Tag: investing in africa

African Startups Rise to the Climate Challenge
Despite contributing only 3.8% of global greenhouse gas emissions, Africa faces the brunt of climate change’s wrath. Emerging VC-backed innovators aim to change the continent’s fortunes.

In 2022, climate-tech funding in Africa grew 3.5x to over $860m, making climate Africa’s most funded sector after fintech.

The funding was largely driven by clean energy technologies.

Broadly, the cleantech sector attracted the most foreign direct investment (FDI) flows into Africa, per the Africa Attractiveness Report by global consulting giant EY. (You can read our summary of the report here)

The timing of this surge in climate funding couldn’t be better.

Climate change comes to Africa

The scorching heat waves, drying water sources, and erratic weather patterns are no longer distant nightmares for Africa.

Climate change is here, and its impact is undeniable.

Despite contributing only 3.8% of global greenhouse gas emissions, Africa faces the brunt of climate change’s wrath.

For comparison, China, the United States, and the European Union account for 23%, 19%, and 13% respectively.

Yet in 2019, five of the ten countries most affected were African nations, bearing the consequences of devastating weather disasters.

Mozambique, Zimbabwe, Malawi, South Sudan, and Niger faced devastating weather disasters like Cyclone Idai, fueled by scorching temperatures that heated the Indian Ocean and led to heavy rainfall and flooding.

At least five countries in Africa were devastated by Cyclone Idai, one of the continent’s worst natural disasters on record.

In East Africa though, rising temperatures have disrupted the traditional rain patterns that make Ethiopia, Northern Kenya, and Somalia green.

The year 2022 marked a record fifth rainless season in a row, leading to severe drought and hunger for millions in the Horn of Africa, where the United Nations estimates that around 13m people are dealing with severe hunger.

By 2050, the continent’s iconic glaciers on Mount Kilimanjaro, Mount Kenya, and the Ruwenzori Mountains will vanish, a stark reminder of the warming planet.

But Africa isn’t sitting idly by.

The continent hosted its first-ever Africa Climate Change Summit in September, culminating in the historic “Nairobi Declaration.”

This declaration saw African leaders commit to combat climate change through increased investments, a carbon tax, and sustainable development goals.

However, the fight requires more than just declarations.

This is where climate-focused tech startups take center stage.

Africa’s first-ever Climate Change summit in Nairobi saw leaders commit to combating climate change through increased investments, a carbon tax, and SDGs.

African innovators to the rescue

Over 500 startups have emerged across Africa in the last 15 years, offering innovative solutions in agriculture, clean energy, sustainable materials, e-mobility, and nature-based solutions, per a 2022 report by Briter Bridges.

In Ethiopia, for instance, a booming urban population and single-use plastic have seen waste generation skyrocket from 9,700 tonnes/day in 2015 to 12,200 tonnes/day in 2020.

This trend is fueling environmental and health woes and projections warn this figure could double by 2030.

Enter Kubik.

Founded in 2021, the cleantech startup transforms hard-to-recycle plastic waste into low-carbon, affordable building materials.

Buildings account for up to 40% of total global carbon emissions.

This is because of how building materials are produced, what materials are used, and the properties’ energy efficiency once they’re up and running.

Kubik’s mission is to build clean and affordable living for all, solving Africa’s housing and waste crises simultaneously.

Its solution boasts several advantages:
- Cost-effective: Significantly cheaper than conventional materials
- Time-saving: Constructions are twice as fast as traditional methods
- Eco-friendly: Over 5 times less polluting than cement
In a recent oversubscribed seed round, Kubik secured $3.34 million to fuel its growth and expand its reach.

This investment affirms the potential of Kubik’s solution to tackle waste, improve housing, and protect the environment.

Buildings account for 40% of total global carbon emissions. Kubik’s mission is to build clean and affordable living for all.

A look at the types of solutions that populate the climate sector reveals that agriculture and energy—specifically pay-as-you-go solar scale-ups—dominate.

However, the space is getting broader with startups addressing a range of issues.

Here are some other startups leading the charge:
- Coliba: Specializing in the collection and recycling of plastic waste, which is converted into granules and then resold to various industries.
- Amini: Bridging the environmental data gap with AI-powered sensors that monitor air quality and water resources.
- Figorr: Tackling food waste through its AI-powered platform that connects farmers with buyers for unsold produce.
- Powerstove: Providing clean and efficient cookstoves that reduce reliance on firewood and improve health.
- Daystar Solar: Bringing affordable solar power to off-grid communities, empowering households and businesses.
- PEG Africa: Offering pay-as-you-go solar home systems, reaching over 1m customers across Ghana, Senegal, Mali, and Ivory Coast.
- M-Kopa: Another Kenyan champion, providing clean energy solutions to off-grid communities through its pay-as-you-go model.
- Solar Freeze: Empowering smallholder farmers with off-grid solar-powered refrigeration to preserve their produce.
- BasiGo: An electric bus company leasing vehicles to bus owners on a pay-as-you-drive model, facilitating the transition to clean mobility without high upfront costs.
The rise of these startups is fueled by a surge in investor backing.

Globally, climate tech ventures are attracting more capital, and Africa is no exception.

Out of the 500 identified climate-tech startups on the continent, 147 have secured funding since 2015.

More so, at least 230 deals over $1m have been signed in the climate-tech space since 2019, just over 20% of all the deals signed in Africa.

Around 73% of this funding went to energy startups.

Image credit: The Big Deal

This trend is set to be further bolstered by the launch of new climate-tech funds over the past year—despite the global VC funding cooldown.

