Author: Akin Naphtal

Pioneering Cameroonian startup, Koree, has successfully secured a pre-seed investment of $200,000, which Koree’s founder, Magalie Gauze-Sanga says would be used in expanding its merchant network, customer base, and achieving product-market fit. Backers of the investment include Tunde Akinnuwa, co-founder at Duplo, the Cameroon Angels Network, Catalytic Africa, Digital Africa, and several private investors. Koree’s innovative service seeks to address the challenge of handling spare change in cash-centric economies. The fintech company provides a solution through a card and digital wallet system, allowing merchants to issue digital change seamlessly. Additionally, Koree’s platform facilitates loyalty programs, enabling customers to accumulate cashback…

Japanese automaker, Honda Motor Co, has begun planning to build an electric vehicle (EV) plant in Canada to bolster its electric vehicle (EV) presence, according to reports from Japan’s Nikkei news group. The project, valued at nearly 2 trillion yen ($13.83 billion), could potentially incorporate in-house production of batteries, making it one of Honda’s most significant investments to date. While Honda has not officially commented on the reports, Canada’s industry minister’s office has acknowledged the potential investment, highlighting it as a testament to the country’s skilled workforce and robust industrial sector. The statement lauded Canada’s reputation as a preferred green…

The BRICS group of emerging markets has officially welcomed five new nations, namely Saudi Arabia, Iran, the United Arab Emirates (UAE), Ethiopia, and Egypt, into its fold as of 1st January 2024. This expansion follows an invitation extended by the existing BRICS members, Brazil, Russia, India, China, and South Africa, to six other nations in August 2023, aimed at fostering increased collaboration and economic influence among major emerging economies. Established in 2009, BRICS has become a vital platform for enhancing cooperation and coordination among its member nations. The inclusion of Saudi Arabia, Iran, the UAE, Ethiopia, and Egypt is expected…

The Nigerian Central Bank’s ban on cryptocurrency transactions, imposed in 2021 over money laundering and terrorism financing concerns, has now been lifted, paving way for renewed crypto activities in Nigeria. The Central Bank of Nigeria (CBN) is not merely lifting restrictions, but is also actively engaging with the crypto space. Embracing the technology while addressing regulatory concerns, the CBN has introduced new measures, with the most notable being the development of a stablecoin pegged to the Nigerian Naira. The stablecoin, named cNGN, is set to launch later in January and is designed to mirror the value of the fiat currency.…

South Africa’s SuperSport will not be airing the Africa Cup of Nations (AFCON), after losing the tournament’s broadcasting rights to New World TV (NWT), in what CAF president, Patrice Motsepe calls “a mega deal that no other broadcaster could match.” SuperSport, which is owned by Multichoice, has traditionally played a vital role in building hype and excitement around AFCON. However, NWT’s acquisition of hosting rights for both AFCON 2023 in Ivory Coast and 2025 in Morocco introduces fresh competition to the market, posing challenges for Multichoice. According to Tech Cabal, football enthusiasts across Africa fear that the viewing experience might…

Co-founder and former CEO of Twiga Foods, Peter Njonjo, has resigned from the company’s board, after stepping down as CEO in December 2023 to take a six-month leave. Njonjo’s resignation has raised questions about the circumstances surrounding his departure, especially regarding the subject of his six-month leave. Reports had previously hinted that Njonjo’s time off might have been a cover for his forced exit, particularly with the involvement of investors Creadev and Juven in a crucial $35 million funding round for Twiga. At its core, Twiga operates as a cashless, mobile-based platform designed to streamline and enhance the supply chain…

Leading Nigerian impact investment firm, All On, has partnered with Baobab Plus Nigeria, committing $2.25 million to a credit facility for the deployment of 1,536 solar energy panels, ranging from 600W to 3KW in capacity, across Nigeria. The collaboration, which was agreed upon on 31st December 2023, leverages Baobab Plus Nigeria’s extensive Pay-as-you-Go Agent Network, which covers 21 locations in the Southwest, North Central, and Northwest regions of the country. All On noted that the partnership would not only bring light to homes and communities but also contribute to environmental conservation. All On’s CEO, Caroline Eboumbou, highlighted the company’s commitment…

South Korea’s Hyundai Motor Co and its affiliate, Kia Corp, have projected a two percent increase in their combined global sales for 2024, following a challenging year in 2023 where both companies failed to meet their sales target. The duo managed to sell 7.3 million vehicles in 2023, which was 3% less than their goal of 7.52 million. The underperformance was attributed to economic challenges including rising interest rates and inflation, making vehicles less affordable for some buyers. For 2024, the companies aim to achieve global sales of 7.44 million vehicles, with Hyundai and Kia setting individual targets of 4.24…

Chinese social media platform, TikTok, has decided to support local small and medium enterprises (SMEs) in Kenya with a $1.49 million fund, in an investment which is one of the largest by a social media company in Kenya’s SME sector. The fund seeks to provide loans, grants, training, and mentorship to entrepreneurs using TikTok to showcase their businesses. It is a response to the challenges faced by SMEs in Kenya, with 83% reporting revenue declines during the COVID-19 pandemic. In partnership with Yunus Social Business, TikTok plans to support Kenya’s SMEs in various sectors that leverage the platform for promotion,…

Chinese tech giant, Huawei Technologies, has forecasted revenue exceeding 700 billion yuan ($98.5 billion) for the year 2023, marking a 9% year-over-year growth from the 642.3 billion yuan reported in 2022. Huawei’s rotating chairman, Ken Hu, shared this forecast in an internal New Year message to staff, while noting the company’s resilience and rebound following U.S. sanctions imposed in 2019. The sanctions had initially crippled some of Huawei’s business lines by limiting access to critical global technologies, particularly advanced chips. Huawei’s device business segment, including its smartphone business, outperformed expectations in 2023, according to Hu’s message. The company’s smartphone shipments…