens After Fuel Subsidy Cuts

The UK has significantly expanded its business presence in French-speaking West and Central Africa, targeting new markets for its exports. UK Export Finance (<a href="https://www.gov.uk/government/organisations/uk-export-finance" rel="noopener noreferrer" target="_blank">UKEF</a>), the state body that supports British exports, had backed transactions in francophone Africa worth £1 billion ($1.3 billion) by the end of the 2023-24 financial year.That's a sharp rise from £3 million in 2017-18, according to Steven Gray, UKEF’s regional lead for West Africa. Francophone countries now account for 13% of UKEF’s portfolio in Africa, despite historical language barriers.Africa has become UKEF’s largest market for new business, with recent projects including a £106 million drainage upgrade in Benin and a £68 million road construction project in Togo. Rising interest rates have increased reliance on loan guarantees for such investments.

Daba Finance/UK Boosts Trade Ties in Francophone Africa to Over $1.3B

UK Turns to Francophone Africa for Trade with $1.3B in Guarantees

AngloGold Ashanti has agreed to acquire <a href="https://www.centamin.com/" rel="noopener noreferrer" target="_blank">Centamin Plc</a> in a deal valued at £1.9 billion ($2.5 billion), as gold prices surge, prompting miners to expand. The acquisition gives <a href="https://www.anglogoldashanti.com/" rel="noopener noreferrer" target="_blank">AngloGold</a> control of Egypt's Sukari mine, one of the world’s top gold deposits, despite historical operational and political issues following Egypt's 2011 uprising.The cash and share offer includes a 37% premium to Centamin’s closing price on September 9. AngloGold’s shares dropped by as much as 9.8% in Johannesburg, marking its largest intraday decline in three years, while Centamin surged 24% in London.The move solidifies AngloGold's shift away from South Africa after selling its last <a href="https://dabafinance.com/en/news/endeavour-mining-lilium-settle-dispute-over-african-gold-mines" rel="noopener noreferrer" target="_blank">mine</a> there in 2020. Upon completion, AngloGold shareholders will hold 83.6% of the merged company, with Centamin investors owning 16.4%.

Daba Finance/AngloGold Gets Egypt's Sukari Mine in $2.5B Centamin Acquisition

AngloGold Gets Egypt's Sukari Mine in $2.5B Centamin Acquisition 

Alios Finance, now SAFCA, (<a href="https://dabafinance.com/en/capitalmarkets/SAFC" rel="noopener noreferrer" target="_blank">SAFC</a>) saw its stock value drop by 13.99% to 830 FCFA last week, halting two consecutive weeks of gains. Investor speculation led to the downturn, placing the stock among the week's worst performers with a CCI indicator in the overbought zone.Tractafric Motors CI (<a href="https://dabafinance.com/en/capitalmarkets/PRSC" rel="noopener noreferrer" target="_blank">PRSC</a>) also faced a sharp decline, with its share price falling 13.08% to 2,260 FCFA. The decrease followed a significant drop in net income reported in March 2024, marking the stock's steepest weekly drop since November 2023.Other notable decliners included <a href="https://dabafinance.com/en/capitalmarkets/SIVC" rel="noopener noreferrer" target="_blank">Air Liquide</a> (-8.46% to 595 FCFA), <a href="https://dabafinance.com/en/capitalmarkets/STAC" rel="noopener noreferrer" target="_blank">Setao</a> (-5.11% to 650 FCFA), and <a href="https://dabafinance.com/en/capitalmarkets/ORGT" rel="noopener noreferrer" target="_blank">Oragroup</a> (-2.93% to 1,825 FCFA), which were all part of the week’s worst-performing stocks.

Daba Finance/Alios Finance, Tractafric Motors Lead Weekly Declines on BRVM

Alios Finance, Tractafric Motors Lead Weekly Declines on BRVM

Following the detachment of allocation rights in issuing free shares, Bank of Africa (BOA) stocks have gained significant traction in the market. BOA Benin (<a href="https://dabafinance.com/en/capitalmarkets/BOAB" rel="noopener noreferrer" target="_blank">BOAB</a>) led the surge with a remarkable increase of 23.55%, pushing its value to 4,800 FCFA.BOA Senegal (<a href="https://dabafinance.com/en/capitalmarkets/BOAS" rel="noopener noreferrer" target="_blank">BOAS</a>) also saw strong investor interest, climbing 18.69% to 4,000 FCFA, ending two weeks of decline. Meanwhile, BOA Niger advanced 18.10%, reaching 3,850 FCFA.Since the allocation rights detachment, the BOA group's stocks have posted notable performances. BOA Mali (<a href="https://dabafinance.com/en/capitalmarkets/BOAM" rel="noopener noreferrer" target="_blank">BOAM</a>) led the gains with a 30% rise, followed by BOA Senegal with a 28% capital gain. BOA Benin, BOA Niger (<a href="https://dabafinance.com/en/capitalmarkets/BOAN" rel="noopener noreferrer" target="_blank">BOAN</a>), and BOA Burkina Faso (<a href="https://dabafinance.com/en/capitalmarkets/BOABF" rel="noopener noreferrer" target="_blank">BOABF</a>) registered respective increases of 24%, 18%, and 15%.