Some of these include…
- Pan-African venture firm Novastar’s $200m Africa People + Planet fund for startups developing agriculture and climate solutions.
- VC firm Equator’s $40m fundraising to back seed and Series A startups in energy, agriculture, and mobility.
- Catalyst Fund’s new climate-focused $30m fund, now investing in its first cohort of startups.
- Satgana, a new climate tech firm launched in late 2022, with plans to allocate up to 40% of its funds to “planet-positive” startups in Africa.
- There’s the $250m AfricaGoGreen Fund (AAGF), which closed the second tranche of its fundraising in February and counts pay-as-you-go solar providers BBOXX and Solarise as part of its portfolio.
- Also, the Energy Entrepreneurs Growth Fund (EEGF), backed by Shell and Canadian investor FinDev, raised $110m for startups that increase access to clean and reliable energy for African households and businesses.
- E3 Capital (formerly Energy Access Ventures)’s Low Carbon Economy Fund for Africa (E3LCEF), hit its first close in May at $48m.
- Oxfam Novib and Goodwell also recently launched a new $22m Pepea fund to provide venture debt to startups in this space.
- Climate venture builder, Persistent Energy, recently closed a $10m Series C funding round to strengthen its team and scale climate activities in Africa.
- Also, the Climate Investment Funds (CIF), implemented by the AfDB, has supported the development of 39 investment plans across 27 African countries to unlock climate action.
PEG Africa offers pay-as-you-go solar home systems, reaching over 1m customers across Ghana, Senegal, Mali, and Ivory Coast.

These dedicated funds show a sustained commitment to supporting climate-tech innovation in Africa.

While the funding landscape is promising, challenges remain.

Africa still needs more financing for its countries to meet their climate goals by 2030.

Overall climate financing would need to grow from current levels of around $30bn a year to nearly $300bn to meet mitigation and adaptation needs.

Only 14% of total climate finance comes from the private sector, and with only 23 early-stage climate-focused funds in Africa, the pool of investors is limited.

Additionally, the low number of exits (10, all in energy) indicates a long road ahead for commercial capital to enter at scale.

M-Kopa provides clean energy solutions to off-grid communities through a pay-as-you-go model.

Still, the momentum is undeniable.

Climate-related startups in Africa have raised $3.4bn between 2019-2023, nearly 60% of the total funding volume invested in the much more mature fintech sector.

That, coupled with the emergence of innovative solutions and government-backed initiatives, demonstrates a commitment to tackling climate challenges.

Africa is not just facing the brunt of climate change; it is also becoming a breeding ground for innovative solutions that can inspire the world.
February 2, 2024
BRVM: The Gateway To West Africa’s Potential

With strong fundamentals and currency stability tied to the Euro, francophone West Africa provides viable investment prospects. The BRVM serves as the portal through which investors can capitalize.

Back in 2018, BRVM CEO Dr. Edoh Kossi Amenounve met with investors in London conveying an optimistic message: WAEMU economies had averaged 6% GDP growth annually over the prior half-decade.

This robust expansion has continued, with average growth above 5% each year except in 2020 when COVID-19 stalled global economies.

These economies are Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo, and in 2024, five of them feature among the world’s ten fastest-growing economies projected by the IMF.

With this growth, francophone West Africa offers some of the best investment prospects on the continent.

And the BRVM stock exchange serves as the portal through which investors can capitalize.

Born From a Shared Vision

A unified cross-border stock exchange serving all eight WAEMU countries, the Bourse Régionale des Valeurs Mobilières SA (BRVM) was founded in 1998 through a shared vision of the member states.

Headquartered in Abidjan, Ivory Coast, it serves as the common stock exchange for the 140 million people of the region.

The exchange was created to harness the collective strengths of the region’s economies.

It operates on the CFA Franc, the common currency for all francophone African member states pegged to the Euro, overseen by the Central Bank of West African States.

This offers foreign exchange stability and predictability to investors.

The WAEMU also shares a common financial regulator, harmonizing oversight across borders.

Nearly three decades of growth

Starting with just 35 listings, the BRVM has expanded rapidly over the past 26 years.

The BRVM was Africa’s top-performing stock exchange in 2015, notching up a 17.7% increase in its benchmark composite index.

This helped cement its status as one of Africa’s leading exchanges, joining the ranks of bourses in countries like Nigeria, Morocco, and Kenya.

After a few slower years, it saw a strong rebound in 2021, appreciating 39.2% – the second highest in Africa.

In December 2022, Orange Côte d’Ivoire—Ivory Coast’s largest mobile operator—was listed on the BRVM via an oversubscribed IPO that raised a record $236 million on the exchange.

The stock has so far returned 46.77% (taking its juicy dividends into account) since the landmark listing, which added $2.5bn to the exchange’s $12bn equity market cap, spread across 46 listed companies.

These include telecom leader Sonatel, electricity provider CIE, pan-African lender Ecobank, and banking giants like Société Générale, Bank of Africa, and Oragroup. Multinationals like Nestlé and TotalEnergies are also listed.

Beyond stability and scale, the BRVM also offers attractive dividend yields averaging 6-8%—far outpacing typical yields in most developed markets.

The exchange saw its overall market capitalization more than double between 2019 and the end of 2022, from 9 trillion CFA francs to over 13 trillion CFA francs (equivalent to about $23 billion).

By the end of 2023, it had 123 bond lines, 46 listed companies—including major firms like Sonatel, Onatel, and Société Generale Côte d’Ivoire—and had become one of the largest stock exchanges in Africa based on market cap.

In September, the equities component of the market crossed 8 trillion CFA francs in market capitalization for the first time, reflecting the acceleration of West Africa’s economic expansion.

Up to eight of the stocks on the exchange posted double-digit share price gains last year.

Alongside this growth, the exchange has innovated to broaden its appeal.

It introduced sharia-compliant Islamic bond (sukuk) listings in 2016 and a year later, it launched a new board to improve SME financing access.

Access to funding remains a major hurdle for entrepreneurs and small businesses across Africa.

This initiative aims to connect promising smaller companies with much-needed long-term capital from investors who can purchase stakes via the BRVM.

With easier paths to raise equity financing, dynamic SMEs across countries like Côte d’Ivoire, Senegal, and Burkina Faso can expand and drive economic growth.

Stability amid currency turbulence

A major advantage of the BRVM is its use of the euro-pegged CFA franc.

