💵 $400bn Network International and Magnati Fintech Merger

Today’s Menu ☕️

💵 Network International and Magnati Merge to Create $400 billion Fintech Powerhouse
🪙 Bitcoin Surges Beyond $120,000 Amid Political Tailwinds and Policy Optimism
💰 Engage Capital makes bold $24.5M bid to take over Lipa Later
🐟 Sahel Capital invests $1M to boost Kenya’s aquaculture sector through Camino Ruiz
🫆 NIMC Sets Condition to Waive ₦28,574 Date of Birth Fee
🤖 Meta Buys Play AI: A Bold Audio Move in Its Ambitious AI Strategy
📱MTN Uganda Expands MoMo to Boost Financial Inclusion

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💵 PAYMENTS

Network International and Magnati Merge to Create $400 billion Fintech Powerhouse

Network International and Magnati, two major players in the Middle East and Africa (MEA) fintech sector, have received regulatory approval to merge, forming the region’s largest digital payments platform. Backed by a Brookfield-led consortium, the merger—set to finalize in Q3 2025—will create a unified entity with a total payment volume exceeding $400 billion, serving over 250 financial institutions, 240,000 businesses, and 20 million cardholders across 50+ markets.

The combined company will offer an expanded suite of services, including digital payments, merchant acquiring, data analytics, small business lending, and advanced fraud prevention tools. While both brands—Network International and Magnati—will continue to operate independently during a phased integration, the merger is expected to drive innovation, efficiency, and financial inclusion across the region.

Brookfield sees this as a strategic investment to anchor its fintech footprint in MEA. With partnerships spanning from Gulf governments to African telecom giants like Airtel and MTN, the new entity aims to set a new standard for scale and sophistication in the Global South’s financial services space—positioning itself to compete globally in a fast-evolving digital economy.…...…continue reading

🪙 CRYPTOCURRENCY

Bitcoin Surges Beyond $120,000 Amid Political Tailwinds and Policy Optimism

Bitcoin has surged past the $120,000 mark for the first time, reaching a record high of $123,153.22 before stabilizing slightly below that level. This marks a 27% gain in 2025 alone, driven by renewed investor confidence and expectations of regulatory clarity. The rally coincides with “Crypto Week” in the U.S., where lawmakers are debating crypto-focused bills aimed at establishing clearer rules for the industry.

Former President Donald Trump has emerged as a vocal supporter, branding himself the “crypto president” and backing digital assets, including launching his own meme coin, $TRUMP. The coin’s recent performance and a $100 million investment from Justin Sun have kept it in the spotlight. Bitcoin’s rise has fueled a broader rally in altcoins, even amid wider economic uncertainty. Analysts note that institutional interest is returning, but caution that volatility remains high.

The key question is whether this momentum will translate into long-term legitimacy for the crypto sector......…continue reading

💰 BUY NOW PAY LATER

Engage Capital makes bold $24.5M bid to take over Lipa Later

Kenyan fintech startup Lipa Later, once a key player in East Africa’s Buy Now, Pay Later (BNPL) sector, is attracting acquisition interest after entering administration in March 2025 due to financial distress. Among the top bidders is Engage Capital, a Canadian VC firm, offering KES 3.17 billion ($24.5 million) to fully acquire the company’s platform, IP, licenses, and customer base. The bid also includes settling all outstanding debts, potentially easing creditor concerns.

A second, undisclosed Kenyan financial consultancy has made a KES 2.5 billion offer, with negotiations ongoing. Meanwhile, Advance Global Capital (AGC), a UK-based financial institution, has proposed a KES 646 million ($5 million) loan instead of an acquisition. AGC’s offer includes an immediate $3 million disbursement and excludes Lipa Later’s core consumer lending business.

Founded in 2018, Lipa Later grew rapidly across Kenya, Uganda, and Rwanda, but liquidity issues and a failed funding round in 2024 forced its collapse. Despite raising over $16 million previously, the startup struggled with unpaid salaries and mounting debts. The acquisition race may offer a second chance, though success hinges on restoring trust and proving long-term viability......…continue reading

🐟 AQUACULTURE

Sahel Capital invests $1M to boost Kenya’s aquaculture sector through Camino Ruiz

Sahel Capital has closed a $1 million loan facility with Camino Ruiz, a Kenyan fish processing and distribution company, through its Social Enterprise Fund for Agriculture in Africa (SEFAA). The funding aims to support Camino Ruiz’s expansion and operations, with $800,000 allocated for upgrading processing infrastructure and $200,000 for working capital.

