<h1>The Future of Africa’s Private Sector</h1>Still small, but massive, fast-moving and digital<img src="/uploads/Skyline_Landscape_Mobile_Money_50beba7137.avif">For decades, the "African growth" narrative has been stuck in a time loop. From development banks to global financial journals, the message has been consistent: for Africa to prosper, it must industrialize through factories, infrastructure, commercial agriculture and a formal manufacturing base capable of absorbing the millions of young people entering the workforce each year.But one possible view from the ground, and I should note that my husband and I have lived in Africa and invested in startups across the continent for more than 14 years, suggests something different. Our sense is that the factories are not arriving fast enough, and the formal jobs are not appearing at the scale many hoped. The reality we see as we travel across Africa often looks quite different.This reality raises a broader question:&nbsp;should we stop trying to fit Africa into a 20th-century development model? At a moment when technology is reshaping nearly everything we do, could Africa instead be at a point where it develops a different model of growth altogether?&nbsp;<h2>The Myth of the Industrial Savior</h2>Publications such as&nbsp;The Economist (<a href="https://www.economist.com/special-report/2025/01/06/africa-has-too-many-businesses-too-little-business?utm_medium=cpc.adword.pd&amp;utm_source=google&amp;ppccampaignID=17210591673&amp;ppcadID=&amp;utm_campaign=a.22brand_pmax&amp;utm_content=conversion.direct-response.anonymous&amp;gclsrc=aw.ds&amp;gad_source=1&amp;gad_campaignid=17210596221&amp;gbraid=0AAAAADBuq3IrrOn13siii2pkXA3wnZ7mz&amp;gclid=Cj0KCQjwgr_NBhDFARIsAHiUWr7_yQi40h-TXYi0hqjfcZ3hQxFQ7EkeXhfRVA0alVZMFTq3LsSuJekaAqEYEALw_wcB">Africa has too many businesses, too little business</a>) point to Africa’s "disappointing" manufacturing performance. The continent’s share of&nbsp;<a href="https://futures.issafrica.org/blog/2025/Unlocking-Africas-manufacturing-potential#:~:text=Energy%2C%20transport%20and%20reforms%20are,the%20global%20manufacturing%20value%20chain.">global manufacturing value-added is less than 2%</a>. The argument is straightforward: without a large manufacturing base to drive growth, Africa risks remaining stuck in low-productivity informal work.&nbsp;But this is the 20th-century model. It overlooks recent developments, such as the massive, mobile tech-surge happening across the continent and, more recently, AI.Some interesting news that points to a new development model could be first, that sub-Saharan Africa has more&nbsp;<a href="https://www.forbesafrica.com/current-affairs/2025/04/09/sub-saharan-africa-dominates-global-mobile-money-landscape-with-1-1-billion-accounts-new-report-finds">mobile money accounts than any other region of the world, combined.</a> Another development is smartphone adoption — Africa is one of the fastest growth markets in the world. Young Africans are building and running businesses on their phones, skipping right over laptops.&nbsp;<figure class="image"><img src="/uploads/image_6089a72815.png"></figure>Source:&nbsp;<a href="https://ourworldindata.org/mobile-money-why-it-matters">Our World in Data</a><h2>From Micro-Shop to Tech-Enabled Business</h2>In the past, an entrepreneur running a small shop in a local market might spend 30% to 40% of their time dealing with friction. Closing the shop to travel to wholesalers. Waiting in long lines at the bank to wire cash to a loved one or a supplier. Operating without records that could demonstrate creditworthiness.Technology is removing much of that friction.<ul><li>Inventory at the fingertips: Apps now aggregate wholesaler inventories, allowing entrepreneurs to browse and order products directly from their place of business.</li><li>Frictionless payments: Transactions move through digital wallets rather than cash boxes, creating a record that was previously invisible to the financial system.</li><li>Embedded finance: That digital transaction history, the everyday "data exhaust" of commerce, is increasingly being used to unlock credit.</li></ul>What once looked like informal trading increasingly resembles mobile-first, data-rich small businesses.<h2>The Surge: Why "Small" May Be Huge</h2>All this leads me to wonder if Africa will not develop the same way as other emerging markets. By moving directly from limited infrastructure to smartphones and high-speed connectivity, many entrepreneurs are adopting tools and market access faster than previous generations of business owners ever could.At Renew Capital, this is one place we see momentum building within Africa’s private sector. Rather than waiting for a perfectly formalized market to emerge, we invest in tools that make the existing market more efficient. Portfolio companies such as&nbsp;<a href="https://www.hypeo.ai/en">Hypeo AI</a> in Morocco and&nbsp;<a href="https://www.njiapay.com/">NjiaPay</a> in South Africa are examples of this approach, building technology that helps founders scale businesses without the constraints of legacy infrastructure.Africa’s jobs challenge is real. The continent needs to&nbsp;<a href="https://www.afdb.org/en/topics-and-sectors/initiatives-partnerships/jobs-for-youth-in-africa/what-is-the-jobs-for-youth-in-africa-strategy">absorb 10-12 million new workers</a> each year to keep pace with population growth.But the solution may not look like a traditional industrial park. It may instead emerge from a decentralized, tech-enabled network of millions of entrepreneurs gaining access to better information, better tools and, increasingly, smarter capital.One possible future for Africa’s private sector may not be defined by large factories, but by millions of digitally connected businesses growing from the ground up.If that future is unfolding already, the question becomes: are investors, policymakers and institutions prepared to recognize it?&nbsp;We’d love to hear your thoughts. Please share what you’re seeing and what models you think will work in what we believe will be the most exciting market to emerge in the next 50 years.&nbsp;