This provides unmatched currency stability in an often turbulent continent for monetary policy.

Investors can be reassured their returns will not be eroded by sudden exchange rate swings or high inflation.

By contrast, equities traded on national exchanges like Nigeria, South Africa, and Ghana carry significant currency risk.

For instance, the Nigerian Exchange’s All-Share Index returned 45.9% in 2023, its highest ever on record.

But a 55% devaluation of the Nigerian naira against the US dollar meant the stock market returned a negative 29.34% to foreign investors.

The BRVM’s euro peg slashes such risk for offshore investors.

Companies listed on the BRVM also benefit from standardized regulations and trading infrastructure across the region.

In addition, strict governance and oversight by regional regulator AMF UMOA (Autorité des Marchés Financiers de l’Union Monétaire Ouest Africaine) enhance investor protections.

The regulator recently suspended trading of a listed firm, EVIOSYS Packaging SIEM, for non-compliance with listing rules – underscoring its commitment to transparency and compliance.

Liquidity challenges linger

Despite its strengths, the BRVM faces some lingering challenges.

Liquidity remains relatively low compared to larger exchanges.

The market is dominated by a few large Ivorian companies like Sonatel and Ecobank, and trading volumes are thin for other listings.

More so, 35 or 76% of companies listed on the bourse are Ivorian.

Attracting more listings, especially from SMEs and more WAEMU countries apart from Cote d’Ivoire, and diversifying its investor base will aid liquidity.

Nonetheless, the BRVM remains a symbol of successful regional economic integration in Africa.

It is one of only two unified, region-wide stock exchanges on the continent, alongside the BVMAC shared by six francophone Central African states.

Integrating with the wider West Africa

The BRVM is a pioneering model of regional financial and economic integration in Africa.

By pooling their markets into a single cross-border exchange, the eight WAEMU countries have created a far more efficient platform for fundraising and investment compared to fragmented national exchanges.

As the first and only fully integrated regional stock exchange in the world, the BRVM offers smaller member countries like Benin, Guinea-Bissau, and Niger access to capital and scale they would struggle to achieve on their own.

It also harmonizes regulation and market infrastructure across borders.

Given this promise, the exchange is now working to build on its success through closer West Africa market integration.

It is collaborating with exchanges in Nigeria and Ghana on integration plans to develop a unified trading platform.

This could significantly expand opportunities for investors and businesses.

And with investment platforms like Daba providing unprecedented retail access to the exchange through a mobile app, new investors can easily tap into the BRVM’s offerings and participate in the growth opportunities of public African companies.

With strong economic growth projected across West Africa, the BRVM offers an exciting investment destination.

But the exchange is more than just an investment opportunity – it is a pioneer of regional integration and a model for capital market development across Africa.

Its integration strengths, currency stability, governance, and steady innovations make it a model for exchanges across Africa and an attractive option for international investors seeking new frontier markets.

As one of Africa’s standout regional initiatives, the BRVM provides a gateway into francophone West Africa’s massive potential for investors seeking new frontiers.

This article was first published in Pulse54, Daba’s bi-monthly newsletter that dives into what’s old and new in Africa’s investment landscape. Sign up here

February 1, 2024
Why Investors Are Excited About Senegalese T-Bond

Senegal is set to issue a 200 billion CFA francs ($330 million) treasury bond in three tranches, attracting significant investor interest.

With the West African nation boasting one of Africa’s fastest-growing economies, investors have good reason to be excited.

Here are five factors driving investor enthusiasm for the bond issuance:

1. Quality of the Issuer

Senegal has established itself as a model of political stability in West Africa. The country has seen peaceful transitions of power since independence in 1960.

Recently, President Macky Sall announced he would not seek a third term in the 2024 elections, easing earlier political tensions.

Also Read: 2024 Outlook – A Year of Elections in Africa

The country has also established itself as a frequent and reliable participant in the West African Economic and Monetary Union’s (WAEMU) capital market. In 2023 alone, the Senegalese government conducted 44 bond and note issuances on this platform.

Dakar, Senegal

Global credit rating agencies Standard & Poor’s and Moody’s have classified Senegal at investment grade levels B+ and Ba3 respectively, underscoring the country’s improving creditworthiness.

The IMF also forecasts Senegal, already WAEMU’s second-largest economy, to record Africa’s second-highest economic growth rate this year and the world’s fifth.

2. Steady Income Stream

Like most government bonds, Senegal’s offering will provide investors with regular interest payments over the lifespan of the bond, enabling a steady stream of income.

The 5-year tranche pays a 6.25% coupon, the 7-year pays 6.45%, and the 10-year pays 6.65%, offering investors a robust and steady semi-annual income stream and ensuring healthy yields especially given current global rate trends.

3. Low Default Risk

Backed by a sovereign government, sovereign bonds like Senegal’s pose extremely little default risk compared to corporate paper. While corporate bonds offer juicy yields, they are only as reliable as the issuing company’s financial health.

Senegal has never defaulted on its obligations. Investors can count on the government to make good on its promised coupon payments and principal redemption.

President Macky Sall

4. Tax Advantages

Resident investors will enjoy exemption from taxes on interest payments and repayment of principal. This combination of healthy yields absent of taxes renders Senegalese bonds an attractive fixed-income proposition.

For foreign investors, income is subject to applicable national tax regimes.

5. Liquidity & Accessibility

Sovereign bonds tend to trade more actively owing to higher issuance volumes, ensuring healthy liquidity for investors.

The bonds can be bought directly from the government or through online investment platforms such as Daba.

They will trade on the francophone West Africa regional stock exchange, BRVM, providing liquidity for investors. The government reserves the right to repurchase bonds on the open market.

So investors can sell holdings fairly easily.

The Senegalese bond will trade on the francophone West Africa regional stock exchange, BRVM, providing liquidity for investors.

Investors can also conveniently purchase Senegalese bonds through brokerages or mutual funds without directly participating in auctions. The ability to relatively easily cash out investments before maturity provides additional flexibility.

