But then the South African Competition Tribunal said “not so fast” and halted the deal in March. They were worried that Canal+ would dominate the local market and hurt competition, so they launched an investigation. After months of back and forth, the deal was finally approved on August 1, with some conditions to protect consumers and competition.
Another big story was Flutterwave’s mega-funding round in May. The Nigerian fintech unicorn raised an eye-popping $250 million, valuing the company at over $3 billion. This made them Africa’s most valuable startup at the time and put them in the same league as Paystack and Interswitch. The funding was led by Tiger Global and kept Flutterwave in the spotlight all year.
And let’s not forget about the drama at OPay. The Nigerian super app made headlines in November when they announced plans to lay off 50% of their staff and shut down some of their services. It was a shocking move for a company that had raised over $570 million in funding and was once dubbed “Africa’s next unicorn.” The company cited regulatory challenges and a tough business environment as reasons for the drastic measures.
But it wasn’t all doom and gloom in 2024. There were some amazing wins, too. Like the launch of Africa’s first digital bank, Kuda, in South Africa. The Nigerian challenger bank expanded to its second market in July, shaking up the traditional banking scene with its digital-first approach and zero fees.
And how can we forget about Jumia’s comeback? The African e-commerce giant made a stunning return to profitability in Q2 2024, after years of losses and restructuring. Their focus on improving logistics, cutting costs, and expanding their marketplace paid off, and investors were thrilled.
Overall, 2024 was a rollercoaster for African tech, full of highs and lows, wins and losses. But one thing’s for sure — the industry is growing, evolving, and making a mark on the global stage. I can’t wait to see what 2025 has in store for us.
That’s a wrap for today, dear reader. Thank you for being with me on this journey, and here’s to an even brighter year ahead. Write to you in 2025!
Warm regards,
Victoria
In the world of business and technology in Africa, 2024 was a year filled with mergers, acquisitions, tax battles, and technological advancements. One of the significant events was the bid by Canal+ to acquire MultiChoice, offering R105 per share, which was 40% more than its value at the time. Despite gradually buying more shares, Canal+ was turned down by MultiChoice but continued to up the bid to R125 per share by March. By May, Canal+ owned 45.2% of MultiChoice, with regulators reviewing the deal for finalisation by 2025.
Meanwhile, Nigeria’s Economic and Financial Crimes Commission detained two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, on allegations of money laundering and manipulating the naira. After a series of events, including Gambaryan’s deteriorating health during imprisonment, Nigerian authorities dropped the charges against him in October, allowing him to return to the U.S. for medical treatment.
On the tech front, Starlink expanded its services across Africa, adding new countries like Chad and Cape Verde to its list. However, the expansion was met with challenges, such as the ban in Namibia and regulatory issues in Mali and Zimbabwe. In Kenya, the controversial Finance Bill 2024 sparked protests, while Ghana faced its own tax battles due to a revenue gap after ditching VAT on electricity.
Microsoft made headlines in Nigeria when its Africa Development Center in Lagos closed down, but its sales and support teams remained operational. Egypt secured its first 5G license in January, followed by Vodafone, Orange, and e& Egypt joining the 5G network. Telecom companies in Egypt and Nigeria mulled over price hikes, while Nigerian telcos considered a load-shedding strategy to manage services amidst financial pressures.
MTN Group reported a significant financial downturn, marking its first loss since 2016, while Naspers’ subsidiary, Takealot Group, reported a trading loss. Jumia closed shop in South Africa and Tunisia, while Temu launched in Nigeria. The Horizon Fibre project promised faster internet with a multi-terabit terrestrial fiber optic link connecting Africa to Europe and Asia.
Ghana announced plans to become the first blockchain-powered government in Africa, while Nigerian President Bola Tinubu approved the launch of four new satellites to boost the country’s space technology capabilities. Nigeria’s CBN began collecting a cybersecurity levy on electronic transactions, and Moniepoint joined the unicorn club after raising $110 million in funding.
South African neobank Tyme Group secured a $150 million investment from Brazilian fintech Nubank, becoming a unicorn with a valuation of $1.5 billion. Africa’s Internet faced setbacks due to subsea cable disruptions, but Google announced the Umoja subsea cable linking Africa directly to Australia for smoother and more reliable internet.
Lastly, the journey to the Wasoko and MaxAB merger faced challenges due to restructuring and economic issues, delaying the process. 2024 was indeed a year of ups and downs in the African business and technology landscape, with mergers, acquisitions, regulatory challenges, and technological advancements shaping the future of the continent’s economy. Eight months after the initial talks and negotiations, the deal has finally been sealed, marking Africa’s largest tech merger. The announcement sent shockwaves through the tech industry, solidifying the region’s position as a major player in the global tech landscape.
The merger, which brought together two of the continent’s most prominent tech companies, is expected to create a powerhouse that will drive innovation and growth in the region. With complementary strengths and a shared vision for the future, the newly merged entity is poised to lead the way in shaping the digital economy of Africa.
As we look ahead to 2025, the African tech scene is buzzing with anticipation. Will we see more mega mergers and acquisitions? Will new players emerge to disrupt the status quo? Or perhaps, we’ll witness the rise of a completely unexpected trend that will reshape the industry as we know it.
One thing is for sure, the African tech ecosystem is dynamic and full of surprises. With each passing year, it continues to evolve and expand, creating new opportunities and challenges for those willing to take the plunge.
In case you missed it, be sure to stay tuned to the latest developments in the African tech scene. From groundbreaking innovations to industry-shaping deals, there’s always something exciting happening in this vibrant and fast-paced ecosystem.
As we gear up for the year ahead, keep an eye on the trends and developments that are shaping the future of tech in Africa. Who knows what 2025 has in store for us? The possibilities are endless, and the excitement is palpable.
Stay connected, stay informed, and get ready for a thrilling ride through the ever-evolving world of African tech. The future is bright, and the opportunities are endless. Let’s make 2025 a year to remember in the annals of African tech history.
