From prison to presidency?

Diomaye Faye, a former tax inspector who celebrated his 44th birthday on Monday this week, is set to become Senegal’s next democratic leader and Africa's youngest.

Author

Anthony Miclet
March 27, 2024

Around 71% of the 7.3m registered Senegalese voters showed up to the polls on Sunday in an election that almost did not happen.

Provisional results show that the 44-year-old Diomaye Faye will be Senegal’s next president—and the continent’s youngest. Click here to learn more about him.

In other top stories:

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Here are last week’s top stories

Tame markets

BOA Mali leads gainers as benchmark BRVM Composite Index rises 1.12%

The BRVM Composite Index showed positive momentum on Friday, closing at 214.29, which represents a 0.4% increase. Over the week, the index gained 1.12%, and year-to-date has recorded a modest gain of 0.07%. Among the top gainers was Bank of Africa - Mali with a 7.36 share price appreciation, following news of its 135% jump in profit last year.

Bitcoin fell below $63k from the $67k area early during the US session Friday amid a broader crypto sell-off. A modest rebound took the price back to the current $66k but the coin closed the week down by more than 4%.

Oil prices ended the week flat after gaining around 3% in the previous week amid robust demand and growing supply unease. Gold extended its downside to near $2,160 after failing to sustain close to its all-time highs above $2,220.

Mega round

Moove now valued at $750m in $100m round reportedly led by Uber

Moove, an African mobility fintech specializing in vehicle financing for ride-hailing and delivery app drivers, has raised $100m in a funding round aimed at fueling its expansion into new markets. 

Although Moove did not disclose the lead investor, TechCrunch reports that Uber led the Series B round, marking Uber's first investment in the African continent.

Joining Uber in this funding round are sovereign wealth fund Mubadala and several other investors, elevating Moove's post-money valuation to $750m, up from $550m following a previous funding round led by Mubadala last August.

Talent hubs

Nigeria, Egypt among world’s leading countries for software developers

Nigeria emerged as the fastest-growing African country for software development in 2023, with a remarkable 45.6% surge in developer talent, reaching 872,162 developers. This growth rate positioned the country as the second-fastest globally, following Bangladesh. 

Egypt secured the second spot in Africa for both total developer numbers and growth rate, witnessing a significant 34.1% increase to 729,790 developers, outpacing several nations and ranking seventh globally for developer growth rates.

This surge in developer talent across Nigeria and Egypt signifies a burgeoning digital ecosystem in Africa. With a rapidly expanding pool of skilled professionals, the continent is poised to continue to contribute significantly to the global software development landscape.

Headline roundup

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

Macro & Markets

VC Funding & Startups

  • Planet42 secures $16m local currency funding from Standard Bank

  • SA fintech startup Float gets $11m debt to grow merchant base

  • Nigeria's Zone raises $8.5m to scale decentralized payment solution

  • Tunisian startup Clusterlab raises $600k to drive Arabic AI tech

Other Deals & Expansion

Funds & Accelerators

Startup Opportunities

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

Our insight for the week

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

Barring any last-minute surprises, a 44-year-old will become president of Senegal—francophone West Africa’s second-largest economy. 

Bassirou Diomaye Faye has emerged as President-elect in an unprecedented victory at the March 24 presidential election.

Provisional results showed the opposition candidate secured about 53.7%, while former PM and ruling coalition's candidate Amadou Ba got 36.2% from 90% of polling stations, according to the electoral commission.  

A year ago, few knew Faye, but now he's set to become president in an extraordinary rise that caps a tumultuous period in Senegalese politics.

Months jailed with ally Ousmane Sonko ended abruptly with their release the week before the vote.

What's next for Senegal under its likely new leader? 

Faye’s campaign vowed radical changes to political practices and economic orientation. 

"Mr. Clean," as he's nicknamed, must deliver the sweeping reforms promised. 

Proposals include reviewing mining and energy contracts for more Senegalese control and profits, judicial independence, reducing presidential powers, and monetary reforms.

The transformational agenda promises big changes ahead for the West African country.

For now, tap the button below to learn 10 key things about the previously little-known tax inspector turned Senegalese leader.

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