A $17m central bank heist

Plus Nigeria’s third-quarter growth, M-Kopa nears $400M revenues, and we’re hiring.

Author

Anthony Miclet
November 28, 2024

Good morning. Hackers breached the Bank of Uganda’s systems, stealing $17M, per multiple reports. While some of the money has been recovered, the breach highlights growing cybersecurity vulnerabilities in financial institutions. 

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Exciting Update from Daba!

We're excited to announce our partnership with Tellimer, a leading provider of emerging-markets research and insights, to provide expert-driven content on African equities and fixed-income markets. Read the full press release to learn more about the partnership.

Markets Wrap

Markets

  • Pepkor Stock Hits Three-Year High on Dividend, Expansion Plans

  • Bitcoin Hovers Below $96K Amid Strong Demand, Sell-Side Pressure

Earnings & Dividends

  • Bank of Africa Benin Reports Decline in H1 2024 Profit

  • Senegal Bank of Africa Half-Year Results Show Steady Growth

  • Nestlé Côte d’Ivoire H1 Net Profit Up 52.3% as Revenue Jumps

  • Bernabé CI Q3 Revenue Up 6% But Annual Decline Persists

  • BOA Côte d’Ivoire Sees Third-Quarter Growth Amid Rising Costs

  • Investec to Pay Highest-Ever Dividend Despite Earnings Drop

  • KCB Group Reports 49% Profit Surge, Tackles Rising Bad Loans

  • Weak Maritime, Logistics Operations Sees AGL Income Dip 260%

This Week’s Top Stories

Fintech revenue: M-KOPA, the African fintech platform offering pay-as-you-go financing, is set to exceed $400M in annual revenue by year-end. Serving 5 million underbanked customers across multiple countries, the firm’s growth is fueled by a large direct sales force and plans for expansion into electric vehicles and smartphone manufacturing.

Surprise growth: Nigeria’s economy grew by 3.46% in Q3 2024, surpassing forecasts of 2.86%, driven by robust oil and services sectors. The oil sector rose 5.17%, with production reaching 1.47 million barrels per day, while the non-oil sector expanded 3.37%, despite agricultural setbacks from recent floods.

Inflation slowdown: Goldman Sachs forecasts South Africa's inflation at 3.3% in 2024, well below the SARB's 4% estimate, driven by disinflationary pressures. The bank predicts a more aggressive 125 basis points rate cut, exceeding most economists' expectations, as inflation slows further to 2.8% in October.

Impact fund: LeapFrog Investments has closed its $1.02B Fund IV, exceeding its $1B target, with commitments for scaling healthcare and financial services in growth markets. Key investors include Temasek, AIA, and the European Investment Bank, marking continued strong interest in high-impact investment opportunities.

Headline Roundup

A summary of the major business, tech, and finance headlines of the past week.

Economy and Macro

  • Verisk Maplecroft Says Escalating Conflicts Affecting 10% of Africa

  • Egypt Holds Interest Rates at Record High Amid Key IMF Review

  • Malawi Builds First Battery System to Strengthen Power Grid

  • Zimbabwe Inflation Eases as Gold-Backed Currency Stabilizes

  • Nigeria Central Bank Raises Rates to 27.5% as Inflation Nears 34%

M&A and Corporate

  • South African Minister Backs Vodacom’s $730M Fiber Deal Appeal

  • African Bank Delays IPO to 2028 Amid Pre-Listing Challenges

  • Life Healthcare Invests $144M in Expansion, Declares Dividend

  • Frasers Group Buys SA’s Holdsport to Boost Regional Presence

  • JBS Plans $2.5B Investment in African Meatpacking Expansion

  • Anglo American Sells $530M Stake in Amplats as Exit Looms

Startups and Tech

  • Mawingu Bags $15M to Scale Internet Connectivity in East Africa

  • Sylndr Secures $7.5M Asset-Backed Facility via EFG Hermes

  • Egyptian-Founded Watercycle Tech Closes $5.6M Series A 

  • Ariika Secures $3M to Scale Furniture E-Commerce Platform

  • Solarbox Africa Secures $1M for Electric Mobility Expansion

Fundraising and Accelerators

  • FMO, BII, Proparco Back Robust International With $90M

  • BluePeak Invests $15M in Sancella to Boost Africa Hygiene Access

  • PE Firm Harith Leads $360M Buyout of African Infrastructure Fund

  • Ninety One Raises $260M in First Close of Africa Private-Credit Fund

Must-Reads on Daba

Boost your investing IQ with educational blogs and thematic articles on Africa.

Learn

  • How Venture Funds Work: A Guide for Investors

  • How to Make Money From Investing in IPOs

Insights

  • Money Flows Into Africa’s Climate Tech Startups

  • Africa’s Evolving VC Landscape: Six Things To Know

Perspectives

  • How Can Africans Build Wealth? Entrepreneurship & Stock Markets

  • Lowering Infrastructure Costs Key To Financial Inclusion In Africa

Opportunities Corner

Discover funding, awards, and accelerator opportunities to boost your startup's growth. Deadline in brackets.

We're Hiring! Join the Daba Team

Daba is expanding, and we're seeking passionate individuals to join our team. We have exciting opportunities for:

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Chart of the week

Get more context into themes shaping Africa’s investing landscape.

Africa’s $1B startup club: With Nigeria's Moniepoint joining the billion-dollar valuation ranks after a $110M Series C, it’s a great moment to look back at the continent’s unicorn landscape. This exclusive group showcases Africa’s rapidly growing tech ecosystem, with fintech leading the charge — from payments to digital banking solutions. Click here or tap the button below to learn more about Moniepoint's latest round.

That’s it for this week.

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