Moniepoint secures approval to acquire 78% of Sumac Microfinance Bank in Kenya. Sumac holds KES 3 billion ($23 million) in assets and a 4.3% microfinance market share. The acquisition strengthens Moniepoint’s expansion into East Africa’s fintech sector. Regulatory approval was granted by the Competition Authority of Kenya (CAK). Moniepoint confirms the deal is pending finalization, […]
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MultiChoice has pulled off a major turnaround, swinging from a hefty loss to a net gain of R2.02 billion ($108 million) for the financial year ending March 31, 2025. That’s a R4.54 billion ($243 million) reversal from the R2.52 billion ($135 million) loss the group posted the year before. A big driver of that recovery […]
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The Starlink vs. Telco StandoffSouth Africa’s telecom giants—MTN, Vodacom, and Telkom—have doubled down on their resistance to Starlink’s market entry during a recent parliamentary hearing. While paying lip service to satellite internet’s potential for bridging the digital divide, the telcos are demanding a protracted “socio-economic impact assessment” that could delay approval for years. A Game […]
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India’s Varun Beverages RDC SAS, a subsidiary of Varun Beverages Limited, has officially launched the construction of a Pepsi bottling plant in the Kiswishi Special Economic Zone (SEZ) near Lubumbashi. The project, unveiled on June 12, 2025, marks a $50 million investment and covers 15 hectares along National Road No. 1 (RN1). Read Also: Expected […]
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The Ibukun Awosika Leadership Academy (IALA) has announced the debut edition of African Marketplace Dubai 2025—a platform designed to showcase Africa and the Caribbean’s finest export-ready SMEs, brands, and products across various industries, including fashion, agribusiness, technology, textiles, and creative arts, while connecting them to global markets. Speaking about the upcoming event, Mrs. Ibukun Awosika, […]
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The once-bright promise of Jumia Technologies, Africa’s largest e-commerce platform, has dimmed further with the complete withdrawal of one of its earliest and most prominent backers. Edinburgh-based investment firm Baillie Gifford & Co, known for its patient capital approach to high-growth companies, has sold off its entire stake in the New York-listed retailer, according to […]
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Financial analysts and economists have backed the Central Bank of Nigeria (CBN)’s recent directive for banks under regulatory forbearance to suspend dividend payments, executive bonuses, and new investments in foreign ventures, saying the move will help shore up capital and maintain financial system stability. In a circular issued on June 13, the apex bank stated […]
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PremiumTrust Bank has officially opened a new branch in Osogbo, the capital of Osun State, marking a significant step in the bank’s strategic expansion across Nigeria’s southwest region. The launch, which brings the bank’s total number of branches to 23 nationwide, was attended by top bank executives, government officials, and the Osun State Governor, Senator […]
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Zenith Bank and Access Holdings Plc are the only Nigerian Tier 1 banks that have successfully surpassed the N500 billion minimum capital and share premium benchmark set by the Central Bank of Nigeria (CBN) for banks with international licences, according to a new industry report. The report, titled “Tier 1 Banks Report: Getting Bigger, Braver, […]
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The Nigerian stock market recorded a strong rebound on Thursday, June 12, 2025, as the Nigerian Exchange (NGX) posted a notable gain of ₦405 billion. This uptick pushed the All-Share Index (ASI) up by 0.56% to close at 114,659.11 points, marking a year-to-date return of 11.40% and a month-to-date gain of approximately 2.6%. The rally […]
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