Google launches Applied AI Lab in Ghana, Kenya mandates telco compensation for dropped calls, NIFC certifies 15 firms

South African startup Supascale, founded by Aaron Bornmann, has launched what it claims is Africa's first GPU cloud marketplace, enabling affordable access to AI models and allowing GPU owners to earn passive income from idle computing power.

Google hosted its inaugural Cloud Summit in Africa at Sandton Convention Centre, South Africa.

Five new initiatives were announced: Africa's first Applied AI Lab based at the Accra AI Community Centre in Ghana (applications open until August 31, 2026), new Digital Exchange Port connectivity hub in the Eastern Cape connecting Africa to Australia and India via subsea cables, a creative AI education program backed by over $1 million in Google funding in partnership with The Akuna Group, a R3 million digital innovation centre at South West Gauteng TVET College in Soweto, and a 2026 Google for Startups Accelerator South Africa cohort opening July 21, 2026, selecting 15 startups for equity-free funding.

Shareholders of Cornerstone Insurance Plc approved a restructuring scheme at a Court-Ordered Meeting on June 26, 2026, splitting the company into a non-operating holding company to be renamed Cornerstone Holdings Plc.

The restructuring is driven by compliance with the Nigerian Insurance Industry Reform Act 2025; the scheme still requires court sanction and fulfilment of additional regulatory and legal conditions before it takes full effect.

Kenya's Communications Authority (CA), working with the Cabinet Secretary for Information, Communications, and the Digital Economy, is replacing 16-year-old consumer protection rules with the Kenya Information and Communications (Consumer Protection) Regulations, 2026, requiring mobile operators to compensate subscribers for dropped calls and network outages caused by operator-side failures.

The Central Bank of Nigeria (CBN) revoked operating licences of 46 microfinance banks effective July 1, 2026, citing insufficient capital, insolvency, inactivity, and failure to commence operations within 12 months of licensing.

Kenya's Justice Francia Nyungu Kyambia of the Kiambu High Court issued conservatory orders suspending enforcement of the Traffic (Motor Vehicle Inspection) Rules, 2026, which required all private vehicles older than four years to undergo annual roadworthiness inspections.

Nigerian Exchange (NGX) market capitalisation fell from N160.508 trillion in May 2026 to N147.217 trillion at end of June 2026, a monthly loss of N13.3 trillion, the largest single-month decline in the first half of 2026.

The NGX All-Share Index dropped 8.4 per cent month-on-month to 229,419.18 points in June, as investors locked in profits from blue-chip stocks following a strong May rally. Despite this, H1 2026 still delivered a 47.4 per cent ASI gain and N47.841 trillion in market cap growth from December 2025 levels.

US aluminium giant Alcoa is acquiring South32's global aluminium portfolio, including the Hillside smelter in Richards Bay, KwaZulu-Natal, in a cash-and-shares deal worth up to $5.6-billion, announced this week.

Afro Mobile has acquired a 40% equity stake in ISAT Group, backed by a $3 billion financing package structured by Equiline Finance, marking Afro Mobile's first operational entry into Africa with Nigeria as its launch market.

Rock Investment Bank has acquired a 60% majority stake in Nabo Capital, with Centum Investment Company retaining the remaining 40%, demoting Nabo from subsidiary to associate in Centum's books.

The three firms say they will jointly grow assets under management, expand investment products, and extend Nabo Capital's footprint across Kenya and the wider East African region.

The Nairobi International Financial Centre (NIFC) has certified 15 new firms spanning fintech, AI, private equity, carbon finance, digital assets and healthcare, projecting over US$200 million (Sh25.9bn) in fresh investment into Kenya.

Named firms include Bupa Global Insurance, VALR Capital, ReportsAI, Africa First Exchange (A1X), Onfon Mobile and Nairobi Pesa City, among others, a mix of international entrants and locally rooted players targeting Kenya's financial ecosystem.

Grey has launched local currency deposit support in Ghana and Kenya, allowing users to fund accounts in Ghanaian Cedis (GHS) and Kenyan Shillings (KES) via bank transfers and mobile money, eliminating the need for third-party intermediaries to access Grey's global financial services.

Beltone Venture Capital has increased investment in Egyptian consumer brands ariika (home furnishings) and Lychee (healthy food and beverage) to fund Saudi Arabia expansion.

Adenia Partners, a pan-African private equity firm, acquired a controlling stake in Minet Group from Capitalworks.

The deal closed on 30 June 2026 after receiving all required regulatory approvals. Minet operates across nine African markets: Botswana, Kenya, Lesotho, Malawi, Mozambique, Namibia, Tanzania, Uganda, and Zambia.

The European Investment Bank (EIB) and Dutch development bank FMO, alongside the EDFI Management Company, announced over €520 million in total financing commitments to Nigeria including a new €20 million blended finance facility targeting agribusiness and rural electrification for SMEs.

The EIB disclosed it signed over €500 million in financing in Nigeria in the past 12 months, with additional transactions expected before year-end.

Pan-African private equity firm Adenia acquired a majority stake in Minet Group from Capitalworks, which had owned the business since 2017.

The deal closed June 30 after regulatory approvals. Adenia plans to accelerate Minet's growth through technology investment and operational improvements, betting on Africa's low insurance penetration and rising middle class.