Airtel Africa had a tough 2023. The telecom reported a significant loss after tax of $151 million in Q1 of 2023, and ultimately a 99% decline in profits, dropping from $523 million to $2 million by year-end. Currency devaluations in key markets like Nigeria, Malawi, Zambia, and Kenya, were the main cause for the loss.

To improve its financial health, the telecom announced plans for a share buy-back programme in February 2024.

Sidebar: A share buyback simply means that Airtel is repurchasing its own shares from the market.

In its ongoing share buyback programme, Airtel Africa has acquired a total of 8.6 million shares from Citigroup Global Markets Limited. The most recent purchase involved 487,985 shares at an average price of $131.70 per share. 

The buyback programme, which began on March 1, 2024, involves the repurchase of $100 million worth of Airtel Africa’s shares in 12 months, and is divided into two tranches, with the first tranche of $50 million running from March to August 2024. The buy-back programme will help reduce share capital and lower debt and operating costs.

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Last week, Zimbabwe replaced its inflation-hit official currency, the Zimbabwe dollar with a new gold-backed currency, “Zimbabwe Gold” or ZiG.

The currency change was the country’s sixth attempt at restoring parity to the world’s worst-performing currency which had shed 75% of its value since the year began. 

Zimbabwe’s apex bank will begin circulation of the new currency by the end of April and has given Zimbabweans 21 days to exchange the old currency with the newly minted ZiG. However, local traders are steps ahead of the curve and have begun dumping the old currency. 

The news: According to local media, informal traders no longer accept the Zimbabwe dollar for trade and have opted to transact in the US dollar for fear that the old currency will become worthless. The development has seen a surge in the demand for the greenback on the black market, with black market forex traders upping their fees to take advantage of the demand. 

Larger supermarkets are also catching the wave, with some starting to display prices in ZiG. However, some retail stores— Zimbabwe’s OK and South Africa’s Pick n Pay—still accept the Zim dollar.

A way out of trouble: Before the ZiG was introduced, the Zim dollar traded at 28,720 to the US dollar. The ZiG which has an initial value of 13.56 to the dollar is the country’s latest attempt to tackle decades of monetary chaos. Zimbabwe’s central bank governor, John Mushayavanhu, is hopeful the new currency change will reduce the inflation rate between 2% and 5% by year-end. 

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In September 2023, Ezra Chiloba, the former Director General of the Communications Authority (CA) in Kenya faced suspension amidst accusations of corrupt practices involving a staff mortgage scheme. The CA alleged he attempted to defraud the agency and approved his mortgage improperly.

In October 2023, Chiloba resigned from his position as CA Director General. But despite the fraud allegations against him, President William Ruto nominated him for the Consul General of the Kenyan mission in Los Angeles, USA.

EACC clears Chiloba of wrongdoing: In September, the Ethics and Anti-Corruption Commission (EACC) launched an investigation into allegations against Ezra Chiloba. To gather evidence, they requested Treasury audit reports, the authority’s mortgage loan policy and loan book, and the authorised panel of valuers from the CA. 

However, an EACC letter released yesterday found “insufficient evidence” to support the claims against Chiloba, effectively clearing him of any wrongdoing.

With the EACC clearing his name, Chiloba’s nomination for Consul General seems to be moving forward.

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Hewatele, a healthtech company based in Kenya, secured a $20m funding package from Finnfund, the U.S. International Development Finance Corporation (DFC), Soros Economic Development Fund (SEDF), and UBS Optimus Foundation and Grand Challenges Canada.

Here are other deals for the week:

• SunCulture, a Kenyan climate tech startup, raised $12 million in a Series B round that was a mix of equity, debt and carbon financing. Funding was led by InfraCo Africa and Savant Ltd, with support from Acumen Funds, Reed Hastings, co-founder of Netflix, and Eric Schmidt, former CEO and Chairman of Google.
• Affinity Ghana, a full-scale digital bank, secured undisclosed funding from the investment firm Renew Capital. 
• Kenya based WeCare raised $350k from Red Capital towards the production of lab diamonds.
• Inputi LTD, an agritech firm based in Uganda, announced an undisclosed investment from the DFC.