With Senegal’s strong economic growth prospects and credit profile, combined with the reliability and advantages of a sovereign bond, investors can gain exposure to one of Africa’s star economies while earning an attractive risk-free return on their capital.

For more content on investment trends and opportunities, check out the Daba application today!

January 30, 2024
Principales conclusions du Rapport Partech 2023 sur le capital-risque technologique en Afrique

Le rapport annuel de Partech sur le capital-risque technologique en Afrique offre des perspectives précieuses sur l’évolution de l’écosystème technologique africain.

L’édition 2023 révèle un ralentissement significatif du financement, en accord avec les tendances mondiales du capital-risque, mais met en lumière des zones de résilience.

Voici les principales conclusions.

Diminution de moitié du financement reflète la conjoncture mondiale

En 2023, les start-ups africaines ont levé 3,5 milliards de dollars, soit une baisse annuelle de 46 %, répartie sur 547 transactions (-28 %). Les fonds propres ont spécifiquement enregistré une diminution de financement de 50 %.

Cela reflète la crise mondiale du financement du capital-risque alors que les investisseurs devenaient plus prudents. Cependant, l’Afrique a toujours attiré plus de 500 investisseurs, démontrant un intérêt continu et fort.

Baisse observée à tous les stades de financement

Le rapport montre des baisses à tous les stades de financement, la plus importante étant dans les tours de croissance (-31 % en moyenne). Les tours d’amorçage et de série A ont diminué modérément (8 à 16 %), tandis que la série B est restée stable.

Cela indique que les investisseurs se sont concentrés sur le soutien aux entreprises existantes de leur portefeuille plutôt que sur de nouveaux investissements.

Les 4 principaux marchés restent en tête, avec des changements

Les quatre principaux marchés africains – l’Afrique du Sud, le Nigeria, l’Égypte et le Kenya – dominent toujours, sécurisant 79 % des transactions. Cependant, leur part de transactions a légèrement diminué (passant de 77 %), signalant une activité croissante sur tout le continent.

L’Afrique du Sud a pris la première place en termes de fonds propres levés avec 548 millions de dollars. Cependant, le Kenya a capturé la première place pour le financement global avec 719 millions de dollars grâce à un financement important par la dette. Ainsi, ces deux nations sont actuellement en tête du financement technologique en Afrique.

Le Nigeria est resté en première position en termes de nombre de transactions, malgré une division par deux de son financement en fonds propres. Pendant ce temps, l’Égypte a subi le plus gros impact parmi les quatre premiers, avec une chute de 58 % des transactions en fonds propres.

Montée du francophone

Encourageant, 52 % des pays africains ont bénéficié d’investissements technologiques, contre 46 % en 2022. L’Afrique francophone a connu une croissance substantielle, représentant 15 % des fonds propres (contre 11 %) dans 20 % des transactions. Cela indique une attention renforcée du capital-risque au-delà des quatre principaux hubs technologiques.

La Fintech conserve la couronne du financement

Comme les années précédentes, la fintech s’est classée première tant en nombre de transactions (113) qu’en financement total des fonds propres (852 millions de dollars).

Le commerce électronique et les technologies propres se sont classés à égalité en deuxième position avec des parts de 13 % chacun. La domination de la fintech montre le besoin immense de l’Afrique en matière d’inclusion financière et de solutions de paiement.

La croissance du financement pour les fondatrices

Les start-ups fondées par des femmes ont levé 25 % des transactions en fonds propres, soit une augmentation de 3 points de pourcentage par rapport à 2022. Elles ont également obtenu 392 millions de dollars en fonds propres, représentant 17 % du total des fonds propres, contre 13 % l’année précédente. Bien que cela reste faible par rapport à la population, le soutien du capital-risque aux femmes leaders technologiques a gagné du terrain de manière significative.

La dette émerge comme un complément aux fonds propres

Le rapport met en avant la pertinence croissante de la dette, représentant 35 % du financement total contre seulement 24 % en 2022. Le Kenya a été en tête du financement par la dette avec une part de 32 %, axée principalement sur les entreprises de technologies propres et de fintech.

Alors que les fonds propres se resserrent, la dette offre une alternative de capital viable pour les start-ups africaines en maturation.

En résumé, bien que l’environnement de financement technologique en Afrique soit devenu nettement plus difficile en 2023, le secteur semble résister à la tempête.

Les acteurs clés ont maintenu des niveaux de financement respectables compte tenu du contexte, les investisseurs ont continué à soutenir un éventail de marchés et de fondateurs, et la dette a contribué à atténuer le ralentissement des fonds propres.

Le rapport de Partech suggère un optimisme prudent quant au retour de la croissance technologique en Afrique après la crise. Des métriques clés telles que le nombre de transactions et le financement des femmes soulignent l’élan sous-jacent de l’industrie.

Vous souhaitez en savoir plus sur les tendances en matière d’investissement et accéder aux opportunités en Afrique ? Téléchargez l’application Daba depuis vos magasins d’applications dès aujourd’hui !

January 30, 2024
Partech 2023 Africa Tech VC Report: Key Takeaways

The annual Partech Africa Tech Venture Capital report offers valuable insights into the evolution of the African tech ecosystem.

The 2023 edition reveals a significant funding slowdown aligned with global VC trends, yet highlights areas of resilience.

Here are the key takeaways.

Halved Funding Reflects Global Downturn

In 2023, African startups raised $3.5B, a 46% annual drop, spread across 547 deals (-28%). Equity specifically saw a 50% funding decrease.

This mirrors the global VC funding crunch as investors became more cautious. However, Africa still captivated over 500 investors, proving continued strong interest.

Drop Seen at All Funding Stages

The report shows drops across all funding stages, but the largest was in growth rounds (-31% ticket average). Seed and Series A shrank moderately (8-16%), while Series B held steady.

This indicates investors focused on supporting existing portfolio companies rather than new investments.