Still small, but massive, fast-moving and digital

Perspectives

Skyline Landscape Mobile Money.avif

The Future of Africa’s Private Sector

<h1>Press Release: Technopark and Renew Capital Partner to Strengthen South–South Cooperation and Launch Renew Capital’s North and West Africa Headquarters in Morocco</h1><a href="https://latest-api.renewcapital.com/uploads/FINAL_Technopark_and_Renew_Capital_Partnership_Press_Release_e2880a489f.pdf">Download Full Press Release</a>CASABLANCA, Morocco, December 4, 2025 — <a href="https://www.technopark.ma/">Technopark</a> and Renew Capital today announced a strategic partnership marking the official launch of Renew Capital’s North and West Africa Headquarters in Morocco.<figure class="image"><img src="/uploads/MOU_Signing_Renew_Capital_Technopark_Partnership_e105b9c379.png" alt="Photo of Matt, CEO of Renew Capital, signing the partnership agreement during the Technopark and Renew Capital partnership event."></figure>This partnership reinforces Morocco’s leadership in promoting South–South cooperation, particularly in entrepreneurship, technology and investment. As a pan-African firm that has grown from East Africa for more than a decade, Renew Capital is now expanding westward and northward, connecting Morocco to fast-growing innovation ecosystems across the continent. This approach aligns with His Majesty King Mohammed VI’s vision to deepen African integration and foster productive cross-continental collaboration.Through this collaboration, Renew Capital will support Moroccan and North African entrepreneurs in expanding into sub-Saharan and East African markets, while also connecting Moroccan institutions to emerging opportunities across Africa. The goal is to help turn Moroccan and African startups into regional champions capable of scaling beyond their home markets.“Our ambition is to back bold entrepreneurs and help them grow across Africa,” said&nbsp;<a href="https://www.linkedin.com/in/laura-davis-25764430/">Laura Davis</a>, Managing Partner and Co-CEO of Renew Capital. “Morocco’s entrepreneurial spirit and strategic position make it the ideal base for our operations in North and West Africa. With this partnership, we are building a bridge between Morocco, East Africa and other dynamic regions of the continent.”The signing ceremony, held at Technopark Casablanca, brought together leaders from the innovation ecosystem, diplomatic representations and the private sector, reaffirming Morocco’s role as a gateway for technology, investment and cross-African collaboration.About TechnoparkTechnopark Casablanca is Morocco’s leading hub for technology and entrepreneurship, supporting hundreds of startups and SMEs and advancing Morocco’s digital economy and Africa-focused innovation.About Renew CapitalRenew Capital is a pan-Africa investment firm with a presence in 13 countries.&nbsp;We back the bold founders using technology to pursue Africa’s greatest opportunities.With more than a decade of investing on the continent, Renew Capital is among the most active investors building Africa’s thriving private sector.&nbsp;

Renew Capital opens its North and West Africa headquarters in Morocco through a strategic partnership with Technopark.

Morocco

Thumbnail - Renew Capital + Technopark Partnership.png

Press Release: Technopark and Renew Capital Partner to Strengthen South–South Cooperation and Launch Renew Capital’s North and West Africa Headquarters in Morocco

<h1 style="margin-left:0px;">The Franc Zone Advantage</h1>Republished from&nbsp;<a href="https://theafricabrief.beehiiv.com/p/africa-in-brief-november-7-2025">Africa in Brief - November 7, 2025</a><figure class="image"><img src="/uploads/The_Franc_Zone_Advantage_Graphic_of_the_Week_November_07_9294b4ee5e.png" alt="Chart showing real GDP growth forecasts for rated WAEMU economies, highlighting strong economic growth across West Africa’s CFA franc zone over the next two years."></figure>Source: <a href="https://www.spglobal.com/ratings/en/regulatory/article/250331-waemu-sovereigns-can-weather-mounting-global-geopolitical-and-trade-risks-s101617317?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-november-7-2025">S&amp;P Global</a>I was in Togo last week and now I’m curious about everything West African Economic and Monetary Union (WAEMU/UEMOA), an eight-country bloc of roughly 140 million people sharing the CFA franc (XOF) and a single central bank, the Central Bank of West African States (BCEAO). The union seems to be quietly tightening financial integration while modernizing its digital infrastructure. From Dakar to Lomé, UEMOA is rolling out instant payments and pulling fintechs into the formal system under one rulebook.Why it matters:<ul><li>Shared rails, shared currency: The BCEAO launched an instant payments platform (PI-SPI) linking all eight members for 24/7 cross-border transactions — a major step toward a unified digital market.</li><li>Fintech legitimacy: The BCEAO has now licensed about 30 fintechs, including 10 new approvals in September 2025.</li><li>New rulebook: Instruction 001-01-2024, issued in January 2024, introduced tougher standards on capital, governance and compliance for fintechs and payment firms.</li><li>Innovation bridge: The BCSF-UEMOA, BCEAO’s fintech unit, tracks 130+ startups and mediates between innovators and regulators — rare coordination on the continent.</li><li>Currency credibility: The CFA franc’s peg to the euro has kept inflation among Africa’s lowest and built investor confidence in the zone’s stable members.</li></ul>Dose of reality:<ul><li>Uneven integration: Stronger economies like Côte d’Ivoire and Senegal lead, while landlocked states lag.</li><li>Security strains: Coups in Mali, Niger and Burkina Faso threaten cohesion and confidence.</li><li>French ties linger: The euro peg ensures stability but fuels political resentment over perceived loss of monetary sovereignty.</li></ul>Quick take:&nbsp;According to fintechs I spoke to last week in Togo, like&nbsp;<a href="https://gozem.co/en/?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-november-7-2025">Gozem</a> and&nbsp;<a href="https://solimi.co/?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-november-7-2025">Solimi</a>, UEMOA is an incredibly functional monetary union: one currency, one central bank and one fintech framework.&nbsp;Sources:&nbsp;<a href="https://www.imf.org/en/Publications/CR/Issues/2025/05/19/West-African-Economic-and-Monetary-Union-Staff-Report-on-Common-Policies-for-Member-567030?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-november-7-2025">IMF 2025 West Africa Staff Report</a>,&nbsp;<a href="https://www.uemoa.int/en/presentation-of-uemoa?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-november-7-2025">UEMOA</a>,&nbsp;BCEAO (<a href="https://www.bceao.int/sites/default/files/inline-files/Instruction-No001-01-2024_relative_aux_services_de_paiement_dans_l-UMOA.pdf?utm_source=chatgpt.com">Instruction No. 001-01-2024 PDF</a>, <a href="https://www.bceao.int/fr/communique-presse/lancement-de-la-plateforme-interoperable-du-systeme-de-paiement-instantane-de?utm_source=chatgpt.com">PI-SPI Launch Press Release</a>, <a href="https://www.bceao.int/fr/content/fintech-et-digitalisation-des-services-financiers-dans-luemoa?utm_source=chatgpt.com">Fintech and Digitalization Overview</a>).<figure class="image"><img src="/uploads/The_Franc_Zone_Advantage_2_e4a1e19ac8.png"></figure>Source: <a href="https://www.imf.org/en/Publications/CR/Issues/2025/05/19/West-African-Economic-and-Monetary-Union-Staff-Report-on-Common-Policies-for-Member-567030?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-november-7-2025">IMF</a>

