€30 million fund generated by Satgana to support African climate tech startups

A European venture capital (VC) firm headquartered in Luxembourg, has closed a €30 million fund to fund startups that tackle climate change problems in Africa. The fund will do so by investing up to €500K in the pre-seed and seed stages of startups across Europe and Africa.  The VC will leverage the network of its […]

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Business Economy Finance

Yellow Card gets $40 million dollars Series B funding

Pan-African cryptocurrency exchange Yellow Card has announced the close of its $40M Series B funding led by Polychain Capital. Other investors participating in the round include Valar Ventures, Third Prime, Sozo Ventures, Castle Island Ventures, Fabric Ventures, DG Daiwa Ventures, The Raba Partnership, and others. According to a statement, the company will use the funding to drive business […]

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Business Finance

Kuda in trouble? Nigerian Neobank incurs over N6 Billion loss in 2021

The last two years have seen losses for Kuda MFB, a neobank with a Nigerian microfinance bank license. According to the company’s financial report, reviewed by Business Verge, it lost $6,092,554,866 ($14,214,681) by the conclusion of the 2021 fiscal year, an increase of 602% over the $2,025,295 loss it suffered in 2020. The company’s sales […]

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Business Finance

Google provides $4 million in equity-free funding to 60 African companies.

At the Transcorp Hilton Hotel in Abuja, Google announced that 60 African startups have been selected for the second cohort of its Google for Startups Black Founders Fund.  Each of the selected startups will receive support in the form of a 6-month training programme that includes tailored workshops, community-building sessions and access to a network […]

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Business Economy

The five largest insurance companies in Nigeria would increase gross premium to N139 billion in half of 2022.

Nigeria’s leading insurance companies earned a whopping sum of N139.440 billion as revenue in the half year of 2022, outperforming their earnings in the corresponding period of 2021 of N115.530 billion. According to the information contained in the half year financial statements of these companies and compiled by Nairametrics research, the companies’ premiums rose by […]

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Startups Technology Venture Capital

Nigerian fintech startup, Grey, raises $2 million in seed funding

Grey, a Nigerian fintech startup, has raised $2 million in seed funding to expand into new African markets. According to the one-year-old company, the funding will also allow it to expand its product suite to include remittances and person-to-person and business-to-business payments, allowing every African to enjoy seamless cross-border payments with low fees. Y Combinator, […]

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Business News Technology

Moneymie has shut down its digital bank for immigrants to focus on B2B services

Moneymie suspended its digital bank service, which allowed African immigrants in North America to send and receive money from Nigeria, Ghana, and South Africa, on August 9, 2022. Although Moneymie is discontinuing its B2C services, the fintech company announced that it will focus on cross-border payments and payouts for business users through its B2B platform […]

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Business Business News Economy

Binance will use its innovative crypto hub to support crypto education in Cameroon.

With up to 23 African governments banning cryptocurrency, the future of crypto in Africa has been a rising concern. Despite this, Binance, the world’s largest crypto exchange platform by volume, is pushing for increased cryptocurrency adoption on the continent. To this end, the cryptocurrency infrastructure provider has launched a crypto education hub in Yaounde, Cameroon, via a […]

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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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N10billion loss hits Nigerian exchange

Trading activities on the floor of the Nigerian Exchange Limited (NGX) closed on a negative note Wednesday, August 17 to upturn the previous day’s gain following losses recorded by blue chip firms.  However, the stock market recorded 10 gainers including Prestige Assurance Plc against 16 losers led by Courtiville Business Solutions Plc to close the […]

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