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In partnership with Lire en Français اقرأ هذا باللغة العربية Wazzup. It’s Tuesday. Africa’s startup ecosystem has apparently decided that seed funding should no longer be small. Nigerian defence-tech startup Terra Industries has closed a $52 million seed round, one of the continent’s biggest early-stage bets yet. We talk about it in today’s dispatch. Let’s dive in. Become smarter about tech and commerce in Francophone Africa, and the policies shaping them. A new edition drops today. Read previous editions here first and subscribe below. Subscribe Terra raises Africa’s largest seed round EBRD, IFC eye Egypt’s Banque du Caire Egypt’s e-finance acquires 8% stake in Wilzy Are ATMs making a comeback in Nigeria? World Wide Web 3 Opportunities Funding Terra raises Africa’s largest seed round Image Source: Tenor On Monday, Terra Industries, the Nigerian defence-tech startup, announced its third raise of the year, closing what has become the largest and most covered seed round in Africa’s tech ecosystem. With $18 million raised, the two-year-old company is now the seventh most-funded startup in Africa in 2026, after closing its seed round at $52 million. Why this matters: Raising that much this early signals real investor confidence in Africa’s biggest defence tech startup, particularly in a funding market that has seen companies like GoLemon and Gigbanc shut down. But it also sets a bar. Money raised at this scale eventually has to come back to investors through an exit. While talks of exits are premature given that Terra just closed its seed round, it is worth talking about because with great capital come great responsibilities. What will it use the money for? Terra says it will use the money to open a London office, and with this much capital available, the company is well placed to hire experienced people who can open doors in international markets. This can be particularly useful for the startup that has to acquire relationships and contracts in a sector dominated by billion-dollar incumbents, where credibility and the right introductions often decide who gets a hearing. The startup will also expand its manufacturing capacity, deploy its products across the Global South, and hire engineering, operations, and business development staff. What does this mean? It is tempting to look for one reason Terra has raised so much this year, but several things set it apart. It builds both the hardware and the software. It already protects critical commercial and government assets across West Africa. It allows African governments to use a system where the security data stays inside the country—an argument that won Terra its first Nigerian federal contract and edges it over international competition. Every business owner needs to watch this. The business questions you Google, answered by experts. Watch for free. Banking EBRD and IFC want a slice of EgyptBanque du Caire Image Source: Tenor Egypt is preparing to sell part of Banque du Caire, one of its oldest and largest state-backed financial institutions, to public investors, and investor interest is circling. Two international development institutions, the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC), want in; both investors are eyeing a combined 10% stake in the state-owned bank when it lists on the Egyptian Exchange (EGX) in November 2026. The stake could be split roughly down the middle, with EBRD taking up to 5%, while IFC mops up the rest, according to local publication EnterpriseAM. Wait, who are these guys? The EBRD is a multilateral bank that invests in emerging economies to build up their financial markets, and the IFC is the arm of the World Bank Group that bankrolls private-sector projects in developing countries. Explain like I’m new here: This is part of Egypt’s effort to increasingly privatise its economy, bringing in more private and foreign investors as the state reduces its stakes in those institutions. For the country, the name of the game is to raise money, attract foreign currency, deepen the local stock market, and give private investors a bigger role in companies that have traditionally been controlled by the state. The government has been doing this by selling stakes in existing companies and listing others on the Egyptian Exchange. In 2021, Egypt sold a 51% stake in Arab Investment Bank, the first time it privatised a bank in over a decade. In October 2024, it listed United Bank—which was heavily state-owned—selling a stake to public investors. More recently, in April 2026, Egypt temporarily listed six state-owned companies on its stock exchange to broaden the market and attract investor interest. The country is looking to raise between $3 billion and $4 billion from initial public offerings (IPOs) and stake sales by the end of 2026. A long time coming: The government had been considering selling up to 49% of Banque du Caire as of April, but the latest plan puts the IPO in November. The real reason could be that the banks running the deal asked for extra time to widen the pool of investors before going back out to pitch it. The new plan is to restart the investor roadshow in September or October and complete the listing in November. Why does this matter? For Banque du Caire, an IPO means fresh capital and a broader shareholder base. Having EBRD and IFC potentially buy in could make the offering easier to sell to other investors who may be wondering whether they want a piece of an Egyptian state-owned bank; it makes the IPO attractive to everyone else. Naira Life 2026 is here! The Naira Life Conference 2026 is bringing together Nigeria’s top finance minds, industry leaders, creators, and business strategists for a full-day of specialised sessions and masterclasses designed for ambitious Nigerians who want to make, keep, grow, and pass on real wealth. Happening on August 22 at the Jewel Aeida, Lekki, Lagos. Secure a seat in the room. Fintech Publicly listed e-finance acquires 8% stake in Wilzy, an Egyptian retail investment company Image Source: Tenor Days after it acquired Egyptian micro-lender Tamweely, e-finance, the Egyptian-listed fintech