West Africa’s Franc Zone is quietly building a digital financial powerhouse — one currency, one rulebook and one central bank.

Screenshot 2025-11-10 at 12.16.06.png

The Franc Zone Advantage

<h1>The $2T Crypto Current</h1>Republished from&nbsp;<a href="https://theafricabrief.beehiiv.com/p/africa-in-brief-october-24-2025">Africa in Brief - October 24, 2025</a><figure class="image"><img src="/uploads/Screenshot_2025_10_28_at_13_07_44_64f6a3c280.png"></figure>Source:&nbsp;<a href="https://www.imf.org/en/Publications/WP/Issues/2025/07/11/Decrypting-Crypto-How-to-Estimate-International-Stablecoin-Flows-568260?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">IMF Working Paper</a>The IMF’s&nbsp;<a href="https://www.imf.org/en/Publications/WP/Issues/2025/07/11/Decrypting-Crypto-How-to-Estimate-International-Stablecoin-Flows-568260?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">Decrypting Crypto (July 2025)</a>&nbsp;is supposedly the first study to use AI to track where&nbsp;$2T in stablecoins actually flowed in 2024 and Africa is relevant.What the study found<ul><li>As expected, stablecoin activity was highest in North America ($633B) and Asia-Pacific ($519B) but&nbsp;Africa and the Middle East ranked second globally relative to GDP (6.7%), showing how quickly the region is embracing digital dollars.</li><li>In Africa, only&nbsp;14% of flows stayed within the region, suggesting that most activity supports cross-border remittances, trade and dollar access.</li><li>Users leaned heavily on Binance (74%) over Coinbase (26%) and favored Tether’s USDT (57%) over USDC (43%), reflecting Africa’s tilt toward emerging market exchanges and tokens.</li><li>Average transaction size: $13,108; median: $100—evidence that small-value transfers drive much of the activity.</li><li>Globally, $54B in net outflows from North America show that stablecoins are now meeting global dollar demand, especially when local currencies weaken.</li><li>The March 2023 U.S. banking crisis sharply disrupted flows from North America, exposing how closely crypto rails depend on traditional banks.</li></ul>Why it matters for Africa:&nbsp;The data confirms what’s visible on the ground. Africans are using stablecoins as a digital dollar lifeline—for remittances, trade and inflation protection but it also signals new dependencies. As access to exchanges and off-ramps shapes who can move money, Africa’s financial future may hinge as much on crypto connectivity as on banking reform.Here’s a quick rundown of African countries that have begun regulating virtual assets.Enacted frameworks<ul><li>South Africa: Crypto is a regulated “financial product.” The Financial Sector Conduct Authority has issued dozens of licenses and keeps approving new ones, including recent news on exchange/derivatives activity (<a href="https://www.reuters.com/world/africa/south-africas-financial-conduct-regulator-approves-59-crypto-licences-2024-03-13?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">Reuters</a>,&nbsp;<a href="https://www.moneyweb.co.za/moneyweb-crypto/valr-becomes-sas-first-licensed-crypto-derivatives-issuer/?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">MoneyWeb</a>,&nbsp;<a href="https://www.itweb.co.za/article/financial-regulator-expands-crypto-investment-choices/wbrpOqg2OKVMDLZn?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">ITWeb</a>).</li><li>Mauritius: Full regime for virtual assets and token issuers under the Virtual Asset and Initial Token Offering Services Act, with licensing by the Financial Services Commission (covers stablecoin issuers too) (<a href="https://charltonsquantum.com/mauritius-virtual-assets-regulation/?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">Charlton's Quantum</a>,&nbsp;<a href="https://www.zitadelleag.com/news/initial-token-offering-licensing-in-mauritius-stablecoin-digital-yuan-lssuers?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">Zitadelleag</a>).</li><li>Botswana: Virtual Assets Act, 2022, in force; licensing of Virtual Asset Service Providers (VASP) under the Non-Bank Financial Institutions Regulatory Authority&nbsp;(<a href="https://botswanalaws.com/consolidated-statutes/principle-legislation/virtual-assets-act?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">Botswana Laws</a>,&nbsp;<a href="https://www.webberwentzel.com/News/Pages/virtual-assets-regulation-in-southern-africa-a-regional-comparative-analysis-article.aspx?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">Webber Wentzel</a>).</li><li>Namibia: Virtual Assets Act, 2023 in force with detailed rules (custody, capital, disclosure, cybersecurity). Bank of Namibia is the regulator (<a href="https://www.afriwise.com/blog/namibia-the-virtual-assets-act-10-of-2023---what-should-you-know?