E-Business
Catalyst Fund, Others Launch $4.3M Inclusive Digital Commerce Accelerator

Catalyst Fund, managed by BFA Global, in partnership with the Mastercard Foundation and the Meltwater Entrepreneurial School of Technology (MEST), announced the Catalyst Fund Inclusive Digital Commerce Accelerator, a program aimed at scaling digital commerce companies in Ghana to support the digitization of micro and small enterprises (MSEs) in the country.
The two-year program will improve the livelihoods and financial resilience of MSEs in Ghana, that have been impacted by COVID-19, by enabling access to digital commerce platforms and access to market.
The accelerator will select and scale six digital commerce and innovative companies that can enable informal MSEs to reap the benefits of digital commerce, leveraging Catalyst Fund’s existing proven model to combine:
. flexible grant capital of up to US$120,000 per company;
.deep, bespoke, expert-led venture acceleration support;
.portfolio meet-ups and curated cohort-based workshop sessions with local expertise and operational support by MEST;
.a commitment to sharing best practices, toolkits, learnings, and insights with the digital commerce sector;
.connections with Catalyst Fund’s growing global Circle of Investors (65+) and Circle of Corporate Innovators; and
. ecosystem acceleration to create a more enabling investment and business environment in which digital commerce companies can prosper.
The first expansion of Catalyst Fund beyond its flagship Inclusive Fintech program will officially launch via a virtual event and company pitch showcase on November 4th.
All participating companies in the pitch will be selected by an expert Investment Advisory Committee. Selection is informed by market research conducted to identify the barriers and opportunities for expanding inclusive digital commerce in Ghana. Initial research findings will be released at the official launch event on November 4th.
Speakers at the launch will include: Alex Bram of Hubtel; Lexi Novitske of Acuity Venture Partners; Albert Biga of Zoobashop; Kweku Fleming of MEST Scale; Jane del Ser of BFA Global; and more.
The event will conclude with a pitch showcase from four leading digital commerce companies across Ghana, which will be held at the MEST Accra Incubator.
“We’re thrilled to announce the first Catalyst Fund expansion program, which builds on lessons learned on supporting inclusive fintech companies in emerging markets over the last five years.
“Through the Inclusive Digital Commerce Accelerator, we aim to impact informal MSEs in Ghana who, particularly in light of the COVID-19 crisis, lack access to a financial safety net and find their livelihoods impacted when physical commerce suffers.
Along with support and deep local expertise from the Mastercard Foundation and MEST, we aim to enable companies who are already tackling distinct problems in the digital commerce space to better reach informal MSEs so they can leverage digital rails to improve their financial resilience for the future,” said Catalyst Fund Managing Director Maelis Carraro.
Country partner MEST brings deep market knowledge, leveraging 12+ years of training and incubating tech entrepreneurs on the ground in Ghana.
“The opportunity to partner with an experienced organization like Catalyst Fund with support from the Mastercard Foundation, is in equal parts exciting and aligned with MEST’s scale strategy in Ghana, and beyond. Historically, MEST has focused on early-stage startup support and creation through our training program, seed fund, and incubator programs.
“The Inclusive Digital Commerce Accelerator provides an opportunity to work with Catalyst Fund to support scale-stage ventures which are strategically seeking to better reach and serve informal MSEs, leveraging our local knowledge, networks, and expertise,” said MEST Strategic Director Greg Coussa.
US$4.3 million commitment to support the financial resilience of MSEs
Surveys conducted by BFA Global and by Ghana Statistical Service found that MSEs in particular are suffering as a result of the pandemic. A BFA Global survey of low- and middle-income individuals found that 44% of self-employed people had lost their jobs or could not find work.
A recent tracker from the Ghana Statistical Service found that microenterprises are faring worse than large and small enterprises; among businesses that are open, 92.2% of microenterprises report decreased sales (compared to 89% of small and medium enterprises, and 45% of large enterprises), noting that sales have fallen 60.9% relative to last April.
“Micro and small enterprises are the bedrock of Ghana’s economy. They are also the most impacted by COVID-19, putting livelihoods and economic gains made over the years at risk. Accelerating access to markets through digitization and e-commerce platforms provides MSEs the opportunity not only to scale, but to strengthen their resilience at the other side of the pandemic,” said Nathalie Akon Gabala, Regional Head for Western, Central and Northern Africa, at the Mastercard Foundation.
In a parallel effort to accelerate the expansion of the digital commerce ecosystem and increase coordination, Catalyst Fund will be building an open database of digital commerce companies operating in Ghana. Companies who wish to express interest in being considered for the accelerator may also choose to be included in the database. All interested companies should complete the form found here.
E-Business
Court Affirms ARCON’s Power to Regulate Ads on Social Media, Others

