Kredete, a Nigerian fintech company that helps African immigrants build credit, has raised $22 million in a series A funding round led by AfricInvest through its Cathay AfricInvest Innovation Fund (CAIF) and Financial Inclusion Vehicle (FIVE). This latest round, which also had participation from Polymorphic Capital and Partech, brings Kredete’s total funding to $24.75 million, according to a press release. The fund will help the company expand into Canada, the United Kingdom, and key European markets. About Kredete Serial entrepreneur Adeola Adedewe founded the company in 2023 with a mission
The 2Africa submarine cable is scheduled to launch in September 2025 in locations including London, Ghana, Nigeria, and South Africa. Facebook reported that it will span 45,000 kilometers across nine landings, collectively known as the 2Africa Pearls. The subsea cable will directly connect Africa, Europe, and Asia. Upon its completion, the extension will make 2Africa the longest subsea cable system in the world, according to Facebook. It will surpass the current record set by the SEA-ME-WE 3 line, which spans 39,000 km and connects 33 countries across South East Asia,
Mastercard released a whitepaper highlighting Africa’s readiness, opportunity, and roadmap for responsible artificial intelligence (AI) adoption. Harnessing the transformative power of AI in Africa shares insights into how AI can unlock significant outcomes across the continent’s major industries, including agriculture, healthcare, education, energy, and finance. The whitepaper also details the potential positive impact of AI on digital infrastructure, policy and governance, research and development, local language processing, and investment into Africa. Additionally, it examined how AI can create more jobs, with up to 230 million digital jobs projected by 2030 on
IFC, a member of the World Bank Group, and Proparco, a member of the World Bank Group, announced an equity investment of up to $50 million in Helios Sports and Entertainment (“HSEG”), an investment vehicle dedicated to sport, media and entertainment across Africa. HSEG aims to foster a more dynamic sport and entertainment ecosystem in Africa by collaborating with its four partners: NBA Africa, The Malachite Group (Afro Nation), PFL Africa, and Zaria Group. IFC and Proparco invest in African sport The IFC commited $30 million of the equity investment,
Kava, a Nollywood streaming platform, is set to launch in August 2025 with over 30 Nollywood titles. The platform is a partnership between Inkblot Studios and Filmhouse Group, according to Deadline. “Kava is more than a streaming service. It’s a bold new chapter for Nollywood, designed to meet the growing demand for premium, authentic African content and to redefine how the world experiences our stories,” Kava Co-CEO Chinaza Onuzo said. “By giving both rising and establishing talent a trusted, lucrative stage to tell their stories, we’re building a platform that doesn’t
Museums in the West tend to have one thing in common: displaying artifacts from countries that aren’t theirs. Now you can virtually reclaim these artifacts. At the Summer Game Fest in Los Angeles, Nyamakop game studio recently announced the launch of its latest project, Relooted, a side-scrolling puzzle platformer where users can join a group of thieves who reclaim stolen artifacts from Western museums and return them to their respective countries of origin. How do you play Relooted? The game is set in an African Futurism-inspired 21st century, during a time
Nigeria is suing Binance for $79.5 billion in economic losses, which it alleges were caused by the cryptocurrency exchange’s actions in the country, and $2 billion in unpaid taxes, according to court documents seen by Reuters. Nigerian officials condemned Binance for Nigeria’s currency problems and detained two of its executives in 2024 following cryptocurrency websites emerging as preferred platforms for trading the local naira currency. Binance is one of the most significant crypto exchange currencies globally but is not registered in Nigeria. It did not respond to a request for
Microsoft has announced its plans to train one million people in digital skills through an Artificial Intelligence skilling initiative in South Africa. The initiative will give South Africans insight into the strategic aspects of AI whilst empowering leaders with the necessary tools and knowledge required to navigate the advancing AI landscape. “Harnessing the transformative power of artificial intelligence (AI) is no longer a futuristic vision, but a tangible reality for organisations seeking to achieve exponential growth and optimisation,” Lillian Barnard, President for Microsoft Africa, said in a press release. What
MANSA, a global fintech innovator in trans-regional payments, announced its recent $10 million funding round. It raised $3 million in a pre-seed funding round led by Tether and co-headed by Polymorphic Capital with the help of other significant investors like Faculty Group, Octerra Capital, and Thrive Digital. They secured a further $7 million in liquidity funding from corporate investors, quantitative funds, and alternative investment firms. “This funding accelerates our global expansion, enabling us to empower payment companies with seamless, real-time settlement infrastructure and drive the future of payments,” Mouloukou Sanoh, CEO and
Africa-focused venture capital firm Oui Capital returned its $4 million debut fund after the sale of some shares in Nigerian fintech unicorn Moniepoint, as Techcrunch reports. Oui Capital’s Investment in Moniepoint Last year, the Nigeria-based fintech company successfully raised $110 million in a Series C funding round. That raise gave the company a valuation of at least $1 billion for the first time, according to the Financial Times. When Moniepoint first launched its fund, Oui Capital invested $150,000 in the company, but it has now accumulated an $8 million return, which
