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Here's a quick preview of today’s newsletter: Cassava teams up with Nvidia on Africa’s first AI factory, Bank of Africa’s profits soar, Ecobank posts mixed regional results, and Egypt rebounds with fastest GDP growth since 2022.

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Before we proceed, we’ve rolled out three powerful updates to make your investing journey in Africa easier, smarter, and more personalized.

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Still Not Sure Where or How to Get Started?

We’ve got you covered.

Join us on Thursday, April 10 at 6:30 PM GMT+1 for a special live event: “Wealth Beyond Borders: How to Invest in Africa with Daba.”

This online session is designed for the African diaspora and global investors ready to tap into Africa’s growing financial markets. You’ll learn how to use Daba to invest in stocks, bonds, startups, and managed funds—all from your phone, no matter where you live.

• ✅ See Daba in action

• ✅ Get tips tailored for beginners

• ✅ Ask your questions live

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Whether you’re just starting or looking to diversify your portfolio, this session will give you the clarity and confidence to move forward.

👉 Reserve your spot now – it’s free, and seats are limited!

Now, let’s dive in.

Markets Snapshot

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

Data as of 03/31/2025 market close

Four Things You Need to Know

AI momentum: Cassava Technologies is partnering with Nvidia to launch Africa’s first AI factory, deploying cutting-edge infrastructure in South Africa by mid-2025. With planned expansion across five countries, Cassava aims to become Nvidia’s African cloud partner—accelerating localized AI access for businesses, researchers, and startups amid rising global interest in the continent’s data economy.

Record profit: Bank of Africa posted a 29% jump in 2024 net profit to $353 million, fueled by growth in Morocco and sub-Saharan Africa. Stronger interest margins and operating income helped offset rising risk costs, as deposits grew 8% and assets 9%, positioning the bank for continued regional expansion in 2025.

Mixed gains: Ecobank Group reported a 13% rise in pre-tax profit to $658 million in 2024, driven by fees and cost discipline. While WAEMU, AWA, and CESA regions outperformed, Nigeria lagged amid currency volatility—underscoring the group’s shift toward fee-based revenues, digital channels, and reduced exposure to high-risk markets.

Growth rebound: Egypt’s economy expanded 4.3% in Q4 2024—its fastest in over two years—on stronger exports, reforms, and foreign support. Backed by Gulf and IMF funding, and a shift to a flexible exchange rate, the government now targets 5% growth in 2025 amid ongoing structural challenges and elevated inflation.

Headline Roundup

Markets & Finance

• Ecobank Ivorian Unit Proposes Higher Dividend After $95M Profit

• Bank of Africa Mali Annual Profit Jumps 57% to $15M

• Ivorian Rubber Maker Saph Triples Profit to $31M in 2024

• Bank of Africa Senegal Posts 17% Rise in Profit to $33M

• Ivory Coast-based NSIA Banque CI Reports $62.6M Annual Profit

• Gabonese Miner Comilog Reports 10% Drop in Operating Profit

• BOA Benin to Tap Reserves for Dividends Despite Profit Drop

Economy & Macro

• Angola Ends Diesel Subsidies to Free $3B for Social Spending

• Nigeria Launches $654M Mortgage Fund to Tackle Housing Deficit

• South African Consumer Confidence Falls to Two-Year Low on US Tensions

Corporate & M&A

• Russia’s AvtoVAZ Eyes Local Assembly in Nigeria With New Hub

• BOAD Approves $49.5M Loan for Air Côte d'Ivoire’s Airbus Purchase

• Baobab Group Acquires Nigeria Unit from Alithea, Goodwell

VC, Startups & Tech

• Cascador Launches $2M Fund to Back Nigerian Entrepreneurs

• South Africa Launches $1M Startup Innovation Pitch Competition

• Lipa Later Enters Administration After Failed Funding, Mounting Debt

• Enza Raises $6M to Provide Digital Payment Infrastructure in Africa

• Nigeria's Payhippo Raises $4M to Fund Clean Energy After Rivy Rebrand

What Else We’re Reading

• Top Themes Africa Investors Should Watch in 2025

• Debt, Elections, Growth: WAEMU High-Stakes Year Ahead

• Benin’s IPO Market Heats Up Amid Economic Reforms

• Big Reset: Uranium-Rich Niger Set for Rapid Growth

Chart of the Week

Nigeria leads cash decline as digital payments surge: Leading African economy recorded the world’s sharpest drop in cash usage—down 59% over the past decade—outpacing peers like Indonesia, Mexico, and Germany, according to a Worldpay report.

Fueled by fintech growth and central banking policy shifts, electronic payments now dominate the country’s financial landscape. With cash expected to fall to just 32% by 2030, Nigeria is setting the pace for digital finance in Africa.

👉 Read our summary of the report now on Daba News.

That’s it for today.

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