Author: Today Africa

Nigerian food procurement startup, Vendease switches to a performance-based pay system after laying off 44% of its team, about 120 employees, per TechCrunch. Instead of fixed salaries, employees will earn based on performance, with an Equity Share Option Plan (ESOP) thrown in. The goal? To keep the business afloat and

Elon Musk’s Starlink becomes Kenya’s 7th largest internet service provider (ISP), overtaking established local rivals like Dimension Data and Liquid Telecommunications Kenya just six months after breaking into the country’s top ten. The satellite broadband provider now has 19,146 users—up from 16,786 three months earlier—capturing 1.1% of Kenya’s internet market, according to

Kenyan insurtech company, Turaco’s bet on M-KOPA’s smartphones expands insurance reach to over 1 million customers with less than $2 premiums. This latest partnership with M-KOPA–a pay-as-you-go financing startup–marks its biggest move yet. By embedding microinsurance into M-KOPA’s smartphone offerings, the company has bet on a tech-driven approach to tackling Kenya’s

Nigeria’s inflation slows to 23.18% in February on stable naira and lower fuel prices in 2025 after a Consumer Price Index (CPI) rebase. Data from the National Bureau of Statistics on Monday put February’s inflation rate at 23.18%, down from 24.48% reported in January 2025. A decline in diesel and

MTN Group’s earnings drop 69% amid currency woes following a tough year which has caused their headline earnings per share (HEPS) dropped from 315 cents in 2023 to just 98 cents in 2024. The culprits? The devaluation of the Nigerian naira and the ongoing conflict in Sudan. In Nigeria, a

A private equity initiative backed by Nigerian industrialist Aliko Dangote, Alterra Africa Accelerator Fund secures $20m from the United Kingdom, through its development finance institution, British International Investment (BII). This investment aims to bolster mid-cap companies across Africa, focusing on sectors such as telecommunications, technology, financial services, consumer products, and

Airtel launches AI-powered spam alert service to combat SMS fraud in Nigeria, aiming to protect subscribers from the growing menace of spam messages and SMS fraud. This innovative service is automatically activated for all Airtel customers, requiring no additional application downloads, and is available to both smartphone and feature phone

Nigerian lender Sycamore expands into asset management after securing a fund manager licence from the Securities and Exchange Commission (SEC) to operate as a fund and portfolio manager. This move signals a significant expansion beyond its core lending business, aiming to tap into the growing demand for accessible investment options