Author: Insider Editor

Nigerian crypto startup Quidax has officially listed cNGN, the country’s first SEC-regulated stablecoin pegged to the naira. This move follows Busha’s listing of the same token last month, signaling a shift in Nigeria’s crypto landscape—where regulation and adoption are beginning to find common ground. With the March 12 listing, Quidax users can now send and receive cNGN between wallets, with potential applications in payments, transfers, and digital currency exchanges. Unlike past regulatory crackdowns, the SEC’s involvement in cNGN’s rollout suggests that the government is looking to integrate crypto into the financial system rather than restrict it. The cNGN stablecoin was…

Kenyan logistics startup Leta has raised $5 million in seed funding to make goods transportation across Africa faster and more cost-effective. The round was led by European VC firm Speedinvest, with support from Google’s Africa Investment Fund and climate-focused investor Equator. This fresh capital will fuel Leta’s expansion and enhance its AI-powered logistics platform. Since raising $3 million in pre-seed funding in 2022, Leta has rapidly grown its operations in Kenya, Nigeria, Uganda, Zambia, and Zimbabwe. Now, it aims to scale even further, optimizing delivery routes and helping businesses reduce logistics costs. Leta’s technology streamlines deliveries by minimizing the number…

Nigerian food procurement startup Vendease is transitioning to a performance-based compensation model following the layoff of 44% of its workforce—approximately 120 employees—according to TechCrunch. Instead of fixed salaries, employees will now earn based on performance, with an added Equity Share Option Plan (ESOP) as an incentive. The move is aimed at sustaining the business and steering it toward profitability. The new pay structure is being implemented in phases. In February, all employees received a flat ₦140,000 (~$90), regardless of previous salaries. From March to May, they can earn up to 30% of their former salaries if they meet performance targets—though…

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…