Author: Insider Editor

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…

Nigeria’s Securities and Exchange Commission (SEC) is set to accelerate the issuance of crypto licenses in 2025, aiming to establish a clearer regulatory framework for the country’s fast-growing digital asset market. The move is part of the regulator’s broader efforts to enhance consumer protection, curb fraud, and foster a more structured crypto ecosystem. Since launching the Accelerated Regulatory Incubation Programme (ARIP) in June 2024, the SEC has granted provisional licenses to two Nigerian crypto startups, Quidax and Busha. At a workshop in December 2024, the Commission signaled plans to “move a lot quicker” in issuing additional approvals this year, according…

Francophone Africa is an increasingly attractive market for startups due to its growing middle class with disposable income. Companies like MDaaS, a healthcare startup, and Omniretail have recently expanded into the region. Additionally, Ivorian fintech HUB2 raised $8.5 million in Series A funding in 2024 to fuel its regional expansion. Startbutton, a Norrsken-backed startup that helps businesses expand internationally without physical offices, is launching in seven Francophone African countries—Benin, Togo, Senegal, Mali, Guinea Conakry, Burkina Faso, and Cameroon. This expansion enables companies to enter these markets seamlessly while accepting local payments without setting up a local entity. Despite these opportunities,…

Ghana’s mobile financial ecosystem continues to expand at an unprecedented rate, with the total value of transactions made via mobile devices soaring to GH¢3.02 trillion ($196.7 billion) in 2024. This marks a 51.76% increase from GH¢1.99 trillion ($130.53 billion) in 2023, according to data from the Bank of Ghana (BoG). Massive Growth in Mobile Money Adoption The aggregate volume of mobile transfers in 2024 also surged, reaching eight billion transactions, highlighting the accelerated shift toward cashless payments. Additionally, the number of registered mobile money accounts grew from GH¢65.6 million ($4.29 million) in December 2023 to GH¢73 million ($4.79 million) by…

MTN Zambia has launched ‘Call Natasha,’ a new initiative aimed at reducing customer wait times and improving service efficiency. The telecom giant is leveraging automation and AI-powered assistance to streamline customer interactions, ensuring faster resolutions and a more seamless experience. With ‘Call Natasha,’ MTN Zambia aims to address common customer concerns—such as account inquiries, data balance checks, and troubleshooting—without long hold times or the need for human agents. The system is designed to handle high volumes of requests while ensuring customers receive quick and accurate responses. “We understand that time is valuable. ‘Call Natasha’ is part of our commitment to…

TradeDepot, a leading B2B e-commerce platform connecting FMCG manufacturers with retailers, is making a bold move into food manufacturing with the launch of Mangrove. This new venture will produce and distribute essential food items such as sardines, rice, flour, peas, and canned fish—offering consumers affordable alternatives amid rising inflation and the devaluation of the naira. Although Mangrove has yet to officially launch, it is already attracting distributors through its website. By sourcing high-quality products at lower costs, TradeDepot aims to bypass the “brand tax”—the premium consumers pay for well-known labels—ensuring that essential food items remain within reach for more Nigerians.…

Cascador, a growth accelerator program, is providing Nigerian entrepreneurs with $50,000 in funding and mentorship to scale their businesses. The initiative aims to equip founders with the resources, strategic guidance, and network needed to drive long-term success in Nigeria’s competitive business landscape. By combining financial support with expert coaching, Cascador is fostering innovation and sustainability among high-impact entrepreneurs, strengthening Nigeria’s startup ecosystem. Cascador is deepening its commitment to Nigerian entrepreneurs by offering $50,000 in support, including funding, mentorship, and an upgraded training curriculum. Designed for founders tackling societal challenges through for-profit ventures, the program focuses on leadership development, financial acumen,…

Nigeria’s Central Bank has mandated the Nigeria Inter-Bank Settlement System (NIBSS) to directly debit banks for fraudulent transactions, reinforcing stricter accountability measures in the financial sector. This directive aims to curb fraud and ensure banks take greater responsibility for securing their payment systems. By holding banks financially accountable for fraudulent activities, the CBN is tightening oversight and pushing for stronger fraud prevention mechanisms across Nigeria’s banking ecosystem. In a bold move to tighten accountability, the Central Bank of Nigeria (CBN) has directed the Nigeria Inter-Bank Settlement System (NIBSS) to immediately debit banks and fintechs for fraudulent transactions passing through their…