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💰 Waza secures $8m for expansion |📱MTN posts 1st loss in 8 years

💰 Waza secures $8m for expansion |📱MTN posts 1st loss in 8 years

Plus: MTN Nigeria obtains license for electricity generation in Lagos

Innovation Village
August 20, 2024

Today’s Menu ☕️

⚕️ NSIA’s Medserve flags off healthcare expansion program
📱 MTN Group incurs significant loss amid Nigerian currency devaluation
💰Waza secures $8 million for expansion and introduction of new trade finance offerings in Nigeria
✈️ Kenya Airways celebrates first profit in 10 years with $3.9 million net gain in H1
🪙 Ghana to require VASPs to secure authorization under new regulatory framework
💡 MTN Nigeria obtains license for electricity generation in Lagos

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⚕️HEALTHCARE

NSIA’s Medserve flags off healthcare expansion program

In a landmark initiative aimed at transforming healthcare delivery across Nigeria, NSIA Advanced Medical Services Limited (MedServe) has launched the first phase of an ambitious healthcare expansion program. The initiative will see the establishment of 23 diagnostic centres, three additional oncology centres, and seven catheterization laboratories across the country’s six geo-political zones.

The groundbreaking ceremony for this first phase took place at the Abubakar Tafawa Balewa University Teaching Hospital in Bauchi State. The event was attended by prominent figures, including the Managing Director and Chief Executive Officer of NSIA, Aminu Umar-Sadiq; Managing Director of MedServe, Dr. Tolulope Adewole; Bauchi State Governor, His Excellency Senator Bala Mohammed; Minister of Finance and Coordinating Minister of the Economy, Wale Edun; and the Coordinating Minister of Health & Social Welfare, Prof. Ali Muhammed Pate, along with other senior government officials.

This phase of the project focuses on establishing diagnostic and oncology centers in 10 strategic locations: Bauchi, Enugu, Kaduna, Sokoto, Oyo, Akwa Ibom, Delta, Kwara, Plateau, and Yobe states. This expansion will significantly enhance access to critical healthcare services, addressing the gap in diagnostic and oncology care across these regions.……continue reading

📱TELECOMS

MTN Group incurs significant loss amid Nigerian currency devaluation

MTN Group, the South African telecommunications giant, has experienced a substantial financial setback, recording its first loss in eight years. The company disclosed a loss of R7.39 billion ($414.7 million) for the first half of 2024, a sharp downturn from the R4.14 billion ($232.3 million) profit reported in the corresponding period of the previous year.

A significant factor in this loss is the severe devaluation of the Nigerian naira, which has adversely affected MTN’s revenue from Nigeria, one of its most vital markets. The naira has seen a dramatic decline of over 70% against the US dollar since May 2023, in the wake of foreign-exchange reforms and other economic measures introduced by President Bola Tinubu, which were intended to stabilize Nigeria’s economy.

This loss is particularly noteworthy as it represents MTN’s first negative financial report since 2016, a year that also saw the Nigerian government impose a hefty fine of more than $1.5 billion on the company for failing to comply with regulatory requirements, a figure that was reduced from an initial $5.2 billion (₦1.04 trillion at the time)......…....continue reading

💰FUNDING

Waza secures $8 million for expansion and introduction of new trade finance offerings in Nigeria

Waza, a startup specializing in B2B payments and liquidity solutions for businesses in emerging markets, has successfully raised $8 million through a combination of equity and debt financing. This capital injection is aimed at fueling the company’s expansion beyond its current footprint in Ghana and Nigeria, as well as at launching new trade finance products.

The financing round includes a $3 million seed equity investment from a consortium of investors, featuring prominent names such as Y Combinator, Byld Ventures, Norrsken Africa, Heirloom VC, Plug and Play Tech Center, and Olive Tree Capital. Additionally, Waza has secured $5 million in debt funding from Timon Capital, which will be utilized to initiate trade financing services tailored for large corporate clients.…....continue reading

🪙 FINANCIAL SERVICES

Ghana to require VASPs to secure authorization under new regulatory framework

The Bank of Ghana (BoG) is taking proactive steps towards establishing a regulatory environment for digital assets, including cryptocurrencies, by releasing draft guidelines. The bank is actively seeking input from various stakeholders, such as industry professionals, experts, and the general public, with a deadline set for August 31, 2024, to gather feedback that will inform the future direction of these regulations.

This initiative is driven by the recognition of the necessity for clear regulatory guidelines surrounding the activities involving digital assets. The draft guidelines are contingent upon the successful completion of a sandbox testing phase. The primary goals of the proposed regulations are to encourage innovation within the digital asset space while simultaneously addressing and mitigating the risks that these assets may pose.

According to the draft document, the establishment of a regulatory framework will necessitate all Virtual Asset Service Providers (VASPs) operating in Ghana to obtain authorization either from the BoG or the Securities and Exchange Commission (SEC). Entities that fail to register will be deemed to be operating unlawfully within the country..…....continue reading

✈️ AVIATION

Kenya Airways celebrates first profit in 10 years with $3.9 million net gain in H1

Kenya Airways has announced its first profitable half-year since 2013, attributing the positive outcome to increased revenue and reduced operational expenses. The airline recorded a net profit of $3.9 million (KES513 million) for the first half of 2024, which is a remarkable 102% improvement from the same period in the previous year.

This turnaround is significant, considering the airline suffered a substantial loss of $168.3 million (KES21.7 billion) in the first half of 2023. The company is now optimistic about achieving its first annual profit in more than ten years in the following year.

Kenya Airways Chairman Michael Joseph expressed confidence in the airline’s performance during an earnings call on Monday, stating, “This demonstrates our capabilities as an airline. While there’s still potential for further progress, the board is pleased with these outcomes.”

The airline’s total revenue climbed by 22% to $709.8 million (KES91.49 billion), while its operating costs were cut by 22%, amounting to $699.8 million (KES90.20 billion).......continue reading