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">Afriwise</a>,&nbsp;<a href="https://bowmanslaw.com/insights/the-virtual-assets-act-10-of-2023-what-should-you-know?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">Bowmans Law</a>).</li><li>Nigeria: Securities and Exchange Commission rules exist and banks may serve licensed crypto firms after the central bank revised its 2023 circular. Enforcement has tightened around unregistered platforms (<a href="https://www.elibrary.imf.org/view/journals/002/2025/158/article-A002-en.xml?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">IMF</a>,&nbsp;<a href="https://www.reuters.com/technology/nigeria-plans-additional-rules-combat-illegal-trading-digital-assets-2024-05-07?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">Reuters</a>,&nbsp;<a href="https://www.ft.com/content/333309a5-196c-494a-8d68-506f6a19ba81?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">FT</a>).</li></ul>New or near-final laws<ul><li>Kenya: The parliament passed the Virtual Asset Service Providers Bill in October 2025. It creates licensing for exchanges under the Capital Markets Authority (CMA) and assigns stablecoin licensing to the Central Bank (awaiting presidential assent) (<a href="https://www.reuters.com/business/media-telecom/kenya-parliament-passes-crypto-asset-law-boost-investments-2025-10-13/?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">Reuters</a>,&nbsp;<a href="https://www.parliament.go.ke/sites/default/files/2025-04/THE%20VIRTUAL%20ASSET%20SERVICE%20PROVIDERS%20BILL%2C%202025%20%282%29.pdf?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">Parliament of Kenya</a>).</li><li>Rwanda: In March 2025, the National Bank of Rwanda and the CMA introduced a draft framework for virtual assets and VASPs (<a href="https://www.newtimes.co.rw/article/24694/news/economy/rwanda-moves-to-regulate-virtual-assets-with-new-draft-law?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">The New Times</a>).</li><li>Morocco: A nationwide ban remains but Bank Al-Maghrib has prepared a draft crypto law now moving through adoption; Central Bank Digital Currency work is also underway&nbsp;(<a href="https://www.reuters.com/technology/morocco-preparing-law-allow-cryptocurrencies-central-bank-chief-says-2024-11-26/?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">Reuters</a>).</li></ul>Exploring or signaling next steps<ul><li>Ethiopia:&nbsp;Crypto remains illegal for payments but the National Bank of Ethiopia and Financial Intelligence Service are developing a framework to regulate virtual assets and VASPs as part of new anti-money laundering reforms (<a href="https://www.ainvest.com/news/ethiopia-finalize-crypto-framework-2025-bans-payments-2506/?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">AI Invest</a>).</li><li>Ghana:&nbsp;The Bank of Ghana required VASPs operating in the country to register by August 15, 2025, ahead of the planned VASP Act expected later this year (<a href="https://www.bog.gov.gh/wp-content/uploads/2025/07/NOTICE-NO.-BG-GOV-SEC-2025-18-NOTICE-ON-MANDATORY-REGISTRATION-OF-VIRTUAL-ASSET-SERVICE-PROVIDERS-OPERATING-IN-GHANA.pdf?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">Bank of Ghana</a>).</li><li>Zambia: Authorities have flagged a forthcoming framework; public materials note draft work on crypto and stablecoins for stakeholder review in 2025 (<a href="https://www.boz.zm/Zambanker_June_2024_Edition.pdf?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">ZamBanker</a>).</li></ul>Still prohibitive<ul><li>Egypt: Trading and promotion require a Central Bank of Egypt license, which has not been issued; effectively, a prohibition remains in place (<a href="https://iclg.com/practice-areas/fintech-laws-and-regulations/egypt?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">ICLG Business Reports</a>).</li></ul>And for those still asking, “how do the flows actually work?”:&nbsp;<figure class="image"><img src="/uploads/Screenshot_2025_10_28_at_12_52_27_95000be7c3.png" alt="Global Crypto Flow Map: How Digital Currencies Move Across Borders"></figure>Source:&nbsp;<a href="https://www.imf.org/en/Publications/WP/Issues/2025/07/11/Decrypting-Crypto-How-to-Estimate-International-Stablecoin-Flows-568260?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">IMF Working Paper</a> &nbsp;

IMF data shows $2T in global stablecoin flows, with Africa among the fastest-growing regions, using crypto for remittances, trade and dollar access as more nations regulate digital assets.

