Here are three big stories from Africa’s business and policy landscape you might have missed but should keep in mind this week:

Banks cleared a ₦120 billion debt

Nigerian banks have agreed to repay a heavy debt of ₦120 billion, money owed to telcos for using USSD services. Umar Danbatta, the head of NCC, shared this update at the Telecom Executives and Regulators Forum (TERF) on Thursday, September 7th.

Danbatta said that after the Acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, intervened, banks agreed to pay off the accumulated debt and continue to pay for the USSD service under the corporate billing term. The telcos were reportedly considering alternative payment plans from the banks in August 2023.

Before that, in May 2023, the NCC had given the top telcos —MTN, Glo, Airtel, and 9mobile— the green light to stop USSD services for the banks. The telcos agreed to do this if the banks did not pay their dues.

ICYMI: Market roundup

  • The Nigerian stock market gained 0.91% last week, taking the NGX All-Share Index and Market Capitalization to 68,143.34 and N37.295 trillion respectively.
  • The top gainers were CWG Plc (+44.14%), Tantalizers Plc (+39.39%), Oando Plc (+38.74%), Beta Glass Plc (+32.95%) and Omatek Ventures Plc (+26.09%). The top decliners were Chellarams Plc. (-18.77%), Cornerstone Insurance Plc (-11.43%), Consolidated Hallmark Insurance Plc (-11.30%), Morison Industries Plc. (-9.89%), Vitafoam Nig Plc. (-9.27%).
  • The naira closed at N736.62 against the dollar at the Investors and Exporters window.
  • Brent crude closed trading at $90.36 per barrel, while West Texas Intermediate closed at $87.51 per barrel.
  • The cryptocurrency market had a flat trading week, maintaining its $1.04 trillion market cap. Bitcoin started the new week at $25,843, ETH at $1,615 and BNB at $212.
  • Talent City, now known as Itana, has raised a $2 million pre-seed to establish a digital free zone.
  • Ariika, an Egypt-based home and decor e-commerce brand, raised a Series A round by selling a 20% stake in the company.
  • Nestcoin has received $1.9m in strategic funding to strengthen its balance sheet and accelerate the growth of its new product, Onboard.
  • Asaak, a Ugandan fintech company, has acquired FlexClub Mexico to mark its entry into the Latin American market.
  • Okra Solar, a mesh-grid technology company, raised a $12 million Series A round to scale its technology.

Elsewhere on Ventures

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