| | | | | Today's Menu ☕️
🛢️Dangote Refinery Makes History, Sends Two Cargos Of Jet Fuel To Saudi Arabia
💸 Cedar Money secures $9.9 million in funding to transform cross-border payments with stablecoins
🔗 StarkWare launches $4 million fund to boost blockchain startups in Africa amid growing adoption
🚙 inDrive launches bank transfer feature for trip payments
💰 Saviu II secures second close of €25 million to fuel investments in African startups
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| | | | | 🛢️ OIL & GAS | Dangote Refinery Makes History, Sends Two Cargos Of Jet Fuel To Saudi Arabia | | The largest refinery in Africa, Dangote Refinery, has recently accomplished a historic feat by successfully exporting two cargoes of jet fuel to Saudi Arabia. For Nigeria's oil and gas sector and the nation's attempts to diversify its economy, this momentous occasion represents a major turning point. The Dangote Refinery is a 650,000 barrel per day (bpd) integrated refinery and petrochemical complex situated in Lekki, Lagos. A wide range of crude oils can be processed in the refinery to create a number of petroleum products, such as fuel oil, diesel, jet fuel, and gasoline. | The refinery's ability to create high-quality goods that satisfy international requirements is demonstrated by the jet fuel it exports to Saudi Arabia. The goods are anticipated to reach Saudi Arabia in the coming weeks after being loaded aboard a tanker at the refinery's jetty. There are various reasons why this accomplishment is noteworthy. First of all, it proves that Dangote Refinery can compete in the global market even if it is a new player. International organizations such as the International Air Transport Association (IATA) and the American Society for Testing and Materials (ASTM) have validated the refinery's products.........…continue reading |
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| | | | | 💸 CROSS-BORDER PAYMENTS | Cedar Money secures $9.9 million in funding to transform cross-border payments with stablecoins | | Cedar Money, an innovative fintech startup specializing in the use of stablecoins for cross-border transactions, has successfully secured $9.9 million in a seed funding round. This investment round was spearheaded by QED Investors, with additional contributions from North Island Ventures, Wischoff Ventures, Lattice, and Stellar. | The capital raised will be instrumental in advancing Cedar Money's mission to revolutionize international money transfers, particularly by tackling the longstanding issues of slow settlement times and the complexities associated with regulatory compliance. The company is strategically focused on enhancing payment processes between emerging and developing markets, with a keen eye on opportunities within the remittance sector and international trade.......…continue reading |
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| | | | | 🔗 BLOCKCHAIN | StarkWare launches $4 million fund to boost blockchain startups in Africa amid growing adoption | | StarkWare, a prominent Israeli blockchain infrastructure company with a valuation of $8 billion, has announced the launch of a $4 million fund aimed at investing in pre-seed and seed-stage startups across Africa. This initiative comes at a time when the continent is witnessing a significant increase in blockchain adoption, presenting a unique opportunity for innovation and growth in the sector. | The newly established Africa-focused fund will offer grants of up to $150,000 to early-stage startups, with the potential for larger investments for projects that are built on StarkNet, StarkWare's proprietary decentralized application platform that operates on the Ethereum blockchain. The fund is strategically targeting high-potential startups located in West, South, and East Africa. It seeks to support teams that not only possess strong technical expertise but also have a deep understanding of local business dynamics, enabling them to develop scalable blockchain solutions tailored to the unique challenges of the region.......…continue reading |
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| | | | | 🚙 RIDE-HAILING SERVICE | inDrive launches bank transfer feature for trip payments | | InDrive, a ride-hailing service operating across nine African countries, is set to introduce a new bank transfer feature in Nigeria, enhancing the payment options available to its users. This innovative feature, known as "Light Cashless," allows drivers to display their preferred bank account details directly within the app, enabling passengers to easily copy and paste this information for payment without the need for integration or an in-app payment mechanism. | This initiative positions inDrive as the first ride-hailing platform in Nigeria to adopt such a straightforward approach to payments, reinforcing the growing acceptance of bank transfers as a preferred method for settling trip fares. An inDrive spokesperson clarified the nature of this feature, stating, "There is no payment gateway integration. It is simply a copy-and-paste mechanism that allows drivers to have their preferred accounts on their profile." This clarification aims to dispel any misconceptions that inDrive might be venturing into payment processing......…continue reading |
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| | | | | OTHER STORIES | Saviu II secures second close of €25 million to fuel investments in African startups…..continue reading IFC considers $6 million investment in Flat6Labs' $85 million Africa Seed Fund to boost early-stage startups……..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 Applications are now open for the Timbuktoo MineTech Accelerator programme, a groundbreaking initiative by the Timbuktoo MineTech Hub aimed at driving innovation in mining technology, empowering startups, and scaling transformative technologies within the African mining sector. Deadline = 13th February 2025…..continue reading
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