“There’s been a lot of talk about an AI bubble. From our vantage point, we see something very different.“ - Jensen Huang (CEO Nvidia), on the company’s latest earnings call
Happy Sunday! Hope you’re easing into a slow, relaxed day. Here’s the week’s sharpest look at policy, markets and tech across Africa & beyond.
Kenya’s regulator has rolled back SIM registration rules that included DNA and other biometrics, clarifying that no genetic data will be collected. Meanwhile, the government plans to sell part of its Safaricom stake to raise KES 149 billion (~$1.1 billion) for the 2025/26 budget.
Nigeria’s reform drive earned an S&P outlook upgrade to “positive,” and foreign reserves reached $46.7 billion, a seven-year high, nudging investor sentiment across key African markets.
On the tech front, Rwanda partnered with Anthropic and ALX to launch “Chidi,” an AI learning companion reaching 200,000 young Africans, plus Nvidia’s blowout Q3, posting record revenue of around $57 billion and guidance near $65 billion, has reignited the AI infrastructure cycle, sending ripples across funding, valuations, and compute policy.
Weekly Crunch:
Safaricom’s Ownership Shake-Up
Kenya once treated Safaricom as untouchable. Now, the government is preparing to sell a slice of its crown jewel, a decision driven not by telecom strategy but by fiscal pressure. The government is seeking room to maneuver as revenue underperforms, debt costs rise and political resistance to new taxes intensifies. With the IMF pushing for credible consolidation, a sell-down of Safaricom has become the least politically disruptive option on the table.
The state is considering selling up to 10% of its 34.9% stake, hoping to raise KES 149B (~$1.1B) and reduce immediate financing needs. It would be Kenya’s largest privatisation move since Safaricom’s 2008 IPO and a signal to markets that the government is willing to take tough decisions to stabilize the macro picture.
Vodacom is first in line. The South African operator already owns 39.9% through its Vodafone partnership and has signaled it will buy any government shares on offer. If successful, Vodacom would gain majority control of East Africa’s most profitable company, an asset experiencing renewed momentum, including a 55% half-year profit jump and improving performance in Ethiopia.
For Vodacom, the logic is strategic: cement M-Pesa’s regional dominance, integrate Safaricom deeper into its fintech ambitions, and streamline decision-making across markets. For Kenya, the sale trades future dividend streams for fiscal breathing room today, an approach that some critics see as short-sighted but that investors may interpret as policy seriousness. Early signs support this: Kenya’s eurobond yields eased after news of the potential stake sale.
This isn’t just a Kenyan story. Across Africa, governments under fiscal stress are monetising crown jewels to shore up budgets. Safaricom is simply the continent’s most visible example.
Takeaway: Kenya is effectively securitizing part of its tech future to stabilize its present. If Vodacom steps up at a strong valuation, both sides win: Kenya gains liquidity, and Safaricom gains a strategic majority owner. If not, it could raise questions about investor conviction in the region’s flagship corporate asset.
The Scroll:
News in Brief
Vodacom eyes bigger stake in Kenya’s $9 bn Safaricom amid budget pressure(YF)
Kenya’s ICT Ministry clarified the SIM-card rules will not collect DNA or genetic data. (TechCabal)
S&P revised Nigeria’s sovereign outlook to Positive, citing reform momentum. (SPGlobal)
Nigeria’s FX reserves climbed to $46.7B, a seven-year high, per CBN data.(Nairametrics)
Rwanda + Anthropic + ALX launched “Chidi,” an AI learning companion now rolling out to young Africans. (Anthropic)
Nvidia posted blowout Q3: $57.0B revenue; record data-center sales and strong Q4 guide. (Nvidia)
Meta’s 45,000 km Cable Redefines African Internet. (Meta)
MTN Group reported higher Q3 revenue and profitability, offsetting South Africa softness with Nigeria/Ghana strength.(Morningstar)
Airtel Africa posted robust H1 growth; data and mobile money led the expansion across its 14 markets. (thecitizen)
WSJ highlighted Nvidia’s quarter as another AI-chip milestone, underscoring hyperscaler demand. (wsj)
Capital Moves:
Follow the Money
Maxwell+Spark, an eight-year-old South African green-tech startup that builds lithium-ion battery systems for industrial logistics, raised a $15 million Series B round led by Klima and Alantra’s energy-transition fund
Plentify, an eight-year-old South African electrotech startup that provides an AI-driven home-energy platform connecting appliances to cleaner energy, raised a $15 million Series A round led by Secha Capital and Buffet Investments
bluworks, a three-year-old Cairo-based HRtech startup that provides workforce management tools for blue-collar employees, raised a $1 million seed round led by A15, Enza Capital, Beltone Venture Capital, and Acasia Ventures
Talent Legends:
The Hire That Launched
She nearly said No. In 2002, Gwynne Shotwell was settled at Microcosm, a PE-backed firm, two kids, a life moving at its own rhythm. Elon Musk called, offered her a vice‑president job at a scrappy startup called SpaceX. She hesitated. It was a gamble small company, big dreams, little stability. But she agreed.
On her first day, she drafted a launch‑sales strategy for Falcon 1. Musk didn’t care about the slides. “Just do it,” he told her.
Years later, she negotiated SpaceX’s first NASA resupply contract, drove launch manifest growth, and became president and COO.
Shotwell’s hire wasn’t about charisma or fame, it was institutional grit. That single decision turned a fledgling rocket shop into a global launch leader. When you bet on the right person, you don’t just launch rockets. You change the orbit of your entire company.