Between January and September this year, West African tech companies raised $1.34 billion in investment. According to the analysis platform Baobab Insights, the resources were raised through 105 financing deals, with fintech companies leading the way with 35 deals. Nigeria captured the largest share of investments. As of September 21, 2021, Baobab Insights reports, nearly $729.1...

Access Bank is once again tapping the international debt market. The operation could enable the bank to meet the upcoming deadlines for the repayment of its dollar-denominated debt. The growing demand for foreign currency in Nigeria could also be an opportunity. Nigerian banking group Access Bank seeks to raise $1 billion on the international bond market, we learned. On September 14, the...

The Telecom penetration rate has declined in Malawi between 2019 and 2021, according to Hootsuite and We Are Social. With digital transformation at the heart of future economic development challenges, the country has revised its plans to densify network coverage. The Republic of Malawi has adopted a universal telecommunications service strategy for the next five years. The plan was developed by...

The Ivorian electrical cable manufacturer -Sicable- experienced a difficult first half of 2021. Operating profit was down 63.9% YoY and income shrunk by 18.7% YoY to CFA8.49 billion over the period. The company’s net result also fell by 73.5% YoY to CFA303.7 million ($543,140) in H1 2021. The figures mean that over the first six months of 2021, Sicable did not make enough money with its...

Côte d'Ivoire has set plans to boost its economy, leveraging key sectors including tourism. The "Sublime Côte d'Ivoire" project set up by the government is expected to make the country a hub of tourism in Africa. Côte d'Ivoire aims to become the fifth tourist destination in Africa. The announcement was made by the Prime Minister, Patrick Achi, on September 27, during the celebration of the...

The Netherlands and the International Trade Centre (ITC) signed today a partnership agreement called the Netherlands Trust Fund V (NTF V). In an official statement, the ITC said the deal will support innovative projects developed on the continent to enhance trade competitiveness and agro-industrial services for better positioning of African companies on international markets. The partnership...

The fourth edition of the Africa Resilience Forum opened on Tuesday, as the continent’s most vulnerable communities confront the triple challenges posed by the Covid-19 pandemic, conflict and climate change. An estimated 39 million Africans could slip into extreme poverty this year, as a result of the pandemic. At the same time, countries are facing higher fiscal costs, reducing capacity for...

The Ministers of Health, Security, and Transport of WAEMU countries met today September 28 to discuss the upcoming reopening of their land borders. For the past 18 months, the borders were closed to passenger transport to limit the spread of the Covid-19 pandemic, and plans to reopen them have first been hindered by the third wave of infections, which has led to an increase in the number of...

The African Export-Import Bank (Afreximbank) and the Secretariat of the African Continental Free Trade Area announced today the rollout of the Pan African Payment and Settlement System (PAPSS). It is aimed at enabling African countries to make instant cross-border payments in local currencies. “PAPSS would serve as a continent-wide platform for the processing, clearing, and settling of...

Nigerian fintech InfiBranches has secured a pre-seed financing to pursue its expansion strategy. The company raised $2 million in a deal led by All On, an investment firm backed by oil and gas giant Shell. The money will be used to deliver financial services and solar systems to underserved rural and remote areas. “Through this investment, Infibranches plans to speed up customer...