Moniepoint has received regulatory approval to acquire a 78% stake in Kenya’s Sumac Microfinance Bank, marking a strategic expansion into East Africa’s financial sector. The deal awaits final clearance from the Central Bank of Kenya.
Against global economic headwinds, Nigerian startups defied the odds, securing over $100 million in Q1 2025. Fintech led the charge, but clean energy and agritech also saw major wins. Here's a breakdown of the top 10 deals and what they signal for the startup ecosystem.
Arnergy, a Nigerian company known for its distributed renewable energy solutions, has raised $18 million to scale its solar energy systems across Africa.
Pope Francis passed away on Easter Monday at the age of 88. The Vatican confirmed his death following a prolonged battle with pneumonia. Known for his humility and dedication to the poor, the late Pontiff had recently requested a simple funeral rite rooted in faith and grace.
Techstars is stepping up its game, increasing funding to $220K for participating startups. With a new SAFE structure and global support network, the accelerator is closing in on Y Combinator’s model — and leaving a lasting impact in Africa.
Google for Startups Accelerator Africa is now open! This AI-focused program offers equity-free support, expert mentorship, and Google Cloud credits to help African startups scale.
At a private investor forum hosted by the CBN in New York, foreign investors praised Nigeria’s reform progress but raised concerns over oil dependence and regulatory costs.
Visa has backed Tunisian startup Konnect and Morocco’s PayTic after both completed its Africa Fintech Accelerator. The move strengthens Visa’s push to support digital innovation and expand financial inclusion across the continent.
CBEX lured Nigerians with promises of fast returns powered by AI, but by April 2025, it all came crashing down. From Telegram hype to vanishing funds, this is the story of how a tech-wrapped Ponzi scheme fooled many—and why financial education is more crucial than ever.
J.P. Morgan has advised investors to reduce exposure to Nigerian assets, citing increased macroeconomic risks from falling oil prices and global trade tensions. The bank’s latest report warns of currency pressure and potential capital flight if conditions worsen.