AFF INDUSTRY INSIGHT WEEKLY(#E010)

A weekly round-up of reported startup, fintech, digital economy and innovation news from Nigeria and Africa.

Nigeria reclaims Africa’s startup funding lead

Nigerian startups raised $635 million in the first nine months of 2026, 2.6 times the $247 million raised in the same period of 2025 and the country’s best January–September since 2022, according to Africa: The Big Deal. Four companies (Moove, Flutterwave, Jumia and Yellow Card) took $440 million, about 69% of the total, and Moove has since announced its Nigeria exit. Depth improved too: 77 Nigerian startups raised at least $100,000, more than any other African market. Across the continent, logistics and transport overtook fintech as the largest sector by value. Read more

Dangote Refinery’s IPO draws investors from 51 African countries

Dangote Refinery said its offer has attracted investors from 51 of Africa’s 54 countries and more than 90 countries worldwide, ahead of its 27 October close. It also reported nine-month revenue of $22.5 billion, up 144%, and net profit of $4.7 billion, against a loss a year earlier. The test now is allotment and how smoothly the shares trade once listed. Read more

JPMorgan gets CBN approval-in-principle for a Nigerian merchant bank

The CBN granted JPMorgan an approval-in-principle to set up JPMorgan Merchant Bank Nigeria Limited and approved its proposed board. It is not a full licence: the bank cannot start operating until it meets the remaining requirements. JPMorgan had earlier deposited ₦50 billion with the CBN as part of the application. Read more

Foreign investors cut their stake in Kenya’s KCB

Foreign investors sold 23.6 million KCB Group shares, worth about KSh2.1 billion, in the three months to September, cutting their stake to about 8% from 8.8%. Local institutions and individuals bought all of them. The selling followed a strong run in the share price, which hit a record KSh99.25 in the period. Read more

Nomba extends its DRC payments corridor into Zambia

Nomba now lets Congolese businesses pay Zambian suppliers instantly in US dollars or Congolese francs, to bank accounts or mobile wallets, through licensed local partners. Zambia’s goods exports to the DRC reached $1.6 billion in 2025. Nomba says it processes over $480 million a month across its DRC and Canadian operations, is targeting $1 billion a month, and plans to raise another round. Read more

Cash outside Nigerian banks rise to ₦4.92 trillion

CBN data shows cash held outside banks rose by ₦48.7 billion to ₦4.92 trillion in September, about 10.3% higher than a year earlier. The CBN’s Payment System Vision 2028 aims to cut cash outside banks to below 40% of currency in circulation. The figure measures cash holdings, not how often people pay digitally, but it shows cash still matters. Read more

South Africa backs down on strict crypto rules

Finance Minister Enoch Godongwana said on 21 October that Treasury and the Reserve Bank will redraft proposed rules on cross-border crypto transfers after thousands of public comments. The drafts had proposed pre-approvals and limits on moving crypto to self-custody wallets, which exchanges such as Luno and VALR opposed. The new approach will focus on whether transactions are legitimate and tax compliant. A second draft will go out for consultation, so nothing has changed yet. Read more

Healthleap raises $38 million for clinical AI

South Africa-founded Healthleap raised $38 million in combined seed and Series A funding from Sequoia Capital, First Round Capital and Hummingbird Ventures. Its platform reads hospital records daily to flag patients at risk of missed conditions, starting with malnutrition. It will expand to heart failure, pressure ulcers and hospital-acquired infections. Read more

Spiro brings its first 100 e-bikes to Ghana

Spiro launched 100 electric motorcycles and its battery-swapping network in Accra on 20 October, saying riders can save up to $2 a day compared with petrol bikes. It has more than 156,000 motorcycles and 2,500 swap stations across seven countries and plans to enter Ethiopia, Malawi, Mali and the DRC. Success in Ghana will depend on swap-station coverage. Read more

Flutterwave lets staff borrow against their shares

Flutterwave employees can now borrow against vested shares without selling them, through US private-credit startup Techdollar, with funds paid into Nuvion accounts. Loans run six to 12 months, typically for less than half the shares’ value, at 0.8% to 1.5% a month, and pledged shares can be seized on default. It gives staff a way to use equity while exits remain rare. Read more

Bolt brings BYD electric cars to Johannesburg

Bolt is expanding its electric ride-hailing service to Johannesburg through a partnership with Chinese carmaker BYD and the South African Meter Taxi and E-Hailing Association. It shows ride-hailing platforms working with carmakers and driver groups to make EVs viable for drivers. Read more

Women in Tech 6.0: Building a digital ecosystem that lasts

AFF hosts Women in Tech 6.0 on Friday, 6 November 2026, under the theme “Built to Last: Reimagining a Resilient Digital Ecosystem.” The event will bring together women and ecosystem stakeholders to explore how businesses, infrastructure and partnerships can withstand disruption and grow sustainably. Discussions and an interactive Resilience Lab will put women’s perspectives at the centre of practical solutions.Register

Access Youth Tech Forge hackathon kicks off on 13 November

Access Youth Tech Forge 2026, which AFF calls Africa’s most ambitious hackathon, starts on 13 November at Access Towers, Lagos, with a virtual option. Builders aged 17 to 35 will compete for a ₦10 million prize pool across themes including payments and financial infrastructure, and sustainability and climate-linked finance. Each of the top 10 teams receives US$25,000 in acceleration support and pitches to senior management, investors and ecosystem leaders. Applicants hear back by 4 November. Apply here

The funding data put Nigeria back at the top of African startup funding, but most of the money went to four companies, one of which is leaving the country. Capital markets stayed busy: Dangote’s IPO drew investors from across the continent, foreign investors trimmed their stake in KCB, and JPMorgan’s approval-in-principle signalled a global bank stepping into Nigeria. Payments followed trade and cash, from Nomba’s DRC–Zambia corridor to rising cash holdings in Nigeria, while South Africa stepped back from its strict draft crypto rules. And builders kept moving, from Spiro in Ghana and Bolt’s EV push in Johannesburg to Healthleap’s AI raise and Flutterwave’s equity loans for staff.