💸Flutterwave UK posts £2.27M loss in 2024

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Today’s Menu ☕️

💰 Flutterwave UK posts £2.27M loss in 2024 amid rising costs and investment write-off
💵 Raenest enters U.S. market to strengthen global remittance network
🏦 Standard Bank powers African Bank’s sustainable finance strategy with landmark social bond
🪙 Uganda pilots CBDC as part of $5.5 billion tokenized economic transformation
🗼IHS Holding completes $274.5 million sale of Rwandan operations to Paradigm Tower Ventures
💰 Natco Pharma secures shareholder approval to acquire strategic stake in Adcock Ingram
👨 Pick n Pay shows signs of recovery amid strategic overhaul and market challenges

💰FINANCIAL REPORT

Flutterwave UK posts £2.27M loss in 2024 amid rising costs and investment write-off

Flutterwave UK reported a net loss of £2.27 million for the fiscal year ending December 31, 2024, widening sharply from £485,000 in 2023 — despite a 21% revenue increase to £6.6 million. The losses were driven by soaring administrative expenses (up to £6.4 million from £4.2 million), higher staffing costs, and a £2.6 million loss from the disposal of an investment, classified as a one-off event.

Operating profit plunged 89% to £142,299, while cash reserves dropped from £14.9 million to £743,000, reflecting tighter liquidity. Receivables also fell dramatically from £4.5 million to £10,000, and retained earnings turned negative, moving from £1 million to a £1.25 million deficit......…..…continue reading

💵 INVESTMENTS

Raenest enters U.S. market to strengthen global remittance network

Nigeria’s cross-border fintech Raenest has expanded into the United States, marking a major step in its global growth strategy just eight months after raising $11 million in Series A funding. Announced by CEO Victor Alade at the Raenest Exchange 2025 event in Lagos, the move enables users to send and receive funds between U.S. and African bank accounts — part of a broader plan to open new international corridors, including into Egypt.

Originally launched in 2022 as an Employer of Record (EOR) platform, Raenest pivoted to focus on cross-border payments for freelancers and small businesses. Its flagship app, Geegpay, now serves over 700,000 users and has processed $1 billion+ in transactions.......…..…continue reading

🏦 BANKING

Standard Bank powers African Bank’s sustainable finance strategy with landmark social bond

African Bank has issued its first-ever R700 million ($40.8 million) Senior Unsecured Social Bond, marking a major step in its sustainable finance journey. The bond, structured and coordinated by Standard Bank, aims to fund social impact projects, particularly targeting micro, small, and medium enterprises (MSMEs) to boost financial inclusion and job creation in South Africa.

Standard Bank served as the Sole Lead Arranger and Sustainability Coordinator, providing advisory support in developing African Bank’s Sustainable Finance Framework, which was independently verified by Ibis Consulting (SLR). The issuance was oversubscribed and priced competitively, reflecting strong investor confidence, and is now listed on the JSE Sustainability Segment.....…..…continue reading

🪙 CRYPTOCURRENCY

Uganda pilots CBDC as part of $5.5 billion tokenized economic transformation

Uganda has launched its first Central Bank Digital Currency (CBDC), the digital shilling, as part of a $5.5 billion tokenized economy aimed at transforming real sectors like mining, agriculture, renewable energy, and logistics—not just financial transactions.

Developed in partnership with Global Settlement Network (GSN) and Diacente Group, the CBDC is backed by Ugandan treasury bonds and runs on a permissioned blockchain to ensure stability, transparency, and regulatory oversight. The project’s anchor site, the Karamoja Green Industrial & Special Economic Zone, will serve as a showcase for tokenized industrial assets and digital trade infrastructure.....…continue reading

🗼INFRASTRUCTURE 

IHS Holding completes $274.5 million sale of Rwandan operations to Paradigm Tower Ventures

IHS Holding Limited has completed the $274.5 million sale of its Rwandan subsidiary, IHS Rwanda Limited, to Paradigm Tower Ventures. The deal includes 1,467 telecom tower sites and was executed through Paradigm Infrastructure Holdings (PIH), backed by investors such as Convergence Partners, British International Investment (BII), and PROPARCO.

The divestment aligns with IHS’s portfolio optimization strategy to focus on high-growth markets and reduce debt. For Paradigm, the acquisition represents a strategic entry into Rwanda’s expanding digital infrastructure sector, supported by growing demand for shared wireless networks. Development finance institutions’ participation underscores increasing global interest in Africa’s connectivity and telecom infrastructure growth.............…continue reading

💰ACQUISITIONS

Natco Pharma secures shareholder approval to acquire strategic stake in Adcock Ingram

Natco Pharma, an India-listed pharmaceutical company, has secured shareholder approval to acquire a 35.75% minority stake in Adcock Ingram, one of South Africa’s leading healthcare firms, for R4 billion at R75 per share. The move will lead to Adcock Ingram’s delisting from the Johannesburg Stock Exchange (JSE), marking a significant phase in Natco’s global expansion strategy.

Bidvest, which owns 64.25% of Adcock Ingram, is retaining its majority stake, while minority shareholders overwhelmingly supported the deal, with 98.66% voting in favour. Analysts describe the acquisition as resolving Adcock’s “minority purgatory” and aligning with Bidvest’s capital reallocation plans............…continue reading

OTHER STORIES

• Pick n Pay shows signs of recovery amid strategic overhaul and market challenges……continue reading

• Former UK Prime Minister Rishi Sunak joins Microsoft and Anthropic as Senior Adviser…….continue reading

• Samsung ordered to pay $445.5 million in patent infringement case over wireless technologies….continue reading

• Apple boosts bug bounty program with $2M top reward to drive critical vulnerability research….continue reading

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