Hello there,
You know it’s a weird time when Nigeria’s biggest banks post trillion-naira profits—trillion, with a T—in a year the country’s currency fell by 40%. Meanwhile, MTN} MoMo just made it cheaper to send money from Ghana to Nigeria, but it also raises more questions.
And then there’s AGOA. You probably don’t know what that is, or you do and you forgot about it. But Trump didn’t. And that’s bad news for $47 billion worth of African exports.
But first, here’s what actually matters:
MTN MoMo’s Ghana-Nigeria transfers expose Africa’s cross-border payment dysfunction
Before now, sending money from Ghana to Nigeria could cost you up to 20%. MTN just cut that by more than half. But this isn’t a payments revolution—it’s a band-aid over a broken system. Africa’s digital payment boom has skipped over the cross-border use case, and that’s becoming hard to ignore.
Full story: Read More
AGOA: Trump’s ‘America First’ doctrine tests Africa’s $47bn trade lifeline
The African Growth and Opportunity Act (AGOA) is up for renewal in September. But Trump’s back, and the new rhetoric is clear: no more one-way trade. His base doesn’t want Africa exporting duty-free unless America gets something in return. The main gist is —AGOA might not survive this round.
Full story: Read More
Nigeria’s revenue system: new platform, same old questions
Meet TMRAS—the Treasury Management and Revenue Allocation System. It promises smoother collections and real-time allocation. Sounds great on paper, but it leaves us with lots of questions.
Full story: Read more
Ecobank Kenya raises $27m amid capital rule shake-up
Kenya’s banking regulator just increased the minimum capital requirement for big banks by 10x. Ecobank Kenya’s response? Raise $27 million (roughly KES 3.6 billion) to stay ahead. A strategic move—but also a preview of consolidation that’s about to hit Tier 2 banks.
Full story: Read More
South Africa’s minibus taxi sector: a billion-dollar ghost on the tax books
It moves millions daily, generates billions of rand annually—and yet it barely pays taxes. The government’s latest plans to “formalise” the sector sound good, but this has been attempted before. Many times.
Full story: Read More
Other notable stories (because not everything can make the top five)
• South Africa’s $9bn infrastructure bet: Ties municipal funding to actual service delivery. In theory, it’s bold. In practice? We’ll wait and see. Read
• African markets wobble: Trump’s trade signals and China’s slowdown are giving African investors anxiety. Read
• Egypt’s $91bn budget tightrope: Cairo tightens spending under IMF’s watchful eye. Read
• Mauritius wants rich investors, not just real estate money: Public debt is piling up. Read
• Zambia’s inflation dips to 16.5%, but macro pressure builds: Some relief at the market, none at the bank. Read
• Top stockbrokers in South Africa: Your monthly dose of brokerage power rankings. Read
What to watch this week
The profits are in—and they’re big. Like ₦1.3 trillion big. Zenith Bank led the charge, reporting $845 million in pre-tax profit for 2024. Expect UBA, GTCO, and Access to follow suit. But here’s what we’ll be asking: where’s the money really coming from, and how sustainable is it in a fragile economic environment? How do these profits compare with regional and economic counterparts ?
Also this week:
• Deep dive into TMRAS. Who is behind it, and what does it really change?
• A map of Africa’s most promising banking markets post-capital reforms.
• An explainer on cross-border fintech corridors—who’s building them, and who’s quietly blocking them.
• What Ecobank’s capital raise tells us about consolidation in East African banking.
Until then—remember: the system isn’t broken. It was built this way.
** Exchange rate used: ₦1,538.67 = $1 USD