Screenshot 2025-10-28 at 13.03.57.png

The $2T Crypto Current

<h1>Renew Capital's 2025 Annual Report</h1>The past year was one of progress and reflection on our ongoing work to back ideas that drive business growth, employment and development.&nbsp;Learn more in our&nbsp;<a href="https://latest-api.renewcapital.com/uploads/Renew_Capital_Annual_Report_2025_b3bcb1bfd4.pdf">2025 Annual Report</a>, featuring highlights across the continent.&nbsp;<figure class="image"><img src="/uploads/Updated_4ad99ea323.png"></figure>

3.png

Renew Capital's 2025 Annual Report

<h1>Press Release: Hypeo Ai Supercharges Influencer Campaigns</h1>Renew Capital invests in Hypeo Ai to streamline how brands and creators collaborate, using AI avatars and smart campaign tools to transform digital influence in the region.<a href="https://latest-api.renewcapital.com/uploads/FINAL_Hypeo_Ai_Press_Release_4f7d84f252.pdf">Download Full Press Release</a>CASABLANCA, Morocco, August 14, 2025 — Hypeo Ai is helping brands across Africa and the Middle East run faster, more efficient influencer campaigns by eliminating manual tracking and fragmented tools.<figure class="image"><img src="/uploads/Hypeo_Ai_c397a7229f.avif"></figure>The Morocco-based company connects brands with both human and AI-powered creators in under 15 minutes. It delivers a seamless end-to-end campaign workflow with smart matching, pricing insights and real-time performance tracking.At its core, Hypeo Ai recognizes that influencer marketing in the region is booming but bogged down by inefficiency. With most campaigns still managed manually through agencies or spreadsheets, Hypeo Ai is building the smarter, faster way forward.In 2024, influencer marketing helped make social media the world’s largest advertising channel, surpassing paid searches and driving global ad spend to $247B, projected to reach $267B by the end of 2025.“Our region has no shortage of talent. What’s been missing is smart infrastructure,” said&nbsp;<a href="https://www.linkedin.com/in/meriam-bessa-a33b4028/">Meriam Bessa</a>, co-founder and CEO of Hypeo Ai. “We’re building tools that allow brands and creators to meet faster, match better and work smarter with the power of AI.” Meriam co-founded the company alongside&nbsp;<a href="https://www.linkedin.com/in/oussama/?utm_source=share&amp;utm_campaign=share_via&amp;utm_content=profile&amp;utm_medium=ios_app">Oussama Sekkat</a> and&nbsp;<a href="https://www.linkedin.com/in/salah-eddine-mimouni/?utm_source=share&amp;utm_campaign=share_via&amp;utm_content=profile&amp;utm_medium=ios_app">Salah Eddine Mimouni</a>.Hypeo Ai also builds AI Meta Humans: virtual influencers that speak to local audiences and support global campaigns. Its most well-known digital persona, Kenza Layli, has built a following of more than 200,000 and was recently nominated as a finalist for Miss AI 2024, a global competition celebrating AI-powered creators.“Hypeo Ai is tackling a clear gap in how influencer marketing works in this region,” said&nbsp;<a href="https://www.linkedin.com/in/nihal-grii-phd-9278a8ab/">Nihal Grii</a>, Investment Ecosystem Development Manager at Renew Capital. “We see potential in their approach to simplifying the process for both brands and creators, and we’re glad to support their next stage of growth.”With support from Renew Capital, Hypeo Ai will expand its platform features, onboard more creators and brands and build its B2C product, an AI-powered coaching companion aimed at wellness and lifestyle users.Hypeo Ai BioHypeo Ai connects brands with human and virtual creators in minutes. Its AI-powered platform streamlines influencer campaigns with smart matching, pricing insights and real-time tracking, replacing manual workflows with a seamless and scalable solution.&nbsp;Visit&nbsp;<a href="https://www.hypeo.ai/en">www.hypeo.ai</a> to learn more.

hypeo.ai

Hypeo Ai connects brands with human and virtual creators in minutes. Its AI-powered platform streamlines influencer campaigns with smart matching, pricing insights and real-time tracking, replacing manual workflows with a seamless, scalable solution.

Hypeo Logo  (1).png

Hypeo.avif

Renew Capital, an early stage venture capital firm in Africa invests in Hypeo Ai.

Press Release: Hypeo Ai Supercharges Influencer Campaigns

<h1>Press Release: Beemi Makes Livestreaming Interactive and Profitable</h1>Renew Capital invests in Beemi to help streamers turn passive audiences into engaged communities through gamified tools and live interaction.<a href="https://latest-api.renewcapital.com/uploads/FINAL_Beemi_Press_Release_494baf8d89.pdf">Download the Full Press Release</a>ADDIS ABABA, Ethiopia, May 29, 2025 – Beemi is helping Africa’s mobile-first creators make their livestreams more interactive and profitable. The platform integrates social games like trivia into livestreaming platforms including TikTok, YouTube and Twitch, giving creators simple tools to engage their audiences and drive real-time participation.<figure class="image"><img src="/uploads/Beemi_Team_Photo_1_307daa8fb9.jpg" alt="A photo of the Beemi team based in Addis Ababa, Ethiopia, who work on connecting consumers directly with suppliers through group buying to make online shopping more affordable."></figure>Unlike traditional tools built for PC-based streamers, Beemi is optimized for mobile. Streamers can launch games directly within their live sessions, enticing followers to stay longer, return more often and actively participate. It’s also a win for monetization with Beemi piloting branded ad integrations, creator subscriptions and a marketplace of streamable games.“At Beemi, we’re focused on helping streamers grow and earn by making their content more interactive,” said&nbsp;<a href="https://www.linkedin.com/in/dawitabraham/">Dawit Abraham</a>, co-founder and CEO of Beemi. “When audiences feel involved, they stay longer, come back more often and support the creators they love.”Beemi gives creators the tools they need to turn streaming into a sustainable source of income by increasing engagement and opening up new ways to monetize.&nbsp;“Beemi is unlocking a new layer of value in livestreaming,” said <a href="https://www.linkedin.com/in/adamabate/">Adam Abate</a>, Principal for Investment Management at Renew Capital. “Their value proposition and early results are clear and compelling, and Beemi’s team comes with rich experience and dedication to the problem they are trying to solve.”With support from Renew Capital, Beemi plans to expand its platform and launch its marketplace while growing new partnerships with creators and brands.Support to Renew Capital portfolio companies is provided in partnership with Global Affairs Canada.Beemi Bio Beemi helps mobile-first creators increase viewer participation and monetization by integrating social games into livestreams across TikTok, YouTube and Twitch. Visit<a href="https://www.beemi.app">&nbsp;www.beemi.app</a> for more information.

