Breaking News Today - Monday 2 November 2026

African Start-up News Headlines:

Verve, Nigeria’s largest domestic card scheme (now claiming more than 130 million cards issued), plans to enable tap-to-pay on mobile phones and, later, allow AI assistants to execute payments on a customer’s instructions, CEO Vincent Ogbunude said at Moonshot.The roadmap builds on existing contactless and tokenisation work; mobile tap-to-pay would let eligible cardholders tokenise a card in a banking app and pay by tapping a compatible smartphone or wearable at supported terminals. Longer-term “agentic” payments would let an AI locate and complete a purchase without the user managing each step. Verve has already gone live with mobile tap-to-pay through participating banks.
Cross-border payments company Grey is constructing its own payment connections and direct (“exotic”) currency pairs between African markets so that transfers no longer need to route through US dollar payment gateways, co-founder and CEO Idorenyin Obong has stated. Grey serves individuals and businesses across Nigeria, Kenya, Ghana and other markets; Obong identified reliability of arrival and local-currency liquidity as the two main constraints. The company has partnered with providers to source currencies and settle in real time, and has already expanded China payouts that let African businesses convert dollar or stablecoin balances into renminbi and pay suppliers directly. Grey has processed more than 40 million transactions and nearly $5 billion in total volume; its business platform, launched in February, has handled roughly $100 million.
Nigerian fintech OPay and its underwriters mutually agreed on 31 October to terminate the underwriting agreement signed on 29 October, so its American depositary shares will not trade on the New York Stock Exchange. The SoftBank-backed company had priced 16 million ADSs at $19 each (bottom of the $19–$21 range) on 30 October, implying roughly $304 million in proceeds and a valuation of about $4 billion—double the $2 billion at which it raised $400 million in 2021. Executives rang the opening bell on 30 October, but trading was halted later that day with news pending and no shares changed hands. OPay cited an inquiry by an unnamed foreign regulator in a jurisdiction it described as immaterial to its core operations; it said it expected a satisfactory resolution soon and that the decision should not be read as a reflection on its performance.
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Headline News Today

African Energy Bank Established

The African Export-Import Bank and the African Petroleum Producers’ Organisation formally established the Africa Energy Bank at its inaugural general meeting in Abuja, Nigeria, on 31 October 2026. The new institution has authorised capital of $5 billion and aims to finance projects across the energy value chain, including exploration, production, refining and distribution, as traditional lenders withdraw from fossil fuels.

Helmy Ghazi was appointed the bank’s first president and a board was constituted. The joint statement from Afreximbank and APPO said the move reaffirms African governments’ determination to secure their own energy future, with continental energy investment needs estimated at around $200 billion.

New banking IPO in Botswana

Stanbic Bank Botswana, a unit of Standard Bank Group, has launched an initial public offering (IPO) last Friday, to sell a 20% stake in the bank. The offer comprises 319.4 million existing shares at 4.30 pula each, valuing the transaction at about 1.37 billion pula (around $94 million). Stanbic Africa Holdings will retain 80% after the sale.

Retail investors can access 63.9 million shares, with the rest being offered to financial institutions. The public offer closes on 27 November and trading on the Botswana Stock Exchange is expected to begin on 7 December, subject to regulatory approvals. The bank said the listing aims to broaden local ownership and deepen capital markets after years without new listings.

MTN Nigeria nine-month profit rises 55.3%

The nine-month revenue report for MTN Nigeria Communications released, indicate that profit after tax rose 55.3% to N1.17 trillion for the nine months ended 30 September 2026, from N750.2 billion a year earlier. Total revenue increased 23.6% to N4.61 trillion, while service revenue grew 23.7% to N4.59 trillion. Data revenue climbed 35.8% to N2.68 trillion and accounted for the largest share of service revenue. Active data users rose 12% to 57.2 million, and average monthly usage per active data user increased 16.2% to 15.3 gigabytes. Earnings before interest, tax, depreciation and amortisation rose 36.8% to N2.62 trillion, with the margin widening to 56.9%.

The results were driven by higher data consumption and improved operating efficiency, with the company noting that growth in the third quarter accelerated after a slower second quarter.

Breaking Business and Market News Shorts:

Market Moves: The FTSE/JSE All Share Index closed the Friday 30 October session down 2.20 percent at 107 621.67. The rand traded near R16.70 to the dollar. Brent crude stood around $111–$113 a barrel. Gold was near $3 875–$3 910 an ounce. US equity indices had recorded declines in the prior session.
The Central Bank of Nigeria allotted only N71.16 billion of the N800 billion Treasury bills offered at the 28 October 2026 primary market auction, despite subscriptions of N1.91 trillion. Stop rates fell across tenors, with the 364-day bill clearing at 15.80%, down from 15.90%.
Nigeria's Stanbic IBTC Bank published the October PMI yesterday, 1 November. It stood at 55.7, down from 56.4 in September. The reading remained above 50 and marked the ninth consecutive month of expansion in private-sector business conditions.
Brent crude futures prices fell by more than 3% to below $110 per barrel at one point this morning and is currently trading around $110 a barrel. The price easing erasing gains from last week as investors weighed signs of diplomatic efforts to end the Middle East conflict against fears of renewed US military action against Iran.
Energy group Aradel Holdings, have reported revenue of N3.95 trillion for the nine months to 30 September 2026, up 633% from N538.8 billion a year earlier, after consolidating assets acquired from Shell’s former onshore Nigerian operations. Operating profit rose sharply to N1.56 trillion.

Markets by Numbers

Currencies:

Currency markets indicate the US dollar marginally softer today. The Greenback is trading against the Euro at 1.11755 while trading against the Pound at 1.33931. The Yen is currently trading at 157.85 to the US dollar. The rand (ZAR), is currently trading at the 16.70 against the US dollar this morning.

Commodities:

Gold futures are up around -0.68% this morning, and currently trading at around $3902.45 per ounce.
Copper prices are 0.43% higher today, with prices currently around $6.4860 per pound
Silver futures are up around 2.3% today, and currently trading at around $50.045 per ounce.
Platinum futures are down around -0.14% this morning, and currently trading at $1434.10, While Palladium is down by around -0.15% today, and currently trading around $1027.50 per ounce.
Lithium is down around -0.1% today, and currently at CNY/T 93 500
Brent crude oil prices are down around -3.1% today, and are currently trading around $109.87, with WTI trading at $100.68 currently
Cocoa futures are down marginally today, and currently trading at $5453 per ton.
Coffee futures are up around 0.6% today, and currently trading at around $2.872 per pound

Crypto Currencies:

Bitcoin prices are flat today, and trading at around $78 312 per coin currently
Ether prices are up around 0.7% this morning, and currently trading around $2290.72

(All prices quoted at approximately 07H05 Central African Time)

African General News Briefs:

The 35-year-old UN peacekeeping mission in the Western Sahara region will come to an end this month, after the Security Council failed to approve a renewed mandate, the UN chief reported on Sunday. Morocco, which claims the Western Sahara as its ‌own, welcomed the decision, while its opponents in the Algeria-backed Polisario Front expressed concern. The Polisario Front has been seeking an independent state in Western Sahara since former colonial power Spain left in 1976.
South Africa's acting Police Minister, Firoz Cachalia has found support from South Africa's courts to restrict demonstrations by the anti-illegal immigration group March March. Judge Peter Olsen has allowed the March and March movement to proceed with its planned demonstrations, but under tighter conditions following amendments to the government's application. Under the revised terms, the group may march between 9am and 3pm, with participants barred from carrying weapons or covering their faces. The group was also prohibited from destroying property or setting fire to buildings. The matter is expected to return to court next year.