Senegal expects its first liquefied natural gas (LNG) shipment from the $4.8bn Greater Tortue project in early 2024. This, coupled with the start of oil production in June, positions the francophone nation as Africa's newest energy powerhouse. Also in today’s newsletter:

• Botswana historic elections

• E-commerce surges in MENA

• New $200M+ funds for startups

• African currencies mixed record

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Markets Wrap

Markets

• EM Currencies Hit by Trump Victory With Widespread Selloff

• Nigeria's Top Bank Stocks Set for Gains Amid High Interest Rates

Earnings & Dividends

• WAEMU's Largest Bank Société Générale Sees 12% Profit Jump

• Ecobank Ivorian Unit Reports 6% Growth in Nine-Month Profit

• CIE Posts 11% Profit Rise Amid Domestic Demand Growth

This Week’s Top Stories

Political shift: Opposition leader Duma Boko has ended Botswana’s 58-year BDP rule, winning the presidency as economic grievances drive voter dissatisfaction. Botswana faces economic headwinds, with growth slumping to 1% and unemployment at 28%, prompting calls for diversified economic policies beyond diamond exports.

Digital surge: Digital payment volumes in MENA have soared 658% since 2020, according to Checkout.com's report, as businesses rapidly adopt online systems to meet rising demand for faster, secure payments. E-commerce and fintech innovations are reshaping consumer experiences, with online shopping frequency up 80%, bolstered by supportive government policies.

African funds: A $250m fund backed by Startupbootcamp, Mara Group, and Blend Financial Services will support African tech startups in key markets like South Africa, Nigeria, and Egypt. Egypt-based Sawari Ventures has also launched its second $200m fund to invest beyond North Africa, focusing on Kenya and West Africa.

Agritech expansion: Egypt’s agritech sector could boost agro exports to $14bn by 2030, Entlaq’s report shows, highlighting strategies for tackling water scarcity and informal labor. The sector expects 50,000 new jobs, with ambitions to enhance wheat self-sufficiency and attract venture capital for sustainable growth.

Headline Roundup

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

Economy and Macro

• Ghana’s Inflation at Four-Month High Reduces Rate-Cut Prospects

• Drought-Hit Zambia Boosts Power Imports to Combat Blackouts

• Fitch Upgrades Egypt’s Credit Rating Amid Economic Recovery Efforts

M&A and Corporate

• Africa Finance Corp Plans $300M Islamic Bond as Gulf Interest Rises

• Mukesh Ambani-Backed Firm to Launch First 5G Network in Ghana

Startups and Tech

• South Africa’s Pargo Expands to Egypt With $4M Investment

• Cathedis Gets $713K to Drive Last-Mile Delivery Expansion

• Moroccan Logistics Startup Colis.ma Bags $300K Pre-Seed Funding

Fundraising and Accelerators

• Sawari to Launch $200M Fund Expanding Focus Across Africa

• Egypt's Viridia Tech Wins Mega Green Accelerator with AI Solution

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

• The Future of Streaming Lies in Africa’s Overlooked Markets

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

Perspectives

• How Can Africans Build Wealth? Entrepreneurship & Stock Markets

• Capturing the ‘Missing Millions’: Perspectives With Wi-flix CEO

• From Cash Handouts to Capital Injections: Stock Markets & African Diaspora

Opportunities Corner

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

• Mastercard Agribusiness Challenge (Nov 22)

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:

• Communications and Community Manager

• Business Development Representative

• Financial Operations Manager - Abidjan, Côte d'Ivoire

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Click on the role of interest for a chance to join us in shaping the future of finance in Africa.

Chart of the week

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

African currencies have posted mixed results against the U.S. Dollar in the past year, with notable gains for the Kenyan Shilling and Ugandan Shilling. In contrast, others, like the Nigerian Naira and Ethiopian Birr, have faced significant declines. Amid these fluctuations, the West African CFA Franc - a common currency shared by eight French-speaking countries in the region - has remained relatively stable, offering a more secure store of value. Learn all about it here and how it makes an attractive option for investors looking to protect their wealth.

That’s it for this week.

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