Top 4 Markets Still Lead, With Shifts

The African “big four” markets —South Africa, Nigeria, Egypt, and Kenya—still dominate, securing 79% of deals. However, their deal share fell somewhat (from 77%), signaling increasing activity across the continent.

South Africa took first place by total equity raised at $548M. Yet Kenya captured the top spot for overall funding at $719M thanks to major debt financing. So these two nations currently lead Africa’s tech funding.

Nigeria persisted as #1 by deal count, despite its equity funding being halved. Meanwhile, Egypt took the biggest hit among the top four, with equity deals plummeting 58%.

Francophone Rising

Encouragingly, 52% of African countries saw a tech investment, up from 46% in 2022. Francophone Africa enjoyed substantial growth taking 15% of equity (up from 11%) across 20% of deals. This indicates strengthened VC attention beyond the major four tech hubs.

Also Read: Francophone Africa – An Emerging Startup Powerhouse

Fintech Retains Funding Crown

As in previous years, fintech ranked first in both deals (113) and total equity funding ($852M).

E-commerce and cleantech tied for second place with 13% shares each. Fintech’s dominance shows Africa’s immense need for financial inclusion and payment solutions.

Funding to Women Founders Growing

Startups with female founders raised 25% of equity deals, up 3 percentage points from 2022. They also secured $392M in equity, representing 17% of total equity versus 13% last year. While still low relative to the population, VC backing for women tech leaders gained meaningful ground.

Debt Emerges as Complement to Equity

The report highlights debt’s increasing relevance, making up 35% of total funding versus just 24% in 2022.

Kenya led debt financing with a 32% share, focused heavily on cleantech and fintech companies.

As equity tightens, debt provides a viable capital alternative for maturing African startups.

In summary, while the Africa tech funding environment grew markedly more challenging in 2023, the sector appears to be weathering the storm.

Key players retained respectable funding levels given the climate, investors continued backing a breadth of markets and founders, and debt helped cushion the equity slowdown.

The Partech report suggests cautious optimism for African tech growth returning post-downturn. Key metrics like deal count and women’s funding underscore the industry’s underlying momentum.

Want to learn more about investment trends and access opportunities in Africa? Download the Daba application from your app stores today!

January 30, 2024
Daba Makes Inaugural Cohort of Visa Inclusive Fintech Accelerator

We are thrilled to announce that Daba Finance has been selected among 21 cutting-edge startups to participate in the inaugural cohort of the Visa Inclusive Fintech Accelerator.

This is an immense milestone for our company as we continue on our mission to provide unified investment opportunities across Africa.

What is the Visa Inclusive Fintech Accelerator?

The Visa Inclusive Fintech Accelerator is a program launched in September 2023 by Visa in collaboration with Plug and Play, one of the world’s largest global innovation platforms. It aims to promote diversity and inclusion in the fintech industry by supporting and empowering diverse founders in the tech industry.

Through this accelerator, Visa and Plug and Play are creating an inclusive platform to help diverse founders overcome unique challenges in the tech startup space. The program provides strategic guidance, access to Visa’s products and insights, mentorship, industry connections, and customized support to selected startups.

Why is this significant for Daba?

Being selected for the inaugural cohort is a huge validation of Daba Finance’s business model and impact. As a startup expanding access to financial products across Africa, this accelerator is perfectly aligned with our goals.

Participating in the program will allow us to tap into Visa’s vast payments expertise and Plug and Play’s global network. We look forward to collaborating with Visa executives to evolve our product.

What does this mean for our users?

For Daba Finance users, our participation in the Visa Inclusive Fintech Accelerator translates to an enhanced product experience.

By integrating Visa’s capabilities, we can offer more seamless and secure payment methods for investing, transferring funds, and accessing financial services through our platform.

The expertise and support we gain through the program will help us accelerate our product development roadmap. We plan to leverage insights from Visa to build more user-centric features that simplify investing and finances for our users.

The Road Ahead

We are honored to be working alongside respected institutions such as Visa and Plug and Play. The learnings from this experience will be invaluable as we fulfill our mission of democratizing investing across Africa.

January 21, 2024
Qui remportera la CAN 2023 ? Un modèle d’intelligence artificielle fait des prédictions

La Coupe d’Afrique des Nations (CAN) 2023 débute ce samedi avec la Côte d’Ivoire en tant que pays hôte face à la Guinée-Bissau.

Malgré le fait que le tournoi soit officiellement désigné comme les finales de 2023, il se déroule en 2024.

Les champions en titre, le Sénégal, entrent dans la compétition en tant que favoris, cherchant à devenir la quatrième équipe à remporter consécutivement la CAN, un exploit réalisé pour la dernière fois par l’Égypte de 2006 à 2010.

Pour analyser les potentiels vainqueurs, BBC Sport et Opta utilisent un modèle de prédiction basé sur l’intelligence artificielle.

Sadio Mané tient le trophée de la CAN après que le Sénégal soit sorti victorieux lors de la dernière édition du tournoi. Crédit image : Eurosport

Ce modèle examine la probabilité des résultats des matchs – victoire, match nul ou défaite – en incorporant les cotes du marché des paris et les classements des équipes d’Opta, basés sur les performances historiques et récentes.

Il prend également en compte la force de l’adversaire et la difficulté du parcours jusqu’à la finale, en tenant compte de la composition des groupes et des éventuels affrontements en phase éliminatoire.

Selon le modèle de prédiction, le Sénégal émerge en tant que favori avec une probabilité de 12,8 % de remporter le trophée.

La Côte d’Ivoire suit de près avec une probabilité de 12,1 %, cherchant à remporter leur troisième titre de la CAN après leurs victoires en 1992 et 2015.

L’Égypte, pays hôte en 2006, reste le dernier pays hôte à avoir remporté le tournoi.

Le Maroc, cherchant son deuxième titre de la CAN depuis 1976, et l’Algérie complètent le top cinq avec des probabilités de 11,1 % et 9,7 %, respectivement.

L’Égypte, sept fois championne de la CAN, vise la rédemption après leur défaite déchirante face au Sénégal en finale en 2021.

