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

Here's a quick preview of today’s newsletter: EAAIF raises $620M to fund Africa-Asia infrastructure, e-commerce funding slumps, Ecobank raises $125M amid Nigeria risks, and Filtisac announces a high-yield dividend payout.

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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 05/23/2025 market close

Four Things You Need to Know

Debt surge: EAAIF raised $325M in fresh debt, pushing its 2024 capital inflows to $620M—beating its $500M goal. Backed by Allianz, ABSA, and SMBC, the fund targets $1B in infrastructure across Africa and Asia by 2028, focusing on digital, energy, and climate-resilient assets.

Funding freeze: African e-commerce startups saw Q1 2025 funding plunge 47% to $11.3M amid investor caution and rising acquisition costs. With no seed rounds recorded, capital is shifting to fintech and SaaS, though Egypt’s Taager and Kenya’s Kapu secured mid-stage rounds as exceptions.

Bond boost: Ecobank raised $125M via a bond priced at 9.375% yield, bringing total 2024 issuance to $525M. While demand was robust, investor concerns linger due to its Nigerian unit's capital shortfall and looming $300M bond maturity in 2026.

Record payout: Filtisac (BRVM: FTSC) will distribute nearly $49M to shareholders in dividends and merger premiums, offering a ~42% yield. Despite a Q1 operating loss linked to weak cocoa exports, 2024 net profits soared, and the company is doubling down on polymer packaging diversification.

Headline Roundup

Markets & Finance

• Nestlé Ivory Coast Q1 Net Profit Jumps 19% Despite Revenue Drop

• Africa Global Logistics Cuts Losses by 54% in Q1 on Higher Revenue

• Higher Sales Drive Solibra Net Profit Up 42% in Full-Year 2024

• Bank of Africa Benin Subsidiary Posts 8% Drop in Q1 Net Profit

• Ecobank Group Posts 22% Jump in Q1 Net Profit on Higher Revenue

Economy & Macro

• Nigeria Holds Lending Rate at 27.5% Amid Inflation, FX Uncertainty

• Gabon Government Targets $6.3B in Non-Oil Tax Revenue by 2027

• Nigeria’s Inflation Slows to 23.7% in April as Core Pressures Ease

Corporate & M&A

• Spar Group Enters Telecom Market With MTN-Backed MVNO Launch

• MTN Disburses $592M in Loans via Digital Lending Unit BankTech

• MaxAB-Wasoko Acquires EFG’s Fatura in B2B Commerce, Fintech Expansion

• Jumia Opens Logistics Network to Third-Party Sellers to Boost Revenue

VC, Startups & Tech

• Thndr Raises $15.7M to Expand Digital Investing Platform Across MENA

• Sylndr Gets $15.7M to Scale Used Car Platform into Full Ecosystem

• South Africa’s AURA Raises $14.6M Series B to Expand Emergency Tech

• ElGameya Gets Funding to Expand Digital ROSCA Platform in Egypt

• South Africa’s Impulse Biomedical Closes Round for Emergency Devices

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!