AFC has secured a $400 million Shariah-compliant Murabaha facility, highlighting strong investor confidence and Africa’s growing role in Islamic finance. The oversubscribed transaction attracted major Islamic financial institutions, supporting AFC’s mission to develop critical infrastructure across the continent.
EasyBank, a Tunisia-based fintech startup, has raised $370,000 to drive its expansion into new markets. With AI-powered financial services, the company simplifies banking and enhances accessibility. This investment will accelerate its growth and reinforce its position in the fintech industry.
Cedar Money, a fintech startup leveraging stablecoins for cross-border transactions, secured $9.9 million in seed funding. Led by QED Investors, this funding will enhance payment efficiency and regulatory compliance, particularly in emerging markets.
SeamlessHR, a leading Nigerian HR-tech startup, has secured $9 million in Series-A extension funding from investors like the Gates Foundation and Helios Digital Ventures. With this boost, the company is expanding into Nigeria’s public sector, targeting government agencies to modernize HR operations.
Diageo has sold its 80.4% stake in Guinness Ghana Breweries to Castel Group for $81 million. The deal strengthens their long-term partnership while Diageo retains ownership of the Guinness brand, licensing it to Guinness Ghana. This follows Diageo’s earlier divestment of its stake in Guinness Nigeria. The transaction is pending regulatory approvals and is expected to be finalized in 2025.
Geregu Power Plc announced record-breaking 2024 results, with revenue reaching N137 billion and PAT growing by 71% to N27.4 billion. The company proposed a N21.25 billion dividend and invested heavily in plant upgrades, showcasing its commitment to growth and shareholder returns.
Resilience17, founded by Flutterwave CEO GB Agboola, has introduced Go Time AI, an accelerator program aimed at empowering African AI startups. With up to $200,000 in funding, mentorship, and technical resources, the program supports innovators in building scalable AI solutions. The first cohort includes startups like Catlog, Sahel AI, and FriendNPal, showcasing Africa’s potential in the global AI landscape. Applications for the next cohort open in May 2025.
Presco PLC’s 2024 financial results highlight exceptional growth, with pre-tax profit soaring 156% to N128 billion and revenue jumping 93% to N198.1 billion. The company’s strong performance was fueled by robust sales in Nigeria and Ghana, alongside significant gains from asset revaluation and exchange gains. Despite rising operational costs, Presco achieved a 108% increase in gross profit, showcasing its resilience and efficiency. Total assets also expanded to N422 billion, reflecting the company’s solid financial position.
World Bank has committed $1.2 billion to Nigeria’s Adolescent Girls Initiative for Learning and Empowerment (AGILE), a groundbreaking program aimed at improving secondary education for over 8.6 million girls across 18 states. By addressing barriers like poverty, cultural norms, and inadequate infrastructure, AGILE is building schools, promoting gender equality, and empowering girls to become catalysts for change.
