Happy pre-TGIF. 
The global fintech party just got a new RSVP from North Africa. Revolut, the $75 billion British fintech giant, has named Yacine Faqir, a former Mastercard VP, as CEO to lead its Moroccan expansion.
Faqir will steer Revolut’s bid to secure an operational licence from Moroccan regulators, the first step toward full banking status within two years. The move comes three months after Revolut appointed Amine Berrada to head strategy and operations in the country and as the company, which has reportedly been weighing a South African entry, sets its sights on Africa’s fast-growing digital finance space.
Let’s dig in.
M&A
AXIAN Telecom acquires Kenya’s Wananchi Group for $63 million
AXIAN Telecom, one of Madagascar’s biggest telecom companies, has just planted a bigger flag in East Africa by acquiring Wananchi Group, the parent company of Kenya’s Zuku and Tanzania’s Simbanet, for $63 million, basically buying its way into Kenya, Tanzania, Uganda’s growing broadband markets, and by extension the entire East African market.
Why does this matter? Home internet demand in East Africa is booming. Households and small businesses now expect fast, stable internet, and not just whatever works. So, any player with deeper pockets and the technical muscle can shift the balance. AXIAN is buying into Zuku’s street-level brand familiarity and a network reach in places newer players are still trying to reach, shortcutting years of groundwork.
AXIAN’s shopping spree: This isn’t AXIAN’s first acquisition sprint; the company has been quietly building a telecom empire across Africa. In 2022, it acquired Millicom’s merged entity, MIC Tanzania Public Limited Company (Tigo and Zantel) in Tanzania, inheriting approximately 14 million mobile customers. A year later, AXIAN closed its acquisition of additional shares in Senegal’s Free, the second largest operator in the market, with a market share of 25%. With Wananchi in the cart, the East African broadband market gets new energy.
The battlefield: In Kenya, Safaricom and Jamii Telecom dominate the fixed internet market, while Liquid Intelligent Technologies and Mawingu focus on business and rural connections. In Tanzania, business and rural connectivity have been contested by a different mix of providers, including Vodacom Tanzania PLC and Airtel Tanzania PLC. AXIAN enters as the newcomer with resources and a track record of playing the long game, meaning everyone now has to pay attention.
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Funding
LLH Capital to raise $200 million fund to back more AI fintechs and telecoms after huge Optasia exit
What do you do when you suddenly come into a lot of money—or, well, more money than you need?
You spend it all and party like it’s ‘99. You start a new fund.
LLH Capital, a South African private equity (PE) firm led by Romeo Kumalo, Basetsana Kumalo, and Gil Oved, told Bloomberg that it made a “profitable exit” from Optasia, the AI-powered lending fintech, which listed on the Johannesburg Stock Exchange (JSE) on November 4.
LLH Capital was one of the earliest Optasia backers. While the PE firm did not disclose the amount it made from selling a “significant portion” of its Optasia shares, it seems the firm became profitable enough to start raising a R3.5 billion ($200 million) fund to back more undiscovered gems like Optasia.
State of play: LLH Capital was founded in 2019, and for years, Kumalo and Oved—serial investors and “sharks” from early seasons of the TV show Shark Tank—have been teasing a $200 million fund. Media reports at the time suggested that the duo was expecting an IPO exit to raise between $200–$300 million. While they’ve both declined to say how much they made from the Optasia sale, it’s likely the windfall will now bankroll a new fund to back AI-powered fintechs (more Optasias, if you will) and telecom startups across Africa.
Kumalo and Oved’s other investments and exits through various funds and investment vehicles, not necessarily via LLH Capital, have included Smart Call, Ozow, Publicis Groupe Africa, Sendmarc, Flow Living, and Bottles (acquired by Pick n Pay in 2020).
With a fresh $200 million war chest and a playbook that blends telecom know-how with fintech ambition, LLH Capital looks set to keep betting on the next wave of African tech upstarts.
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Telecoms
Cell C to list on the JSE
Cell C is moving ahead with plans to list on the Johannesburg Stock Exchange (JSE), an anticipated step, but not confirmed until now. The company is not raising new capital through this. Instead, the move is about cleaning the house.
How it will work: The Prepaid Company (TPC), Blu Label Unlimited Group’s subsidiary and Cell C’s biggest shareholder, will sell a chunk of its existing shares to selected investors, over $400 million worth, and use the proceeds to settle its own debt and tidy up obligations tied to Cell C.
Why does it matter? For years, Cell C’s story has been about survival, debt workouts, and shareholder reshuffles. The listing will separate Cell C from Blu Label’s web of financing arrangements and finally place the operator back on its own footing.
Before it can list on JSE, Cell C has to untangle the structure that’s held it together and weighed it down over the years. The pre-listing reorganisation will see Cell C pulled out of Blu Label’s complex structure into one holding company. Debt will be partly converted to equity. The postpaid business, Comm Equipment Company (CEC), will be re-acquired from TPC, airtime assets at TPC will be shifted to Cell C in exchange for shares, and shareholders will consolidate under Cell C Holdings. The reorganisation will give Cell C a simpler structure and will clear years of financial clutter, making the company easier to value.
