Author: Akin Naphtal

Global digital infrastructure leader, Vertiv has announced the acquisition of assets and technologies from BiXin Energy Technology (Suzhou) Co., Ltd (BSE), a Chinese manufacturer specializing in chillers, heat pumps, heat-recovery solutions, and air-handling units. The move aims to enhance Vertiv’s offerings in high-performance computing and artificial intelligence (AI) applications worldwide. The acquisition, carried out by Vertiv’s Chinese subsidiary, underscores the company’s commitment to expanding its critical technology portfolio. Founded in 2010, BSE has a proven track record in the Chinese and broader Asian markets, bringing patented technologies, advanced solutions, and robust research and development capabilities to Vertiv’s global operations. BSE’s…

Singapore-based cross-border payments company, Tranglo announced its expansion into 10 African countries. This move brings the total number of countries in Tranglo’s African payments network to 25, significantly broadening options for seamless international remittances. Mobile wallets are witnessing rapid growth across Africa, providing a lifeline for millions without access to traditional banking services. These platforms are increasingly becoming the preferred channel for money transfers, particularly international remittances. The newly added countries include Benin, Cameroon, the Democratic Republic of Congo (DRC), Gambia, Guinea, Guinea-Bissau, Côte d’Ivoire, Malawi, Rwanda, and Tanzania. Initially, these markets will support peer-to-peer e-wallet transactions, enabling near-instant transfers…

Cassava Technologies, a global technology company of African heritage, has achieved three major milestones aimed at bolstering its growth and operational efficiency. These include securing a $90 million equity investment, successfully refinancing its South African Rand (ZAR) debt, and completing a legal reorganization to streamline its business operations. The equity investment round saw contributions from the U.S. International Development Finance Corporation (DFC), the Finnish Fund for Industrial Cooperation (Finnfund), and Google LLC. This funding is expected to strengthen Cassava’s balance sheet, accelerate sustainable growth, and solidify its standing as a leading global technology provider. Concurrently, the company finalized a reorganization…

Scancom PLC (MTN Ghana) has announced the acquisition of GH₵10.9 million ($748,177) worth of ordinary shares by some of its non-executive directors, a move aimed at enhancing Ghanaian participation in the company’s ownership. The shares, totaling 6,197,117, were acquired on August 16, 2024, at GH₵1.77 per share. Investcom Consortium Holdings SA, the majority shareholder, facilitated this transaction, following an independent due diligence process. MTN Ghana confirmed the acquisitions complied with Ghana’s Companies Act, 2019 (Act 992), the Securities Industry Act, 2019 (Act 929), and the Ghana Stock Exchange (GSE) regulations. The directors involved in the purchase are: -Felix Addo, who…

MTN Group has announced significant leadership changes to enhance succession planning, operational execution, and the advancement of its Ambition 2025 strategy. Effective March 1, 2025, Mitwa Ng’ambi, the current CEO of MTN Cameroon, will assume the CEO role at MTN Côte d’Ivoire, succeeding Djibril Ouattara, who is retiring early. Ouattara noted for his leadership at MTN Congo-Brazzaville, will assist Ng’ambi during her transition. Ng’ambi brings over 15 years of telecom experience, having led MTN Cameroon since September 2022. She also serves as the Board Chairperson of Mobile Money Corporation, MTN’s fintech subsidiary in Cameroon. Her prior roles include CEO of…

In 2024, SEACOM solidified its position as a transformative force in Africa’s telecommunications sector, unveiling groundbreaking solutions and partnerships aimed at redefining connectivity, cybersecurity, and enterprise IT services. From pioneering satellite connectivity to empowering small businesses, SEACOM’s strategic innovations are shaping the continent’s digital journey. 15 Years of Connectivity ExcellenceThis year, SEACOM celebrated its 15th anniversary, reflecting on its huge role in Africa’s ICT evolution. Since launching Africa’s first high-capacity subsea cable in 2009, SEACOM has connected the continent to Europe and Asia, improving internet access. Over the years, the company has expanded its offerings to include enterprise-grade connectivity, cloud…

The Kenyan government has unveiled plans to digitize 80% of its public services as part of its ambitious digital transformation agenda. President William Ruto announced while launching the strategic plans for the National Police Service and the State Department of Correctional Services for the 2023–2027 period. Central to this initiative is the modernization of police operations, with a budget of 28 billion shillings ($216.6 million) earmarked over the next two years. The investment aims to enhance national security through advanced technological systems, including the digitization of the police’s Occurrence Book (OB). “We need a modern police service, and technology is…

The MasterCard Center for Inclusive Growth, MTN Group Fintech, and Arifu have joined forces to help one million small businesses in Côte d’Ivoire and Uganda embrace digital transformation. The initiative, driven by the MoMo Coach chatbot, seeks to enhance the adoption of digital financial services and improve access to digital marketplaces. As part of MasterCard’s global Strive initiative, the program aims to bolster the resilience and growth of small businesses by providing essential digital skills. Similar initiatives are currently operational in Kenya and Nigeria, with content tailored to support small business owners. Small businesses in Sub-Saharan Africa have faced significant…

South African fintech, Tyme Group, has raised $250 million in a Series D funding round, boosting its valuation to $1.5 billion. This milestone establishes Tyme as one of Africa’s few unicorns in 2024, alongside Nigeria’s Moniepoint. The funding round was led by Nu Holdings, the parent company of Latin America’s leading fintech, Nubank, which invested $150 million for a 10% stake in Tyme. Additional investments included $50 million from the M&G Catalyst Fund and $50 million from existing shareholders. Innovative Banking Model Drives GrowthFounded in 2019, Tyme Group operates a hybrid digital banking model that combines online banking with physical…

The Chief Technology Officer of Payaza, Philips Akinyele, highlighted the company’s innovative strategies for addressing the challenges faced by Small and Medium Enterprises (SMEs) in accessing financial services. Mr. Akinyele explained that Payaza is committed to enhancing financial inclusion across Africa through a three-pronged approach: accessibility, security, and innovation. “We have developed a suite of services that support online and in-person payment methods, including mobile money, bank transfers, card payments, and QR code-based transactions,” he said. Real-time transaction tracking and reporting tools help SMEs efficiently manage cash flow. Additionally, the company’s Payaza Boost program addresses the critical issue of working…