The International Finance Corporation (IFC) has announced an equity investment of up to $50 million in Lagos Free Zone Company. This funding is aimed at developing and expanding Lagos Free Zone (LFZ)—Nigeria’s first deep-sea port-based private special economic zone. The investment is not only a crucial step toward bridging infrastructure…
Author: Staff Writer
Staff Writer
I am a staff at Innovation Village.
In a strategic move to optimize its operations in West Africa, Diageo plc has announced the sale of its 80.4% shareholding in Guinness Ghana Breweries plc to the Castel Group. This decision aligns with Diageo’s ongoing strategy to adopt a more flexible, asset-light operating model in the region. Under the…
ByteDance, the parent company of TikTok, has unveiled OmniHuman-1, an advanced artificial intelligence (AI) model capable of transforming static photos and audio samples into lifelike videos. With its ability to produce realistic animations, speech synchronization, and natural body movements, OmniHuman-1 is redefining AI-driven video creation and setting new benchmarks in…
The GSMA Innovation Fund for Impactful AI has been unveiled, marking a significant initiative aimed at empowering small and growing enterprises in low- and middle-income countries (LMICs) across Africa, South Asia, Southeast Asia, and the Pacific. This fund is designed to foster AI-driven innovations that tackle critical socio-economic and climate…
The Nigerian government has inaugurated the National Broadband Alliance for Nigeria (NBAN) in a bid to bridge the country’s digital divide. This initiative marks a transformative step in accelerating internet connectivity and fostering digital growth across the nation. The launch, held in Lagos, was officiated by Dr. Aminu Maida, the…
Egypt’s financial landscape is evolving rapidly, and Khazna is at the forefront of this transformation. Founded in 2019, the fintech startup has made a name for itself by addressing a critical gap in the country’s financial system: the lack of access to traditional banking services for low- and middle-income earners.…
TradeDepot, a leading B2B e-commerce platform, is entering food manufacturing with its new brand, Mangrove, aiming to provide affordable, high-quality food products such as sardines, rice, flour, and canned fish. Traditionally focused on connecting FMCG manufacturers with retailers, the company is now producing its own goods to combat rising food…
Egypt’s startup ecosystem just received a major boost as Foundation Ventures, a Cairo-based venture capital firm, successfully closed the first round of its $25 million fund, FVFII. The fund aims to nurture Egypt’s entrepreneurial landscape, providing early-stage startups with the capital and support needed to scale both regionally and globally.…
As artificial intelligence continues to shape the future of technology, Resilience17, the venture fund and studio founded by Flutterwave CEO Olugbenga “GB” Agboola, is taking bold steps to accelerate AI innovation in Africa. Through its newly launched Go Time AI accelerator, the firm is offering African startups working on AI-driven…
Kenya’s renowned coffee and casual dining chain, Java House, is set for a new chapter as Actis, its current owner, exits the company, selling it to Africa-focused private equity firms Alterra Capital and Phatisa Group. This marks Java House’s fourth ownership change in 12 years, reflecting the continued investment interest…
In an exciting development for the industrial sector, Simplex, an Egyptian CNC machine manufacturing startup, has announced securing $13 million in funding to establish a massive factory in Riyadh, Saudi Arabia. The initiative aligns with the Kingdom’s push to localize advanced industries as part of its ambitious Vision 2030 agenda.…
In a significant push to advance education and empowerment for adolescent girls, the World Bank has committed a groundbreaking $1.2 billion to improve secondary education across 18 states in Nigeria. This initiative, part of the Adolescent Girls Initiative for Learning and Empowerment (AGILE) program, was relaunched in Abuja with a…
The US Agency for International Development (USAID) website unexpectedly went offline on Saturday, intensifying concerns over the Trump administration’s freeze on foreign aid and its broader attempt to restructure the agency. The sudden digital blackout follows reports of widespread program suspensions, staff furloughs, and uncertainty over the agency’s future. The…
Airtel Africa has once again demonstrated its resilience and strategic agility by reporting a 20.4% increase in revenue for the nine-month period ending December 31, 2024. Despite economic headwinds and currency fluctuations across its markets, the telecom giant has managed to expand its subscriber base, enhance mobile money adoption, and…
TikTok has announced strategic partnerships in Kenya with Aleph Holdings and Wowzi, aiming to bolster the nation’s creative ecosystem and stimulate economic growth. This move underscores TikTok’s commitment to enhancing its presence in Kenya’s burgeoning digital landscape. Aleph Holdings will assume responsibility for TikTok’s sales and support operations in Kenya,…
In a strategic move to bolster Nigeria’s healthcare sector, Odu’a Investment Company Limited (OICL) has announced a significant investment in Iwosan Investments Limited. This partnership aims to curb medical tourism by enhancing local access to quality healthcare services. This initiative aligns with OICL’s ‘Sweat, Revive, and Create’ (SRC) 2025 strategic…
Nigeria’s digital payment ecosystem continues to break records, with electronic transactions hitting an unprecedented N1.08 quadrillion in 2024, an 80% increase from N600 trillion in 2023. This surge underscores the growing adoption of cashless payment systems, driven by improved financial technology, a reduction in cash-based transactions, and evolving consumer habits.…
Moove, the Africa-born vehicle financing company backed by Uber, has acquired Kovi, a Brazilian urban mobility provider. This acquisition marks a major step forward in Moove’s ambitious vision of building the world’s largest ride-hailing fleet while solidifying its presence in Latin America’s rapidly expanding market. While the financial details remain…
Ayoba, one of Africa’s super apps, has announced an innovative partnership with Chinese social media platform TikTok, in a bid to revolutionize digital entertainment on the continent. This collaboration integrates TikTok’s popular short-form video content directly into the Ayoba platform, delivering a seamless and localized entertainment experience for millions of…
When criminals deploy sophisticated techniques for forgery and fraud activities, document scanning and authentication systems must leverage better technological innovations to contain potential threats. Artificial intelligence (AI) emerges as a necessary tool in the digital landscape thanks to its limitless potential for augmenting many security-related processes and systems. The following…