Nigerian Digital Bank Umba Secures $15m Led by Costanoa Ventures
Umba, a Nigerian digital banking startup, has raised $15 million in Series A funding to offer financial services to the…
Category: Local
Zambia-Based Card Issuing Startup, Union54, Raises $12m In Seed Funding
Union54 is a fintech company offering card issuing services in partnership with licensed card issuers in their respective countries. Union54’s…
Central Bank Of Kenya Orders Banks To Ration Scarce Dollars
A number of currency traders and importers says that banks have imposed a daily cap on dollar purchases. This is…
NSSF Doubles Investment In State’s Debt Securities – Kenya
Latest industry statistics show the State-owned pension fund has grown its stake in Treasury bonds and bills to Sh170.9 billion…
Nigerian Government Records N2.23tn Fiscal Deficit In Three Months – CBN Report
The Federal Government recorded N2.23tn fiscal deficit in the fourth quarter of 2021. This was revealed by figures obtained from…
Prepare For Global Food Crisis, Adesina Advises African Govts
Akinwumi Adesina, president of the African Development Bank (AfDB), says Africa should prepare for the inevitability of a global food…
The Food Lab, Egypt’s Cloud Kitchen Operator, Raises Pre-Seed Round Of $4.5M
The Food Lab (TFL), has announced the completion of a significant $4.5 million pre-seed fund raising round. This round includes…
AfDB Approves €9.8m To Support Venture Capital Investments In African Startups
The board of the African Development Bank Group (AfDB) has approved an equity investment of €9.8 million to support venture…
Beans, Tomatoes, Yam Record 40% Price Hike In Nigeria –NBS
The average prices of food items in Nigeria recorded significant increases within a one-year period spanning between February 2021 and…
Nigeria’s Crude Oil Production Rigs Drop By 37.5%, Says OPEC
The number of functional crude oil production rigs in Nigeria decreased by 37.5% to just 10 operational rigs in March…
High Food Prices Will Continue In Nigeria, Others Till 2023–IMF
The International Monetary Fund says the impact of the war in Ukraine is likely to sustain pressure on commodity prices.…
Oil Price Rises in Nigeria As OPEC Projects Steady Demand Growth
The global benchmark for crude oil, rose marginally in price on Thursday. The Organisation of Petroleum Exporting Countries projected that…
Emefiele Defends Nigeria’s Exchange Rate Policy, Says Country Facing Peculiar Challenges
Central Bank of Nigeria Governor, Mr. Godwin Emefiele, yesterday defended the apex bank’s managed-float exchange rate system. According to him,…
Cooking Gas Price In Nigeria Jumps By 83% In One Year – NBS Reports
The average retail price for cooking gas increased by 83.62% in March 2021, according to a new report by the…
Kenya Delays Talks On 15% Cut In Power Bills
Independent power producers revealed on Thursday they were yet to receive invitations for talks on cutting wholesale power prices and…
Safaricom Loses Bid To Bar Canada Telco From Its Network
Safaricom had sought to cancel the contract on allegations that Iristel Kenya will engage in SIM boxing which is a…
KCB, USAid Sign Sh100m Funding For Livestock Farmers – Kenya
Much of northern Kenya is forecast to be sunny and receive below-average rainfall, Kenya Meteorological Department says. Climate change is…
Vodacom Pledges High-Speed Internet After $10m Deal – Tanzania
Vodacom Tanzania has promised a high-speed internet across the country after signing broadband investment worth $10.8 million (about Sh25 billion).…
Ghana Producer Price Inflation Rises To 29.3% In March
The Producer Price Inflation (PPI) increased to 29.3% in March 2022, from the 21.4% recorded in February.This represents an increase…
Central Bank Of Nigeria Gives Conditions For Exchange Rate Review
CBN Governor, Godwin Emefiele has said the apex bank will consider the advice of the International Monetary Fund to review…
Dangote Refinery Will Reduce Import Bill By 40% –Central Bank Of Nigeria
CBN Governor, Godwin Emefiele, says Dangote Refinery will reduce Nigeria’s import bill on petroleum products and other commodities by 40%.…
World Bank Urges Nigeria To Reconsider N4trn Petrol Subsidy
World Bank has advised Nigeria to rethink its policy of making a provision of N4 trillion for petrol subsidy payments…
Domestic, Int’l Passengers Rise By 44%, Hit 15.23million -Nigeria
Nigerian Airports witnessed increased patronage between January and December 2021. As the number of air travelers rose to 15.23m from…
Afreximbank’s $4b To Support Nigeria, Others On Food, Fuel Imports
African Export-Import Bank (Afreximbank) said it plans to assist Nigeria from the $4 billion Ukraine Crisis Adjustment Trade Financing Programme…
Paris Club: States Write Nigerian Government, Kick Against $418m Deduction
States have asked the FG to refrain from deducting from funds accruing to them and all LGs councils as liquidation…
Court Orders Eden Tanzania To Pay TBL Sh607 Million
Eden Tanzania Limited has been ordered to pay Tanzania Breweries Limited (TBL) Sh606.7 million. This is for breach of contract…
Energy Ministry Goes Mute On Pledge To Cut Power Bills – Kenya
Energy and Petroleum Cabinet Secretary Monica Juma said in January the cost of power would come down by March 31.…
Kenya Airways Planes Grounded In Leasing Fees Fight
Two aircraft leasing firms have rejected Kenya Airways’ proposals to reduce the cost of hiring their planes in a row…
Treasury Raises Sh60bn From April Bond Sales – Kenya
The government has raised Sh27.6 billion from the sale of the fifteen-year bond which had targeted to raise Sh30 billion.…
Rethink Your Policy On Fuel Subsidy, World Bank Tells Nigeria
The President of the World Bank Group, Mr. David Malpass has once more reiterated the need for FGN to reconsider…