Good morning. Egypt has joined a growing list of countries with plans to launch official digital currencies as its central bank eyes 2030 for the e-pound roll-out.

In today’s newsletter:

• Bitcoin ETFs launch after SEC approval

• NGX stays green as BRVM rebounds

• Africa leads the world in 2024 growth

• And a third of the continent votes

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It’s Football Moment On Daba! ⚽

Enjoyed the opening round of the Afcon 2023?

Ivory Coast and their fans certainly did while Nigeria endured a disappointing start to the tournament. Who will be back at the Alassane Outtara Stadium for the final on 11 February? An AI model has its say.

The Afcon action continues with more exciting games still to come, including a mouth-watering clash between four-time champions Ghana and record seven-time winners Egypt on Thursday from 19:50 GMT.

Don’t miss any action.

Follow Daba’s coverage of every game on our Instagram & X (Twitter) pages!

Here are last week’s top stories

ETF approval

Bitcoin ended the week in the green as slate of ETFs launched

Bitcoin trading surged to an almost 10-month high on Thursday in anticipation of the opening bell on Wall Street as the US's first Bitcoin exchange-traded funds (ETFs) launched following SEC approval.

In Nigeria, equities continued their strong start to 2024 with a record-breaking second trading week that saw the country’s largest banks surpass $6bn in combined market cap. A rally in Oragroup shares saw the BRVM rebound to close the week positive.

Gold rallied going into the weekend over escalating geopolitical tensions and a weaker US dollar. Oil prices hit $80 on Friday before relapsing as fears grow over Red Sea disruption to trade.

Growth masters

African countries dominate 2024’s top 10 GDP growth spots

Despite facing economic challenges, there is a glimmer of hope for Africa, particularly in Sub-Saharan Africa. Six of the top-10 performing economies in the world in 2024 are projected by the IMF to be from the region.

They are Niger, Senegal, Rwanda, Cote d’Ivoire, Burkina Faso, and Benin. While these economies may be smaller individually, they contribute to a more optimistic outlook for the region. 

Meanwhile, eight of Africa’s top 10 largest economies, accounting for an additional 40% of regional GDP, are expected to grow by a robust 5% on average.

Booming market

Africa pay-TV subscribers expected to reach 55m by 2029

A recent report suggests that the number of pay TV subscribers in Africa is expected to increase by 12m between now and 2029, hitting 55m.

Africa is increasingly becoming an important growth area for media entertainment—such as pay-TV, video-on-demand, and streaming services, with the likes of Amazon recently launching an aggressive push into the continent.

Several pan-African and local players are also all vying for the region’s massive entertainment audience, including but not limited to Netflix, Disney+, Canal+, Multichoice, StarTimes, and Showmax.

Headline roundup

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

Macro & Markets

• Regional bourse BRVM rebalances two major indexes

• Nigeria’s United Bank crosses N1trn in market cap

• Absa lists Botswana Exchange’s first sustainable bond

VC Funding & Startups

• Egypt autotech FriendyM raises $3.2m to expand

• Ivorian eyecare startup Lapaire secures $3m

• YC-backed Cleva gets $1.5m in pre-seed round

Other Deals & Expansion

• De Beers approves $1bn spending at Botswana mine

• Baims acquires Egypt’s Orcas to tap $100bn market

• Ghana’s official creditors agree on key restructuring date

Funds & Accelerators

• Africa50’s infrastructure PE fund reaches $222.5m first close

• Seedstars Africa Ventures gets $30m from EIB Global

• Monter Capital invests in Botswana’s Prolude Capital

Startup Opportunities

Discover funding and accelerator opportunities to boost your startup's growth.

• GSMA Innovation Fund (Feb 12)

Our insight for the week

Get more context into events shaping Africa’s economic landscape.

A third of Africa heads to the polls: This year will be a record-breaking one for elections. 

Globally, more than 2 billion voters in 50 countries will head to the polls, according to The Center for American Progress, a US policy institute.

The United States, India, and Mexico are among the countries holding national elections in 2024.

More than a third of those countries – with over 300 million people – are in Africa. 

The most anticipated elections in Africa will take place in the continent’s most industrialized economy and a major West African nation.

Those votes — in South Africa and Senegal — are among 19 polls scheduled in Africa this year, also over a third of the continent.

The list also includes coup-hit Mali, Chad, and Burkina Faso – if the junta leaders in those countries stay true to their word. 

We provide a quick rundown of the countries and what’s at stake in the first of our 2024 outlook series.

Tap the button below to check it out.

That’s it for this week. Next Frontier is sent once weekly. Think your friend or colleague should know about us? Forward this newsletter to them. They can also sign up here.

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Catch you next week!