🪙 Nigeria Records $50 Billion in Crypto Transactions

Good morning Valued Subscribers👋

There’s something about Tuesdays that feels like the real start of momentum. The dust from Monday settles, the week begins to take shape, and suddenly the pace picks up especially in Africa’s tech and business scene. From bold financial plays to fresh ideas in renewable energy and digital expansion, the signs are clear: innovation on the continent isn’t slowing down anytime soon.

It’s the kind of day that reminds you how much is happening beneath the surface, new players building quietly, established names reinventing themselves, and everyday consumers feeling the ripple effects of change. Progress here doesn’t always come with fanfare; sometimes, it’s the slow, steady kind that ends up reshaping entire industries.

So, as you ease into the day, take this as your quick pulse check — a look at how the continent’s biggest thinkers and builders are moving the needle this week.

Let’s dive in👇

Today’s Menu ☕️

🪙 Nigeria Records Over $50 billion Crypto transactions in One year
🏦 FCMB Adds Mutual Fund Investments to Its Mobile App
🔋Sun King Launches First African Solar Manufacturing Plant in Kenya’s Tatu City
🏦 Access Bank Buys National Bank of Kenya in N179 Billion
🛒 Jumia Expands Rural Reach in New E-Commerce Report
💰 Enko Capital secures $100 million in first close of Enko Impact Credit Fund
🪙 Bitcoin Hits $115K as Ethereum Rallies 6.7%

🏦 CRYPTOCURRENCY

Nigeria Records Over $50 billion Crypto transactions in One year

SEC DG Emomotimi Agama says over $50bn in crypto transactions flowed through Nigeria between July 2023 and June 2024, signalling Abuja’s pivot from hostility to heavy regulation. He frames crypto as national economic security, investor protection and inclusion. Legislation classifying digital assets as securities places them under SEC remit; IMF/Chainalysis estimates ($59bn) corroborate the scale.

The market reflects two realities: legacy banks losing young users, and crypto as hedge against inflation, capital controls and cross-border needs. The CBN’s 2021 banking ban pushed activity to P2P. Agama’s 2025 framework licenses VASPs, tightens AML/CFT, raises fees and governance bars, polices marketing/“finfluencers,” and presses foreign exchanges to accept oversight. Formalisation could yield tax revenue but complicates monetary policy; SEC capacity remains a risk. Agama’s message: Nigeria’s crypto economy is too big to ignore—and must be domesticated......…..…continue reading

 🔋SOLAR ENERGY

Sun King Launches First African Solar Manufacturing Plant in Kenya’s Tatu City

Sun King, the solar energy company you probably know for lighting up homes across Africa, has just opened its first-ever African manufacturing plant right in Kiambu County’s Tatu City. And it’s not just any plant — it’s fully powered by solar and built to help Africa lead the charge in renewable energy tech.

The timing couldn’t be better. After raising a whopping $156 million, Sun King is using this new 7,600-square-metre facility to make solar-powered TVs and smartphones, with more eco-friendly gadgets like fans and freezers in the pipeline. The goal? To make clean, off-grid living easier — and more affordable — for millions....…..…continue reading

 🪙 CRYPTOCURRENCY

Bitcoin Hits $115K as Ethereum Rallies 6.7%

The crypto market kicked off the week on fire 🔥 — Bitcoin smashed past $115,000, while Ethereum jumped almost 7%, setting off a wave of excitement across the digital asset space. Investors are clearly back in risk-on mode, with hopes high ahead of the U.S. inflation (CPI) data and renewed optimism around U.S.–China trade talks.

Altcoins weren’t left behind either — Solana, Dogecoin, and Cardano all rode the wave, while Hyperliquid stole the show with a massive 10.5% surge. In total, the global crypto market cap climbed nearly 4% to hit $3.89 trillion, a sign that confidence is coming back strong.

Analysts say it’s a mix of institutional inflows, good macro vibes, and technical momentum driving this rebound. Basically, big money is moving back in — and everyone’s watching whether Bitcoin can push toward that next big milestone: $120,000......…continue reading

🏦 BANKING

Access Bank Buys National Bank of Kenya in N179 Billion Conditional Takeover

Access Holdings’ ₦179bn bid for National Bank of Kenya looks “done” on paper (announced May 31, 2025) but remained unfinished at June 30: regulatory approvals were only conditional, so control hadn’t transferred and NBK wasn’t consolidated into Access’s H1 results.

In banking M&A, conditional approval means “yes—after meeting specific requirements” from regulators in Kenya and Nigeria. To bridge the gap and secure payment to seller KCB, Access, KCB, and AFREXIM Bank set up a ~US$89.5m guarantee—effectively an escrow-style backstop.

Strategically, Access is buying a platform in East Africa’s hub and NBK’s sticky public-sector deposits, applying its proven consolidation playbook. Pre-close, KCB carved out selected assets/liabilities to KCB Bank Kenya, likely isolating problem loans. Net: a complex, multi-step takeover engineered to capture Kenya and springboard regional growth......…..…continue reading

🛒 E-COMMERCE

Jumia Expands Rural Reach in New E-Commerce Report

Jumia Nigeria just dropped the second edition of its “E-Commerce in Rural Areas” report, and it’s packed with some really interesting insights into how online shopping is changing life outside the big cities.

According to the report, almost half of all Jumia deliveries now go to rural areas — a huge sign that e-commerce has officially gone beyond Lagos and Abuja. Thanks to better internet coverage, more affordable smartphones, and Jumia’s expanding logistics network, people in smaller towns and villages are now just as plugged into digital shopping as anyone else.

A big part of that success comes from JForce, Jumia’s community-based sales network. With over 32,000 active agents across Nigeria, these local entrepreneurs help people in low-connectivity areas place and track orders — basically bringing the online store to their doorstep.....…..…continue reading

💰 FUNDING

Enko Capital secures $100 million in first close of Enko Impact Credit Fund

Enko Capital just hit a huge milestone — it’s raised $100 million for its new Enko Impact Credit Fund, putting it well on the way to its $150 million goal. The fund is all about unlocking private credit for mid-sized African businesses, helping them grow and stay resilient in key sectors like agriculture, telecoms, manufacturing, renewable energy, and finance.

Some big names are backing it too — British International Investment (BII), the International Finance Corporation (IFC), and others like SICOM Global Fund, plus African pension funds and global asset managers. Basically, it’s a strong show of confidence in Africa’s potential.

So, what’s the goal here? Enko wants to bridge the financing gap for stable, cash-generating companies that often get overlooked by traditional banks. It’s about giving these businesses access to dollar-based private credit so they can scale up and create jobs — without getting caught in the usual funding challenges......…continue reading

OTHER STORIES

• Integrated Automotive Partners with Truecaller in Jordan……continue reading

• FCMB Adds Mutual Fund Investments to Its Mobile App……continue reading

• Threads Launches “Ghost Posts” That Vanish After 24 Hours…....continue reading

• Pinterest Experiments with AI-Powered Personalized Boards…….continue reading

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