Author: Tapiwa Matthew Mutisi

IHS Towers (IHS), recognized as the world’s fourth-largest independent communications infrastructure provider, has reported a reduction in its losses for 2024, narrowing them to $1.64 billion compared to $1.98 billion in 2023. While this reduction indicates a slight improvement, the overall performance of the company remains concerning, as it marks…

Google is making headlines with its largest acquisition ever. The company’s parent organization, Alphabet, is set to acquire Wiz, a cloud security startup, for $32 billion in an all-cash transaction, which has now been officially confirmed. Initially, reports suggested that the deal was valued at $33 billion, which includes an…

Nigerian food procurement startup Vendease is undergoing a significant restructuring of its compensation system as it grapples with financial challenges and aims for profitability. The company, which is backed by Y Combinator, recently laid off approximately 44% of its workforce, equating to around 120 employees, in January. In response to…

Blueroomcare, a Nigerian mental health platform that offers insurance-covered therapy, has announced a strategic partnership with EHA Clinics to provide in-person therapy sessions in Abuja and Lagos. This collaboration aims to enhance accessibility to mental healthcare in Nigeria by bridging the gap between virtual and physical mental health services, thereby…

Standard Bank, the largest bank in Africa by assets, has announced a strategic partnership with Zeda Limited for its inaugural bond issuance following Zeda’s listing on the Johannesburg Stock Exchange (JSE). Zeda Limited, recognized as Southern Africa’s leading integrated mobility solutions provider, was unbundled from the Barloworld Group in 2022…

The Ohlthaver & List (O&L) Group is in the process of finalizing the termination of its franchise agreement with Pick n Pay in Namibia, with plans to rebrand all its Pick n Pay stores in the country by July 2025. This decision marks the end of a 27-year partnership with…

Israeli fintech unicorn Rapyd has successfully completed the acquisition of European fintech company PayU from Dutch investment firm Prosus for approximately $610 million. The deal, which was signed on Thursday, was finalized after Rapyd raised $500 million, primarily through equity, with a smaller portion sourced from debt. Following this funding…

Leta, a Nairobi-based logistics software-as-a-service startup, developed an AI-powered platform designed to optimize delivery routes, track shipments in real-time, streamline payments, and provide businesses with valuable shipping insights. The company has successfully raised $5 million in seed funding to scale its innovative solution, which aims to help businesses transport goods…

Safaricom M-PESA has entered into a strategic partnership with LakiPay Financial Technologies to enhance the digital payments ecosystem and promote financial inclusion in Ethiopia. The groundbreaking agreement was signed yesterday by Habtamu Tadesse, the founder and CEO of LakiPay, and Elsa Muzzolini, the CEO of Safaricom M-PESA Mobile Financial Services.…

Pan African connectivity provider WIOCC has partnered with carrier-neutral data center provider iColo to accelerate the growth of Internet Service Providers (ISPs) in Kenya. This strategic collaboration aims to enhance the digital infrastructure, improve interconnectivity, and unlock new market opportunities for ISPs, thereby contributing to the rapid expansion of Kenya’s…

Mastercard is enhancing its partnership with Paymentology, a cutting-edge global issuer processor, to streamline card issuance for fintech companies operating in South Africa. This collaboration aims to provide fintechs with the necessary expertise, infrastructure, and rapid go-to-market capabilities to navigate the complexities associated with card issuance, thereby unlocking new opportunities…

The Nigerian Government has officially announced its ambitious plans to deploy 90,000 kilometers of fiber optic cable, with the project set to commence in the final quarter of 2025. This initiative follows a substantial funding boost of $700 million from various development partners, including the World Bank, the African Development…

Elon Musk’s artificial intelligence company, xAI, has made a significant move by acquiring Hotshot, a startup specializing in AI-powered video generation tools similar to OpenAI’s Sora. The announcement was made by Aakash Sastry, the CEO and co-founder of Hotshot, in a post on X (formerly Twitter) on Monday. In his…

Senegalese e-health startup Eyone has emerged as the winner of the latest edition of Africa’s Business Heroes (ABH) competition, securing a substantial prize of US$300,000. This prestigious competition is a philanthropic initiative backed by the Jack Ma Foundation and Alibaba Philanthropy, aimed at recognizing and uplifting African entrepreneurs who are…

The Nigerian government is poised to launch a $40 million fund aimed at investing in early-stage technology startups, with the goal of enhancing support for entrepreneurs who have historically relied on private investors for funding. According to Semafor, the fund will be financed equally, with half of the amount provided…

Emirati state-owned investment firm MGX has announced a groundbreaking $2 billion investment in Binance, marking the cryptocurrency exchange’s first institutional investment and the largest single investment ever made in cryptocurrency. This significant move highlights the growing interest in the digital asset space and the potential of blockchain technology. In a…

MTN Nigeria has experienced a significant shift in its financial standing, losing its title as the highest-earning subsidiary within the MTN Group for the first time since 2019. In 2024, the Nigerian unit reported a post-tax loss of ₦400.4 billion (approximately $260.2 million), which has resulted in a notable decline…

The Foundation for Clean Energy and Energy Inclusion for Africa (CEI Africa) is excited to announce a significant investment of EUR 1.1 million in MPower Ventures AG. This investment is structured through a combination of equity and a subordinated loan, in collaboration with crowdfunding platforms Klimja and Republic. This marks…

Alterra Capital Partners, a private equity firm focused on Africa, has announced a significant commitment of $20 million from British International Investment (BII) to its Alterra Accelerator Africa Fund (AAA Fund). This announcement marks a pivotal moment for the fund, which aims to support the growth of businesses across the…

Mirova, an affiliate of Natixis Investment Managers, has announced a significant financing initiative for KOKO, a company specializing in clean cooking solutions. This financing comes in the form of a scalable carbon finance debt facility, provided by the Mirova Gigaton Fund, which will empower KOKO to expand its innovative residential…