Good Morning. As the year draws to a close and we prepare to usher in a new one, our team wanted to take a moment to extend our warmest holiday greetings to you. 

However you choose to celebrate, the entire Daba family wishes you a joyful holiday season and a successful start to the New Year!

In today’s newsletter:

• Nigeria’s inflation woes

• Bitcoin hits record high

• A new fintech unicorn

• Why invest in telcos?

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Before we proceed, an announcement:

Daba recently launched the first-ever values-based Collections of stocks listed on the BRVM stock exchange.

Our collections allow users to invest in pre-selected groups of stocks that offer exposure to various countries, key sectors, or themes with just a few taps.

Check out our blog to learn more or get the Daba app HERE to start investing.

Now, let’s dive in.

Markets Wrap

Markets

• BGFI Holding Plans 2025 IPO on Central Africa’s BVMAC

• Ghana’s Equity Market Surges 50% Despite Falling Volumes

• Supermarket Income REIT Lists on Johannesburg Exchange

• YC-Backed Nigeria ISP Tizeti Plans IPO on Local Bourse

Earnings & Dividends

• Bank of Africa Niger Expects Profit Decline on Ecowas Sanctions

• Sucrivoire Nine-Month Revenue Jumps 11% to $94.8M

This Week’s Top Stories

Cocoa concerns: Prices rose 7.4% to $12,636 a ton in New York earlier this week, hitting a record high amid fears of reduced output in Ivory Coast, the world’s top producer. Harmattan winds and dry weather threaten February-March harvests, with forecasts slashing 2024-25 production to 1.9M tons from 2.2M.

Record inflation: Consumer prices in Nigeria grew 34.6% year-on-year in November, the highest since 1996, driven by food and transport costs. The central bank has raised rates by 875 basis points this year to curb inflation, with Governor Cardoso projecting relief by 2025 as reforms in the petroleum and agricultural sectors take hold.

Bitcoin rally: The largest crypto by market cap soared to a record $107,148 on Monday, fueled by President-elect Trump’s proposal for a US Bitcoin strategic reserve. Bitcoin has gained over 150% in 2024, as governments compete in digital asset adoption, while Ethereum and MicroStrategy also rallied on bullish sentiment.

New unicorn: Tyme Group became the latest unicorn startup operating in Africa after securing $250M in funding, led by Nu Holdings, boosting its valuation to $1.5B. The fintech targets growth in Southeast Asia and Africa, with over 15M users globally, and ambitions for an IPO by 2028 after entering Indonesia’s banking sector.

Headline Roundup

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

Economy and Macro

• Nigeria Bets on Oil Revenue to Fund $32B 2025 Budget

• Ramaphosa Signs South Africa’s Controversial Education Bill Into Law

• Ghana Cuts 2024-25 Cocoa Harvest Forecast on Weather Concerns

M&A and Corporate

• Africa50 Acquires 43% Stake in Egypt's Raya Data Center for $15M

• MTN Seeks SA Banking License to Expand Fintech Services

• Mercuria Partners with Zambia for Copper Trading Venture

• BP-Led Green Hydrogen Project in Egypt Targets Local Market

Startups and Tech

• Juicyway Emerges from Stealth with $3M for Cross-Border Payments

• Egyptian Fintech Unicorn MNT-Halan Launches in UAE Market

• Moroccan B2B Marketplace Z Raises $1.5M to Modernize Retail

• Senegalese HealthTech Eyone Secures $1M to Expand in West Africa

Fundraising and Accelerators

• Aswan Bootcamp Series Launched to Boost Upper Egypt’s Startups

• Proparco Invests $5M in Equator Africa Fund for Climate Tech

• Sourcefin Gets $8.2M to Boost SME Financing in South Africa

Must-Reads on Daba

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

Learn

• Startup Funding: What is Series A, B, C, D, and E?

• Halal Investing in Africa: Top Stocks for Ethical Returns

• Gender-Lens Investing: Best African Stocks With Women Leaders

• Africa Climate Champions: Top Eco-Friendly Stocks to Invest in

Insights

• Beyond Returns: Aligning Your Values With Your Portfolio

• African Women Who Have Served as Heads of State

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.

• Growth4Her Accelerator (December 31)

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

Think you’re a fit? 

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.

GSMA expects mobile internet penetration in Africa will reach 37% by 2030, up from about 27% in 2023, suggesting significant headroom for telco service expansion. That, alongside established market presence and strong demographic tailwinds, makes top African telcos necessary for investors seeking growth and stability in emerging markets. Click here or tap the button below to read our latest Pulse54 newsletter on why you should invest in African telecom stocks.

That’s it for this week.

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Catch you next week!