The Editorial Team |

Tiger-Backed Flutterwave Becomes Latest Nigeria Tech Unicorn

LAGOS (Capital Markets in Africa) — Flutterwave Inc. said its valuation passed $1 billion after raising funds from investors including billionaire Chase Coleman’s Tiger Global Management LLC, making the payments firm the third in a spate of Africa-focused tech firms to become so-called unicorns. U.S. hedge fund Tiger was joined by New York private equity firm Avenir Growth Capital in leading the $170 million round, according to a statement on Wednesday. That took total investment…

Warren Says ‘Sharks’ Citadel, Robinhood Prey on Customers

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LAGOS (Capital Markets in Africa) — Senator Elizabeth Warren renewed her attacks on Citadel Securities and Robinhood Markets on Tuesday, accusing the companies at the center of the GameStop Corp. trading saga of profiting at the expense of their customers during periods of extreme market volatility. “When big sharks like Citadel and Robinhood come out ahead no matter what happens, and when the information they gather isn’t disclosed, and when it’s secret how that information…

Bitcoin Retreats From $55,000 Amid Pause in This Week’s Rally

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LAGOS (Capital Markets in Africa) — Bitcoin pared its rally this week after briefly climbing past $55,000 amid ongoing speculation about whether the largest cryptocurrency can test the record it set last month. The token fell as much as 2.1% and was trading at about $53,500 as of 12:01 p.m. in Hong Kong. It remains on track for a second straight weekly advance, bouncing back from a rout at the end of February. “It wouldn’t…

Egypt Inflation Accelerates, Still Below Central Bank Target

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CAIRO (Capital Markets in Africa) — Egypt’s headline inflation accelerated at its fastest pace since December but remained below the target range, making rising global bond yields a more important factor in next week’s rate decision. The annual inflation rate climbed to 4.5% in February from 4.3% in January after two consecutive months of deceleration. On a monthly basis, consumer prices inched up 0.2%, the state-run statistics agency CAPMAS said Wednesday in a report. Egypt’s…

Crypto Havens Lure Firms Fleeing South Africa Regulator Fear

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JOHANNESBURG (Capital Markets in Africa) — The world’s biggest cryptocurrency scam of last year was a jolt to South Africa’s regulator — and not everyone will wait to see how it shakes out. As major financial hubs like Singapore redraw legislation to lure crypto firms and with the U.K. government facing calls to embrace digital currencies, South Africa’s burgeoning exchanges say they are having to move headquarters abroad due to uncertainty over potential government regulation. Behind the frustration is…

How Africa Can Save the World From a Never-Ending Pandemic

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LAGOS (Capital Markets in Africa) — As the rest of the world prepares for a vaccine-driven return to normal over the next few months, at her community health center in a poor, working-class neighborhood of Cape Town, Andrea Mendelsohn is dreading the arrival of April and May—that’s when the weather will get cooler in the southern hemisphere and bring a surge in coronavirus cases. Few people in South Africa—aside from medical staff like Mendelsohn—will be…

Nigeria Wastes Oil Rally as Policy Muddle Deters Investors

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LAGOS (Capital Markets in Africa) — Nigeria isn’t making it easier for foreign investors to buy into its high-yielding assets. A series of policy missteps in recent weeks highlighted some of the uncertainties investors face and raised concerns that Africa’s biggest economy is missing an opportunity created by rising oil prices to attract much-needed foreign currency. First, the country allowed fuel subsidies that have been a drain on state coffers in the past to creep back by…

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