Author: Insider Editor

Kenyan banks are scrambling to slash lending rates following a stern warning from the Central Bank of Kenya (CBK), which has threatened daily fines for non-compliance. The regulator is cracking down on lenders slow to adjust their rates despite multiple CBK rate cuts aimed at making credit more affordable for businesses. Under Kenya’s Banking Act, non-compliant banks risk fines of KES 20 million ($154,619) or three times the financial gain, along with daily penalties of KES 100,000 ($773) per violation. Senior bank officials could also face fines of up to KES 1 million ($7,730). Leading banks—including KCB Group, Equity Group,…

Madica, an early-stage investment firm focused on Africa, has injected $800,000 into four startups, reinforcing its commitment to backing high-potential ventures. This investment aligns with a broader industry trend where investors are prioritizing startups with strong revenue traction, especially as early-stage African startups accounted for only 9% of total venture funding in 2024. The four startups, each receiving $200,000, are: In addition to financial support, the selected startups will receive mentorship and participate in immersion programs across key tech ecosystems. With this latest funding round, Madica has now invested a total of $1.6 million across eight startups since 2022. “Our…

Zipline, the global drone logistics company, is set to enhance healthcare services in Bayelsa State with the launch of a new drone distribution center. This expansion aims to improve medical supply deliveries, ensuring that essential drugs, vaccines, and blood products reach remote and underserved areas quickly. By leveraging its autonomous drone technology, Zipline will help reduce delays in medical deliveries, strengthen the state’s healthcare infrastructure, and support emergency response efforts. This initiative aligns with Nigeria’s push for improved healthcare access, particularly in regions where logistics challenges often hinder medical supply chains. Zipline has officially launched a new drone distribution center…

Nigerians will soon face higher costs for withdrawing cash, adding to the financial strain amid rising inflation. Banks and financial institutions have begun adjusting their withdrawal fees, making it more expensive for customers to access their money. With the cost of living already surging, this increase is expected to spark concerns about affordability and accessibility, especially for those who rely heavily on cash transactions. As digital payments continue to grow, some experts believe this move is aimed at pushing Nigerians further toward cashless banking. The Central Bank of Nigeria (CBN) has introduced new withdrawal charges to cover rising operational costs…

MTN Nigeria has implemented a 50% price hike, marking a significant shift in its pricing strategy. The telecom giant’s decision comes amid rising operational costs and economic challenges in the country. This increase is expected to impact millions of subscribers, sparking discussions about affordability and accessibility in Nigeria’s telecom sector. MTN Nigeria has begun increasing data prices, leaving many subscribers frustrated as their usual plans now cost significantly more. The Nigerian Communications Commission (NCC) approved a 50% tariff hike on January 24, 2025, though the adjustments vary across different data plans. For example, the 15GB weekly plan that once cost…

Ghanaian digital bank Affinity Africa has secured $8 million in funding to scale its operations, proving that Ghana is carving out its place in Africa’s digital banking revolution. While fintech dominance often comes from Nigeria, South Africa, and Egypt, Affinity is showing that Ghana is ready to compete. The funding round was led by European venture capital firms, including Germany’s Grazia Equity and London-based BACKED VC, alongside key investors such as Enza Capital and Launch Africa. Since its launch in October 2023, Affinity Africa has onboarded over 50,000 customers, with a significant portion being first-time bank users, particularly women working…

Ethio Telecom is experiencing a financial surge, generating 61.9 billion birr (about $491.57 million) in just six months—a remarkable 40% increase from the previous year. CEO Frehiwot Tamiru attributed much of this success to the company’s mobile money service, Telebirr, which saw its user base grow from 41 million to over 51 million. The platform processed a staggering 1 trillion birr in transactions, further cementing its dominance in Ethiopia’s digital payment ecosystem. The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) also soared by over 60% to 32.8 billion birr, a sharp contrast to the struggles of other African…

Caribbean Venture Capital Fund (CVCF), a newly established VC fund backed by the Development Bank of Jamaica, has received approval from its Investment Committee to acquire a stake in Doorstep Jamaica Limited. Managed by CMGP LLC, a subsidiary of Mscale LLC, CVCF focuses on early-stage, scalable businesses and operates as a $50 million fund set to close to investors by May 2025. Doorstep, a fast-growing online delivery service, will use this investment to accelerate its expansion within Jamaica, the wider Caribbean, Latin America, and eventually Africa. The funding will support Doorstep in enhancing its platform, scaling operations, and expanding its…

Three years after its initial proposal, the Bank of South Sudan (BoSS) has officially launched the country’s first National Instant Payment System (NIPS) in partnership with the AfricaNenda Foundation, an organization advocating for instant payments. This marks a major milestone in enhancing payment efficiency and expanding financial access in South Sudan. NIPS will facilitate instant transactions, reducing delays, lowering costs, and improving financial inclusion for over 6 million adults with limited access to formal banking. Currently, MTN and Zain dominate the country’s payment landscape due to the absence of a domestic or regional instant payment system. The new system integrates…

A blockchain infrastructure company in Israel called StarkWare, that is valued at $8 billion, has introduced a $4 million fund to support pre-seed and seed-stage startups in Africa as the continent experiences increasing blockchain adoption. The Africa-focused fund will offer grants of up to $150,000 for early-stage startups, with larger investments available for projects leveraging StarkNet, StarkWare’s decentralized application platform built on Ethereum. It aims to support high-potential startups across West, South, and East Africa, prioritizing teams with strong technical expertise and local business insight to develop scalable blockchain solutions. “We are seeking projects in African countries with economic challenges…