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MultiChoice issues gloomy forecast ahead of earnings release

DSTV owner MultiChoice has warned investors to brace themselves ahead of an underwhelming earnings report that will mirror the company’s growth within the next six months. The company informed shareholders that it expects a net loss in the report, which it will publicise on Thursday. MultiChoice is expecting a net loss in its earnings per […]

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Nigerian proptech SmallSmall raises $3M to provide flexible living solutions for customers.

Inefficiencies have marred Nigeria’s rental system for years, thus affecting how landlords and renters transact. Most landlords collect rent one to two years upfront, while renters struggle to find apartments as they deal with uncharitable agents. Several proptech startups are addressing such problems by providing better options to both stakeholders. One such platform is Lagos-based SmallSmall which gives […]

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11-year-old German process mining company, announces a $1 billion raise

Celonis, an 11-year-old German process mining company, announced a $1 billion raise on a $13.2 billion post-money valuation, it was a bit of a shock. After all, VC firms were pulling back from the huge raises and gaudy valuations of yesteryear.But Celonis — which has raised $2.4 billion, per Crunchbase, with $2 billion coming in the last year alone — […]

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Despite a 222% increase in currency availability, the Naira declines on the P2P market to N691 per $1.

At the official foreign exchange market, the naira/dollar exchange rate closed at N429.43/$1. In comparison to the N429.05/$1 exchange rate recorded on Friday, August 19, 2022, the currency rate decreased marginally to close at N429.43/$1, or a 0.09% depreciation. In the meantime, the amount of FX supply increased by 222.3% to $161.94 million from 50.22 […]

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Users of Binance can now deposit and withdraw money using the South African Rand (ZAR).

The South African Rand (ZAR) can now be deposited into and withdrawn from Binance wallets, according to the cryptocurrency exchange that processes the most trades globally, Binance. This, according to Binance, is intended to enhance cryptocurrency adoption and accessibility in the area. According to Binance, the service will be introduced in two stages. Users of […]

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Millions go down the drain following 14-hour long strike

Electricity Distribution Companies (DisCos) lost an estimated N2.94 billion in revenues on Wednesday, 17th August 2022 following the 14-hour long strike action embarked on by Labour Unions.Electricity workers under the aegis of the National Union of Electricity Employees (NUEE) and the Senior Staff Association Electricity and Allied Companies (SSAEAC) grounded the operations of the Transmission […]

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$2.5 Million in seec rounds for expansion in Nigeria by Koolboks

Koolboks, the sustainable cooling company providing accessible cold storage solutions to businesses across Africa, has closed a $2.5 million Seed funding round.The round was led by Aruwa Capital Management and with participation from Acumen, Blue Earth Capital, All On, GSMA and other investors. This brings the company’s total investment to date to $3.5M.Koolboks says it […]

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Fintech Gaint Flutterwave Hires 200 Graduate Trainees Despite the Fintech Winter

Africa’s fintech industry has advanced significantly during the past few years. Data from Disrupt Africa shows that in 2021, 564 African tech startups raised a total of $2.1 billion. According to data compiled by Futuregrowth Asset Management, the growth has continued into 2022 with inflows of $2.7 billion from January 2022 to May 2022, more […]

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Nigerian Start-up Accounteer acquired by Ghanaian Float to offer accounting services to small enterprises.

For an undisclosed sum, a Ghanaian cash flow and spend management platform (float) has fully acquired Accounteer, a Nigerian cloud-based accounting service that combines bookkeeping, tax preparation, and financial counseling services into one platform for African businesses. This agreement comes eight months after Float concluded one of Africa’s largest seed rounds of $17 million in […]

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$1.7 billion comes in via foreign inflow through the Nigerian banking sector.

The Nigerian banking industry attracted $1.47 billion as capital inflows in the first half of 2022, an increase of 109.8% compared to $698.2 million received in the second half of last year and 46.5% higher than the $1 billion inflows recorded in the corresponding period of 2021. These data have been gotten from the Central […]

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