Before you go, our State Of Tech In Africa Report for Q4 2023 is out. Click this link to download it.

Follow us on Twitter, Instagram, and LinkedIn for more funding announcements. You can also visit DealFlow, our real-time funding tracker.

Coin Name	Current Value	Day	Month
Bitcoin	$70,532	+ 0.69%	– 2.04%
Ether	$3,517	– 0.08%	– 11.61%
Tether	$1.00	+ 0.01%	– 0.04%
BNB	$605.12	– 0.10%	+ 16.62%

* Data as of 09:01 PM WAT, April 11, 2024.

• The second edition of TechCabal’s Moonshot Conference is set for October 9–11, 2024, at the Eko Convention Centre, Lagos, Nigeria. Moonshot will assemble Africa’s biggest thinkers, players and problem solvers on a global launchpad for change. If you want to join the stakeholders in Africa’s tech ecosystem for three days of insightful conversations, then get an early-bird ticket at 20% off. 
• Nigeria’s biggest women-only festival, Hertitude, is back for a third time. For those new to the scene, Zikoko brings all the girls to the yard every year to let their hair down, form bonds and celebrate what it means to be a hot babe. It’s happening on April 20, 2024, in Lagos and will feature everything from talent shows and karaoke sessions to spa services, live music performances and an afterparty. Click here to get tickets.
• Attention all music lovers! On Saturday, May 11, 2024, Zikoko wants you outside for a day of link-ups, games, drinks and live performances at Muri Okunola Park, Lagos. Strings Attached is an opportunity for friends to reconnect, lovers to bond and individuals to make friends and build community. To get a free ticket, download the Onebank by Sterling App and sign up using ZIKOKO as the referral code. You’ll get your ticket in your email once tickets are available. Click here to get the app.

Here’s what you should be looking at

• US biotech Moderna suspends plans to build vaccine plant in Kenya
• World Bank warns of debt distress in Eurobond buyback
• Uber Teen Accounts in South Africa

Written by: Mariam Muhammad & Faith Omoniyi

Edited by: Timi Odueso

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If you wager on the Nigeria-Binance saga becoming a Netflix series, this writer thinks you have a fair shot at winning. The plot thickens as Binance’s detained executive has been sent to the Kuje prison, one of Nigeria’s infamous prisons.

ICYMI: Last week, Binance wrote to Nigeria to release its detained executive, Tigran Gambaryan, who had been in detention since February. Gambrayan was charged by Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission on four counts of money laundering charges and was also served tax evasion charges alongside Binance by Nigeria’s tax collector, Federal Inland Revenue Service. 

The news: Gambaryan who first appeared in court last week, yesterday, pleaded not guilty to the money laundering allegations. Gambaryan also asked not to be linked with charges of his colleague Anjarwalla who escaped the country.

The judge, Justice Emeka Nwite, was not convinced, however, rejecting his request not to be tried with Anjarwalla. 

What’s next?  Gambaryan will stay in Kuje jail until the judge decides on April 18 if he can get bail. The trial against him won’t start until May 2. 

Binance, since last week, has been clamouring for the release of its executive. “We are deeply disappointed that Tigran Gambaryan, who has no decision-making power in the company, continues to be detained,” a Binance spokesperson said in a Bloomberg article.

Family-owned businesses are everywhere, shaping our world in ways you might not expect. We’ve found some insights into how they work, and we’d love to share them with you. Dive in right away here.

The Reserve Bank of Zimbabwe, the country’s financial regulator, has explained that it expects online platforms to start processing transactions smoothly on Friday, April 12, 2024, as the country adjusts to the new currency, Zimbabwe Gold (ZiG). 

What happened? On April 5, 2024, the apex bank released a monetary policy statement to announce its gold-backed currency, the country’s latest attempt to staunch the inflation of its currency. 

Following this change, online payment platforms in the country were unable to process transactions with the Zimbabwean dollars, which was replaced by the ZiG. 