beemi.app

Built for mobile creators on TikTok, YouTube and Twitch, Beemi brings live trivia and interactive games into livestreams, boosting audience participation and unlocking new monetization opportunities. No complex setup, just better streams.

beemi-logo horizontal.png

Beemi.avif

Renew Capital, an early stage venture capital firm in Africa invests in Beemi.

Ethiopia

Beemi Team Photo (1).jpg

Press Release: Beemi Makes Livestreaming Interactive and Profitable

<h1>Mastering “The Flip”: A Guide for African Startups Seeking International Investment</h1>Ready to learn more about mastering the flip? Check out Renew Capital's&nbsp;<a href="https://training.renewcapital.com/courses">investment readiness</a> training and our quick guide for&nbsp;<a href="https://apply.renewcapital.com/delaware-guide">establishing a Delaware corporation</a>.<figure class="image"><img src="/uploads/580_A0553_79d51b6101.jpg"></figure>My 10-year-old is into gymnastics. She practices “flips” against the wall while I’m trying to get her to eat dinner. How can something so impressive be annoying at the same time? That’s not the kind of flip I want to talk about, though there is likely to be plenty of stamina involved.In 2024,&nbsp;<a href="https://thebigdeal.substack.com/p/2024sum">African startups raised $2.2B</a>, according to Africa: The Big Deal but securing this funding often requires strategic decisions about where to incorporate. Approximately&nbsp;<a href="https://ng.usembassy.gov/u-s-consul-general-will-stevens-keynote-address-at-the-global-tech-africa-conference/">60% of African startups are registered in the United States</a> and for Nigerian startups, that number is 80%.This preference for offshore incorporation is largely driven by investor requirements, legal frameworks and access to global capital.&nbsp;“The flip” is a term commonly used by international investment firms that are focused on Africa. It refers to the process where African companies set up parent companies offshore, with the original African companies becoming&nbsp;<a href="https://www.investopedia.com/terms/w/whollyownedsubsidiary.asp">wholly owned subsidiaries</a>. It’s one of the first questions we ask companies who are seeking an investment from Renew Capital: “Do you have a holding company, and where is it registered?”This isn’t a trivial question. Many investment firms insist that African startups be domiciled outside their primary area of operations—often in Delaware (the U.S.), Mauritius, Europe, etc.&nbsp;Why? There are plenty of reasons: the predictability of legal systems thanks to well-established corporate governance laws, global intellectual property protections, access to robust dispute resolution mechanisms, and yes, sometimes it comes down to tax efficiency. It doesn’t stop there. For investors, there is also&nbsp;<a href="https://stripe.com/en-sg/resources/more/incorporating-in-delaware-explained">comfort in working within familiar legal systems</a>, reduced currency risks, easier exits, IPO potential, fewer foreign exchange controls and frankly, avoiding corruption. These factors make “the flip” not just a preference but, for many investors, a de facto requirement.<figure class="image"><img src="/uploads/580_A0787_9d89da464c.jpg"></figure>Yet, for something so common, there’s surprisingly little data on how easy or difficult it is to flip a company.&nbsp;Here’s the reality: Flipping is one of the most critical factors in attracting more startup funding to African countries, yet it’s often overlooked. Most policymakers I speak to do not have an idea of how long it takes to flip a company in their country.I get it. Many African governments don’t like that this has become a de facto investment requirement. But it has. Almost every Venture Capital and Private Equity firm in the world will insist on it. Does this overlook the long-term value of supporting local ecosystems? That’s certainly a discussion worth having. Some organizations are working to make African jurisdictions more investor-friendly by improving legal frameworks, transparency and market infrastructure. At Renew Capital, an early-stage investment firm in Africa, we count ourselves in that group. Building entrepreneurial ecosystems is a worthy effort but it takes years—and it will take even longer to convince the global market that these changes are going to stick. By 2030, sub-Saharan Africa will account for half of new labor force entrants, requiring up to 15 million new jobs annually (<a href="https://www.imf.org/en/Blogs/Articles/2024/11/12/the-clock-is-ticking-on-sub-saharan-africas-urgent-job-creation-challenge">IMF</a>). Fostering private sector firm growth today is a major requirement for the region.So in the meantime, the legal paths between many African countries and Delaware (and Mauritius, etc.) will continue to be well-trodden.At Renew Capital, we have been conducting research across several countries to determine how long this process takes.&nbsp;Step one is usually to register a new holding company (in the form of a corporation) in Delaware (as an example). It’s pretty fast and easy and takes about a week. It (of course) will cost you if you want a lawyer to help with the process. Mauritius is about the same—a lot more regulatory and compliance requirements, but tax advantages. No need to even visit!&nbsp;Once that’s done, founders need to ensure that the exchange of shares by the shareholders in the local operating company for shares in the offshore holding company is completed. This is finalized by filing share transfers in the relevant African countries of operation. In practice, our research suggests it can take anywhere between 14 days (e.g., Kenya and Morocco) and up to 18 months (e.g., Ethiopia) because this is generally a pre-condition to investment, this is probably the most significant barrier to increased investment in some countries.Is “the flip” right for every company? Definitely not. But, if you’re looking for&nbsp;<a href="https://www.redfernlegal.com/understanding-the-flip-up-moving-your-headquarters-hq-process/">venture capital investment from an international investor</a>, then you’ll almost certainly need to do it at some point.If you’re serious about scaling your startup and mastering every step of the flip,”&nbsp;<a href="https://training.renewcapital.com/courses">sign up now</a> to get access to both Investment Readiness 101 (best for beginners) and Closing the Deal (for those actively pursuing an investment). The training covers all the important details from legal due diligence to how to get your valuation right. Also, check out the Renew Capital guide for&nbsp;<a href="http://apply.renewcapital.com/delaware-guide">establishing a Delaware corporation</a>.&nbsp; Note: While Renew Capital’s guide provides helpful insights into establishing a Delaware corporation, it is essential to remember that the information presented here is for general informational purposes only and should not be considered legal advice. We strongly recommend that you consult with your own legal counsel or a qualified professional to determine what jurisdiction and legal entity structure is right for your company.

