Aruwa Capital Management, a Nigerian investment firm, has raised $35 million towards its $40 million target for its second fund. The firm is set to reach its final close of $50 million, with a hard cap of $60 million within the year. The total fund exceeds Aruawa Capital’s first fund, which closed in 2022 at just over $20 million. The second fund includes new and returning investors such as the Mastercard Foundation Africa Growth Fund (MFAGF), Visa Foundation, global family offices and HNIs, and new LPs such as the Bank
Meta is threatening to shut down Facebook and Instagram in Nigeria after losing a court appeal over $290 million in fines tied to regulatory and data privacy violations, the BBC reports. $290M in fines The showdown began in 2021 when Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC) launched an investigation into WhatsApp’s updated privacy policy. The agency, along with the Nigerian Data Protection Commission (NDPC) and the national advertising regulator, accused Meta of multiple infractions. These include sharing user data without authorization, discriminating against Nigerian users compared to other
Kofa, a Ghanaian-based energy tech company, has secured $8.1 million in a pre-Series A funding round to expand its battery-swapping network across Africa. The funding round, which comprised a mix of equity ($3.25 million), debt ($4.315 million), and $590,000 in grants, was led by E3 Capital and Injaro Investment Advisors, with support from the Shell Foundation and the UK Government’s Transforming Energy Access platform (TEA). Noteworthy European investors, such as Richard Thwaites, founder of Penso Power, also participated in the funding round. Who founded Kofa? The company was founded in 2022 by Erik
Pan-African initiative Investing in Innovation Africa (i3) has announced the launch of its third cohort, which will provide seven founders with $225,000 each in grant funding to transform pharmacy services across the continent. The initiative is sponsored by the Gates Foundation, MSD, Cencora (formerly AmerisourceBergen), Endless Foundation, HELP Logistics (a subsidiary of the Kühne Foundation), Sanofi’s Global Health Unit, and Chemonics. It is a three-year program set to help founders improve patient access to healthcare across Africa, according to a press release shared by POCIT. Which seven startups have been selected? The seven
Meta is facing a lawsuit in Ghana as content moderators who experienced severe psychological harm caused by taking down disturbing social media content, including depictions of murders, extreme violence, and child sexual abuse. Lawyers are preparing for court action against a company contracted by Meta, which owns Facebook and Instagram, following a meeting with moderators at a facility in Ghana that allegedly employs approximately 150 people. This is the second lawsuit Meta is facing in Africa. Why is Meta facing a lawsuit in Ghana? Moderators working for Majorel in Accra claim that
Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC) has imposed a fine of $220 million on Meta and WhatsApp for breaching the country’s data protection and consumer rights laws. The fine was issued following a comprehensive investigation, which the Competition and Consumer Protection Tribunal upheld on Friday, 25 April 2025. It must be paid within 60 days, as stated by TechPoint. Why Meta must pay a $220 million fine? The FCCPC and the Nigerian Data Protection Commission (NDPC) identified several violations, including the unauthorized sharing of Nigerian users’ data, inadequate
Djamo, a Francophone digital banking startup, raised $17 million in an equity funding round led by Janngo Capital. The fintech company currently serves one million customers, specifically in Ivory Coast and, more recently, Senegal, according to TechCrunch. The funding will help Djamo expand its product suite for its customers and the thousands of small businesses it has acquired over the past two years. Who are the founders of Djamo? CEO Hassan Bourgi founded the company in 2020 alongside Chief Product and Technical Officer Régis Bamba. Djamo is committed to lessening the financial
Vodacom supports the Independent Communications Authority of South Africa’s (ICASA) commitment to prevent Starlink from operating in the country. The telecom company states that satellite operators, such as Starlink, should be held to the same standards as other terrestrial operators who must comply with local ownership rules, as noted by My Broadband. Vodacome supporting Starlink’s ban in South Africa Elon Musk’s company, Starlink, has not applied for the mandatory Electronic Communications Network Services (ECNS) and Electronic Communications Services (ECS) licenses required to operate legally in South Africa. ICASA confirmed that
Nigerian fintech startup Moniepoint announced the launch of MonieWorld, a platform that offers immigrants various financial services, starting with remittances to Nigeria.​ The new financial product allows users to return money to Nigeria, beginning with the UK. “With MonieWorld, Nigerians in the UK can send money home in seconds directly into any Nigerian bank account. With remittances to Nigeria crossing $20B in 2023, we see this as an opportunity to support economic growth in Nigeria, while bringing families closer,” the company said in a blog post. Customers will be able
The Distributed AI Research (DAIR) Institute is calling on social media companies to address the spread of violent speech and warmongering on their platforms to stop a looming war between Eritrea and Ethiopia. Researchers at the institute have spent three years analyzing social media platforms’ role in exacerbating the 2020-2022 Tigray war and believe similar failures are happening again. “We performed computational analyses to quantify the level of hate speech on these platforms, and interviewed content moderators to better understand the organizational practices that have resulted in the platforms’ failures
