Your Monday briefing on the stories that moved African technology last week.
Last week's African tech news was dominated by capital markets and the infrastructure underneath them. Airtel Money priced a London IPO, a regulator cleared MTN's $2.2 billion move on IHS Towers with strings attached, and Nigeria's Dangote Refinery IPO prompted a hard look at whether local markets can ever absorb startup exits. Elsewhere, a Lagos court's data-privacy ruling went to appeal, Safaricom pushed M-PESA into tap-to-pay, a Nairobi space-tech startup raised $8 million, and the collapse of Copia Kenya delivered a sobering lesson for rural e-commerce.
Airtel Money prices its London IPO at a $7 billion valuation
Airtel Money priced its London listing at £1.96 per share, valuing the mobile money business at £5.3 billion (about $7 billion) ahead of an October 14 debut. That is below the $8–9 billion range first reported, and most proceeds go to existing investors, including Rise Fund II Aurora, Qatar Holding and Mastercard, rather than to the company. With 56.5 million customers and $245 billion in annualised transactions, it is still expected to be London's largest IPO since September 2025, and it gives African mobile money its first public price tag. Source: TechCabal, "Airtel Money targets $7 billion valuation in London IPO debut."
South Africa clears MTN's IHS Towers deal, with conditions
South Africa's Competition Commission approved MTN's roughly $2.2 billion acquisition of the 75.3% of IHS Towers it does not already own, but required that IHS infrastructure stay open to rival operators on fair, non-discriminatory terms and that IHS remain operationally independent. IHS runs nearly 29,000 towers across five MTN markets, so the conditions will shape how tower sharing works as telcos consolidate infrastructure. Source: TechCabal, "MTN's IHS Towers takeover advances as regulator demands fair access."
Meta appeals Nigerian ruling on ad tracking
Meta filed an appeal on September 30 against a Lagos High Court judgment that found its non-consensual behavioural advertising breached Nigeria's constitution and data protection law, awarding $100,000 in damages. The court held that advertising funding does not make profiling "necessary" and that terms of service are not valid consent. The Court of Appeal will now test a principle that could reshape how global platforms operate in Nigeria. Source: TechCabal, "Meta appeals ruling that it can't force Nigerians to accept ad tracking."
Safaricom brings M-PESA tap-to-pay to 30,000 Pesapal terminals
Safaricom and Pesapal launched NFC tap-to-pay and QR payments for M-PESA on 30,000 existing point-of-sale terminals, mostly in restaurants, hotels and supermarkets, at no extra merchant fee. The 2017 M-PESA 1Tap attempt failed on adoption, but this version uses the phone people already carry. Safaricom is targeting 500,000 scan-to-pay outlets within a year. Source: TechCabal, "Safaricom taps Pesapal's 30,000 POS terminals to take M-PESA contactless."
Nairobi's Satlyt raises $8 million to run AI on satellites
Satlyt, founded by Rama Afullo, raised an $8 million seed round led by non sibi ventures, with Antler, Launch Africa Ventures, Enza Capital and others participating. Its software lets satellites run AI workloads on hardware already in orbit, a step toward "virtual data centres" in space. It is a notable bet that Africa can have a stake in space-based computing standards. Sources: TechCabal, "The plan to build virtual data centres in space just got $8 million backing"; WeeTracker, "Kenyan-Founded Satlyt Raises USD 8 M."
Copia Kenya ordered into liquidation
A Kenyan High Court ordered Copia into liquidation after more than two years in administration. The e-commerce company raised $123 million to serve rural shoppers through a 50,000-agent network but could not carry the cost of warehouses, delivery and inventory against small basket sizes. Jumia's asset-light approach now looks like the safer model. Source: TechCabal, "Copia Kenya ordered into liquidation after court finds rescue efforts exhausted."
Dangote's $1.62 billion IPO tests Nigeria's exit market
Dangote Refinery's offering of 4.1 billion shares, targeting up to 10 million retail investors, is being read as a stress test for local liquidity. Nigeria has yet to produce a VC-backed IPO, and currency mismatch and valuation gaps remain obstacles. A strong result would give founders and investors a more credible local exit route. Source: TechCabal, "Dangote is testing the market Nigerian startups need to exit."
Anwo Advisory publishes African Tech Weekly every Monday.