💰VFD Group injects ₦5bn into fintech subsidiary V Bank

Today’s Menu ☕️

💰VFD Group injects ₦5 billion into fintech subsidiary V Bank
💰 KCB Bank Secures $100m from BII to Boost Climate and Women-Led Businesses
💰 Oze secures funding from Visa and DEG to scale lending management solution for MSMEs in Africa
📱Meta AI Launches in MENA with Arabic Capabilities to Reach Millions
⚖️ South Africa fines Google, Meta for Anti-Competitive Behaviour

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💰FUNDING

VFD Group injects ₦5 billion into fintech subsidiary V Bank

VFD Group Plc, a diversified investment firm, has made a significant investment of ₦5 billion (approximately $3.35 million) into its digital banking subsidiary, VFD Microfinance Bank (commonly known as V Bank), with the aim of accelerating technological advancements and expanding its service offerings.

Since its inception in March 2020, V Bank has established a robust presence in Nigeria’s financial sector through its innovative, technology-driven banking model. The fully digital bank caters to both individuals and businesses, providing a range of services that include zero maintenance fees, competitive interest rates, and a seamless mobile banking experience available on both iOS and Android platforms. Currently, V Bank serves over 500,000 active users, highlighting its growing popularity and acceptance in the market.........…continue reading

💰FUNDING

KCB Bank Secures $100m from BII to Boost Climate and Women-Led Businesses

KCB Bank Kenya has secured a $100 million Tier 2 capital facility from British International Investment (BII), the UK’s development finance institution and impact investor. The funding aims to increase KCB’s lending capacity, particularly for climate-related projects and women-led small and medium-sized enterprises (SMEs).

The financing will bolster KCB Bank’s balance sheet, enabling it to support local businesses that scale innovative climate technologies, including renewable energy, green mobility, and sustainable agriculture. This initiative aligns with the United Nations Sustainable Development Goals (SDGs) 5 (Gender Equality), 8 (Decent Work and Economic Growth), and 13 (Climate Action).........…continue reading

💰FUNDING

Oze secures funding from Visa and DEG to scale lending management solution for MSMEs in Africa

Ghanaian fintech startup Oze, which specializes in providing digital recordkeeping tools integrated with embedded finance products for micro, small, and medium enterprises (MSMEs), has successfully secured an undisclosed amount of funding from notable investors, including Visa and DEG. This funding will be instrumental in scaling Oze’s innovative lending management solution.

Founded in beta in 2018, Oze offers a mobile application designed to assist small businesses in meticulously recording their sales, expenses, payables, and receivables. The platform aggregates this financial data to generate context-specific recommendations and insightful reports. Leveraging this data alongside machine learning technology, Oze is able to assess a business’s credit risk and subsequently provide access to affordable capital through partnerships with banking institutions...........…continue reading

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🪙 CRYPTOCURRENCY

Bybit successfully recovers $1.5 billion Ether shortfall following cyberattack

Bybit, the cryptocurrency exchange that experienced a significant hack last Friday, managed to endure an outflow exceeding $6.1 billion over the weekend. In a positive development, the exchange’s CEO announced that the platform has successfully replaced the $1.5 billion worth of Ether that was stolen during the attack.

According to data from DeFiLlama, Bybit held approximately $16.9 billion in customer assets prior to the hack, but this figure plummeted to around $10.8 billion as of the latest reports. The withdrawal pressure was exacerbated by hackers draining nearly 70% of the exchange’s clients’ Ether during the incident.

In response to the crisis, Bybit’s CEO, Ben Zhou, took to X (formerly Twitter) to reassure users, stating that the exchange “has already fully closed the ETH gap.” He emphasized that Bybit is now back to a 100% 1:1 ratio on client assets, verified through a Merkle tree structure. Zhou also indicated that the exchange would soon release an audited proof-of-reserves report to further bolster confidence among its users........…continue reading

🤖 ARTIFICIAL INTELLIGENCE

Meta AI Launches in MENA with Arabic Capabilities to Reach Millions

Meta has officially launched Meta AI across the Middle East and North Africa (MENA), introducing Arabic capabilities to one of the world’s most advanced AI assistants. With this rollout, millions of users in countries such as the UAE, Saudi Arabia, Egypt, Morocco, Iraq, Algeria, Jordan, Libya, Tunisia, and Yemen can now access Meta AI for free through popular apps like Facebook, Instagram, WhatsApp, and Messenger.

Accessible without downloads or sign-ups, Meta AI is seamlessly integrated into these platforms, symbolized by its signature blue circle icon. Whether users are planning vacations, brainstorming ideas, or solving daily challenges, Meta AI is designed to enhance everyday life with intuitive, real-time assistance.........…continue reading

⚖️ REGULATION

South Africa fines Google, Meta for Anti-Competitive Behaviour

South Africa’s Competition Commission has recommended that Google pay between 300 million to 500 million rand ($27.29 million) annually to local media outlets, following provisional findings that the tech giant’s search algorithms disadvantage local news publishers. The proposed compensation, intended for a three-to-five-year period, aims to address the erosion of South Africa’s media sector over the past 14 years and boost referral traffic to local media through algorithmic changes.

The commission’s report, released on Monday, stated that Google’s search results overrepresent global news outlets while underrepresenting local and community media. This imbalance, it argued, has negatively impacted the reach and financial sustainability of South African news publishers. The final report is expected later this year, with all parties, including Google, given until April 7 to submit evidence........…continue reading

OTHER STORIES

• Prosus to acquire Just Eat Takeaway.com for €4.1 billion in major food delivery deal……continue reading

• AgDevCo secures $85 million investment to boost agribusiness and food security in sub-Saharan Africa….continue reading

• Microsoft Launches Majorana 1: The First Topological Qubit Quantum Processor…….continue reading

• Cell C Set to Launch 5G Services in South Africa Soon……..continue reading

• ChatGPT has achieved an impressive milestone by doubling its user base once again and surpassing 400 million weekly active users….continue reading

OPPORTUNITIES

• Applications are now open for the latest edition of the Tony Elumelu Entrepreneurship Programme (TEEP), designed to support startups through comprehensive training, mentorship, and a funding opportunity of US$5,000 Deadline = 1st Mar 2025……..continue reading

• Global payment card network Visa has announced the opening of applications for the fourth edition of its biannual Africa Fintech Accelerator. Deadline = 15th March 2025…….continue reading

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