Breaking News Today - Wednesday 28 October 2026

African Start-up News Headlines:

Madica secures $6 million from Flourish Ventures to extend pre-seed pilot. Flourish Ventures has committed a further $6 million to Madica, its structured pre-seed programme for African startups, extending the pilot by three years. The capital is earmarked for new investments in 25–30 additional companies (up to $200,000 each) plus continued hands-on support, rather than follow-ons. Madica, launched in 2022, has already backed 18 startups across 10 countries and 12 sectors; portfolio companies have raised roughly twice the initial cheque on average in follow-on funding. Every company is majority African-owned, more than half have at least one female co-founder, and 39% have a female CEO.
South Africa’s CrissCross receives undisclosed Circle Ventures investment - CrissCross, the South Africa-headquartered cross-border payments infrastructure business owned by Stitch Group, has taken an undisclosed investment from Circle Ventures, the corporate venture arm of USDC issuer Circle. The capital, channelled through Stitch, will support expansion of local payment connections and liquidity, additional stablecoin settlement capabilities for enterprise clients, and team growth. Founded by Lex Campbell and Byron Coetsee, CrissCross provides collections, automated payouts, treasury and real-time FX across more than 30 African markets via a single API, linking blockchain settlement to local rails.

Headline News Today

FirstRand Seeking Kenyan Acquisitions

South African Banking group FirstRand, has stepped up its pursuit of a Kenyan lender after previously failing to close a deal at the right price. It is joining a broader rush by South African banks into Kenya’s profitable financial services market. No specific target bank has been named, however the focus is on a mid-sized lender that would provide an established platform rather than a dominant large bank. FirstRand also said it is considering acquisitions beyond commercial banks (non-banking businesses). No targets or timetable were disclosed.

Kenya has become a major focus for South African banking groups with Nedbank recently completed (or is finalising) a deal for a 66% controlling stake in NCBA Group, valued at about R13.9 billion. Investment into the country has grown with Dangote Oil launching a major refinery and pipeline development project.

Major Solar Project in Egypt to Proceed

Egyptian Prime Minister Mostafa Madbouly witnessed the signing of preliminary financing agreements on 26 October for a 1,000-megawatt solar plant with 200 megawatt-hours of battery storage at Nag Hammadi in Qena Governorate. Norwegian developer Scatec, the European Investment Bank, the European Bank for Reconstruction and Development and the African Development Bank are involved, with total investment around 650 million dollars. The project is intended to meet roughly one-third of Egypt Aluminium’s electricity needs and cut emissions. Egypt Independent and government statements reported the event on 27 October.

Africa's Largest IPO closes With Success

Dangote Petroleum Refinery and Petrochemicals closed its initial public offering on 27 October 2026 after receiving applications from investors in 120 countries, including every one of Africa’s 54 nations. Aliko Dangote, President and Chief Executive of Dangote Industries Limited in Nigeria, said the response showed Africans want to own and share in industries built on the continent.

The company offered 4.1 billion ordinary shares at 525 naira each, targeting roughly 2.15 trillion naira. Managing Director David Bird noted that the refinery recorded 22.5 billion dollars in revenue and 5.52 billion dollars in EBITDA in the first nine months of 2026. Domestic and retail orders alone covered the base target, according to people familiar with the process.

Breaking Business and Market News Shorts:

Market Moves: The rand traded around R16.62 to the US dollar yesterday. Gold finished near $4,060 an ounce. Brent crude settled near $114 a barrel and WTI near $100 after the modest overnight pullback. On the Johannesburg Stock Exchange the All-Share Index closed 0.63% higher at 109,820. In the United States the S&P 500 rose 0.6% to about 7,722 and the 10-year Treasury yield stood near 5% ahead of the Federal Reserve decision.
The Nigerian Exchange All-Share Index closed at a record 253,990.06 points on 27 October, up 1.07% from the previous session, lifting market capitalisation by 1.75 trillion naira to 164.91 trillion naira. Dangote Cement rose 9.8% to 1,341.90 naira and led the industrial index higher.
South African Airways is facing renewed financial stress and has staggered October salary payments for pilots, management and executives for a second consecutive month because of liquidity pressure from higher fuel costs, while non-management staff receive pay on the normal date. The Airline has battled financially for decades requiring multiple bail-outs from the government.
APA Apollo Group has acquired a controlling stake in two Tanzanian Insurance groups. These are the Meticulous General Insurance Limited company and the Metro Life Assurance Limited company. The purchase price was not disclosed.
Markets expect the US Fed to hold its benchmark rates steady when it releases its decision later today. Focus will turn to Chairman Kevin Warsh, who has preferred to let the markets derive their own message from data and less from central bankers. Investors will be looking closely, though, for clues about future moves from policymakers.

Markets by Numbers

Currencies:

Currency markets indicate the US dollar stronger today. The Greenback is trading against the Euro at 1.11184 while trading against the Pound at 1.32901. The Yen is currently trading at 157.78 to the US dollar. The rand (ZAR), is currently trading at the 16.66 against the US dollar this morning.

Commodities:

Gold futures are down around -0.6% this morning, and currently trading at around $4034.25 per ounce.
Copper prices are marginally lower today, with prices currently around $6.6235 per pound
Silver futures are down around -0.9% today, and currently trading at around $53.911 per ounce.
Platinum futures are down around -0.16% this morning, and currently trading at $1535.60, While Palladium is down by around -0.15% today, and currently trading around $1027.50 per ounce.
Lithium is up around 0.7% today, and currently at CNY/T 100 050
Brent crude oil prices are up around 1.7% today, and are currently trading around $115.87, with WTI trading at $101.59 currently
Cocoa futures are up around 1.58% today, and currently trading at $5577 per ton.
Coffee futures are down around -2.3% today, and currently trading at around $2.9375 per pound

Crypto Currencies:

Bitcoin prices are up marginally today, and trading at around $80 849 per coin currently
Ether prices are up around 0.08% this morning, and currently trading around $2349.89

(All prices quoted at approximately 07H40 Central African Time)

African General News Briefs:

A basic income support (BIS) grant is on the cards for South Africa and is currently still under review. The grant is set to replace the current SRD grant. This has prompted the National Treasury to extend the existing Social Relief of Distress (SRD) grant, introduced during the covid pandemic in 2021, for another year. The extension was announced in the Medium Term Budget Policy Statement (MTBPS) delivered by Finance Minister Enoch Godongwana last week.
South Africa is set to deploy military troops in KwaZulu-Natal next week, to ensure security is maintained in a province that has witnessed major incidents of anti-immigrant violence. The move was planned around the local municipal elections next week on 4 November. President Cyril Ramaphosa has ordered 510 troops to remain in the province through to the end of next month, according to a statement issued by his office yesterday.