Ethiopia’s first digital insurance and loan service, Agar, was introduced on Thursday in a groundbreaking partnership between Global Bank Ethiopia, Lucy Insurance S.C., and Kacha Digital Financial Services. Aimed at addressing the needs of insurance clients, metre taxi drivers, and salaried workers, Agar offers digital loan and savings options, overcoming the barriers of traditional insurance […]

Vendease, a Y Combinator-backed Nigerian food procurement firm, restructured its employee compensation scheme on Tuesday. This move follows a substantial reduction in its workforce, with 44 percent of employees laid off, amounting to around 120 staff members. The company has transitioned from traditional fixed salaries to a performance-based pay system, complemented by an Equity Share […]

On Wednesday, NymCard, a leading embedded finance platform in the Middle East and North Africa (MENA), announced that it had secured $33 million in a Series B funding round led by QED Investors. This investment marks QED Investors’ first venture into the Gulf region and underscores the growing confidence in MENA’s fintech sector. Read also: […]

Dubai-based Yango Group launched Yango Ventures, a $20 million corporate venture fund that aims to empower early-stage startups in emerging markets. This initiative targets regions such as the Middle East, North Africa, Pakistan, Sub-Saharan Africa, and Latin America, where Yango Group has a strong presence. Read also: Oando signs MoU for 1.2-GW solar energy project […]

Oando Clean Energy Limited (OCEL), a subsidiary of the Lagos-based energy giant Oando Plc, has signed a Memorandum of Understanding (MoU) with the Rural Electrification Agency (REA) to develop a 1.2-gigawatt (GW) solar energy project.  This agreement represents a significant milestone in developing Nigeria’s renewable energy sector. This initiative, which was announced on March 19, […]

Kenny Fihla, the current CEO of Standard Bank South Africa, has been named the new Absa Group CEO, marking a significant transition in the South African banking sector. The announcement was made on Monday, with Fihla set to officially take over in mid-June. Read also: BII invests $20 million in Dangote–backed Alterra Fund to drive […]

BYD, a global leader in electric vehicles, has officially introduced the Seagull, its latest all-electric model, to the Moroccan market. The compact urban EV is set to transform city commuting with its affordability, cutting-edge technology, and impressive range.  The Seagull became available in major cities, including Casablanca, Rabat, Marrakech, Agadir, and Tangier, starting from March […]

CIG Motors, the distributor of GAC vehicles in Nigeria, has taken over the operational management of LagRide, a Lagos government-backed ride-hailing company. This transition was announced on March 14, 2025, marking a substantial shift in LagRide’s operational structure. The takeover involves CIG Motors managing driver operations, fleet oversight, platform optimisation, and vehicle financing. Read also: […]

MTN Rwanda reported a loss after tax of Rwf 5.5 billion, marking a 194.1 percent decrease from the profit reported in the previous year. The financial performance was attributed to low revenue growth and high operating expenditures. During the reviewed period, voice revenue declined by 17.8 percent, falling to Rwf 68.7 billion. Earnings before interest, […]

MTN Rwanda reported a total revenue of 261.6 billion Rwf for the year 2024, marking a 4.9 percent increase from the previous year, despite an eight percent decline in active data users. The growth was primarily driven by strong service revenue, particularly in Mobile Money, and a solid customer base, which helped offset the drop […]

The NCBA Group on Friday launched its Tatu City Branch, the country’s top Special Economic Zone expanding banking operations to people and businesses in Kenya’s developing metropolitan areas. With Githunguri and Limuru opening last year, Tatu City is the seventh branch in the larger Kiambu county. Read also: KCB Group reports KShs. 61.8 billion profit […]

Russia has turned to cryptocurrency and other digital assets to execute oil deals with China and India in order to bypass Western sanctions, according to a Reuters report on Friday citing sources familiar with the matter. While Moscow has long supported digital currencies in international trade, the use of crypto in its oil transactions has […]

MGX, an investment organisation supported by Abu Dhabi, on Wednesday announced an investment of $2 billion in Binance, strengthening the relationship between the UAE and the biggest cryptocurrency exchange in the world. The transaction is among the biggest in the history of the cryptocurrency sector and was dubbed Binance’s first institutional investment. With this investment, […]

The Orange Social Venture Prize (OSVP) has officially launched its 15th edition, inviting entrepreneurs from 17 countries across Africa and the Middle East to submit their innovative projects. In 2011, the OSVP began recognising and rewarding exceptional startup ventures that use new technology to improve education, healthcare, e-commerce, agriculture, and environmental sustainability. Read also: Orange […]

Access Bank, the largest bank in Nigeria in terms of assets, is currently nearing completion on its acquisition of National Bank of Kenya (NBK), which is controlled by the KCB Group. The deal was anticipated to conclude five months ago. Access Bank’s pan-African expansion will reach a critical milestone if the acquisition is successful, strengthening […]

In its 2024 financial year report released on Wednesday, KCB Group‘s profit after tax increased by 64.9 percent to KShs. 61.8 billion, spurred by robust topline growth in all industries. This was an improvement from KShs. 37.5 billion reported the previous year. Despite the challenging operating climate, a robust deposit franchise and a steady loan […]

On Monday, Cikü Mugambi was appointed as the new Investment Director of DOB Equity. This transfer represents a strategic addition to the team, capitalising on Mugambi’s extensive experience in investment and operations throughout Africa. Read also: Seplat Energy launches $650 million senior notes offering to refinance debt Cikü Mugambi’s background and expertise Cikü Mugambi has […]

As part of a larger debt refinance effort to improve its financial condition and lower debt payments, Seplat Energy Plc has announced the start of a $650 million senior notes issuance that is due in 2030. Seplat Energy intends to buy back its $650 million 7.750 percent senior notes that are due in April 2026, […]

Flutterwave, Africa’s leading payments technology company, announced on Tuesday that it has received approval from the Bank of Ghana to provide inward remittance services. This development marks a major step in enhancing financial inclusion and simplifying payments for Ghanaians. Read also: Nigeria, Flutterwave sign agreement to empower young people Ghana’s regulations back Flutterwave remittance expansion […]

On Tuesday, it was announced that Silver Box, a Middle East-based investment firm, has acquired Mobius Motors Kenya, a pioneering automaker in the country. This acquisition marks a new chapter for Mobius Motors, which had been facing financial challenges and was on the verge of collapse. Read also: Deel rebrands PaySpace following $100 million acquisition […]