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💰 Arnergy Raises $18m to Expand Solar Access in Nigeria

💰 Arnergy Raises $18m to Expand Solar Access in Nigeria

Plus:📱MTN South Sudan secures 15-year operating license

Innovation Village
April 15, 2025

Today’s Menu ☕️

💰Arnergy Raises $18m to Expand Solar Access Amid Soaring Energy Costs in Nigeria
🏆 Nigeria’s Solape Akinpelu Wins Top Prize at 2025 Aurora Tech Award for Women in Tech Innovation
📱MTN South Sudan secures 15-year operating license amidst ongoing challenges
🏦 Access Bank Acquires 100% Stake in National Bank of Kenya to Deepen East African Expansion

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💰FUNDING

Arnergy Raises $18m to Expand Solar Access Amid Soaring Energy Costs in Nigeria

Nigerian solar energy startup Arnergy has raised $18 million in Series B funding to accelerate its mission of providing affordable, clean, and reliable energy solutions in a country grappling with an increasingly unreliable grid and skyrocketing fuel prices.

The new funding — comprising a $15 million Series B extension and a $3 million B1 round from the previous year — comes at a time when demand for solar power in Nigeria is at an all-time high. Since the government removed fuel subsidies in May 2023, petrol prices have spiked by nearly 500%, making traditional generators prohibitively expensive for millions of homes and businesses.

Arnergy, founded in 2013 by Femi Adeyemo, has positioned itself as a key player in the transition to cleaner, more cost-effective energy. Initially marketed as a solution for uninterrupted power in a country where grid failures are common, the company’s solar offerings are now seen as a smarter financial decision......…continue reading

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🏆 STARTUPS

Nigeria’s Solape Akinpelu Wins Top Prize at 2025 Aurora Tech Award for Women in Tech Innovation

Solape Akinpelu, the founder of Nigerian fintech platform HerVest, has emerged as the first-place winner of the 2025 Aurora Tech Award, a global competition that celebrates and supports the most promising female tech entrepreneurs from emerging markets. The prestigious event, held in Cairo, Egypt from April 11–13, brought together top innovators from around the world who are using technology to solve real-world problems.

Akinpelu was awarded $30,000 in cash funding and access to a robust global support network of investors, mentors, and partners. Her platform, HerVest, stood out for its mission to bridge the gender financial inclusion gap by offering savings, credit, and impact investment opportunities to financially underserved African women — particularly smallholder female farmers who often lack access to formal banking and credit services.........…continue reading

📱TELECOMS

MTN South Sudan secures 15-year operating license amidst ongoing challenges

In a significant development for the telecommunications sector in South Sudan, MTN South Sudan has successfully secured a new operating license from the National Communication Authority. This license grants the company the right to operate within the country for an extended period of 15 years, despite the ongoing challenges posed by the current market conditions.

MTN has emphasized that this new license comes with critical obligations that will have a direct and positive impact on the citizens of South Sudan. The company views this as a pivotal opportunity to substantially enhance the quality of its services, expand network coverage to reach underserved communities, and stimulate genuine innovation within the digital landscape.

Furthermore, MTN articulated that this milestone marks a crucial advancement in aligning its operations with the evolving legal and regulatory framework of the country. This alignment will enable the company to strategically plan and invest in the necessary infrastructure and technologies that are essential for advancing connectivity in East Africa.......…continue reading

🏦 BANKING

Access Bank Acquires 100% Stake in National Bank of Kenya to Deepen East African Expansion

Access Bank PLC, the banking arm of Nigeria’s Access Holdings PLC, has received final regulatory approvals to acquire 100% ownership of National Bank of Kenya (NBK). The move marks another strategic milestone in Access Bank’s aggressive pan-African expansion, further solidifying its footprint in East Africa’s dynamic banking sector.

The acquisition was approved by both the Central Bank of Kenya (CBK) and Kenya’s National Treasury and Economic Planning, following a rigorous review process. The CBK’s endorsement came on April 4, 2025, under Section 13(4) of the Banking Act, while the Cabinet Secretary’s approval followed on April 10, pursuant to Section 9 of the same Act.

The deal will see Access Bank acquire NBK’s entire shareholding from KCB Group PLC, which had fully owned the bank since 2019. As part of the transaction, specific assets and liabilities of NBK will be transferred to KCB Bank Kenya Limited, a wholly owned subsidiary of KCB Group......…continue reading