Dumela,
Victoria from Techpoint here,
Here’s what I’ve got for you:
- PalmPay said to raise $100M Series B round
- Sierra Leone is going green with 5G
- Turkcell fights MTN SA’s appeal over $4.2B Iran case
PalmPay said to raise $100M Series B round
PalmPay is reportedly in the middle of raising between $50 million and $100 million in a fresh Series B round. The fintech hasn’t confirmed the exact numbers yet. But reports show that the talks are definitely happening.
If you’ve been following PalmPay, this doesn’t come as a shock. The Lagos-based company already raised $140 million in previous rounds and was nearly unicorn-level during its last raise in 2021. While the new valuation isn’t public yet, this next step could push it firmly into billion-dollar territory.
Beyond the funding buzz, PalmPay has been busy expanding. It currently operates in Nigeria, Ghana, and recently entered Kenya. By the end of 2025, it plans to move into South Africa, Côte d’Ivoire, Uganda, and Tanzania, where it’s also expected to start offering B2B financial services.
Its growth numbers are eye-catching. As of Q1 2025, PalmPay has over 35 million registered users and handles more than 15 million transactions daily. In 2023, it pulled in $64 million in revenue and more than doubled that in 2024. It also runs a massive agent network with over a million merchants supporting 10 million+ customers each month.
With this latest raise, PalmPay is looking more like a fintech powerhouse, with eyes not just on Africa but parts of Asia too. Whether it hits unicorn status this time or not, it’s clear PalmPay is playing for keeps.
Sierra Leone is going green with 5G
Sierra Leone is going big and green with its digital future. The country is set to roll out its first 5G network, and here’s the kicker: it’ll be powered by renewable energy. That’s right, no full reliance on fossil fuels. The project is a partnership between local telco Zoodlabs and energy firm CrossBoundary Energy, and it’s kicking off in Freetown.
Unveiled during the Digital Government Summit, the network will be supported by solar panels, battery storage, and backup generators — all designed to keep those 5G towers running smoothly, even in a place where power supply isn’t always reliable. CrossBoundary is also footing the bill for the first five towers to help speed things up.
This is a big deal for Sierra Leone, where only around 20% of the population has access to broadband. With 5G, users can expect faster Internet, lower latency, and support for innovations like remote health care, smart city tech, and even the Internet of Things (IoT). Basically, it’s the kind of infrastructure upgrade that could open up a world of possibilities for local businesses and communities.
David Kapkima, CEO of Zoodlabs, says this goes way beyond just faster mobile streaming. He sees 5G as the backbone for transformation across sectors, and credits CrossBoundary’s solar expertise for helping make the green-powered rollout a reality.
Installation of the first towers has already started in Freetown, with plans to expand across the country. If it works as expected, Sierra Leone could become a blueprint for how to combine clean energy with cutting-edge connectivity, especially in parts of Africa still struggling with unreliable power and patchy Internet.And while Africa’s overall 5G adoption is still just getting started, around 1.4% as of early 2024, Sierra Leone’s early move shows real ambition. If all goes well, they’ll be joining leaders like South Africa and Nigeria in bringing the continent’s digital future closer, one solar-powered tower at a time.
Turkcell fights MTN SA’s appeal over $4.2B Iran case
The years-long legal feud between Turkcell and MTN is heating up again. Turkcell, a Turkish telecom giant, says it will fight MTN’s attempt to appeal a recent court decision that would keep the high-stakes bribery case in South African courts. MTN wants the Constitutional Court to overturn the Supreme Court of Appeal’s ruling, but Turkcell is pushing back hard.
This battle dates back over a decade, with Turkcell accusing MTN of bribing officials in Iran and South Africa to secure a lucrative telecoms licence in Iran back in 2005. Turkcell is seeking a massive $4.2 billion (about R78 billion) in damages for allegedly losing out unfairly on that deal.
The South African Supreme Court of Appeal ruled that local courts can hear Turkcell’s case. Turkcell called the ruling a major win, saying it reinforces the idea that South African companies should be held accountable for their actions even if those actions happen overseas.
Turkcell’s legal counsel, Cedric Soule, didn’t mince words. He said MTN’s latest appeal attempt is just another way to dodge the spotlight and delay the inevitable. He also took aim at MTN’s reliance on an internal Hoffmann Report, calling it biased, incomplete, and unfit to be treated as a legitimate defence.
Turkcell also slammed MTN’s suggestion that the Iranian courts would be a better place to handle the case, especially since the bribery claims involve Iranian officials. With concerns about due process in Iran, Turkcell says that argument simply doesn’t hold water.
Now, it’s up to South Africa’s Constitutional Court to decide whether it’ll even hear MTN’s appeal. That decision is expected in the next three months. Meanwhile, Turkcell says it’s ready to head to trial and finally put its full case on the record.
In case you missed it
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What I’m watching
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- Why do you get a fever when you’re sick? – Christian Moro
Opportunities
- Want to exhibit or attend the Lagos Startup Expo in June? Visit this website here.
- Marvin Records is looking for a Senior/Lead Business Development Manager. Apply here.
- PalmPay has several openings. Apply here.
- Moove is hiring. Apply here.
- Moniepoint is hiring for several positions. Apply here.
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Have a fun weekend!
Victoria Fakiya for Techpoint Africa.