Check out Renew Capital's investment readiness training and our quick guide for establishing a Delaware corporation.

Business Growth

Image: Renew Capital mentor talking with African startups and partners

580A0553.jpg

 Mastering “The Flip”: A Guide for African Startups Seeking International Investment

<h1>Press Release: No Money? No Problem — Tendo Brings Risk-Free Reselling to Everyday Entrepreneurs</h1>Renew Capital invests in Tendo to empower individuals to launch ecommerce businesses through social media with no upfront capital investment in inventory.<a href="https://latest-api.renewcapital.com/uploads/FINAL_Tendo_Press_Release_fba8ce2000.pdf">Download the full press release</a>ACCRA, Ghana, April 29, 2025 –&nbsp;With Tendo, anyone with a social media account can become an online reseller in just a few clicks. Through its innovative platform, <a href="https://tendo.app/">Tendo</a> connects wholesalers to independent resellers who can earn by adding profit margins to listed products and selling them through their social networks.<figure class="image"><img src="/uploads/Tendo_PR_Photo_0758f28b88.jpg"></figure>By cutting out the usual headaches like finding suppliers, managing stock or paying upfront for inventory, Tendo clears the roadblocks so anyone can start selling and earning in no time.Tendo gives resellers across Africa access to thousands of products at wholesale prices, allowing them to set their own profit margins and directly promote listings on social platforms, including Facebook and WhatsApp. When a customer places an order, Tendo handles the financial transaction and delivery and sends the reseller their profit.&nbsp;“Our mission is to create opportunities for individuals to build businesses with minimal risk,” said<a href="https://www.linkedin.com/in/felix-manford/">&nbsp;Felix Manford</a>, co-founder and CEO of Tendo. “By providing a seamless platform that takes care of inventory and delivery, we empower anyone to start earning online from home.”With thousands of products already listed and a growing network of resellers, Tendo is creating economic opportunities for everyday Africans while helping wholesalers expand their reach.“Tendo is transforming the way people approach entrepreneurship,” said Nicholas Clerk, investment ecosystem development manager at Renew Capital. “Their platform removes traditional barriers to entry, enabling individuals to earn income and build businesses using just their smartphones.”With Renew Capital’s investment, Tendo plans to expand its platform, onboard more resellers and empower individuals across Africa to earn and grow a business using the power of their smartphone.Support to Renew Capital portfolio companies is provided in partnership with Global Affairs Canada and Norad. &nbsp;

tendo.app

Tendo connects individuals with online inventory, allowing anyone to launch an ecommerce reselling business from their smartphone without investment risk.

Tendo Logo .png

Tendo.avif

Renew Capital, an early stage venture capital firm in Africa invests in Tendo.

Tendo PR Photo.jpg

Press Release: No Money? No Problem — Tendo Brings Risk-Free Reselling to Everyday Entrepreneurs

