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AfDB Earmarks €9.8m Equity Investment to Drive Tech

The Board of Directors of the African Development Bank (AfDB) has approved an equity investment of €9.8-million to support venture capital investments in African start-ups, from seed to growth stages.
According to a statement released by the Bank, of the equity investment, €7-million will be sourced from the Bank’s own resources; the additional €2.8-million represents funds provided by the European Union (EU) through a partnership with the Organisation of African Caribbean and Pacific States (OACPS).
The investment will help Cathay-AfricInvest Innovation Fund meet its target of securing €110m to invest in over 20 early-stage ventures across sub-Saharan Africa.
The Innovation Fund focuses on financial inclusion (financial tech and insurance tech), retail and logistics platforms targeting online and mobile consumers, healthcare technologies, and pay as you go, off-grid energy technologies.
More recently, the Innovation Fund has expanded its focus to include start-ups that are harnessing new digital opportunities created as a result of COVID-19, or with high potential to help fight the coronavirus. The Mauritius-based Fund is jointly sponsored by AfricInvest Capital Partners and Cathay Innovation SAS.
Stefan Nalletamby, AfDB’s Director for financial sector development, said: “The Bank’s approval is another milestone in the implementation of the Boost Africa Program and its partnership with the EU, OACPS and the European Investment Bank.
It signals the importance given to tech-enabled high growth entrepreneurs on the continent and the key role of AfricInvest and Cathay Innovation in supporting this key business segment in Africa to achieve Africa’s growth, transformation and integration objectives.”
In its current pipeline, over 40% of projects cover more than one African region. Roughly another third of start-ups it invests in are in West Africa. A quarter of investee start-ups are in the health care sector.
Other investors include German KfW/Allianz GI’s AfricaGrow, public investment bank BPI and development finance institution Proparco, both of France, and Swiss impact investor Obviam.
The Bank’s investment is expected to accelerate the creation of a new class of successful African entrepreneurs that will serve as a model to younger innovators. It will also support youth and women-led start-ups and increase access and inclusion to financial and ‘real sector’ services and goods through appropriate technology and innovation.
Although venture capital firms invested US$2-billion in African tech in 2019, a 73% increase over the previous year, funding from this source for innovative start-ups remains very low in Africa.
In addition very few venture capital funds focusing on early-stage tech start-ups have successfully closed rounds.
The African Development Bank’s investment aligns with the Boost Africa program goals to enhance entrepreneurship and innovation across Africa, create new and quality jobs for young Africans, and contribute to developing an efficient entrepreneurial ecosystem in Africa.
Boost Africa, a collaboration between AfDB, the EU, OACPS and the European Investment Bank (EIB), provides financial support to investment funds that target early-stage innovative enterprises across sub-Saharan Africa.
News
PalmPay Launches CSR Initiatives to Empower Women, Foster Financial Literacy in Northern Nigeria

In a strategic move to expand financial inclusion in Nigeria, leading mobile banking platform, PalmPay has launched a series of CSR programs across Kano and Kaduna. The CSR initiative named “Passing the Baton” represents the brand’s commitment to passing on knowledge and providing the resources individuals and businesses need to achieve financial independence and drive economic empowerment.
This initiative is a bold move by PalmPay to bridge the opportunity gap in the North by providing financial literacy training and micro-business branding support to 5,000 women-owned businesses in Kano and Kaduna. This strategic initiative reaffirms PalmPay’s commitment to inclusive development and economic empowerment, particularly in underserved regions.
“At PalmPay, we believe that real financial inclusion must be far reaching and cover the grassroots,” said Chika Nwosu, Managing Director of PalmPay. “Our new CSR program is focused on supporting gender equity by equipping women with the knowledge, tools, and visibility they need to thrive as entrepreneurs in their communities.”
Through this initiative, beneficiaries will receive free health insurance, hands-on training workshops, enhanced store branding to boost visibility, and branded merchandise to strengthen their business presence.
The initiative is part of PalmPay’s broader strategy to extend its innovative solutions, expand its footprint in Northern Nigeria, while building sustainable partnerships with local stakeholders for long-term impact.
In a show of support, His Royal Highness, the Emir of Kano, Dr. Muhammadu Sanusi II, has endorsed the initiative, calling on other stakeholders to join forces with PalmPay in ensuring the North benefits fully from the growing digital economy. PalmPay has received commendation from community stakeholders, as the initiative aims to serve as a model for similar projects across other northern states.
As PalmPay continues to scale across Nigeria, the company remains committed to bridging the financial inclusion gap and empowering underserved groups, particularly women and youth, through its innovative solutions and impact initiatives.
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EFCC Witness Admits Writing Off Arik Air’s $2.3M Debt Amid N76Bn Fraud Trial


News
Anambra Shines in 2025 E-Governance Rankings, Setting National Standards

Anambra State has once again demonstrated its leadership in digital transformation, emerging as one of Nigeria’s top three states in the 2025 e-Governance Report published by the Panorama CIAPS Governance Performance Index (CGPI).
According to the report — a collaborative effort between Nigerian Panorama and the Commonwealth Institute of Advanced Professional Studies (CIAPS) — Anambra ranks alongside Lagos and Enugu as the leading states in adopting and implementing e-governance practices that foster accountability, transparency, and improved service delivery.
In his remarks, Professor Anthony Kila, Director of CIAPS, emphasized the importance of e-governance in shaping how governments interact with citizens. “The centrality of e-governance allows us to assess the performance of state governments in the country. How the government treats the digital world says a lot about them,” he said.
The report evaluated states based on a comprehensive set of criteria, including website security, up-to-date content, public engagement, availability of online services, policy updates, and user accessibility. Anambra’s performance reflects the state’s deliberate investment in digital infrastructure and its commitment to leveraging technology as a tool for inclusive governance.
Reacting to the recognition, the Managing Director/CEO of the Anambra State ICT Agency, Chukwuemeka Fred Agbata, CFA, described the report as a welcome validation of the efforts being made under the leadership of Prof. Charles Chukwuma Soludo, CFR, to reposition Anambra as a liveable and prosperous smart mega-city.
“This is not just about being tech-savvy,” Agbata said. “It’s about using digital tools to create real impact — making the government more accessible, responsive, and transparent. Anambra is building a digital future that works for everyone.”
The CGPI Report recommended that all states intensify efforts to train public servants, maintain digital platforms effectively, and build user-friendly systems that keep citizens informed and empowered. For Anambra, this recognition serves both as a milestone and a motivation to scale new heights.
As the journey continues, Anambra remains focused on setting the pace for e-governance in Nigeria in line with the Governor’s mantra of Everything Technology & Technology Everywhere.
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