💼 C-One Ventures set to Acquire Bankly

Today’s Menu ☕️

💰🛒 OmniRetail Raises $20M Series A to Scale Profitable Growth Across West Africa
💼 C-One Ventures set to Acquire Bankly
🏦 CBN Directs Banks to Adopt PAPSS for Cross-Border Payments
🤖🛒 OpenAI introduces shopping features with ChatGPT Search Update
💰Elon Musk’s XAI Holdings Aims for $20 Billion Boost to Reshape AI and Social Media

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💰🛒 ECOMMERCE

OmniRetail Raises $20M Series A to Scale Profitable Growth Across West Africa

Despite cooling investor enthusiasm for African B2B commerce startups, OmniRetail has defied the trend with a $20 million Series A equity raise. Led by Norfund and Timon Capital, the funding round positions the Lagos-based platform for aggressive expansion across Nigeria, Ghana, and Ivory Coast, while deepening its focus on embedded finance.

Founded by Deepankar Rustagi in 2019, OmniRetail is reimagining informal retail across West Africa. By digitizing supply chains and integrating finance into retail operations, the company supports 145 manufacturers, 5,800 distributors, and over 150,000 informal retailers. Retailers use OmniRetail’s app to order inventory, access working capital, and make digital payments, all backed by a third-party logistics network of 1,100 vehicles and distributed warehousing managed by 85 local partners.

With the new capital, OmniRetail plans to diversify into categories like personal care, home care, and cold storage. It also intends to strengthen its credit underwriting tools, improve logistics infrastructure, and expand partnerships with domestic debt providers. Strategic acquisitions and a planned debt raise for inventory financing are also on the horizon.…… continue reading

💼 FINANCIAL SERVICES

C-One Ventures set to Acquire Bankly

In a strategic move to expand its footprint in grassroots financial services, C-One Ventures Platform (C-One) has announced plans to invest in and acquire the licences, technology, and select assets of Bankly, a prominent Nigerian microfinance bank and fintech company. The agreement, which remains subject to regulatory approval from the Central Bank of Nigeria, marks a significant step toward stabilizing and scaling financial access for underserved communities.

Bankly, founded in 2018, has played a critical role in bridging the gap between Nigeria’s formal financial system and its large informal economy. Through savings, payments, and credit solutions, the company has brought essential financial services to those historically excluded. However, in recent times, Bankly has struggled with liquidity challenges and operational disruptions, notably delays in customer withdrawals and a decline in service availability.

The transaction will involve a modest cash consideration, reflecting C-One’s commitment to sustainable growth rather than aggressive expansion. Immediate post-acquisition plans include resolving outstanding customer obligations, restoring trust, and ensuring uninterrupted access to critical financial services.

Importantly, Bankly’s co-founder, Tomilola Majekodunmi, will continue to play a role in the company’s journey, serving in an advisory capacity. This ensures continuity of vision and leverages her expertise in navigating the unique needs of Nigeria’s informal economy.……… continue reading

🏦 BANKING

CBN Directs Banks to Adopt PAPSS for Cross-Border Payments

The Central Bank of Nigeria (CBN) has directed all banks operating in the country to adopt the Pan-African Payment and Settlement System (PAPSS) and commence originating transactions under the new framework, as part of efforts to deepen intra-African trade and improve cross-border payment efficiency.

According to a statement on Monday by Mrs Hakama Sidi Ali, the CBN’s Acting Director of Corporate Communication, this directive follows the CBN’s recent announcement of a significant review of documentation requirements for PAPSS transactions in Nigeria.

Launched in January 2022 by Afreximbank in partnership with the African Union and the African Continental Free Trade Area (AfCFTA) Secretariat, PAPSS serves as a centralized platform that enables instant, secure, and efficient cross-border transactions across Africa.

It allows for payments to be made in local currencies, thereby reducing reliance on third-party currencies like the U.S. dollar, minimizing transaction costs, and supporting the expansion of trade under the AfCFTA.……… continue reading

🤖🛒 ARTIFICIAL INTELLIGENCE

OpenAI introduces shopping features with ChatGPT Search Update

OpenAI has unveiled a major update to ChatGPT’s search capabilities, aiming to create a more personalized and seamless online shopping experience for users. Announced on Monday, the new feature is now available in ChatGPT’s default AI model, GPT-4o, and will be accessible globally to all users — including Free, Plus, and Pro tiers — as well as even those browsing without an account.

With the update, when users search for products within ChatGPT, they will receive tailored recommendations enhanced with images, customer reviews, and direct links to purchase pages. Categories such as fashion, beauty, home goods, and electronics are among the first being supported. OpenAI emphasized that users can pose highly specific questions in natural language and receive customized results in return.....…continue reading

💰 FUNDING

Elon Musk’s XAI Holdings Aims for $20 Billion Boost to Reshape AI and Social Media

Elon Musk’s ambitions in artificial intelligence are about to reach new heights. According to Bloomberg News, XAI Holdings — the newly merged entity combining Musk’s AI startup xAI and social media platform X (formerly Twitter) — is reportedly in talks to raise $20 billion in new funding. If successful, the deal could value the combined company at an astonishing $120 billion, positioning Musk’s venture as one of the most valuable players in the rapidly escalating AI race

The move signals Musk’s intent to aggressively scale XAI Holdings at a time when artificial intelligence is reshaping not just the tech landscape, but also the broader economy. The funding round would come just months after Musk officially merged xAI with X, blending social media influence with AI development — a fusion that few others in Silicon Valley have attempted at this scale..……continue reading

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