The effect of this switch: This switch caused some citizens to be temporarily unable to pay for things online. Banks and payment providers stated that they could not support payments because they had to recalibrate their systems to the new currency

Some citizens expressed facing difficulties in making online payments for goods and services. Banks and payment providers explained that they couldn’t facilitate payments because they needed to adjust their systems to accommodate the new currency.

The adoption of online transactions has been sluggish among Zimbabweans due to the county’s preference for cash-based transactions in more stable currencies such as the South African rand, Botswana pula, and US dollar. This preference stems from a distrust of having funds in bank accounts, fearing sudden government-mandated conversions to unstable currencies, as witnessed in the past.

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Since 2020, French media giant Canal+ has been on a mission to acquire African pay-TV leader, MultiChoice. Its initial stake of 20.1% steadily grew to 35% in February 2024, which triggered a mandatory offer under South African law, forcing Canal+ to formally offer to buy MultiChoice’s remaining shares for R125 per share ($6.71). This valued MultiChoice at R55 billion ($2.9 billion).

Although an agreement hasn’t been reached, Patrice Motsepe, South Africa’s wealthiest Black man, got involved in the deal in March. This move is seen as a potential way to overcome South African regulations that limit foreign ownership of broadcasters to 20%, to ensure MultiChoice remains a South African entity.

Now, the long-running saga of MultiChoice’s ownership has finally leaped forward.

What’s new? MultiChoice has established an independent board— Standard Bank— to evaluate Canal+’s offer. This board will ultimately recommend whether shareholders should accept or reject the bid. While the offer is being considered, Canal+ hasn’t stopped acquiring shares. As of April 5, 2024, Canal+ held over 36.6% of MultiChoice, up from the 35% held in February 2024.

If shareholders accept the offer and Canal+ acquires at least 90% of MultiChoice shares, they can delist MultiChoice from the Johannesburg Stock Exchange (JSE).

MultiChoice and Canal+ intend to post a combined circular to MultiChoice shareholders by May 7, 2024.

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In Uganda, stricter capital requirements implemented in July 2023, forced some banks to downgrade operations. Guaranty Trust Bank Uganda, a subsidiary of a prominent Nigerian bank, was one such institution after it applied to become a credit institution due to challenges meeting the new capital buffer of $38.6 million in capital reserves.

The focus on strengthening financial institutions has now reached Nigeria, as the country’s apex bank, on March 28, increased the minimum capital requirements for banks to $364.56 million by March 31, 2026, to address rising macroeconomic challenges.

Unlike their Ugandan counterparts, Nigerian banks are taking the challenge in stride.

First Bank Holdings, for instance, is holding a shareholder meeting later this month to discuss raising an additional $231 million through public offerings, private placements, or rights issues in domestic or international markets.

Access Holdings, the parent company of Nigeria’s biggest bank by assets— Access Bank— isn’t sitting idle either. It previously announced plans to raise $1.8 billion to meet the CBN’s directive, and expand its operations over the next four years as it targets becoming one of the continent’s largest lenders. This capital raise will involve a combination of bond or share sales and a rights issue targeting existing shareholders.

Tiered requirements: The new capital requirements are tiered based on a bank’s operational scope. International commercial banks face the highest hurdle, needing to raise $364.56 million. Access Bank, with its international presence, falls into this category. National and regional banks have lower targets of $160.8 million and $40.2 million, respectively.

Join Verto as it explores Africa’s business landscape, master international pitches, navigate currency fluctuations, and forge strategic alliances for financial resilience. Register now.

Coin Name	Current Value	Day	Month
Bitcoin	$71,103	+ 2.22%	+ 2.25%
Ether	$3,395	+ 7.85%	– 6.45%
Ethena	$1.36	+ 17.19%	+ 97.77%
Solana	$177.84	+ 0.59%	+ 20.46%

* Data as of 06:21 AM WAT, April 9, 2024.