Daba Finance/BRVM-Listed BOA Stocks Surge After Allocation Rights Detachment

BRVM-Listed BOA Stocks Surge After Allocation Rights Detachment

The BRVM stock market continued its upward trend for the third consecutive week, driven by the strong performances of Sonatel (<a href="https://dabafinance.com/en/capitalmarkets/SNTS" rel="noopener noreferrer" target="_blank">SNTS</a>), Ecobank CI (<a href="https://dabafinance.com/en/capitalmarkets/ECOC" rel="noopener noreferrer" target="_blank">ECOC</a>), and Orange CI (<a href="https://dabafinance.com/en/capitalmarkets/ORAC" rel="noopener noreferrer" target="_blank">ORAC</a>), adding 45 billion FCFA, 41.01 billion FCFA, and 30.13 billion FCFA in market capitalization, respectively.This positive momentum saw key indices rise, with the benchmark BRVM Composite up 2.21% to 259.27 points, BRVM 30 increasing 2.18% to 130.01 points, and BRVM Prestige up slightly by 0.52% to 114.63 points.Unilever CI (<a href="https://dabafinance.com/en/capitalmarkets/UNLC" rel="noopener noreferrer" target="_blank">UNLC</a>) reported a 2023 profit of 640.34 million FCFA, a sharp reversal from its 2022 loss of 6.38 billion FCFA. Tractafric Motors CI (<a href="https://dabafinance.com/en/capitalmarkets/PRSC" rel="noopener noreferrer" target="_blank">PRSC</a>), saw a significant drop in its first-quarter 2024 profit, down 90.40% to 81.03 million FCFA. Société Générale CI (<a href="https://dabafinance.com/en/capitalmarkets/SGBC" rel="noopener noreferrer" target="_blank">SGBC</a>) posted an 8.5% profit increase, reaching 48.23 billion FCFA for the first half of 2024.

Daba Finance/BRVM Stock Market Sees Continued Growth in First-Week September

BRVM Stock Market Sees Continued Growth in First-Week September

AgDevCo, a specialist investor in African agriculture, has secured $32 million in funding from the UK's Foreign, Commonwealth, and Development Office (<a href="https://www.gov.uk/government/organisations/foreign-commonwealth-development-office" rel="noopener noreferrer" target="_blank">FCDO</a>) to set up AgDevCo Ventures, a new initiative that will back early-stage agribusinesses in Africa. The <a href="https://www.agdevco.com/" rel="noopener noreferrer" target="_blank">venture</a> will provide much-needed capital to small and medium enterprises (SMEs) with investment sizes ranging from $1 million to $3 million, focusing on the "missing middle" segment often overlooked by private investors.AgDevCo Ventures will initially <a href="https://dabafinance.com/en/news/ivorian-firm-cashew-coast-raises-9-6m-from-agdevco-for-expansion" rel="noopener noreferrer" target="_blank">concentrate</a> on East Africa, including Kenya, Uganda, Tanzania, and Rwanda, with plans to expand across the continent and prioritize African and female-owned businesses to promote inclusivity. It is also raising an additional $25 million from development finance institutions and family offices to kickstart operations by early 2025.

Daba Finance/AgDevCo Raises $32M to Support Early-Stage Agro Ventures

AgDevCo Raises $32M to Support Early-Stage Agro Ventures in Africa

Elon Musk’s Starlink has officially launched in Zimbabwe, three months after securing an operating license. Partnering with IMC Communications, Starlink will offer satellite internet services in the country, marking its <a href="https://dabafinance.com/en/learn/blogs/from-lagos-to-lilongwe-starlinks-rocky-road-to-connecting-africa" rel="noopener noreferrer" target="_blank">latest expansion</a> in Africa.<a href="https://dabafinance.com/en/news/starlink-slashes-price-in-move-to-lure-nigerian-users" rel="noopener noreferrer" target="_blank">Customers</a> in Zimbabwe can purchase Starlink hardware for $350 with a $50 monthly subscription, or opt for Starlink Mini at $200 with a $30 monthly fee. Unlike in other African countries where local currencies are accepted, Zimbabwean customers will be charged in U.S. dollars, which may pose challenges in a country where <a href="https://dabafinance.com/en/news/zimbabwe-central-bank-intervenes-in-forex-market-to-support-currency" rel="noopener noreferrer" target="_blank">foreign currency is often scarce</a>.Starlink's entry into Zimbabwe comes as only 34.8% of the population had internet access as of 2021. The satellite internet provider aims to address connectivity gaps, especially in rural areas where internet penetration has been limited. Since its African debut in Nigeria in January 2023, Starlink has rapidly expanded across the continent, now serving <a href="https://dabafinance.com/en/learn/blogs/from-lagos-to-lilongwe-starlinks-rocky-road-to-connecting-africa" rel="noopener noreferrer" target="_blank">14 African countries</a>.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/Starlink Launches in Zimbabwe After Securing Operating License

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