Author: Insider Editor

South African infrastructure investor INFRAGORA Global Capital is preparing to build two artificial intelligence-ready data centres in Nigeria, with construction expected to begin in the second and third quarters of 2027. The project is estimated to cost between $650 million and $1 billion. The investment comes as demand for computing power rises alongside the adoption of artificial intelligence and cloud services, putting pressure on African markets to expand their digital infrastructure. The proposed facilities will form part of INFRAGORA’s AFRIDATA platform. The company is completing technical assessments and design work, with financial close expected before construction starts, Kiel Odiogo said.…

Madica, a pre-seed investment programme backed by US venture capital firm Flourish Ventures, has secured another $6 million to invest in 25 to 30 African startups over the next three years. The funding will support early-stage companies with investments of up to $200,000 each, alongside 18 months of mentorship, executive coaching and help preparing to raise money from investors. Madica said the entire $6 million would go towards new pre-seed and seed investments, with follow-on funding excluded. A separate budget will cover founder support, although the programme did not disclose how much has been allocated. The fresh capital comes as…

LemFi has launched a redesigned app and expanded into savings, credit and mobile data services as the cross-border financial platform looks to serve more of the financial needs of people living outside their home countries. The expansion, announced alongside a new global brand campaign called “Ambition Has No Passport”, marks the company’s biggest product rollout to date. It moves LemFi beyond international money transfers into a broader range of services for customers who earn, spend and support families across borders. LemFi says more than two million customers use its platform to send money to over 30 countries, processing more than…

Eva Ngigi Sarwari, Finserve Africa MD, Dies at 45 During Business Trip to China Managing director of Finserve Africa and Equity Group’s director of payments and international banking, Eva Ngigi Sarwari, has died at the age of 45 while on a business trip to China. Her death was announced by her colleagues on Tuesday, who described the news as a sudden and profound shock. They did not disclose when she died or the cause of her death. “It is with great sadness that we announce the passing of our dear friend and colleague, Eva Ngigi Sarwari,” they said in a…

A financial services group offering asset management, corporate finance, wealth management and money transfer services, Bard Santner, is looking to turn Zimbabwe’s growing diaspora remittances into a broader banking business. The company is targeting a market that received $2.45 billion in remittances last year. With a newly licensed deposit-taking microfinance bank, Bard Santner plans to move beyond money transfers into lending, savings and wealth management, allowing it to earn revenue from more than just cross-border payments. The move reflects a wider challenge for remittance companies. Money transfers can attract customers, but competition on fees and exchange rates leaves limited room…

EIB Global, the international development arm of the European Investment Bank Group, and First City Monument Bank (FCMB) have announced €85 million in financing to support Nigerian businesses across agricultural value chains, with at least 70% of the funding earmarked for the cocoa and dairy sectors. The financing is expected to help farmers, cooperatives, and agribusinesses increase production, expand local processing, and reach new markets. It also aims to improve access to long-term funding for businesses that often struggle to secure the capital needed to grow. The announcement was made during the Annual Meetings of the International Monetary Fund and…

Months before announcing the closure of Baxi, its Nigerian agent banking business, on October 16, Onafriq was already looking for a buyer. The move marked a reversal of a strategy that began five years earlier, when the pan-African payments company acquired one of Nigeria’s largest independent agent banking networks. According to Onafriq’s audited financial statements filed in the United Kingdom, negotiations for the sale of Baxi’s entire Nigerian agency banking operation were still ongoing as of July 2026. When it announced the shutdown, Onafriq pointed to inflation, the naira’s depreciation, rising operating costs, shrinking profit margins, and the growing use…

Africa has made significant progress in expanding mobile network coverage over the past decade. Yet millions of people still do not use mobile internet, while those who are connected often contend with slower speeds and less reliable service than users in other parts of the world. High spectrum costs are part of the problem. A new report by the GSMA, Spectrum Policy in Africa: Enabling Investment and Empowering Consumers Through Effective Spectrum Pricing, identifies the cost of accessing radio spectrum as a major constraint on the continent’s digital growth. Spectrum refers to the radio frequencies mobile networks use to carry…

Onafriq spent five years building a network of agents to help Nigerians move money, pay bills, and access financial services without visiting a bank branch. Now, it is shutting that business down. The African payments company is winding down Baxi, its Nigerian agent banking business, after concluding that the operation is no longer sustainable. Rising costs, a weaker naira, shrinking margins, and the growing use of instant bank transfers have made it harder to keep the business running profitably. The decision marks the end of a major bet on Nigeria’s cash-based economy. It also highlights a challenge facing agent banking…

Stripe agreed to acquire Paystack in October 2020. Lagos-based startup helping businesses accept payments online, for $200 million. At the time, it was the largest acquisition of a Nigerian startup, and Paystack had about 60,000 businesses using its services. Stripe said the deal would help Paystack build new products and connect Africa’s fragmented payments market. Paystack would also continue operating independently. Its CEO, Shola Akinlade, promised to expand into more countries, support more payment methods, and offer more services. Six years later, that expansion has taken shape. Paystack now operates across several African markets and has moved beyond helping businesses…