• The second edition of TechCabal’s Moonshot Conference is set for October 9–11, 2024, at the Eko Convention Centre, Lagos, Nigeria. Moonshot will assemble Africa’s biggest thinkers, players and problem solvers on a global launchpad for change. If you want to join the stakeholders in Africa’s tech ecosystem for three days of insightful conversations, then get an early-bird ticket at 20% off. 
• Nigeria’s biggest women-only festival, Hertitude, is back for a third time. For those new to the scene, Zikoko brings all the girls to the yard every year to let their hair down, form bonds and celebrate what it means to be a hot babe. It’s happening on April 20, 2024, in Lagos and will feature everything from talent shows and karaoke sessions to spa services, live music performances and an afterparty. Click here to get tickets.
• Attention all music lovers! On Saturday, May 11, 2024, Zikoko wants you outside for a day of link-ups, games, drinks and live performances at Muri Okunola Park, Lagos. Strings Attached is an opportunity for friends to reconnect, lovers to bond and individuals to make friends and build community. To get a free ticket, download the Onebank by Sterling App and sign up using ZIKOKO as the referral code. You’ll get your ticket in your email once tickets are available. Click here to get the app.

Here’s what you should be looking at

• Bank of Uganda increases interest rates to curb inflation as shilling falls
• The next wave: African data protection laws need more oomph to match GDPR
• Africa Data Centres breaks ground on 12MW solar farm

Written by: Mariam Muhammad, Towobola Bamgbose & Faith Omoniyi

Edited by: Timi Odueso

Want more of TechCabal? Sign up for our insightful newsletters on the business and economy of tech in Africa.

• The Next Wave: futuristic analysis of the business of tech in Africa.
• Entering Tech: tech career insights and opportunities in your inbox every Wednesday at 3 PM WAT.
• In a Giffy: business decisions powered by data-driven insights and analysis you can trust.
• TC Scoops: breaking news from TechCabal

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The Nigerian arm of pan-African TV broadcaster, MultiChoice, reportedly lost $16.2 million in a fraudulent currency exchange deal.

Per the proceedings at a UK court, the deal involved Akintunde Giwa, a currency exchange broker; JNFX Limited, a currency exchange firm; Ashay Mervyn, a representative of JNFX, and Frontier Financial Technologies Limited. 

How did it happen? According to Premium Times, court documents reveal that MultiChoice had long-standing dealings with Giwa and his companies to handle naira-to-dollar currency exchanges for its business. 

Giwa reportedly acted on Multichoice Nigeria’s behalf in arranging with JNFX, under 10 Multichoice contracts, to exchange naira into dollars. In 2021, MultiChoice Nigeria paid ₦7.9 billion to Giwa, who claimed to have forwarded the Naira payments to JNFX through Mervyn, a JNFX representative, to convert the payment into its dollar equivalent— $16.2 million. The payment was to be sent back to MultiChoice after being converted but MultiChoice Nigeria did not receive any payment from JNFX.

Court documents further seen by Premium Times showed that Mervyn allegedly instructed Giwa to send the Naira to a different company account— Frontier Limited— in Nigeria, where Mervyn is a director. 

A legal battle: Giwa took JNFX to court on the grounds that he was defrauded by JNFX, but JNFX denies responsibility as it claims Mervyn did not have the real authority to make these deals on its behalf. Mervyn and Frontier Limited are yet to respond to the court case, and Mervyn is also reportedly wanted by Nigerian authorities for alleged financial fraudulent activities with his whereabouts unknown.

What now? The UK court has ruled that JNFX was liable because Mervyn appeared to have the authority to act for them. Emails and job titles used by Mervyn were from a JNFX email address which convinced the court that Mervyn had the authority to represent JNFX. JNFX has also been ordered to pay Giwa back the ₦7.9 billion plus interest for the deception.

Family-owned businesses are everywhere, shaping our world in ways you might not expect. We’ve found some insights into how they work, and we’d love to share them with you. Dive in right away here.

Zimbabwe is going for gold!

The Zimbabwean dollar—the official currency of Zimbabwe—is the worst-performing currency globally. Since the year began, the Zimbabwean dollar has shed 75% of its value. The country’s apex bank has taken multiple measures to douse the downfall of its currency, including multiple devaluations and a brief stint with a multicurrency system amongst others. These methods failed to deliver lasting results.

Now, the government is betting on a gold-backed currency to resuscitate its ailing economy. 

