Author: Samuel Suru

Share Introduction The adoption of Cryptocurrency has gained significant traction in Nigeria over the years, serving as a store of value to hedge against inflation and as an investment tool for increasing wealth. It has also become a medium for international transfers, where individuals send cryptocurrency to family members in Nigeria who in turn convert it to local currency. Despite its popularity, cryptocurrency usage has not been without challenges. In this newsletter, we examine the regulation of cryptocurrency in Nigeria and outline the steps businesses must take to operate within the country in compliance with existing regulations. Crypto Regulation in…

The Federal Government of Nigeria has officially launched two groundbreaking initiatives designed to equip the nation’s youth with vital digital skills: the Investment in Digital and Creative Enterprises (iDICE) Program and the Nigerian Youth Academy (NIYA). These programs aim to tackle the urgent need for skill development among millions of young Nigerians entering the workforce annually, especially within a rapidly evolving, technology-driven global economy. In a statement, government officials emphasized that these initiatives are a direct response to the challenges facing Nigerian youth, including limited job opportunities and the ever-shifting demands of the labor market. “With an increasing number of…

The landscape of Human Resources (HR) management in Africa is rapidly evolving, driving increased demand for sophisticated technological solutions. Senegal-based company, Socium, is strategically positioned to meet this need by focusing intensely on the vibrant markets of French-speaking nations across the continent. Since its launch in 2021, Socium has been building comprehensive, tailored HR solutions for the 21 countries that comprise Francophone Africa. The company is doubling down on this regional focus, capitalizing on its current first-mover advantage to offer deeply localized and integrated services. Samba Lo, CEO and co-founder of Socium, recently confirmed these expansive regional plans, announcing the…

Marlon Nichols took the stage at AfroTech last week to discuss the importance of building relationships when it comes to entering into a new market. “One of the first things you do when you go to a new market is you’ve got to meet the new players,” he said. “Like, what do people need? What’s hot right now?”  Nichols is the co-founder and managing general partner at MaC Venture Capital, which just raised a $150 million Fund III, and has invested more than $20 million into at least 10 African companies. His first investment in the continent was back…

Aliko Dangote, Africa’s very own business colossus and Nigeria’s pride, has undoubtedly built an empire that can make even oil sheikhs green with envy. From sugar to cement, and now a massive oil refinery that seems to be in competition with the sun for the title of “biggest thing in the sky,” Dangote is undeniably the king of industries. But, even kings have moments when their crowns tilt. Yes, even Dangote, with all his billions, has experienced some business ventures that left him shaking his head like my uncle after tasting poorly seasoned Egusi Soup. This is going to be…

The prominent African financial technology company, Moniepoint, has successfully concluded a significant financing round, securing $110 million in new capital. This Series C funding round has vaulted the firm into the distinguished status of a unicorn, defined as a private company with a valuation of $1 billion or more. The investment effort was spearheaded by Development Partners International’s (DPI) African Development Partners (ADP) III fund. A major new investor to join this funding cohort is Google’s Africa Investment Fund. Additional participation came from the African private equity firm Verod Capital and existing financial backer Lightrock. Moniepoint, which also counts among…

African Startups Raise £1 Billion in Seven Months It’s impressive to see the growing momentum of African startups. The ability to raise $1 billion in just seven months is a testament to the increasing investor interest in the continent’s tech ecosystem. Key Implications: Increased investment: This trend signals a significant increase in investor confidence in African startups. Job creation: The growth of these startups is likely to lead to job creation and economic development in the region. Technological advancement: The influx of capital can fuel innovation and drive technological progress in Africa. Competitive landscape: The competitive landscape for startups…

Clinical speech-recognition startup Intron Health has secured a $1.6 million pre-seed funding round to expand its specialized voice recognition tool tailored for African accents. The round was led by Microtraction, with participation from Plug and Play Ventures, Jaza Rift Ventures, Octopus Ventures, Africa Health Ventures, OpenseedVC, Pi Campus, Alumni Angel, BakerBridge Capital, and several angel investors. The core technology addresses a significant gap in voice recognition, where speakers of minority languages or those with distinct accents often face poor performance from standard speech-recognition tools used for transcription and automation. African Clinical Data and Technology Intron Health, founded by CEO…

The Paris-based venture capital firm Breega has keenly observed the considerable maturation of Africa’s technology ecosystem over the past decade. The continent has evolved from receiving less than a billion dollars in annual venture capital to achieving a record-high of $6 billion in investment. This growth has coincided with a dramatic increase in high-growth companies, jumping from just one unicorn to seven within a mere three years. In response to this evident potential, the VC firm is now committing its own capital to the region with a dedicated $75 million fund specifically created to invest in early-stage startups across Africa.…

Achieving strong founder-market fit is widely considered one of the most critical determinants of a startup’s ultimate success, and experienced operators—individuals deeply involved in the day-to-day functions of a business—who transition into founder roles possess a unique, almost unfair advantage in realizing this fit. Research indicates that a lack of operational expertise and fundamental business acumen in founders frequently contributes to failed venture capital investments. This principle extends to operator VCs, which are investment firms typically launched by former startup founders or seasoned operators. While there is no single, conclusive proof that operator VCs generate inherently superior returns, recent industry…