Federal High Court sitting in Lagos has declared that Advertising Regulatory Council of Nigeria (ARCON) has the legal authority to regulate advertising across all media platforms, including traditional outlets such as print and broadcast, as well as digital and social media.
The landmark ruling strengthens the regulatory powers of the Advertising Regulatory Council of Nigeria.
The ruling was delivered by Honourable Justice Aluko in Suit No. FHC/L/CS/1262/2024, filed by Digi Bay Limited (trading under the name and style of Betway Nigeria), Super Group Limited, and Otunba Kunle Olamuyiwa against the Attorney General of the Federation and ARCON.
The originating summons, dated 12 July 2024, sought a judicial determination of ARCON’s powers, particularly concerning advertising content published on digital platforms and by individuals not registered as advertising practitioners.
The court held that ARCON possesses the statutory authority to regulate all forms of advertising, regardless of the platform on which they appear.
The judgement also stated unequivocally that ARCON’s regulatory mandate extends beyond registered advertising agencies and includes private individuals who engage in advertising activities.
Justice Aluko emphasised that the determining factor is the nature of the activity—advertising—not the status of the individual or entity as a practitioner or non-practitioner.
One of the most significant outcomes of the ruling was the court’s position on social media regulation, affirming that ARCON, as the apex regulatory body in the nation’s advertising ecosystem, has the power to regulate advertisements on platforms such as Instagram, despite being privately owned.
The court noted that social media platforms are publicly accessible spaces used to broadcast advertising to wide audiences and, as such, fall under ARCON’s jurisdiction.
Regarding whether ARCON has the power to impose sanctions or fines on erring individuals or entities, the court provided clarity by affirming that ARCON may issue letters of violation or notices of infractions.
However, the power to determine and impose sanctions, it stated, resides solely with the Advertising Offences Tribunal, as prescribed by law.
The court also ruled that all advertising content—whether created by agencies, organisations, or individuals—must be vetted and approved by ARCON before being published or aired.
This decision reinforces ARCON’s role as the central authority responsible for ensuring that all advertising materials conform to ethical and professional standards, regardless of the platform.
Several practitioners in the nation’s advertising sector view the judgement as a significant legal victory for ARCON, especially in light of the increasing challenges it has faced since transitioning from the Advertising Practitioners Council of Nigeria (APCON) to ARCON under a revised legal framework, which extended the scope and influence of its powers.
In recent years, the agency has faced legal and media scrutiny from various quarters regarding the extent of its regulatory powers, particularly in the rapidly growing and often unregulated digital advertising space.
The decision, they argued, will have far-reaching implications for content creators, influencers, advertisers, and brands operating within the country, as compliance with ARCON’s vetting and regulatory processes becomes legally binding.
The ruling also signals a new phase in Nigeria’s advertising industry, where regulatory oversight will no longer be limited to traditional media and certain digital channels but will encompass the entire spectrum of public communication.
E-Business
Zoho Suspends $700m Chipmaking Plan

Zoho, Indian software firmhas suspended its year-long pursuit of a $700 million plan to expand into chip manufacturing, its co-founder said, confirming a story and dealing another blow to the Indian government’s semiconductor plans.
Zoho struggled to find the right technology partner required to advise on complex chipmaking processes, one source familiar with the matter told newsmen earlier.
Report said that Indian billionaire Gautam Adani’s group has also paused discussions with Israel’s Tower Semiconductor for its $10 billion chip project following an internal evaluation by the Indian group.
Zoho, valued at around $12 billion, offers cheaper alternatives to cloud-based software tools made by the likes of Microsoft.
Its billionaire co-founder, Sridhar Vembu is known for his popular and unconventional approach of locating business operations in rural villages.
Vembu confirmed the decision after the story was published, saying “we did not have that confidence in the tech,” in a social media post.
“Since this business is so capital intensive, it requires government backing, we wanted to be absolutely sure of the technology path before we take taxpayer money,” he said.
In a bid to diversify, Zoho had planned to invest $400 million in a semiconductor facility in Karnataka state in south India.
The entire chipmaking plan, first reported by newsmen in May 2024, has for now been suspended.
Representatives for Karnataka state did not respond to a request for comment.
Zoho’s retreat will be a setback to Prime Minister Narendra Modi, who has for several years tried to lure companies in his pursuit to make India a global chip manufacturing hub.
India does not have a single operational chipmaking facility.
Zoho, established in 1996, offers software and related services on subscription to businesses in 150 countries and has over 18,000 employees and more than 120 million users.
Zoho’s Silectric Semiconductor Manufacturing last year made a handful of hires and formed a board to oversee chipmaking efforts, the source, who gave the reason for the failed plan, said.
The Karnataka government said in December it had given landmark approval to Zoho’s planned $400 million facility in Mysuru region, which would have generated 460 jobs and been the first such project in the state.
E-Business
FG Partners UK to Combat Cross-border Cyber-crime

The federal government and the United Kingdom signed an agreement Tuesday to combat the growing threat of cyber-crime. The Memorandum of Understanding was signed following a courtesy visit by David George Hanson, minister of the home office, UK, to the Nigeria Police Force headquarters, Louis Edet House in Abuja.
Transnational crime is a big problem for both the UK and Nigeria, so the governments intend to strengthen existing collaboration efforts to crack down on cyber-criminals and protect their industries from unlawful activities.
Offences such as online fraud, identity theft, digital extortion, and ransomware , operate across many jurisdictions, and frequently necessitate sophisticated cooperation efforts, according to the two governments during a press conference.
Furthermore, Lateef Fagbemi, Nigeria’s attorney-general and minister of justice, established the Joint Case Team on Cybercrime, which aims to address the need for a coordinated and robust approach to combating cybercrime, as stated in the Cybercrimes Act of 2015, which criminalises cyber-related offences.
Hanson underlined the importance of ongoing cooperation efforts to combat international crime in a number of areas, affecting vulnerable individuals.
He said: “We need to look again at how we can build cooperation between the Federal Government, the federal police, and our police forces and National Crime Agency to take action against these international criminals, who are exploiting vulnerable people in a whole range of areas. The National Crime Agency, the Home Office Fraud Department, and the High Commission need to make sure we make a big impact on this transnational crime.”
“The collaboration between the Nigerian Police Force and National Crime Agency continues to serve as a model in international law enforcement cooperation. We have successfully conducted joint operations into many cases of cybercrimes and online fraud. With your [UK government] cooperation, we have continued to bust other criminal networks around the world,” added inspector-general of Nigerian Police Force, Kayode Adeolu Egbetokun.
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