ZiG-Zag to stability? Christened “Zimbabwe Gold” or ZiG, the new currency replaces the Zimbabwean dollar, the RTGS. Zimbabwe’s central bank governor, John Mushayavanhu, is hopeful the new currency change will reduce the inflation rate between 2% and 5% by year-end. 

Zimbabwe’s apex bank has begun rolling out the new currency—which comes in denominations of between 1 and 200—and has mandated banks to convert existing Zimbabwe dollar balances to the ZiG. The bank is also making provisions for the introduction of coins.

Alongside Gold, ZiG will also be backed by other precious metals and foreign currency reserves—$100 million in cash and 2,522 kilograms of gold worth $185 million—held at the central bank. Zimbabwe’s apex bank has also mandated companies to pay at least half their taxes in the new ZiG currency.

This is not the first time Zimbabwe has changed its currency. After printing notes up to the tune of Z$10tn notes in 2008, which eroded the trust of its people and fueled inflation, the country introduced a new currency called the bond note— backed by the US dollar—in a desperate attempt to stabilise the economy. However, the bond note crashed.

While it remains to be seen how the ZiG will turn the tide for Zimbabwe, the success of gold-backed currencies globally is a mixed bag. Singapore’s gold-linked dollar has enjoyed a degree of stability. However, others, like Australia’s gold-standard experiment in the early 20th century, was abandoned due to limitations in managing economic growth.

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How many IDs does it take to identify as a Nigerian citizen? The answer to that question may be varied depending on who you ask.

Over the past seven years, Nigerians have had to fill their wallets with different cards just to prove their identity: A voter’s card, a driver’s license, a National Identification Number (NIN), a National passport, and the list goes on. Maybe the government thinks its citizens might be suffering from a collective case of identity crisis, with different government regimes brandishing new methods to identify them. 

Now the Nigerian government is planning to add another card to the overflowing stack in your wallet.

The news: Last week, the National Identity Management Commission (NIMC), said plans were underway for a new National Identity with payment functionalities. The NIMC is teaming up with Nigeria’s central bank, a domestic card scheme, AfriGo, and the Nigeria Inter-bank Settlement System (NIBSS) to launch the ID.

While the government is betting on the card to “facilitate financial inclusion for disenfranchised Nigerians, empower citizens, as well as encourage increased participation in nation- building”, it is not the first time Nigeria has tried to add a payment feature to its suit of IDs.

A payment or identity card?  In 2014, then-President, Goodluck Jonathan made an ambitious bet, launching a MasterCard-backed I.D. that served as both a debit card and a passport. However, seven years later, there is very little to be said of the project as new administrations have adopted other measures for identification. 

Reactions on social media reveal hesitation among Nigerians in adopting the proposed ID. A key concern is the card’s dual functionality—serving as both identification and a payment method. Many believe a national ID should focus solely on verification. 

For other Nigerians who might be looking to adopt the new ID, the NIMC has made it easy for holders of the NIN, without needing to provide additional data or undergo another biometric capture. Nigeria’s last attempt at a similar ID cost around $430 million and the new one is expected to fall within that ballpark.

As of December 2023, over 104 million Nigerians have registered for the National Identification Number (NIN), the most prominent form of ID. This represents significant progress, but it took nine years to reach this point. Will this new ID project take just as long, or can it be rolled out more efficiently?

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In a move to enhance connectivity and economic integration, the Republic of Benin and Ghana have announced plans to implement free roaming between their nations. The agreement, between Benin’s Electronic Communications and Postal Regulatory Authority (ARCEP) and Ghana’s National Communications Authority, is set to take effect on July 1, 2024, and will lower roaming costs for customers in Benin and Ghana.

What is roaming: Roaming refers to the ability of a mobile phone user to make and receive calls, send text messages, and access data services while travelling outside their home network coverage area. When a user travels to a location where their home network provider does not have coverage, the phone connects to an available network in that area, known as a “visited network” but it often comes with additional charges, known as roaming fees.

