Hi there and welcome to Daba’s weekly Next Frontier newsletter.

Here's a quick preview of today’s newsletter: Egypt’s Nawy raises $75M, Nigeria legalizes crypto, BluePeak boosts private credit in Africa, and the BRVM hits a 9-year high as West African equities rally.

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Before we dive in, we have some great news to share.

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Now, let’s dive in.

Markets Snapshot

Daba indexes track curated stock collections—all available to invest in directly on the app.

The best-performing BRVM stocks of the week by share price increase—all available to invest in directly on the app.

Data as of 05/16/2025 market close

Commentary: West Africa’s BRVM surged last week, with the BRVM Composite Index climbing 2.13% to a record 301.29. Across Africa, Nigeria’s NGX All-Share Index added 0.9%, Kenya’s NSE rose 5.83%, and South Africa’s JSE gained 0.82%. Globally, U.S. markets posted strong weekly gains. Read our full markets recap here.

Four Things You Need to Know

Proptech boom: Egypt’s Nawy raised $75M to expand its real estate platform across MENA, defying currency devaluation with over $1.4B in GMV. Backed by Partech Africa and regional banks, Nawy’s end-to-end model and products like “Move Now Pay Later” target middle-income buyers and new markets, including Saudi Arabia and Morocco. Read more about Africa’s proptech boom in our latest Pulse54 newsletter here.

Crypto clarity: Nigeria passed ISA 2025, giving cryptocurrencies legal recognition and SEC oversight for the first time. While the law opens doors to institutional investors, high compliance costs and licensing hurdles may stifle Web3 startups and limit access to global blockchain tools.

Credit lifeline: BluePeak secured $80M for a $250M Africa-focused private credit fund, aiming to back underserved mid-sized companies. Backed by BII, FMO, and others, the fund targets stable sectors like agribusiness and healthcare amid a growing retreat of global donor capital from the continent.

Historic rally: The BRVM Composite Index hit 300 points for the first time since 2016, with equity market capitalization surpassing the region’s bond market. Driven by gains in Ecobank, Sitab, and BICI, the rally reflects rising investor appetite for dividend stocks and long-term growth in West African equities.

Headline Roundup

Markets & Finance

• Sitab Q1 Net Income Rises 146% Despite Volume Decline

• Burkina Faso Telco Onatel First-Quarter Revenue Jumps 4%

• BRVM-Listed Sitab More Than Triples Annual Net Income

• Nigeria’s CWG Posts First Billion-Naira Profit in Over a Decade

• Safaricom Returns to Profit Growth as Ethiopia Losses Narrow

Economy & Macro

• Senegal Industrial Output Rises Nearly 20% on Oil Extraction

• Thiam Makes Surprise Return as Leader of Ivorian Opposition

• Kenya’s Forex Reserves at Record $10B to Buoy Shilling

• America First Policy Spurs Africa Startups to Seek New Backers

• Citibank Sees More Currency Pain Ahead for Ethiopia’s Birr

Corporate & M&A

• Airtel Africa Confirms 2026 IPO Plan for Mobile Money Unit

• Safaricom Eyes Satellite Partnerships to Defend Market Share

• Kodal Minerals Halts Lithium Exports in Mali Over Regulatory Block

• EIB, Family Bank to Mobilize $110M for SME Financing in Kenya

• Nourmony Lists $38M Bond on BRVM After Oversubscribed Issuance

VC, Startups & Tech

• Tunisia’s Konnect Networks Bags Funding to Scale Fintech Platform

• Egypt EdTech Career 180 Gets Six-Figure Funding for Expansion

• Opera Targets Africa’s $54B Stablecoin Market With MiniPay Spinoff

Must-Reads on Daba

• What To Do When Your Stock Portfolio Is Suffering a Loss

• A Comprehensive Guide to Mutual Funds for Beginners

• How to Invest in African Bonds: A Guide for Investors

• Investing in African IPOs: A Beginner’s Manual on How it Works

Chart of the Week

Did you catch BOA-Burkina Faso's impressive run in Q1 this year?

This BRVM-listed stock delivered solid returns for investors subscribed to Daba Pro who followed our January recommendation.

Starting at 3,025 XOF on January 2, BOABF steadily climbed through February before rising significantly in March. The stock reached its peak at 4,350 XOF on March 14 - a 43% gain in just under three months for investors who timed their exit at the high point.

Despite some recent pullback, BOABF currently trades around 3,400 XOF, maintaining a +10.9% YTD return as of May 13.

Daba Pro is our premium service that provides weekly stock picks based on thorough research and market analysis, among other offerings. We have consistently delivered on our goal of identifying opportunities with strong potential before major price movements occur.

In 2024, nine of our BUY recommendations hit their target price. If you're investing in African markets and looking for well-researched stock ideas, consider exploring what Daba Pro offers for your investment strategy.

That’s it for today.

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Catch you next week!