Safaricom’s Ziidi money market fund under scrutiny for anti-competitive behaviour
Safaricom’s Ziidi money market fund is under scrutiny for alleged anti-competitive behavior, following a complaint lodged with the Competition Authority of Kenya (CAK) by a fund manager who claims the fund is receiving preferential treatment. The May 26 letter by I.C. Law LLP, which mentions Cytonn CEO Edwin Dande as
Why Atamelang Free Said No to a 9–5 and Built a Skincare Brand Instead
When Atamelang Free speaks about her business, it’s not just about the products; it’s about the well-being of the customers. What started as a search for purpose during a career crossroads has evolved into a wellness brand rooted in sustainability, self-confidence, and social impact. Atamelang is not your typical entrepreneur.
Kenya’s top bank executives got richer in 2024, while borrowers struggled
Last year was marked by high interest rates, rising loan defaults, and a credit freeze for small businesses, yet, despite these challenges, Kenya’s top bank executives got richer in 2024 and enjoyed a sharp rise in compensation, totaling nearly $9.3 million (KES 1.2 billion) for the year. Leading the pack
Startup Stories of 16 African Entrepreneurs We Interviewed
We understand that in the world of entrepreneurship, where the road ahead is often uncertain and challenging, startup stories serve as guiding lights. They remind us that even the most celebrated business personalities faced struggles, rejections, and setbacks before achieving greatness. These startup stories will inspire you to persevere, innovate,
How African Startups Are Navigating the Global Market
With 54 countries, 1.3 billion people, and a new continental free-trade pact (AfCFTA) unlocking a potential $3.4 trillion market, startups are urgently seeking ways to scale beyond local borders. Mobile connectivity is surging – for example, mobile phone penetration is expected to exceed 613 million users by 2025, enabling digital
CBEX is back, and Nigerians are paying again despite frozen funds
After two months, CBEX is back with another gimmick, the Ponzi scheme, which falsely claimed to be a cryptocurrency exchange platform, froze withdrawals for thousands of customers on its platform. CBEX never shut down its platform, despite warnings from Nigeria’s Securities and Exchange Commission (SEC) and multiple public arrest warrants issued by the Economic
After one year, Nigeria’s telecom protection law fails to stop fibre cuts
Nigeria signed the Designation and Protection of Critical National Information Infrastructure Order (CNII) in June 2024, and after one year, Nigeria’s telecom protection law failed to stop fibre cuts, which classifies telecom infrastructure as critical national assets and makes their protection a matter of national security. However, one year on,
Moove eyes unicorn status with planned $300 million raise
The Uber-backed Nigerian startup, Moove, eyes unicorn status with a planned $300 million raise that could push its valuation past $1 billion, according to The Information. The planned raise comes at a time of rapid expansion for Moove. Last year, the company announced a partnership with Waymo, Alphabet’s self-driving vehicle division, to
Rwanda hits 38% internet penetration, but cost still keeps millions offline
Rwanda hits 38% internet penetration, matching Africa’s average internet penetration rate, according to new data from the International Telecommunication Union (ITU). The figure, up from 34% in 2024, is a symbolic benchmark for a country aiming for universal internet access by 2030. With 5.5 million active internet users out of an estimated
5 Ride-hailing Apps in Nigeria You May Not Know
Ride-hailing apps in Nigeria have come a long way, empowering thousands of drivers across many states and providing services to millions of users while contributing billions to the economy. Powering this burgeoning industry are three major companies whose technologies and processes have set the standard: Uber, Bolt, and inDrive. Uber’s
