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💰 IFC and Proparco invest $50M in Helios

💰 IFC and Proparco invest $50M in Helios

Plus: 🪙 Nigerian crypto exchange Roqqu acquires Kenya’s Flitaa

Innovation Village
July 11, 2025

Today’s Menu ☕️

🪙 Nigerian crypto exchange Roqqu acquires Kenya’s Flitaa to accelerate East African expansion
💰 IFC and Proparco invest $50M in Helios Sports and Entertainment to boost Africa’s creative economy
🚙 Bolt reports 42% drop in offline trips as in-app safety feature usage surges in Nigeria
📱South African Government regains control of Telkom

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🪙 CRYPTOCURRENCY

Nigerian crypto exchange Roqqu acquires Kenya’s Flitaa to accelerate East African expansion

Roqqu, a Nigerian cryptocurrency exchange, has announced the acquisition of Flitaa, a Kenya-based crypto startup, marking a significant step in its strategic expansion into East Africa. This acquisition provides Roqqu with immediate access to Kenya’s growing fintech ecosystem and represents its first operational footprint in the region.

Founded in 2019, Flitaa has built a presence across Kenya, Ghana, Uganda, and Tanzania, offering users a simplified platform to buy and sell cryptocurrencies. The startup has gained traction by focusing on user-friendly crypto transaction services, which have helped it establish a loyal customer base in multiple East African markets. While the financial terms of the deal remain undisclosed, Roqqu confirmed that Flitaa’s operations will be fully integrated into its platform.

Roqqu, which has also been operating since 2019, has grown without relying on external funding. The acquisition aligns with its broader vision of becoming a pan-African cryptocurrency platform, offering seamless digital asset services across the continent. The company also claims to have secured regulatory approval to operate in Kenya, although independent verification of this approval was not available at the time of reporting..…...…continue reading

💰 INVESTMENTS

IFC and Proparco invest $50M in Helios Sports and Entertainment to boost Africa’s creative economy

Tope Lawani, Managing Partner at Helios Sports and Entertainment Group

The International Finance Corporation (IFC) and Proparco have jointly invested up to $50 million in Helios Sports and Entertainment Group (HSEG) to boost Africa’s sports, media, and entertainment sectors. This equity investment—$30 million from IFC and $20 million from Proparco—will support the development of sports IP rights, event production, infrastructure, merchandising, hospitality, and fan engagement. HSEG partners with key industry players including NBA Africa, Afro Nation organizers The Malachite Group, PFL Africa, and Zaria Group.

The move signals growing confidence in Africa’s creative economy, with IFC and Proparco aiming to unlock economic opportunities and jobs for young Africans. HSEG’s leadership sees this backing as validation of Africa’s rich talent and growing global influence. This landmark funding marks a shift toward strategic, large-scale investment in traditionally underfunded sectors, aiming to build a sustainable, innovation-driven creative ecosystem across the continent.........…continue reading

🚙 RIDE HAILING

Bolt reports 42% drop in offline trips as in-app safety feature usage surges in Nigeria

Bolt has reported a 42% decline in offline trips—rides conducted outside the app—over the past three months, signaling progress in its push for safer, app-based ride-hailing in Nigeria. Shared during a Public Safety Summit in Lagos, the company also revealed a surge in adoption of its safety features.

Over 31,000 users now use the Trusted Contacts feature, up nearly 300% since January, while more than 5,500 have activated the Pick-Up Code, which helps verify driver identity. Bolt emphasized that offline trips bypass essential safety tools like GPS tracking and emergency assistance, raising serious concerns in cities like Lagos. The summit, attended by government and civil society stakeholders, followed increased regulatory scrutiny of ride-hailing operators.

Bolt’s General Manager, Osi Oguah, framed the event as part of a rider-first strategy focused on transparency and accountability. As competition intensifies, Bolt is positioning itself as a safety-driven platform aligned with regulatory goals and community needs......…continue reading

📱 TELECOMS

South African Government regains control of Telkom

The Public Investment Corporation (PIC) has increased its stake in Telkom to 10.25%, restoring majority state control when combined with the government’s 40.51% holding. This move reverses a 2024 divestment that saw the government lose its controlling interest for the first time in decades.

The PIC, which manages public pension funds, retains proxy voting rights, consolidating state influence over Telkom’s strategic direction. However, the reacquisition came at a steep cost: the PIC sold its shares in 2024 at R24, only to repurchase them at over R55, missing out on significant share price gains, dividends, and a special payout following Telkom’s R6.5 billion tower sale.

Telkom reported a strong R7.5 billion profit for 2025, resuming dividend payments after a three-year break. The government’s renewed majority stake signals a strong desire to maintain oversight of South Africa’s digital infrastructure and may influence Telkom’s governance, future strategy, and any potential privatization plans......…continue reading