Founded in 2008 by Joseph Mureithi, Camino Ruiz offers value-added, ready-to-eat tilapia products, sourced from over 4,000 smallholder fish farmers along Lake Victoria and its sister company, Global Tilapia Husbandry. Its Nairobi-based facility handles filleting, freezing, and pre-cooking.

The investment marks SEFAA’s first in the aquaculture sector. Sahel Capital’s Zakayo Ngetich emphasized Camino Ruiz’s potential to lead Kenya’s fish processing market, supported by its strong retail presence in 180 supermarkets, 25 branded outlets, and a growing e-commerce platform.

The deal contributes to regional goals in food security, rural development, and sustainable aquaculture across East Africa........…continue reading

🫆 IDENTITY MANAGEMENT

NIMC Sets Condition to Waive ₦28,574 Date of Birth Fee

The National Identity Management Commission (NIMC) has announced a conditional waiver of the ₦28,574 fee for correcting date-of-birth errors on the National Identification Number (NIN). The waiver applies only when mistakes were made by enrollment officers, not by applicants themselves. Eligible individuals must provide evidence that the error wasn’t their fault.

While the move is seen as a positive step, it highlights deeper issues in Nigeria’s digital identity system. Many citizens—especially low-income Nigerians—have faced significant challenges and costs trying to correct registration errors caused by poor data entry, limited staff training, and lack of supervision.

Critics argue that the system unfairly burdens citizens by requiring them to pay for fixes they didn’t cause. For a country where over 40% live in poverty, the fee is prohibitive. Though NIMC’s decision shows some accountability, broader reforms are needed to ensure digital identity systems are accurate, affordable, and citizen-focused........…continue reading

🤖 ARTIFICIAL INTELLIGENCE

Meta Buys Play AI: A Bold Audio Move in Its Ambitious AI Strategy

Meta has quietly acquired Play AI, a startup specializing in AI-generated natural voices, to strengthen its audio capabilities across platforms like WhatsApp, Instagram, and future AI wearables. Play AI offers voice cloning in over 30 languages and tools for building conversational agents, making voice a central piece in Meta’s broader AI strategy. This move aligns with Meta’s $14.3 billion investment in Scale AI and the development of a multi-modal AI stack incorporating voice, vision, and text.

Voice AI could revolutionize digital interaction—improving accessibility, enabling audio-first content, and enhancing customer support, especially in regions like Africa. However, the potential for deepfakes and misuse raises privacy and ethical concerns, especially in the absence of strong regulations.

Meta’s integration of Play AI, led by speech AI veteran Johan Schalkwyk, signals a shift toward immersive, voice-driven experiences. The challenge lies in balancing innovation with responsibility to build inclusive, secure, and trusted voice-based technologies.....…continue reading

📱MOBILE MONEY

MTN Uganda Expands MoMo to Boost Financial Inclusion

MTN Uganda is expanding its MoMo mobile money platform into a broader digital financial ecosystem to boost financial inclusion and empower users and businesses across Uganda. The upgraded platform will offer savings, microloans, insurance, and merchant services, enabling users to access essential financial tools without needing a traditional bank. This aligns with MTN Group’s Ambition 2025 strategy to lead Africa’s digital transformation beyond telecoms.

With over 70% of Ugandan adults using mobile money, MoMo is already a key financial tool. Its evolution could address persistent gaps in access to credit and savings, especially for women, youth, and micro-entrepreneurs. However, MTN must implement strong consumer protections and financial literacy programs to avoid pitfalls seen in similar expansions elsewhere, such as over-indebtedness.

MoMo’s transformation reflects a broader trend of telecoms becoming fintech leaders in Africa. Its success depends not just on growth, but on delivering accessible, transparent, and user-focused financial services that truly benefit communities........…continue reading

OTHER STORIES

• Nigeria Partners with GITEX to Back 300 Youth Startups……continue reading

• Lillian Barnard Appointed to Lead Microsoft’s Enterprise Partner Solutions in Middle East and Africa……continue reading

• FirstBank unveils advanced facial biometric technology for secure mobile banking ……continue reading

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