Tullow Oil Shifts Focus to Ghana, Invests $2.7 Billion
Tullow Oil has shifted its focus to West Africa, as it plans to invest$2.7 billion in Ghana's oil fields, which form the backbone of its business. The move seeks to [...]
Safaricom, Vodacom Joint M-Pesa Platform Monthly Transactions Hit KSh2.25 Trillion
A joint cash transfer platform operated by South Africa's Vodacom Group and Safaricom Plc has recorded a surge in the six months ending 30th September 2020. According to the Vodacom [...]
Nigerian Government Cuts Vehicle Import Duty by 30%, Plans to Source from Local Manufacturers Only
The Nigerian Government plans to only buy vehicles from local assemblers in an attempt to boost competitiveness in its automotive manufacturing industry. The move is also in response to the [...]ECA Launches E-commerce Platform to Support AfCFTA Transactions
The Economic Commission for Africa (ECA) has launched ATEX, a business-to-business e-commerce platform that seeks to facilitate trading between buyers and suppliers after African Continental Free Trade Area (AfCFTA) comes [...]Weekly Deals Digest Nov 11 Nov 17
In this issue of the weekly deals digest, the top ten deals were distributed evenly between Startups in the consumer, environment, and enterprise applications. South Africa's MotoFibre Networx led the [...]Nigeria's Economy Slides into Recession as GDP Contracts by 3.62%
Nigeria’s economy has slid into a recession after its Gross Domestic Product (GDP) contracted by 3.62% (year-on-year) in Q3 2020. This is the second consecutive contraction from -6.10% recorded in [...]Equity's VC Arm to Construct Kigali Financial Towers
Equity Bank’s James mwangi is set to fund the construction of the Kigali Financial Towers through Equity Holding (EH) Venture Capital. EH is the investment arm of the Equity Group [...]
Uganda to Commence Works on Oil Pipeline in 2021
Uganda expects to commence the construction of its oil export pipeline in the first half of 2021. The pipeline will link Uganda oil fields to Tanzania’s Tanga port with energy [...]Chipper Cash Raises $30M Series B Funding
African fintech Chipper Cash has raised a $30 million series B funding round that will be used to expand the product offering and venture into new markets. According to CEO, [...]East Africa on the move to a single stock exchange by Q1, 2021
East Africa's plan to integrate the stock exchanges of Kenya, Uganda, Tanzania, Rwanda, and Burundi, is expected to happen in the first quarter of 2021. This disclosure was made by [...]Nigeria's October Inflation Rate Hits 14.23% due to High Cost of Food
Nigeria's inflation rate in October rose as a result of increased food prices occasioned by border closures, dollar restrictions, and banditry attacks that are preventing farmers from producing food. Consumer [...]Weekly Deals Digest Nov 4th Nov 10th
In this week's deals digest, Fintech led investments in Africa with Kuda's $10 million investment. In emerging markets, Reliance Retail led the region following a $1.3 billion into the retailer [...]
