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

Here’s a quick preview of today’s newsletter: Togo’s new garment hub, a major solar funding deal in South Africa, Africa’s homegrown credit rating agency, and record-breaking foreign investment flows to the continent.

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What’s New on Daba?

We’re excited to announce the launch of Markets Talk, our new podcast for African investors. 

Whether you’re tracking the BRVM, exploring African markets, or just learning the basics, each episode delivers sharp market recaps, deep dives, and bite-sized finance lessons—all in one place.

👉 Listen to our latest episode and be sure to follow Markets Talk on Spotify, Apple Podcasts, or your favorite platform.

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 06/20/2025 market close

Global equities ended the week ended June 20 on a mixed note while African markets stood out with strong performance, with the BRVM Composite rising 2.24% to 313.02 points—its highest since 2016. Read our weekly markets recap here.

Four Things You Need to Know

New chapter: Togo inaugurated Star Garments’ $25M factory, its first African site, aiming to create 4,500 jobs by 2030 and boost local cotton processing. Backed by the IFC, the LEED-certified facility underscores Togo’s ambition to build sustainable, export-driven industrial capacity and attract global investors into value-added manufacturing, we write in our latest Pulse54 edition.

Solar power: South Africa’s Wetility secured $27.8M from Jaltech to scale solar and battery solutions to over a million homes and SMEs. The deal highlights investor appetite for decentralized energy as Eskom’s grid falters, with Wetility set to cut emissions by 250,000 tons and expand 16 MW in solar output.

Ratings reset: The African Credit Rating Agency will debut by September 2025, offering Africa-specific sovereign and corporate ratings. Privately owned and regionally focused, AfCRA aims to counter global rating biases, reduce borrowing costs, and deliver credit assessments aligned with African data and development goals.

FDI flows: Africa’s foreign direct investment hit a record $97B in 2024, driven by policy reforms and clean energy deals across North Africa. Despite the surge, project counts dipped and traditional energy investments fell, signaling investor shifts toward renewables and the need for improved regulatory absorption across the continent.

Headline Roundup

Markets & Finance

• BRVM Stocks at Highest Level Since 2016 as Global Equities Waver

• U Consumer Finance to List on EGX Without Offering Shares

• Ecobank's Togolese Unit Reports 47% Net Profit Jump

• Coris Bank Expands in CEMAC Region With New Chad Unit

Economy & Macro

• Nigeria’s Annual Inflation Rate Slows for Second Month in Row

• Côte d’Ivoire Approves New Gold Exploration Permits

• Chad, Niger Advance Fiber Optic Interconnection Project

• South Africa Inflation Holds at 2.8% as SARB Eyes Lower Target

Corporate & M&A

• LemFi Acquires UK Credit Card Startup Pillar to Expand in Europe

• MultiChoice Loses 1.2M Subscribers but Returns to Profit

• FirstRand to Acquire HSBC’s South African Corporate Business

• Access Bank Completes Acquisition of StanChart Gambia Unit

VC, Startups & Tech

• Octane Raises $5.2M to Digitize Fleet Expenses Across MENA

• Open Access Energy Gets $1.8M to Scale Electricity Trading Platform

• Moove Eyes Unicorn Status with $300M Raise Amid Expansion

• Afreximbank Opens Applications for Trade Tech Accelerator

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

Africa bucks global FDI trend: While global foreign direct investment (FDI) fell 11% in 2024, Africa defied the trend with a 75% surge to $97B - an all-time high. This growth represents 6% of global FDI flows, up from 4% in 2023.

The continent's performance stands in stark contrast to developed economies, which saw a 22% decline. European investors hold the largest FDI stock in Africa, followed by the US and China.

Regional winners include North Africa leading with +277% growth, Southern Africa at +44%, East Africa at +12%, and Central Africa at +13%. Only West Africa saw a decline of -7%.

Investment facilitation efforts and liberalization policies across the continent are paying dividends, proving Africa's growing appeal to international investors. Read the full story on Daba.

That’s it for today.

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Catch you next week!