Mohamed Salah, qui a connu la défaite en finale en 2017, est impatient de remporter son premier titre de la Coupe d’Afrique des Nations.

Le modèle de prédiction donne à l’Égypte une probabilité de 16 % d’atteindre une autre finale cette année, marquant un éventuel retour depuis leur dernier triomphe en 2010.

Les sept meilleures équipes selon le modèle de prédiction comprennent également le Nigeria et le Cameroun, tous deux des poids lourds du football africain.

Le Nigeria, trois fois champion de la CAN (1980, 1994 et 2013), a une probabilité de 8,1 % de remporter le trophée, avec Victor Osimhen, le Joueur de l’Année africain 2023, se démarquant comme un buteur redoutable.

Le Cameroun, cinq fois champion (1984, 1988, 2000, 2002 et 2017), a une probabilité de réussite de 7,5 %.

La performance impressionnante d’Osimhen lors des qualifications, où il a marqué 10 buts pour le Nigeria, met en avant la puissance de marquage des Super Eagles, avec 22 buts au total, soit sept de plus que toute autre équipe.

L’équilibre entre les réalisations historiques, les performances récentes des équipes et les contributions individuelles des joueurs façonne les prédictions, faisant de la CAN 2023 une perspective passionnante pour les fans et les passionnés de football.

En conclusion, alors que la Coupe d’Afrique des Nations 2023 se déroule en 2024, la compétition est sur le point de livrer des moments palpitants.

Le modèle de prédiction basé sur l’intelligence artificielle suggère que le Sénégal, la Côte d’Ivoire et l’Égypte sont les principaux prétendants, tandis que le Nigeria et le Cameroun, avec leur riche histoire du football, ajoutent une couche supplémentaire d’excitation au tournoi.

Le terrain est prêt pour une bataille intense alors que ces équipes luttent pour le titre prestigieux du football africain.

Divulgation : Ce blog a été sourcé à partir de Opta Analyst et régénéré à l’aide de l’IA.

January 11, 2024
Who Will Win Afcon 2023? An AI Model Predicts

The 2023 Africa Cup of Nations (Afcon) kicks off this Saturday with Ivory Coast hosting Guinea-Bissau.

Despite the tournament being officially labeled as the 2023 finals, they are taking place in 2024.

The reigning champions, Senegal, enter the competition as favorites, seeking to become the fourth team to win consecutive Afcons, a feat last achieved by Egypt from 2006 to 2010.

BBC Sport and Opta utilize an artificial intelligence prediction model to analyze the potential winners.

Sadio Mane holds the AFCON trophy after Senegal emerged victorious in the last edition of the tournament. Image credit: Eurosport

This model examines the probability of match outcomes—win, draw, or loss—by incorporating betting market odds and Opta’s team rankings, which are based on historical and recent performances.

It also considers opponent strength and the difficulty of the path to the final, factoring in group compositions and potential knockout stage match-ups.

Senegal emerges as the front-runner with a 12.8% chance of lifting the trophy.

Ivory Coast closely follows with a 12.1% probability, aiming for their third Afcon title after victories in 1992 and 2015.

Egypt, the host nation in 2006, remains the last host to win the tournament.

Morocco, seeking their second Afcon title since 1976, and Algeria round off the top five contenders with 11.1% and 9.7% chances, respectively.

Egypt, a seven-time Afcon champion, eyes redemption after their heartbreaking loss to Senegal in the 2021 final.

Mohamed Salah, who experienced defeat in the 2017 final, is eager to secure his first Africa Cup of Nations title.

The prediction model gives Egypt a 16% chance of reaching another final this year, marking a potential comeback since their last triumph in 2010.

The top seven teams in the predictor model include Nigeria and Cameroon, both heavyweights in African football.

Nigeria, three-time Afcon winners (1980, 1994, and 2013), have an 8.1% chance of lifting the trophy, with Victor Osimhen, the 2023 African Footballer of the Year, standing out as a potent goalscorer.

Cameroon, five-time champions (1984, 1988, 2000, 2002, and 2017), hold a 7.5% chance of success.

Osimhen’s impressive performance in the qualifiers, where he scored 10 goals for Nigeria, emphasizes the Super Eagles’ goal-scoring prowess, with 22 overall goals, seven more than any other side.

The balance between historical achievements, recent team performances, and individual player contributions shapes the predictions, making the 2023 Afcon an exciting prospect for fans and football enthusiasts alike.

In conclusion, as the 2023 Africa Cup of Nations unfolds in 2024, the competition is poised to deliver thrilling moments.

The AI prediction model suggests Senegal, Ivory Coast, and Egypt as the primary contenders. Nigeria and Cameroon, with their rich footballing history, add an extra layer of excitement to the tournament.

The stage is set for an intense battle as these teams vie for the prestigious title in African football.

Disclosure: This blog was sourced from Opta Analyst and re-generated using AI.

January 11, 2024
Récapitulatif 2023 : Meilleures performances des actions sur la BRVM

La Bourse Régionale des Valeurs Mobilières (BRVM) est la bourse régionale des États membres de l’Union Économique et Monétaire Ouest-Africaine (UEMOA) : Bénin, Burkina Faso, Côte d’Ivoire, Guinée-Bissau, Mali, Niger, Sénégal et Togo.

La bourse est située à Abidjan, en Côte d’Ivoire, mais elle dispose de bureaux de marché dans chacun des pays affiliés.

Au cours d’une année impressionnante pour le marché boursier, jusqu’à huit actions ont enregistré des gains à deux chiffres en 2023, tandis que la capitalisation boursière a dépassé pour la première fois les 8 billions de XOF (environ 13 milliards de dollars) en septembre.

Dans le cadre de notre série de récapitulatifs 2023, nous présentons un aperçu des actions les mieux performantes sur la bourse régionale, ainsi que des entreprises qui les sous-tendent, classées par appréciation du cours de l’action.

