💰 Senegal and Kenya led African startups in raising $391.1 million in June 2025

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💰 Senegal and Kenya led African startups in raising $391.1 million in June 2025
🔨 NDPC Slams MultiChoice Nigeria with ₦766M Fine
💳 Nigerian Banks Resume International Transactions on Naira Cards
💰 Paymenow Secures $22.4m Boost as Earned Wage Access Gains Ground in Africa
🤖 South Africa’s Cerebrium Lands $8.5M to Take on Global AI Infrastructure

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💰 FUNDING

Senegal and Kenya led African startups in raising $391.1 million in June 2025

African startups secured $391.1 million in disclosed funding in June 2025, marking a strong 74% rebound from the $225 million raised in May. The surge was driven by large rounds in fintech, clean energy, AI, and infrastructure, reflecting growing investor confidence in Africa’s innovation economy.

Senegal led all countries with $147 million, mainly from Wave’s $137 million debt round to scale mobile money operations. Kenya followed with $92 million across multiple sectors, including Burn’s $80 million to expand clean cookstoves. South Africa raised $62.1 million from cleantech and AI startups like Wetility, Nile, and MyNextCar.

Djibouti made a surprise entry into the top four with Wingu Africa’s $60 million for data center expansion. Tunisia drew $12.5 million from two standout startups: Thundercode ($9M) and Kumulus Water ($3.5M), positioning itself as a North African deep-tech and climate innovation hub.

Egypt, Ethiopia, Ghana, and Nigeria recorded modest but strategic raises. Egypt’s Octane led with $5.2 million, while Nigeria saw just $3.2 million—well below its typical levels.

Funding Breakdown by Country – June 2025

June’s funding upswing shows a shift from early-stage equity to more mature capital structures and sets the stage for a potentially record-breaking second half of the year.…...…continue reading

 🔨 BUSINESS

NDPC Slams MultiChoice Nigeria with ₦766M Fine

The Nigeria Data Protection Commission (NDPC) has fined Multichoice Nigeria ₦766.2 million for serious breaches of the Nigeria Data Protection Act (NDPA). The company was found to have excessively collected and transferred personal data—some from non-customers—without proper authorization, in ways deemed intrusive, unjust, and disproportionate.

More troubling was Multichoice’s lack of cooperation during the investigation, signaling a disregard for compliance. This landmark penalty, the NDPC’s largest to date, reflects Nigeria’s shift from policy rhetoric to firm enforcement. It also affirms citizens’ constitutional right to privacy under Section 37.

The fine sends a strong warning to telecoms, streaming platforms, and fintechs—both local and foreign—about the need for lawful and transparent data handling. As Nigeria leads Africa’s digital economy, trust and accountability must underpin growth. For consumers long unaware of their data rights, this development is empowering. For companies, it’s a clear signal: data misuse will no longer go unchecked....…...…continue reading

💳 BANKING

Nigerian Banks Resume International Transactions on Naira Cards

Nigerian banks have resumed international transactions on naira-denominated cards after nearly three years of suspension due to foreign exchange (FX) shortages. UBA, Wema Bank, and GTBank now allow global payments on their naira cards, offering greater convenience for customers. UBA reactivated its Premium Naira Cards (Gold, Platinum, World) for international use, while Wema’s cards support payments on platforms like Amazon and Netflix, with a $500 monthly limit. GTBank introduced a $1,000 quarterly limit, including $500 for ATM withdrawals.

The initial suspension began in 2022 amid severe FX scarcity. Analysts say the resumption reflects improved FX liquidity, rising diaspora remittances, a stronger naira, and reforms by the Central Bank of Nigeria. This move restores access for millions relying on naira cards for international e-commerce, subscriptions, and tuition payments.

The development signals renewed confidence in Nigeria’s financial system and could drive broader economic recovery as more banks follow suit.......…continue reading

💰 FUNDING

Paymenow Secures $22.4m Boost as Earned Wage Access Gains Ground in Africa

South African fintech Paymenow has secured a R400 million ($22.4 million) working capital facility from Standard Bank Group, marking a major milestone for both the company and the earned wage access (EWA) movement in Africa. Founded in 2019, Paymenow allows workers to access a portion of their wages before payday, offering an alternative to loan sharks and informal credit. The platform has expanded across South Africa, Namibia, and Zambia and now aims to scale further into Africa.

The funding, structured under a sustainable finance framework, signals growing confidence in fintech’s role in financial inclusion. Paymenow's integration into Standard Bank’s OneHub ecosystem will make its tools accessible to more employers and employees without disrupting payroll systems. The platform also features gamified financial literacy tools that promote responsible money habits.

Backed by strong institutional support and fast payments via PayShap, Paymenow is well-positioned to redefine financial wellness across the continent.......…continue reading

🤖 ARTIFICIAL INTELLIGENCE

South Africa’s Cerebrium Lands $8.5M to Take on Global AI Infrastructure

Cerebrium, an AI infrastructure startup co-founded by South Africans Michael Louis and Jonathan Irwin, has raised $8.5 million in seed funding led by Gradient Ventures, with support from Y Combinator and Authentic Ventures. Headquartered in New York but with roots in Cape Town, the company offers a serverless platform that allows engineers to build and deploy real-time, multimodal AI applications using text, audio, images, and video. Its on-demand infrastructure lets clients spin up compute power only when needed, making it cost-efficient for high-performance use cases like avatars, voice AI, and healthcare.

Cerebrium already serves major clients like Tavus and Deepgram and generates millions in annual recurring revenue with a lean team. The new funding will fuel hiring, U.S. expansion, and new product development. The company’s rise reflects Africa’s growing presence in global tech and a broader trend toward simpler, scalable AI infrastructure in a market booming with $84 billion in global AI investments in 2024......…continue reading

OTHER STORIES

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