Good Day,

Here's a quick preview of today’s newsletter: JP Morgan eyes deeper Nigerian expansion, Djamo secures record funding, Yango launches a $20M Africa fund, and Trump’s tariff plan threatens key U.S.-Africa trade relationships as markets react.

Was this email forwarded to you? Sign up below to get it directly next time.

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

Here’s What’s New on Daba!

• Deposit with Wise & Revolut – Fund your Daba account faster and cheaper from anywhere in the world. 👉 Watch how it works 

• Free Risk Profile Checker – Not sure where to start? Take our 2-minute quiz to discover your ideal investment strategy.👉 Try it here

• Managed Funds Now Live – Let the experts do the work. Invest in professionally managed, risk-aligned portfolios—just like mutual funds. 👉 Explore the funds

Now’s the time to invest better, faster, and smarter with Daba.

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

• ✅ Discover new ways to grow wealth across the continent

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 04/04/2025 market close

Four Things You Need to Know

Banking bet: JP Morgan is set to convert its Lagos office into a full merchant bank, expanding its services in Nigeria. The move aligns with reforms boosting foreign investor confidence and could unlock new dollar financing for Nigerian corporates, deepening market liquidity and global engagement in Africa’s largest economy.

Record raise: Djamo, an Ivorian digital banking startup, raised $17M to scale across Francophone West Africa. With over 1 million users and $4.5 billion processed, the firm targets the underbanked by bridging mobile money and traditional finance—marking a milestone for Côte d’Ivoire’s fintech ecosystem.

Funding flows: Yango Ventures, a $20M fund from Dubai-based Yango Group, will invest in African startups from seed to Series B. Backed by logistics and tech infrastructure, the fund aims to scale ventures in fintech, SaaS, and online services, joining a wave of global players eyeing Africa’s digital economy.

Tariff troubles: Trump’s plan for reciprocal tariffs targets over 180 nations, hitting African countries like Lesotho, Madagascar, and Côte d’Ivoire with duties up to 50%. The policy threatens preferential trade under AGOA, pushing African economies toward new alliances and intra-continental trade under the AfCFTA.

Global equity indices plunged following Trump’s proposed tariff threats, with the U.S., Japan, and Europe leading the declines. The Bloomberg Global Index dropped 9.2% YTD, as investor sentiment soured amid fears of retaliatory trade measures and weakened global demand.

While developed markets sank, emerging markets led by China showed resilience, with a 0.9% year-to-date gain. 

Markets like the BRVM, less exposed to global trade tensions, often outperform global peers during volatility thanks to localized drivers and minimal reliance on Western exports, offering investors a safe haven in uncertain times.

Headline Roundup

Markets & Finance

• West African Bank BICICI Reports 57% Profit Jump in 2024

• Banking Stocks Dominate BRVM 30 Index After Quarterly Reshuffle

Economy & Macro

• Lesotho Hit With Highest Tariff in the World by Trump

• WAEMU Inflation Stays Within Target Range for Fourth Straight Month

Corporate & M&A

• Absa to Open Dubai Office to Capture Gulf-Africa Investment Flows

• Peach Payments to Acquire Senegal’s PayDunya in West Africa Push

VC, Startups & Tech

• InfiniLink Raises $10M to Power Next-Gen AI Data Centers

• South Africa’s Savant Opens Applications for Hardware Venture Fund

• Village Capital Opens Applications for Greentech Africa Accelerator

• Miller Center Opens Applications for African Social Startups

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

Lesotho, Madagascar, Mauritius, Botswana, South Africa were hit with some of the highest rates (30%- 50%) in Donald Trump's sweeping global retaliatory tariffs. Lesotho’s export-led strategy, developed in part with U.S. support, has helped create manufacturing jobs in a country where many youth migrate to South Africa in search of work. Now, with a 50% tariff, its competitive edge in the U.S. market is at risk. Broadly, economists warn that the tariffs could undermine efforts to foster industrialization in Africa. Get the full context now on Daba News.

That’s it for today.

Next Frontier is sent once weekly. Think your friend or colleague should know about us? Forward this newsletter to them. If a friend forwarded you this message, sign up here to get it in your inbox.

If you haven’t, you can also download the Daba app to access the best investment opportunities across Africa.

Catch you next week!