1. Bank of Africa (Côte d’Ivoire) – +86,4%

Bank of Africa Côte d’Ivoire SA est une banque basée en Afrique, située à Abidjan, en Côte d’Ivoire. Elle propose des produits et services financiers et d’assurance à des clients tels que des professionnels, des particuliers, des étudiants et des communautés locales.

Bank of Africa – Côte d’Ivoire est cotée à la BRVM sous le symbole “BOAC”. Son cours actuel est de 6 750 XOF, ayant augmenté de plus de 80 % au cours de la dernière année.

Bank of Africa – Côte d’Ivoire est actuellement la 15e action la plus précieuse de la BRVM, avec une capitalisation boursière de 135 milliards de XOF, soit environ 1,71 % du marché boursier de la BRVM.

C’est la 16e action la plus échangée à la Bourse de la BRVM au cours des trois derniers mois.

2. Société Multinationale de Bitumes (Côte d’Ivoire) – +54,69%

Société Multinationale de Bitumes (SMB) SA est spécialisée dans le raffinage du pétrole brut pour la production et la commercialisation de bitume routier et de sous-produits.

SMB est cotée à la BRVM sous le symbole “SMBC”. Elle est actuellement la 22e action la plus précieuse de la bourse, avec une capitalisation boursière de 81,1 milliards de XOF, soit environ 1,02 % du marché des actions.

Le cours actuel de SMB Côte d’Ivoire est de 10 400 XOF. Il a augmenté de plus de 54 % l’année dernière et est la 31e action la plus échangée au cours des trois derniers mois.

3. Alios Finance (Côte d’Ivoire) – +47,2%

Alios Finance Safca SA, anciennement Société Africaine de Crédit Automobile (SAFCA) SA, propose des services financiers, y compris le financement de voitures, d’équipements agricoles ou commerciaux, y compris d’équipements d’occasion.

Elle est cotée à la BRVM sous le symbole “SAFC” et est actuellement la 41e action la plus précieuse de la bourse, avec une capitalisation boursière de 8,73 milliards de XOF, représentant environ 0,11 % du marché des actions.

Le cours actuel de l’action est de 1 075 XOF, et elle est la deuxième action la plus échangée à la Bourse de la BRVM au cours des trois derniers mois.

4. SGB (Côte d’Ivoire) – +38,3%

La Société Générale de Banques en Côte d’Ivoire propose des produits et services bancaires aux particuliers, aux entreprises, aux institutions et aux professionnels en Côte d’Ivoire.

La société offre des comptes, y compris des produits bancaires à distance et des transferts d’argent ; des crédits, tels que des prêts immobiliers ; des assurances vie et non-vie ; des produits d’épargne et d’investissement ; et des programmes de fidélité pour les particuliers.

SGB est cotée à la BRVM sous le symbole “SGBC” et est actuellement la troisième action la plus précieuse, avec une capitalisation boursière de 492 milliards de XOF, représentant environ 6,21 % du marché des actions.

SGB Côte d’Ivoire est la 29e action la plus échangée au cours des trois derniers mois.

5. Ecobank (Côte d’Ivoire) – +37,5%

Ecobank Côte d’Ivoire SA est une banque commerciale qui propose divers produits et services. Outre la Côte d’Ivoire, la société opère également au Mozambique, au Nigeria et en Tanzanie, entre autres.

Ecobank est cotée à la BRVM sous le symbole “ECOC” et est actuellement la quatrième action la plus précieuse, avec une capitalisation boursière de 369 milliards de XOF, représentant environ 4,66 % du marché des actions.

Le cours actuel de l’action Ecobank Côte d’Ivoire est de 6 700 XOF, et elle est la septième action la plus échangée à la Bourse au cours des trois derniers mois.

6. Bank of Africa (Burkina Faso) – +34,2%

Bank of Africa Burkina Faso SA est une banque commerciale opérant dans les secteurs de la vente au détail, des entreprises et des marchés financiers. La banque propose des produits financiers tels que des comptes de dépôt, y compris des comptes chèques, d’épargne et à terme, et accorde des prêts aux particuliers et aux entreprises.

Le Burkina Faso est coté à la BRVM sous le symbole “BOABF”. La Bank of Africa – Burkina Faso est actuellement la dixième action la plus précieuse, avec une capitalisation boursière de 151 milliards de XOF, représentant environ 1,9 % du marché des actions.

Le cours actuel de la Bank of Africa – Burkina Faso est de 6 850 XOF, et elle est la 35e action la plus échangée à la Bourse au cours des trois derniers mois.

7. Bank of Africa (Sénégal) – +30,6%

Bank of Africa Sénégal propose une gamme de produits et services bancaires aux particuliers et aux entreprises. BOA Sénégal opère en tant que filiale du Groupe BOA, une société holding qui offre des services financiers tels que la banque et l’assurance par le biais de ses filiales en Afrique.

Elle est cotée à la BRVM sous le symbole “BOAS” et est actuellement la 25e action la plus précieuse, avec une capitalisation boursière de 76,2 milliards de XOF, représentant environ 0,962 % du marché des actions.

La Bank of Africa – Sénégal est la 19e action la plus échangée au cours des trois derniers mois, avec un cours actuel de 3 175 XOF.

8. Air Liquide (Côte d’Ivoire) – +22,9%

Air Liquide Côte d’Ivoire SA, anciennement Société Ivoirienne d’Oxygène et d’Acétylène SA (SIVOA), est une entreprise basée en Côte d’Ivoire opérant dans l’industrie chimique.

Elle produit des gaz industriels et médicaux, des équipements et consommables médicaux, des équipements de découpe et de soudage, des matériaux d’hygiène et des produits de lutte contre l’incendie. Elle offre également des services d’installation et de maintenance.

Air Liquide est cotée à la BRVM sous le symbole “SIVC” et est actuellement la 42e action la plus précieuse, avec une capitalisation boursière de 7,25 milliards de XOF, représentant environ 0,092 % du marché des actions.

