Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), introduced the Nigeria Foreign Exchange Code (FX Code), highlighting honesty, equity, openness, and efficiency as essential tenets for promoting stability and economic progress in Nigeria. According to the statement which was released by the CBN on Tuesday, Ethics, governance, execution, information sharing, risk management, […]

Nduka Obaigbena, the Chairman and Editor-in-Chief of ThisDay Media Group and Arise Group, has accused First Bank of severely mishandling an oil contract, resulting in 93 workers being stranded and facing life-threatening conditions aboard an oil rig. Obaigbena’s company, General Hydrocarbon Limited (GHL), is involved in a legal dispute with First Bank over an oil […]

AfricInvest has received a €10 million ($10.7 million) investment from Proparco, the private sector investment division of Agence Française de Développement (AFD), for its new Small Cap fund, strengthening their ongoing collaboration. This investment, announced on Monday, aligns with Proparco’s Choose Africa initiative, which aims to support small and medium-sized enterprises (SMEs) across the continent. […]

The Securities and Exchange Commission (SEC) has issued a strong warning to the public about investment schemes promoted by Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society, also known as Stecs. According to the commission, these entities are not registered and have not received approval to operate within Nigeria’s capital […]

The Lagos Division of the Federal High Court has issued an interim order to freeze bank accounts linked to IROKOtv CEO Jason Njoku due to a legal dispute with Cote Ouest Audiovisuel Maurice, an independent audiovisual company based in Mauritius.   The audiovisual company claims that Njoku’s IROKOtv failed to honour licensing agreements for five […]

On January 22, 2025, Electronic Arts (EA) announced a downward revision in its fiscal year 2025 guidance, leading to a notable drop in its stock price.  EA forecasts net bookings of $2.215 billion in the fiscal third quarter, which ended December 31, down from $2.4 billion to $2.55 billion. According to a statement from the […]

Furaha, a DIFC-based loan platform specialising in financing education in Sub-Saharan Africa, has received a $10 million investment from SC Ventures, Standard Chartered’s innovation, fintech investment and ventures arm, and Yabx Technologies, Tech Mahindra’s subsidiary, a leading global provider of technology consulting and digital solutions to enterprises across industries. According to the announcement which was […]

On Thursday, Glovo, the Spanish on-demand delivery service, announced Nairobi as the location for its global real-time operations hub.  This decision marks a significant milestone in recognising Africa’s growing role in the tech sector and highlights Kenya’s vibrant entrepreneurial ecosystem. Read also: E-commerce Copia to shut down due to unprofitability The Nairobi hub’s role The […]

Kenya Private Sector Alliance (KEPSA) and Kenya Investment Authority (KenInvest) on Thursday entered an agreement to enhance Kenya’s business climate. Through the use of key government organisations and private sector players, this strategic alliance will expedite the investment process, work together to support business-friendly laws, and market Kenya as a top investment destination. KEPSA was […]

On Wednesday, Yango Ride, a division of the global IT business Yango Group, partnered with the country’s major transport hubs, including airports, to address passenger and driver difficulties and provide a smooth and satisfying transportation experience through its official Facebook page. With an emphasis on openness, equitable practices, and enhancing the transportation ecosystem, Yango is […]

As the market capitalisation increased to N63.3 trillion at the close of Tuesday’s trading session, investors on the Nigerian Exchange (NGX) reported a gain of N471.37 billion, with MTN leading the gainers table. The All-Share Index closed at 103,137.99, up 767.63 points, or 0.75 percent. A total of 127 stocks were traded, with 29 gainers […]

On Tuesday, streaming giant Netflix reported a $1.87 billion profit in the last quarter of 2024 on $10.25 billion in revenue, a double-digit increase over the same period the previous year. Netflix announced that it had added around 19 million new members over the holiday season, bringing its total number of subscribers to over 300 […]

Renew Capital announced its investment in Sevi on Tuesday in order for the ‘stock now, pay later’ platform to grow its AI-powered stock finance platform for retailers and wholesalers. The Central Bank of Kenya-regulated fintech business Sevi is transforming stock finance for retailers and wholesalers with its “stock now, pay later” platform. By giving consumers […]

MoneyHash, a pioneering payment orchestration platform founded by Nader Abdelrazik and Mustafa Eid in 2021, has successfully raised $5.2 million in a pre-Series A funding round announced on Monday. This funding will enhance its capabilities to streamline payment processes for merchants across the Middle East and Africa (MEA). Read also: SeamlessHR raises $9 million in […]

The Accra Metropolitan Assembly (AMA) has unveiled a mobile payment platform designed to simplify the process of acquiring Business Operating Permits (BOPs) and Property Rates. On Monday, it was announced that businesses and residents could pay permits and property rates via shortcodes *222*33# and *222*55#, improving convenience and efficiency. Read also: Ghana-Israel partnership eyes innovation […]

Amazon launched a Seller Success Centre in Cape Town, South Africa, on Thursday, aiming to support independent sellers in the region.  This initiative is part of Amazon’s strategy to enhance its presence in South Africa’s competitive e-commerce market, where it faces stiff competition from local leader Takealot. The centre, located at Amazon’s head office, offers […]

Awash Insurance, the top private insurance provider in Ethiopia, has partnered with Safaricom M-PESA to integrate its services into the M-PESA payment platform. The partnership, which was announced on Thursday, will allow Awash Insurance to provide its clients with safe, effective, and convenient mobile payment options for insurance-related transactions, allowing them to pay premiums and […]

Nine Deposit Money Banks have been fined a total of N1.35 billion by the Central Bank of Nigeria (CBN)for not making cash available through Automated Teller Machines during the yuletide. Following spot checks that showed non-compliance with the apex bank’s cash distribution norms, each bank was fined N150 million. First Bank Plc, Fidelity Bank Plc, […]

The Nigerian Exchange Group Plc has invested in the newly established Ethiopian Securities Exchange, describing the investment as a vote of confidence in the development of Africa’s financial markets. NGX’s investment in the Ethiopian Securities Exchange demonstrates its dedication to building Africa’s financial ecosystem and overall economic growth. Temi Popoola, the Group Chief Executive Officer […]

The Central Bank of Nigeria (CBN) has announced restrictions on local transactions for the newly introduced Non-Resident Nigerian Ordinary Account (NRNOA) and Non-Resident Nigerian Investment Account (NRNIA), which are specifically intended for Nigerians residing abroad. In a circular issued on January 10, the CBN emphasised that deposits into these accounts “must originate from external sources […]