JANUARY 13, 2023
3 min Read
Investors update: January 13 2023
Nigeria’s equities exchange sustains positive run
- Nigeria’s equities market is continuing with its positive run impacted by gains recorded in medium and large-cap stocks.
- The NGX closed today’s trading activities with a gain of N174 billion ($385 million) in market capitalization, as bulls maintained their grip on the local bourse.
- The All Share Index (ASI) increased by 0.61% to close at 52,048.85 points. In the same vein, market breadth closed positive as Ellah Lakes led 35 gainers, with 6 losers topped by AbbeyBDS at the end of today’s session.
The Lagos-based NGX has kicked off the new year on a high, after a stellar 2022 that saw equities in Africa’s largest economy brave the storm of rising inflation and interest rate hikes. The bourse closed the year with a market capitalization of N27.915 trillion ($63 billion) as of December 30, from N22.296 trillion at the start of the year. During the year, it recorded several landmark listings in equity and fixed income, and remarkably, its 19.98% gain saw it ranked one of the best globally.
Gebeya raises pre-Series A funding to drive growth
- Ethiopia-based Gebeya, a SaaS-enabled, pan-African talent marketplace, has raised an undisclosed pre-Series A investment to drive its ongoing expansion.
- Headquartered in Addis Ababa with offices in Kenya and Senegal, Gebeya connects startups, SMEs, and multinational corporations with vetted, skilled talent and professional services in more than 30 countries across Africa.
- The company has raised various rounds of capital since being founded six years ago, including a $2 million back in 2020 that made up part of a broader $4 million seed round, and has now banked an undisclosed pre-Series A from Inclusion Japan (ICJ).
Source: Disrupt Africa
Tech companies and giants are increasingly looking to Africa in search of software engineers to meet the growing demand for tech-savvy employees globally. The demand for software engineers is expected to grow by 22% between 2020 and 2030. Already, 38% of African developers work for at least one company based outside of the continent, per a Google survey. While this bodes well for the engineers themselves, the trend could worsen the tech talent shortage available to indigenous startups. Although several players like Gebeye are working on expanding the continent’s tech talent pool.
Kenyan ﬁntech Kwara acquires software company IRNET
- Kenyan fintech firm Kwara has acquired IRNET, a software company and subsidiary of the Kenya Union of Savings and Credit Cooperatives (KUSCCO LTD) for an undisclosed amount.
- With this acquisition, Kwara has also entered into an exclusive digital solutions partnership agreement with KUSCCO to offer its banking software solutions and mobile banking channels to rapidly increase the growth and proﬁtability of SACCOs in Kenya.
- This partnership is expected to help SACCOs grow through deposit mobilization and digital member acquisition while addressing the key challenges currently facing cooperatives.
In most parts of Africa, cooperative organizations bring together people with similar social and financial backgrounds and play a crucial role in helping community members access a wide range of saving and investment opportunities. In Kenya, they have emerged as the dominant micro-financing societies that spearhead savings and investment in the country. Digitization, provided by Kwara, will help these communal groups overcome challenges such as costly digitization, security concerns, and the digital divide between them and their young, digitally savvy membership.