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
Wini University, an AI-focused university, is set to open in Epe, Lagos, as first reported by Voice of Nigeria. As the first university of its kind in Nigeria, Wini University aims to equip Nigerian youth with hard-hitting skills in artificial intelligence and make Africa a hub in the global AI market. The university draws inspiration from Qatar’s AI university, which takes top talent worldwide; this Nigerian project has been in the pipeline since 2016. A group of people from Boston and Nigeria started establishing the foundation for the university. After
In 2024, African startups saw fewer investors financing deals of over $100,000. 850 startups received funding over $100,000 in 2021, but this number decreased to around 520 last year, according to findings from Africa: The Big Deal. The report also found that investors are less active than before, as 28 were involved in over ten $100,000 deals in 2022, but this number dropped to 8 in 2024. Who were the top investors in Africa in 2024? 54 Collective was the only investor participating in more than 20 $100,000 deals. The
Waza, a Y Combinator-backed B2B payments startup, is using its $8 million funding to create Lync, a banking product that plans to transform international transactions for African businesses, Techpoint reports. Last year, the startup received $8 million in equity and debt funding to expand into markets beyond its current operations in Ghana and Nigeria and offer new trade finance solutions. The funding round was led by major investors, including Byld Ventures, Norrsken Africa, and Timon Capital, with the aim of empowering enterprises across the continent to navigate global markets more effectively. The
Dr Angela Tabiri is the first African to win The Big Internet Math Off competition and wants other African girls to follow in her footsteps. Tabiri, also known as the ‘Maths queen’ in Ghana, “finds joy in solving puzzles and mathematical questions,” she told the BBC. The Big Internet Math Off A blog titled The Aperiodical created The Big Internet Math Off in 2018. They invite Sixteen mathematicians to compete for the title of “the world’s most interesting mathematician.” A public vote decides the winner, “Take a look at both pitches
Mastercard has announced the opening of its first office in Ghana as the company aims to strengthen its presence in the West African country. The latest move is predicted to help Ghana’s economy by creating more jobs and innovating tech, which signifies the country’s emerging influence in the region’s fintech industry. “Ghana presents a tremendous opportunity for Mastercard to enhance its geographical presence in West Africa. We are committed to attracting and nurturing top talent and fostering an ecosystem that aims to contribute positively to the local economy and technological
Funding for female-led and female-founded ventures in Africa reached a five-year low in 2024, ‘Africa: The Big Deal’ reported. A five year low for Women-led ventures These figures are the lowest they’ve been since 2019, as female CEOs received only $48 million in funding in 2024. That number is four times less than in 2023. In contrast, $2.2 billion went to their male peers in 2024. Additionally, female CEOs only received 2% of the total invested last year. Funding for gender-diverse teams was slightly better as they received $123 million in
