In a challenging third quarter, MTN Nigeria Communications Plc reported a loss after tax of N514.9 billion for the nine months ending September 30, 2024, primarily due to the ongoing economic struggles facing Nigeria. The telecom giant’s financial performance was significantly impacted by the devaluation of the naira, a decline in subscribers, and an inflationary […]

Standard Chartered, a global banking leader in cross-border finance, and British International Investment (BII), the UK’s development finance institution and impact investor, have announced the renewal of a $350 million risk participation agreement. This strategic facility is designed to bolster the trade finance needs of small and medium-sized enterprises (SMEs) and larger corporations across Africa […]

The Competition Tribunal’s decision to block a major merger between Vodacom, South Africa’s leading telecom operator, and fibre network operator Maziv, is expected to have significant repercussions on the telecommunications industry. Analysts warn that this could derail the broader strategy of using mergers and acquisitions (M&A) to rapidly expand digital infrastructure, potentially slowing sector growth […]

South Africa is adjusting its financial strategies to address complex economic shifts, both domestically and globally, by holding weekly auctions for inflation-linked bonds. This step forms part of a broader debt management approach intended to stabilize the national economy, especially as the rand remains relatively steady despite significant changes in both the global economy and […]

African venture capital firm Janngo Capital has achieved a significant milestone, successfully closing its second fund at €73 million (approximately $78 million). This fund will enable the firm to invest in promising African startups, driving economic growth and technological advancement on the continent. Janngo Capital, known for supporting category-defining startups, plans to grow its portfolio […]

Tech giant Google has pledged an additional US$5.8 million in Google.org funding to support artificial intelligence (AI) and cybersecurity training initiatives across Nigeria, Kenya, and South Africa. This commitment highlights Google’s focus on fostering digital skill development across Africa, building on its prior $20 million investment dedicated to the continent’s growing tech ecosystem. Expanding Africa’s […]

The Ethiopian government, led by Prime Minister Abiy Ahmed, has introduced new regulations tightening controls on foreign investors looking to repatriate earnings. The latest directives from the National Bank of Ethiopia (NBE) aim to regulate the outflow of foreign currency and stabilize the country’s foreign exchange reserves, which have been severely impacted by economic pressures, […]

ACWA Power, a global leader in water desalination and a pioneer in green energy, has reaffirmed its commitment to driving Africa’s renewable energy growth with its latest milestone in South Africa. The company announced that its Redstone Concentrating Solar Power (CSP) plant, located in the Northern Cape province, has successfully reached an operational capacity of […]

South Africa-based e-commerce logistics startup Pargo has taken a significant step toward becoming a dominant force in African logistics by expanding into the Egyptian market. The expansion follows a successful $4 million funding round led by 3Capital Ventures, alongside investors such as Endeavor, SAAD Investment Holdings, and UW Ventures. Established in 2014 by co-founders Derk […]

The United States has reinforced its commitment to Zambia by approving a substantial $458 million grant aimed at enhancing Zambia’s agricultural infrastructure and market access. This investment is being made under the US Millennium Challenge Corporation (MCC) and is aligned with the larger regional efforts to develop the Lobito Corridor, a strategic transportation and trade […]