Read MoreAfter years of losing ground to Point-of-Sale (PoS) agents, Automated Teller Machines (ATMs) are making a comeback as transaction volumes rise while PoS volumes decline. In the first quarter of 2026, Nigerians made 438.6 million ATM transactions, up 6.6% from the previous year, according to data released on Friday by the Central Bank of Nigeria (CBN). Transaction value grew 64.6% year-on-year to ₦26.3 trillion ($19.4 billion). PoS transaction volumes fell 19.9% year-on-year to 2.92 billion in Q1 2026, while transaction value fell 16.4% to ₦59.3 trillion ($43.7 billion). These changes could redraw Nigeria’s cash-access network. PoS agents spent years filling the gaps left by scarce and unreliable ATMs, becoming the preferred way for millions of Nigerians to get cash. But as ATM transactions rise and PoS volumes decline, banks are beginning to reclaim a role agents had steadily taken from them. ATMs are making a comeback Nigeria’s first ATM was installed in 1989 by Société Générale Bank, a French commercial bank, and through the early 2000s, commercial banks and independent ATM deployers accelerated growth. By 2021, there were about 22,600 ATMs across the country. But years of underinvestment, out-of-service machines, empty cash trays, and network problems had reduced the number of active ATMs to 16,714 by mid-2024. As ATM availability declined, PoS terminals, led by fintechs like Moniepoint and OPay, increasingly filled the gap. In March 2025, Nigeria had 8.36 million registered PoS terminals, with 5.90 million active or deployed. With an estimated population of 237 million, Nigeria has about one PoS terminal for every 28 people, compared with 13 ATMs per 100,000 adults in 2024, according to the World Bank. Nigeria’s cash crisis in 2023, triggered by the CBN’s currency redesign and cash withdrawal limits, turned PoS agents into a crucial part of the country’s cash network. As Nigerians struggled to withdraw money from banks and ATMs, agents became the more accessible option for getting cash, transferring money and carrying out other basic financial transactions. At the height of the crisis, there were 2.32 million PoS terminals in the country. But a new set of CBN rules is changing the operating environment for both channels. How much will it cost to get cash? Enter what you need and compare the cost of an ATM with what your local PoS agent charges. 1. Amount needed ₦ 2. ATM you’re using My bank’s ATM Another bank’s ATM — on-site Another bank’s ATM — off-site 3. What does your PoS agent charge? ₦ Enter the fee your agent quoted you.We’ve pre-filled an estimated market rate. Replace it if your agent charges differently. Your options ATM PoS One thing to know: PoS cash-outs are subject to CBN limits. An amount above the permitted cash-out limit cannot be completed as one transaction. ATM fees are based on CBN rules. PoS fees are user-entered and can vary by agent. Powered by TechCabal. up to ₦500 surcharge ₦${baseAtm.toLocaleString()}–₦${maxAtm.toLocaleString()} possible cost `; posBreakdownEl.innerHTML = ` ₦${posFee.toLocaleString()} agent’s fee `; } else { atmBreakdownEl.innerHTML = ` Base withdrawal fee ₦${baseAtm.toLocaleString()} `; posBreakdownEl.innerHTML = ` Your agent’s fee ₦${posFee.toLocaleString()} `; } // 4. Calculate and Render The Verdict const verdictTitle = document.getElementById(‘tc-verdict-title’); const verdictReason = document.getElementById(‘tc-verdict-reason’); if (atmType === ‘other-off’) { if (posFee > maxAtm) { let maxSavings = posFee – baseAtm; verdictTitle.innerText = `ATM could save you up to ₦${maxSavings.toLocaleString()}`; verdictTitle.style.color = ‘#151515’; } else if (posFee < baseAtm) { let minSavings = baseAtm – posFee; verdictTitle.innerText = `PoS saves you at least ₦${minSavings.toLocaleString()}`; verdictTitle.style.color = ‘#EA2D2E’; } else { verdictTitle.innerText = `The cheaper option depends on the ATM surcharge`; verdictTitle.style.color = ‘#151515’; } verdictReason.innerHTML = `Why: Your selected ATM costs ₦${baseAtm.toLocaleString()}, with a possible surcharge of up to ₦500, while your agent charges ₦${posFee.toLocaleString()}.`; } else { if (posFee > baseAtm) { let savings = posFee – baseAtm; verdictTitle.innerText = `ATM saves you ₦${savings.toLocaleString()}`; verdictTitle.style.color = ‘#151515’; } else if (baseAtm > posFee) { let savings = baseAtm – posFee; verdictTitle.innerText = `PoS saves you ₦${savings.toLocaleString()}`; verdictTitle.style.color = ‘#EA2D2E’; } else { verdictTitle.innerText = `Costs are equal`; verdictTitle.style.color = ‘#151515’; } verdictReason.innerHTML = `Why: Your selected ATM charges ₦${baseAtm.toLocaleString()} for this withdrawal, while your agent charges ₦${posFee.toLocaleString()}.`; } // 5. Enforce Regulatory Context Rules const regulatoryAlert = document.getElementById(‘tc-regulatory-alert’); if (amount > 100000) { regulatoryAlert.style.display = ‘block’; } else { regulatoryAlert.style.display = ‘none’; } // 6. Show Output outputSection.style.display = ‘block’; }
