Grace Ashiru
Every climate-focused venture capital firm operates on the belief that “if climate change doesn’t get us, our lack of innovation will.” Africa remains the most vulnerable continent to climate change, facing challenges such as heatwaves, heavy rains, floods, tropical cyclones, and prolonged droughts.
For Satgana, a venture capital firm that has supported seven climate-tech startups across Africa, finding solutions to address the continent’s growing climate issues is a matter of survival.
Founded in September 2020 by Romain Diaz, Satgana invests between €100,000 ($105,000) and €300,000 ($315,000) in early-stage, category-defining climate tech startups. The firm focuses on sectors such as agriculture, carbon removal, industry and building, and mobility, with operations spanning both Europe and Africa. Its mission is to accelerate climate goals while creating jobs across the continent. So far, Satgana has backed 17 companies, including Ethiopian cleantech startup Kubik and Kenyan mobility startup Mazi Mobility.
While Satgana invests in traditional climate tech sectors like energy, mobility, and waste management, it prioritizes underserved areas. A recent report by Big Deal highlighted that climate tech startups secured 35% of all funding in 2024, totaling approximately $500 million, with energy alone accounting for $300 million. Spiro, a leader in e-mobility, raised $50 million during this period.
As part of the Central Bank of Nigeria’s (CBN) ongoing scrutiny of fintech startups, two of the country’s leading unicorns, Moniepoint and OPay, were each fined ₦1 billion in the second quarter of 2024, according to sources with direct knowledge of the matter, as reported by TechCabal. While other fintech companies were also penalized, Moniepoint and OPay faced the most significant fines.
The penalties were imposed following a routine audit conducted by the CBN on the fintech sector, which uncovered compliance issues. Sources familiar with the process noted that such regulatory audits are standard for banks and financial institutions under the CBN’s jurisdiction.
In addition to Moniepoint and OPay, at least four other fintech companies were penalized, although the specifics of these fines have not been disclosed.
