DealMakers AFRICA

Global Settlement Holdings (GSH), the investment firm behind US-based blockchain infrastructure company Global Settlement Network, will acquire a majority stake in AKIBA International, to develop a regulated broker-dealer and exchange platform in Uganda. The initiative will focus on tokenised infrastructure, mining, and trade finance, targeting up to US$1,5 billion in capital commitments across real economy sectors including energy, special economic zones, and mineral value chains.

Specialist agriculture investor, AgDevCo, has made a US$15 million follow-on investment in Victory Group, an East African aquaculture company producing and distributing Nile tilapia. Victory Group farms tilapia on Lake Victoria in Kenya and Lake Kivu in Rwanda. The company sells fresh fish to thousands of mama samakis (female market traders), through more than one hundred sales outlets. AgDevCo’s mezzanine loan will support Victory Group’s next phase of expansion, including multiple new farming sites in Kenya and Rwanda.

TLG Capital announced their first investment in Zambia – a US$5 million scaling Private Credit Facility for Shona Zambia, an SME lender providing fast and flexible loans to businesses. The investment was made from TLG’s Africa Growth Impact Fund II and structured to support the growth of Shona’s loan book: capacity will be released in subsequent tranches as Shona scales, with additional guarantors and institutional partners expected to join as the transaction grows.

SMC DAO (SirMapy and Co. decentralised autonomous organisation), a community of crypto traders and investors that backs and builds Web3 products, has acquired Nigerian crypto startup Bread Africa in an undisclosed all-cash six-figure deal. Bread Africa operates as a web-based crypto application that allows users to convert digital assets into local currency.

An Egyptian government-backed startup support and investment platform, Falak Startups, has exited Delta Oil with a 25.5x return in EGP terms, to Den VC. Delta Oil operates in Egypt’s waste management and alternative energy space, focusing on the collection and aggregation of used cooking oil for biodiesel, recycled jet fuel, and other energy applications.

Mountain Harvest, a Ugandan specialty coffee company working with smallholder farmers to improve incomes and promote climate resilience through regenerative agriculture, has received an undisclosed investment from Acumen. The investment will support Mountain Harvest’s next phase of growth, including the construction of a temperature-controlled warehouse, accompanied with a dry mill and colour sorter, and land acquisition to expand processing capacity. These investments are expected to improve quality control, optimize product mix, and strengthen margins.

Inside Capital Partners has investment in Hautes Études Pratiques Internationales, the education platform behind Vatel Madagascar, a provider of internationally recognised hospitality and tourism management programmes in Madagascar. Financial terms were not disclosed.

Egyptian Fintech Lucky, has closed a US$23 million Series B funding round, including a mix of equity and debt. The round was led by existing & new investors, including Disruptech Ventures, DPI Venture Capital via Nclude fund,Suez Canal Bank, and OneStop. The funding will support Lucky’s next phase of growth, with a focus on scaling its credit offering, expanding into North Africa, and strengthening its infrastructure, licensing, and regulatory readiness as it moves toward becoming a neo-banking-ready platform.

Morocco-based retail B2B2C marketplace ZSystems has raised US$1,65 million in a seed round led by Azur Innovation Management, with follow-on participation from MNF Ventures and Witamax and new backing from Harambeans Prosperity Fund. The latest raise brings the company’s total funding to $2,7 million, following a $1,05 million pre-seed round supported by MNF Ventures, Witamax, CASHPLUS Ventures, and Kalys Ventures. The new funding will support continued product development, platform expansion, and market penetration.

Nigeria’s Zenith Bank announced the completion of its 100% acquisition of Paramount Bank Kenya. Following widespread media speculation in November 2025, Zenith issued a statement stating that the company had not released any official commentary of the deal, but that it was “currently exploring various regional expansion opportunities”. In January 2026, the Competition Authority of Kenya announced that it has approved the deal subject to conditions. No financial terms have been disclosed.

DealMakers AFRICA is the continent’s quarterly M&A publication
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