Le cours actuel de l’action Air Liquide Côte d’Ivoire (SIVC) est de 830 XOF, et elle est la sixième action la plus échangée à la BRVM au cours des trois derniers mois.

1 XOF = 0,0017 USD au 7 janvier 2024.

Crédits d’information : BRVM, African Exchanges, Reuters Markets

January 7, 2024
2023 Recap: Best-Performing Stocks On BRVM

The Bourse Régionale des Valeurs Mobilières (BRVM) is the regional stock exchange of the member states of the West African Economic and Monetary Union (WAEMU): Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo.

The exchange is located in Abidjan, Côte d’Ivoire but maintains market offices in each of the affiliated countries.

In an impressive year for the stock market, up to eight of the stocks posted double-digit share price gains in 2023 while the market capitalization surged past the XOF 8 trillion mark (around $13bn) for the first time in history in September.

As part of our 2023 recap series, we provide an overview of the best-performing stocks on the regional bourse—and the companies behind them—ranked by share price appreciation.

1. Bank of Africa (Cote d’Ivoire) – +86.4%

Bank of Africa Cote d’Ivoire SA is an Africa-based bank situated in Abidjan, Ivory Coast. It provides financial and insurance products and services to such customers as professionals, individuals, students, and local communities.

Bank of Africa – Côte d’Ivoire is traded on the BRVM under the ticker symbol “BOAC”. Its current share price is XOF 6,750 having surged more than 80% over the past year.

Bank of Africa – Côte d’Ivoire is currently the 15th most valuable stock on the BRVM with a market capitalization of XOF 135 billion, which is about 1.71% of the equity market.

It is the 16th most traded stock on the Exchange over the past three months.

2. Societe Multinationale de Bitumes (Cote d’Ivoire) – +54.69%

Societe Multinationale de Bitumes (SMB) SA is engaged in refining crude oil for the production and marketing of road bitumen and by-products.

SMB is traded on the BRVM under the ticker symbol “SMBC”. It is currently the 22nd most valuable stock on the bourse with a market capitalization of XOF 81.1 billion, which is about 1.02% of the equity market.

The current share price of SMB Côte d’Ivoire is XOF 10,400. It rose more than 54% last year and is the 31st most traded stock over the past three months.

3. Alios Finance (Cote d’Ivoire) – +47.2%

Alios Finance Safca SA, formerly Societe Africaine de Credit Automobile (SAFCA) SA, provides financial services including financing of motor cars, and agricultural or commercial equipment, including second-hand equipment.

It is traded on the BRVM under the ticker symbol “SAFC” and is currently the 41st most valuable stock on the exchange with a market capitalization of XOF 8.73 billion, which makes up about 0.11% of the equity market.

The stock’s current price is XOF 1,075 and it is the second most traded stock on the BRVM over the past three months.

4. SGB (Cote d’Ivoire) – +38.3%

Société Générale de Banques en Côte d’Ivoire provides banking products and services to individuals, corporations, institutions, and professionals in the Ivory Coast.

The company offers accounts, including remote banking products and money transfers; credits, such as real estate loans; life and non-life insurance; savings and investments; and loyalty programs for individuals.

SGB is traded on the BRVM under the ticker symbol “SGBC” and is currently the third most valuable stock with a market capitalization of XOF 492 billion, which is about 6.21% of the equity market.

SGB Côte d’Ivoire is the 29th most traded stock over the past three months.

5. EcoBank (Cote d’Ivoire) – +37.5%

Ecobank Cote d’Ivoire SA is a commercial bank that provides several products and services. Apart from the Ivory Coast, the Company also operates in Mozambique, Nigeria, and Tanzania, among others.

Ecobank is traded on the BRVM under the ticker symbol “ECOC” and is currently the fourth most valuable stock with a market capitalization of XOF 369 billion, which is about 4.66% of the equity market.

The current share price of Ecobank Côte d’Ivoire is XOF 6,700 and is the seventh most traded stock on the Exchange over the past three months.

6. Bank of Africa (Burkina Faso) – +34.2%

Bank of Africa Burkina Faso SA is a commercial bank operating in the retail, corporate, and financial markets. The Bank provides financial products such as deposit accounts, including checking, savings, and time deposits, and extends loans to individuals and businesses.

Burkina Faso is traded on the BRVM under the ticker symbol “BOABF”. Bank of Africa – Burkina Faso is currently the 10th most valuable stock with a market capitalization of XOF 151 billion, which makes up about 1.9% of the equity market.

The current share price of Bank of Africa – Burkina Faso is XOF 6,850 and is the 35th most traded stock on the Exchange over the past three months.

7. Bank of Africa (Senegal) – +30.6%

Bank of Africa Senegal provides a range of banking products and services to individuals and businesses. BOA Senegal operates as a subsidiary of BOA Group, a holding company that provides financial services such as banking and insurance through its subsidiaries in Africa.

It is traded on the BRVM under the ticker symbol “BOAS” and is currently the 25th most valuable stock with a market capitalization of XOF 76.2 billion, which makes up about 0.962% of the equity market.

Bank of Africa – Senegal is the 19th most traded stock over the past three months with a current share price of XOF 3,175.

8. Air Liquide (Cote d’Ivore) – +22.9%

Air Liquide Cote d’Ivoire SA, formerly Societe Ivoirienne d Oxygene et d Acetylene SA, (SIVOA), is an Ivory Coast-based company engaged in the chemical industry.

It produces industrial and medical gases, equipment and medical consumables, cutting and welding equipment, hygiene materials, and firefighting products. It also provides installation and maintenance services.

Air Liquide is traded on the BRVM under the ticker symbol “SIVC” and is currently the 42nd most valuable stock with a market capitalization of XOF 7.25 billion, which is about 0.092% of the equity market.

The current share price of Air Liquide Côte d’Ivoire (SIVC) is XOF 830 and it is the sixth most traded stock on the BRVM over the past three months.

XOF 1 = USD 0.0017 as of January 7, 2024.

Information credits: BRVM, African Exchanges, Reuters Markets

January 7, 2024