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💰AFC Secures $400 Million Shariah-Compliant Financing to Enhance Infrastructure Development in Africa
💰 Unity Bank announces N62.6 million loss for 2023 fiscal year
🍔 Yango launches food delivery service in Senegal
54 Collective to shut down venture studio operations in Africa amid strategic shift and funding challenges |
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| | | | | If you haven't subscribed, join over 7,000 people curious about Innovation, New Products, New Technologies in Africa. | |
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| | | | | 💰BANKING | Unity Bank announces N62.6 million loss for 2023 fiscal year | | In contrast to its 2022 profit of ₦941 million, Unity Bank Plc reported a substantial loss of ₦62.6 billion for the fiscal year that ended on December 31, 2023. This decline highlights the numerous difficulties the bank encountered over that time, which led to a financial crisis that required calculated actions, such as a merger with Providus Bank in August 2024. The publication of the 2023 financial results has been deferred to February 2025. | The delay was due to multiple factors: regulatory approval delays for previous financial statements, difficulties from the merger with Providus Bank, and extensive documentation demands related to financial accommodations from the Central Bank of Nigeria (CBN). These problems collectively led to the postponement of the financial results publication..........…continue reading |
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| | | | | 💰FUNDING | AFC Secures $400 Million Shariah-Compliant Financing to Enhance Infrastructure Development in Africa | | Africa Finance Corporation (AFC), a prominent entity in infrastructure financing across the African continent, has successfully raised $400 million through a Shariah-compliant Commodity Murabaha facility. This significant development marks AFC's strategic re-entry into the Islamic finance market after an eight-year absence, underscoring its commitment to diversifying funding sources and enhancing access to ethical and sustainable financing solutions tailored to Africa's infrastructure needs. | Initially set at $300 million, the facility was expanded to $400 million due to an overwhelming response from investors, resulting in a remarkable 47% oversubscription. This strong demand reflects the growing interest in financing mechanisms that align with Islamic principles........…continue reading |
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| Your daily AI dose | | Mindstream is your one-stop shop for all things AI. | How good are we? Well, we become only the second ever newsletter (after the Hustle) to be acquired by HubSpot. Our small team of writers works hard to put out the most enjoyable and informative newsletter on AI around. | It's completely free, and you'll get a bunch of free AI resources when you subscribe. | Click here to subscribe | | | | | FOOD DELIVERY SEERVICE | Yango launches food delivery service in Senegal | | Yango has officially launched a food delivery service in Senegal, expanding its existing offerings of ride-hailing and parcel delivery within its SuperApp. This strategic move not only strengthens Yango's foothold in Senegal's digital economy but also heightens competition in the rapidly growing online food delivery sector of the country. | To support local businesses and encourage growth, Yango is waiving commission fees for partner restaurants. This initiative aims to boost order volumes for these establishments while simultaneously lowering their operational costs. By alleviating the financial burden typically associated with delivery services, Yango hopes to attract a diverse array of eateries and food vendors, ultimately providing consumers with a wider selection of dining options............…continue reading |
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| | | | | 📍Register for your PMP exam training here | | Join the next cohort as we start the PMP certification exam training on the 15th March 2025. | Register now by clicking here |
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| | | | | 🪙 CRYPTOCURRENCY | Coinbase partners with Onboard Global to enhance cryptocurrency access for Nigerian users | | Coinbase, a leading player in the global cryptocurrency market, has announced a strategic partnership with Onboard Global, a crypto payments platform, to facilitate seamless buying and selling of cryptocurrencies for users in Nigeria. This collaboration comes in the wake of regulatory challenges faced by Binance, the world's largest cryptocurrency exchange, which has opened the door for alternative exchanges to establish a foothold in the Nigerian market. | Historically, Coinbase had refrained from offering cryptocurrency trading services to Nigerian users, citing restrictions imposed by regulatory authorities that prohibited transactions with certain high-risk regions. However, with the new partnership, Onboard Global will assume responsibility for managing these regulatory risks. The platform will provide essential verification services and a secure peer-to-peer (P2P) exchange environment, allowing trades to occur without exposing Coinbase to regulatory scrutiny. Notably, Nigerian users can now purchase cryptocurrencies on Coinbase without undergoing Know Your Customer (KYC) verification for transactions under $100, thereby enhancing accessibility to crypto assets.......…continue reading |
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| | | | | ENTREPRENEURSHIP | 54 Collective to shut down venture studio operations in Africa amid strategic shift and funding challenges | | 54 Collective, previously known as Founders Factory Africa, is set to discontinue its venture studio operations in Africa following the conclusion of its partnership with the Mastercard Foundation on April 30, 2025. This decision, as indicated in an internal communication that has come to light, is anticipated to lead to layoffs within the organization. | The financial backing provided by the Mastercard Foundation has been instrumental in supporting 54 Collective's various initiatives, including its venture studio, the Gen F accelerator, and the Entrepreneur Academy. However, as both entities shift towards different strategic directions, 54 Collective—officially registered as Africa Founders Ventures (AFV)—has reported challenges in securing alternative funding sources necessary to sustain the studio's operations..........…continue reading |
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| | | | | ⚖️ REGULATION | Should Banking in Nigeria Be Product-Led or Sales-Led? | | For decades, banks have relied on a sales-led approach, driven by aggressive customer acquisition strategies and strong relationship management. However, with the rapid rise of digital banking, fintech innovations, and changing consumer expectations, the question arises: Should Nigerian banks transition to a product-led model, or is a sales-led approach still the best fit? | Click the link to an article which explores both models, compares Nigeria's banking landscape with global trends, and offers insights into the best path forward.........…continue reading |
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| | | | | OTHER STORIES | Ifeoma Nwobu exits Sendstack amid strategic shifts and ambitious revenue goals……continue reading No Video Editing Skills? Ssemble Makes You a Content Creator Anyway!….continue reading The Best Browsers and Settings to Minimize Data Usage…..continue reading
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| | | | | OPPORTUNITIES | Applications are now open for the latest edition of the Tony Elumelu Entrepreneurship Programme (TEEP), designed to support startups through comprehensive training, mentorship, and a funding opportunity of US$5,000 Deadline = 1st Mar 2025……..continue reading Global payment card network Visa has announced the opening of applications for the fourth edition of its biannual Africa Fintech Accelerator. Deadline = 15th March 2025…….continue reading
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