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Africa is building regional payment systems that could make cross-border money transfers faster and cheaper, but its fragmented currencies remain a problem that payment rails alone cannot solve. The continent has more than 40 currencies, many of which are not directly convertible, forcing banks and payment providers to rely on settlement banks, correspondent banking and pre-funded accounts to move money between markets. Cross-border payments already work despite Africa’s currency fragmentation. A payment can appear instant to the sender while banks and payment providers handle currency conversion and settlement in the background. When currencies cannot be exchanged directly, those extra steps make transactions more expensive. Sabine Mensah, deputy chief executive officer of AfricaNenda, a pan-African organisation working to expand instant and interoperable payment systems, says the answer is not necessarily a single African currency. Regional payment systems are already emerging across the East African Community (EAC), West Africa, Central Africa and the Southern African Development Community (SADC). Connecting these systems could eventually extend interoperable payments to more than 60% of African countries. But payment infrastructure is only part of the problem. Mensah says regulators also need to harmonise rules around payments, licencing and settlement if Africa wants to reduce its reliance on hard currencies such as the dollar and make intra-African trade cheaper. This interview has been edited for clarity and length. Can interoperability succeed if African currencies remain fragmented? The fact that countries have different currencies does not stop cross-border transactions from happening. Take Kenya and Tanzania. Someone in Kenya can send money to someone in Tanzania even though the Kenyan shilling and Tanzanian shilling are different currencies. Cross-border transactions are already happening across Africa. There are two levels of interoperability involved. The first is technical interoperability. This allows the payment message to move from the provider being used in Nairobi to the provider being used by the recipient in Dar es Salaam. Information and technical communication between the two systems can function even when the countries use different currencies. The second layer is settlement. This is what happens in the background to actually move the money. If a provider in Kenya is sending money to a provider in Tanzania, a settlement bank between them can convert Kenyan shillings into Tanzanian currency. The private sector has already taken up much of this work. Several providers are making cross-border payments and have established arrangements with various commercial banks to handle settlement. Typically, these providers hold pre-funded accounts with banks in different countries and in different currencies. Those accounts allow them to settle cross-border payments. The same principle applies at a higher level when countries and central banks are involved. Central banks can act as settlement agents for large-value transactions, while commercial banks also participate in the settlement process. Different currencies can still be settled through arrangements such as pre-funded accounts on both sides. So I would not say that because Africa has multiple currencies, it cannot have cross-border payments. That argument is not really valid. Cross-border payments are already happening in large-value systems through banks and the correspondent banking ecosystem. They are also happening at the retail level through private-sector cross-border providers that have built hubs and connected with multiple mobile money providers. What we are saying is that having more than 40, or around 42, currencies in Africa makes the process more difficult. If those currencies aren’t convertible with one another, providers need settlement arrangements to complete transactions. This means cross-border transactions become more expensive. Are policymakers solving the wrong problem by focusing on payment rails rather than currency markets? I absolutely agree that policymakers and regulators, and particularly central banks, are focused on enabling cross-border payments, especially at the retail level. Systems already work at the high-value level through the correspondent banking ecosystem, so one gap is making retail cross-border payments easier. We are seeing a lot of investment in regional instant payment systems that are designed to enable cross-border payments at a sub-regional level. In East Africa, the East African Community has released a master plan to enable interoperability within the region, including work toward establishing a regional instant payment system for the EAC. We are seeing the same thing in other parts of the continent. In West Africa, the West African Economic and Monetary Union has put out a regional instant payment system connecting eight countries. In Central Africa, GIMAC Pay is connecting six countries in the Central African Economic and Monetary Community. In SADC, the Transactions Cleared on an Immediate Basis (TCIB) ecosystem aims to provide the infrastructure for cross-border payments across the region’s 16 countries, with roughly six to eight countries already onboarded. So the investment is happening. More central banks are looking at how to enable instant cross-border payments. If we can connect those four systems, we could already reach more than 60%, and potentially 70%, of African countries. That would create much wider interoperability. Someone sitting in Kenya could transact with someone in Cameroon, Côte d’Ivoire and other countries through connected systems. Our advocacy is therefore at a continental level, so to fast-track the path towards seamless cross-border transactions in Africa, there needs to be regulatory harmonisation. Regulators need to come together to identify the roadblocks, particularly around payment system regulation, instant payment systems, interoperability, and the licencing of different stakeholders in different countries. There is also an opportunity to passport licences across countries. That could help fast-track the process towards a level playing field where, regardless of where you are in Africa, you can use one tool on your phone to send money across different African countries. Think about what that could mean for the African Continental Free Trade Area. AfCFTA aims to increase intra-African trade from around 15% today to roughly 50% or 60%. If we make it easier to pay across borders, the economic impact could be significant. Will cross-border payment systems reduce dependence on the dollar, or simply mask it? I think that is the pathway we are moving towards because we recognise that the current system adds
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