Nigeria's Nigerian Exchange (NGX) is struggling to attract the initial public offering (IPO) of fintech giant Flutterwave, valued at $3 billion, due to cash constraints. Despite the country's efforts to woo the startup, the NGX's limited financial resources may not be enough to support the listing.

The NGX has been courting Flutterwave to list on its exchange since 2023, but the fintech company's growth-oriented approach may not align with the NGX's profit-driven goals. Flutterwave's IPO is highly sought after, and the NGX's inability to secure it could be a significant blow to the exchange.

The NGX's cash constraints are a major obstacle in attracting Flutterwave's IPO. The exchange's limited financial resources may not be able to support the listing, which requires significant investments in infrastructure and technology. In contrast, other exchanges may be able to offer more attractive terms and better support Flutterwave's growth ambitions.

Flutterwave's IPO is highly anticipated, and its listing on the NGX would be a significant coup for the exchange. However, the fintech company's growth-oriented approach may prioritize listing on an exchange that can better support its expansion plans. The NGX's inability to secure the IPO could be a missed opportunity for the exchange and the Nigerian economy.

In other news, Sterling Bank, a tier-2 Nigerian bank, has increased staff salaries by 35% to retain talent in the face of Nigeria's worst cost-of-living crisis in decades. The bank's aggressive expansion into fintech, asset financing, and electric vehicles requires retaining top talent, and the salary adjustments are critical to executing this strategy.

Meanwhile, Edukoya, a Nigerian edtech startup, has shut down due to market readiness issues, limited access to devices, and challenging economic conditions. The startup's inability to scale profitably suggests that it either did not have enough paying users or priced its service too high for mass adoption.

In South Africa, the inflation rate accelerated to 3.2% in January, following a revision in how the consumer price index (CPI) is calculated. The update comes as the South African Reserve Bank prepares for its next interest rate decision on March 20, and analysts are predicting that the bank is likely to hold rates steady rather than ease further.

The World Wide Web3, a cryptocurrency tracker, shows that Bitcoin's current value is $84,517, with a 5.07% decrease in the last 24 hours. Ether's current value is $2,339, with a 6.33% decrease in the last 24 hours.

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