<h1>Renew Capital Legal Brief - March 2025</h1>The latest changes in Africa's regulatory environmentWith a growing presence in Africa’s startup ecosystems, the Renew Capital team stays on top of the legal landscapes shaping the venture capital and investment space and provides insights for investors, entrepreneurs, industry leaders and policymakers in Africa’s dynamic business environment.&nbsp;<figure class="image"><img src="/uploads/Legal_Brief_b1a20116be.png"></figure><h2>Egypt</h2>Financial Regulatory Authority (FRA) reiterates licensing requirements for insurance companies:The FRA has announced updated licensing guidelines for insurance companies. Current and prospective insurers must now be joint stock companies, meet paid-up share capital requirements and have qualified board members. Moreover, offering both life and property insurance services by the same entity is prohibited, except for&nbsp;microinsurance companies or&nbsp;HMOs. Existing firms have five months to comply with these new standards.Why it matters: Licensed insurance companies should conduct internal reviews to ensure compliance with the licensing requirements or face the risk of penalties or license revocation.<h2>Ghana</h2>2025 Budget Statement and Economic Policy of the Government of Ghana:The Government of Ghana, through the Minister for Finance, has presented the Budget Statement and Economic Policy for the year 2025. Key tax proposals include the abolition of several taxes, such as the withholding tax on lottery winnings and the electronic transfer levy, as well as exempting individuals earning the minimum wage or less from income tax. The proposed VAT reforms aim to eliminate the COVID-19 levy, reduce the effective VAT rate and raise the registration threshold to exempt small businesses, with implementation set for 2025. Additionally, the budget outlines plans to restructure and consolidate existing levies, introduce road tolls and establish a new legal framework for non-tax revenue collection.Why it matters: This is important because the changes outlined in Ghana's 2025 Budget directly impact the country’s economic environment, businesses and individuals. This could stimulate economic growth, improve disposable income for workers and promote entrepreneurship.<h2>Kenya</h2>Potential increase in banking license fees:The Central Bank of Kenya (CBK) is taking decisive action to modernize the licensing fee methodology for banks by linking license fees directly to the gross annual revenue of each institution. This new approach is a significant shift from the current system, which bases fees on the number of bank branches. The CBK has released draft banking (fees) regulations for public comment and upon approval, these regulations will require every bank to contribute a percentage of its gross annual revenue. The licensing fee will be set at an initial rate of 0.6% with a gradual increase to 1% by 2027.Why it matters:&nbsp;Increasing license fees for banks will undoubtedly create a ripple effect that impacts both customers and third-party service providers, leading to higher fees for banking services.<h2>Morocco</h2>Morocco's National Agency for Telecommunications Regulation (NATR) issues new labeling rules:The NATR has directed that all telecommunication devices (including phones, laptops, smartwatches and routers) be labeled with their Specific Absorption Rate (SAR) values. The SAR values should be displayed on the products, user manuals, packaging, or electronic labels. This new rule will become enforceable on May 1, 2025 and any contraventions will result in fines for manufacturers.Why it&nbsp;matters: Proper labeling of telecommunication devices will enhance consumer protection and ensure greater transparency in the Moroccan telecommunications sector.&nbsp;&nbsp;<h2>Nigeria</h2>Nigeria's Senate passes Investment and Securities Bill:The Nigerian Senate has successfully passed the long-awaited bill, which is now pending assent from the country’s President. This landmark legislation is set to modernize and strengthen the statutory framework for Nigeria's capital markets. Among the significant changes is the official recognition of virtual assets as securities.Why it matters: The bill, once approved, will significantly strengthen investor protection, align with the latest developments in the capital markets and lead to more efficient legislation.<h2>Rwanda</h2>Rwanda issues virtual assets bill:On March 6, 2025, the Rwandan Capital Markets Authority (CMA) unveiled a bill for the regulation of virtual asset operations in Rwanda. The bill aims to foster innovation in the virtual asset sector while also preventing and mitigating associated risks. The CMA will be the primary regulatory and licensing authority but will consult and collaborate with the National Bank of Rwanda to safeguard the integrity of Rwanda’s financial system.Why it matters: Once passed, this bill will advance financial stability in Rwanda and boost investors’ confidence in virtual assets’ businesses and activities in Rwanda.&nbsp;<h2>South Africa</h2>The South African Reserve Bank (SARB) redefines bank activities&nbsp;The SARB intends to exempt a certain payment activity from the scope of the “business of the bank”. This activity is the pooling of funds into a store of value or payment account by a non-bank for conducting payment activities. Therefore, non-bank entities that carry out such activities can operate without a banking license, subject to meeting stipulated conditions. A draft notice, to this effect, has been issued by the SARB for public comment.Why it matters: The exemption will ease the regulatory burden of payment service providers and other stakeholders that store funds to facilitate their payment services.&nbsp;<h2>Uganda</h2>Bank of Uganda is set to regulate mortgage refinancing institutions:On March 12, the Ugandan Parliament was presented with a landmark bill to regulate the establishment of mortgage refinancing institutions for the first time. Once passed, this bill will empower the Bank of Uganda to issue licenses to mortgage refinanciers and establish a robust administrative framework for mortgage refinancing operations across the country.&nbsp;Why it matters: Establishing mortgage refinanciers will increase access to finance for primary mortgage financing institutions and facilitate affordable housing in Uganda in the long term.&nbsp;<h2>Zambia</h2>Zambia’s Data Protection Commission (DPC) gets set to enforce data protection legislation:The DPC is ready to mete out fines and prosecute entities operating in contravention of Zambia’s Data Protection Act of 2021. Data processors and controllers are therefore encouraged to complete the registration process and implement robust security measures. The DPC intends to commence the enforcement measures in March 2025.Why it matters: Organizations that handle personal data face the risk of fines or legal action if they fail to comply with data protection legislation.<h2>Cross-border</h2>Ghana and Rwanda collaborate on a license passport framework:Both countries have agreed to a mutual framework that allows regulated fintech companies from one country to operate in the other with minimal additional regulatory requirements.&nbsp;Why it matters: This initiative enables Ghanaian and Rwandan fintech companies to expand their services with minimal regulatory barriers, driving significant innovation and fostering economic growth in both countries. &nbsp;

With a growing presence in Africa’s startup ecosystems, the Renew Capital team stays on top of the legal landscapes.