Why is this important? “I believe it would boost trade and economic activities, and in terms of the digital economy, it would open a lot of doors for more businesses to thrive, especially SMEs. When traders arrive in any country in West Africa, they can continue using their phones to do business- check prices, communicate with staff, suppliers, partners, etc- without bothering about higher costs,” Aliyu Yusuf Aboki, the executive secretary of West Africa Telecommunications Regulators Assembly (WATRA) said in an interview with Business Day. 

The move aligns with ECOWAS regulations established in 2017 to promote seamless communication within the region’s mobile networks. 

More roaming deals in Africa: According to a report from Telecomms Review, the African roaming tariff market, which includes the fees charged by communication service providers for using devices outside their network coverage area, is expected to reach $2.5 billion by 2027. This growth is estimated to have a steady annual increase of 5.5% until 2027.

The telecommunication regulatory bodies in West Africa have been taking proactive steps to enhance international roaming services. A November 2023 agreement between Senegal’s Regulatory Authority for Telecommunications and Post (ARTP) and Mauritania’s Regulatory Authority (ARE) signifies another effort to minimise cross-border interference and enhance network quality along their shared border.

Ghana and Togo, in March 2024, also forged a mutual free international roaming deal, aligning with ECOWAS regulations. This initiative aims to significantly slash call and data roaming charges, promising more affordable communication for users in these regions.

Join Verto as it explores Africa’s business landscape, master international pitches, navigate currency fluctuations, and forge strategic alliances for financial resilience. Register now.

Coin Name	Current Value	Day	Month
Bitcoin	$69,460	+ 0.00%	+ 1.49%
Ether	$3,423	+ 1.04%	– 12.41%
Ethena	$1.18	+ 2.38%	+ 70.91%
Solana	$176.42	– 2.40%	+ 20.15%

* Data as of 05:30 AM WAT, April 8, 2024.

• Come and get an exclusive scoop into the State of Tech in Africa in Q1 2024. On April 12 by 11 AM (WAT), TechCabal will launch its SOTIA report which spotlights important trends in Q1 2024 while also delving deeper into the nitty gritty of various happenings in Africa’s Tech Space. As a stakeholder in Africa’s Tech Ecosystem, these insights will help you position strategically and uniquely to harness the innovative progress within this sector. You don’t want to miss this. Register here now to make sure!
• The second edition of TechCabal’s Moonshot Conference is set for October 9–11, 2024, at the Eko Convention Centre, Lagos, Nigeria. Moonshot will assemble Africa’s biggest thinkers, players and problem solvers on a global launchpad for change. If you want to join the stakeholders in Africa’s tech ecosystem for three days of insightful conversations, then get an early-bird ticket at 20% off. 
• Nigeria’s biggest women-only festival, Hertitude, is back for a third time. For those new to the scene, Zikoko brings all the girls to the yard every year to let their hair down, form bonds and celebrate what it means to be a hot babe. It’s happening on April 20, 2024, in Lagos and will feature everything from talent shows and karaoke sessions to spa services, live music performances and an afterparty. Click here to get tickets.
• Attention all music lovers! On Saturday, May 11, 2024, Zikoko wants you outside for a day of link-ups, games, drinks and live performances at Muri Okunola Park, Lagos. Strings Attached is an opportunity for friends to reconnect, lovers to bond and individuals to make friends and build community. To get a free ticket, download the Onebank by Sterling App and sign up using ZIKOKO as the referral code. You’ll get your ticket in your email once tickets are available. Click here to get the app.

Here’s what you should be looking at

• Huawei Cloud to empower 100 Nigerian startups to boost cloud market
• Entering Tech #61: How to become a data professional
• Ethiopian Securities Exchange exceed capital-raising target
• Microsoft to face competition probe in South Africa

Written by: Towobola Bamgbose & Faith Omoniyi

Edited by: Timi Odueso

Want more of TechCabal? Sign up for our insightful newsletters on the business and economy of tech in Africa.

• The Next Wave: futuristic analysis of the business of tech in Africa.
• Entering Tech: tech career insights and opportunities in your inbox every Wednesday at 3 PM WAT.
• In a Giffy: business decisions powered by data-driven insights and analysis you can trust.
• TC Scoops: breaking news from TechCabal

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