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Cryptocurrency
Crypto goes legit in Kenya, and the world is paying attention
Just three weeks after Kenya’s President William Ruto signed the Virtual Asset Service Providers (VASP) Bill into law, officially legalising crypto in Kenya, global virtual-asset firms are already eyeing the Nairobi Securities Exchange (NSE) for potential listings.
State of play: According to Business Daily Africa, Kenya’s Capital Markets Authority (CMA), which jointly regulates virtual assets with the Central Bank, is in early talks with international tech giant firms, mainly from the US and UK, about listing their shares or exchange-traded products (ETPs) tied to virtual assets on the NSE. These aren’t listings of Bitcoin or Ethereum themselves, but of the companies that operate in that ecosystem: think exchanges, asset managers, and digital-infrastructure providers. Kenyan investors would effectively be buying into the profits and dividends of crypto-linked companies without having to hold the coins directly.
The timing couldn’t be better. The VASP Act has created Africa’s most comprehensive legal framework for digital-asset businesses, positioning Kenya as a serious contender for regional fintech and blockchain investment. Regulators see this as a chance to diversify the NSE’s offerings and revive local investor appetite after years of sluggish listings.
Yet, the CMA is cautious. The talks are still preliminary, and the listings will hinge on clear investor-protection rules, cross-border compliance, and education, critical in a market where crypto enthusiasm often outpaces understanding.
Zoom out: If these talks succeed, Kenya could become the first African country to host publicly traded global crypto firms, turning Nairobi into a hub for digital-asset finance. And that would be a big leap from WhatsApp groups trading tokens to the Nairobi bourse trading the companies behind them.
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CRYPTO TRACKER
The World Wide Web3
Source:
|
Coin Name |
Current Value |
Day |
Month |
|---|---|---|---|
 Bitcoin |
$103,274 |
+ 1.38% |
– 17.11% |
| Ether |
$3,409 |
+ 1.82% |
– 28.01% |
| Audiera |
$0.0139 |
+ 17.52% |
+ 19.56% |
| Solana |
$159.87 |
+ 1.31% |
– 32.00% |
* Data as of 06.40 AM WAT, November 6, 2025.
Events
- The 7th edition of the Art of Technology Lagos (AOT Lagos) will take place on Thursday, December 4, 2025, at the Landmark Event Centre. Organised by Eko Innovation Centre in partnership with the Lagos State Ministry of Innovation, Science and Technology, this year’s conference will explore how future technologies can help build a more sustainable Lagos. The event will gather government leaders, investors, startups, and innovators to shape practical policies and solutions for the city’s growth. Highlights include keynote sessions, workshops, the AOT Ecosystem Awards, a Career Pavilion, and the Collaborate Lagos Pitch, where entrepreneurs present solutions to real urban challenges. Register to attend by December 4.
- Learn the exact systems top brands use to acquire and retain customers. Join the Customer Acquisition Masterclass on November 21 and 22 and get 10% off with the code BIGCABAL. Register here.
- The Africa Women Innovation and Entrepreneurship Forum (AWIEF) will host its 11th annual conference on October 30–31, 2025, at the Cape Town International Convention Centre. Themed “Breaking the Barriers: Now More Than Ever,” the event will feature over 60 African and global leaders discussing finance, innovation, sustainability, and women’s entrepreneurship. Confirmed speakers include Dr Fatima Elsheikh of BADEA, Hajar El Haddaoui of the Digital Cooperation Organization, and government representatives from Malawi, Seychelles, and South Sudan. Register here.
- DevFest Lagos is back, bigger than ever! From November 18th to 22nd, thousands of developers, designers, founders, and tech enthusiasts will gather for five days of learning, connection, and innovation. Expect hands-on sessions, workshops, panels, and a celebration of everything tech across Africa’s largest developer community. TechCabal readers get a 70% discount by applying the code “TechCabal” at checkout. Grab your tickets now.
- The Ogun Digital Summit returns for its 6th edition on November 20, 2025, at the June 12 Cultural Centre in Abeokuta. Organised by Grazac in partnership with the Ogun State Government, the summit will gather entrepreneurs, founders, and investors to discuss the future of work, startup funding, and the role of policy in driving growth. Speakers include Abideen Yusuf, Managing Director at Microsoft Nigeria and Ghana, and Seye Bandele, Co-founder of PaidHR. Over 3,000 participants are expected to attend. Register here.
- Every startup has a story worth hearing. My Startup in 60 Seconds by TechCabal offers founders a one-minute spotlight to share their vision, challenges, and achievements. Beyond visibility, it connects you to investors, customers, and Africa’s tech ecosystem. Apply to be featured or explore other TechCabal advertorial opportunities. This is a paid opportunity.
Written by: Emmanuel Nwosu and Opeyemi Kareem
Edited by: Ganiu Oloruntade
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I am the CEO of 9JAGISTLAND.My name is Adedeji Timothy and my co-owner is Oyekola Damilare.This blog is born out of our passion to educating to people in all aspect of internet life.We are enthusiastic about writing posts and articles online.
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