- Kenyan social commerce startup Sukhiba Connect has successfully raised a $1.55 million seed extension round, almost a year after initially securing $1.5 million in seed funding aimed at expanding beyond the East African region. The recent round was led by EQ2 Ventures, with further investments…
- The macroeconomic environment in Africa during the first half of 2024 presented a complex landscape, characterized by high inflation rates, fluctuating growth rates, and significant variations in economic performance across different countries. This period was marked by a mixture of challenges and…
- Educatly, a prominent global network in higher education, has secured $2.5 million in new funding from TLcom Capital and Plus VC. The investment round also saw participation from Egypt Venture (Egypt) and the HBAN syndicate (Ireland). Founded in 2020, Educatly is committed to helping students…
- Waza, a Nigerian B2B payment and liquidity provider catering to businesses in emerging markets, has successfully raised $8 million in equity and debt funding. This funding will be utilized to develop new trade finance solutions and extend Waza’s reach beyond its existing operations in Ghana and…
- Cartona, an Egyptian startup focused on digitizing and empowering mom-and-pop stores, hotels, restaurants, cafés, FMCG companies, and wholesalers, has successfully secured an additional US$8.1 million in a Series A extension round comprising both debt and equity. This new funding aims to support…
- Mastercard has forged a strategic alliance with Scale, an issuer orchestration partner, to accelerate the deployment of fintech services across Africa and the Middle East. This collaboration aims to dismantle technical and commercial barriers that have hindered fintech companies, aggregators,…
- Nigerian government is gearing up for a significant overhaul of its tax system, with plans to introduce new legislation by September 2024. This reform will encompass various sectors, including the burgeoning cryptocurrency industry, which has operated without specific regulations until now. Zacch…
- First City Monument Bank (FCMB) has partnered with the Dutch Entrepreneurial Development Bank (FMO) to launch an innovative Agritech Hackathon and Venture Building programme in Nigeria. This collaborative effort aims to address critical challenges in the country’s agricultural sector, including…
- Recent negotiations between President Yoweri Museveni and HINENI Ltd., a South Korean company, mark a crucial step for Uganda’s automobile industry. They focus on establishing a new plant dedicated to manufacturing electric batteries and components in the country. This initiative aims to align with…
- Ericsson has positioned itself as a significant player in the mobile financial services (MFS) industry over recent years. The company supplies the essential technology that underpins major fintech brands, such as MTN Mobile Money (MoMo). Currently, Ericsson is focusing on expanding its influence…
- Nigeria’s inflation has finally slowed for the first time in 19 months, sparking hope that the series of rate hikes might be starting to show some effect. This development is likely to be welcomed by Nigerians who are enduring the worst cost of living crisis in decades. According to data from the…
- Duplo, the leading provider of payment, spend, and vendor management solutions for African businesses, has released a new report predicting substantial growth in cross-border B2B payments across Africa, driven by shifting global trade patterns and the rise of innovative payment solutions. This…
- In Botswana, the cost of internet subscriptions remains high. For example, 10GB of data may cost as much as P1400 ($103), a significant amount given the country’s minimum wage of P1500 ($111). This pricing structure has historically restricted access to the internet for many, especially the youth,…
- Energy management startup Wattnow, established in 2018 by Issam Smaali, has secured undisclosed funding from Lateral Frontiers VC through its Lateral Frontiers Fund II. Wattnow assists businesses by providing actionable insights into their energy consumption. The company’s smart energy management…
- Luno, a licensed financial services provider in South Africa and a prominent crypto investment app, is on alert following a recent deepfake scam that targeted one of its employees. This incident underscores the increasing threat of AI-powered impersonation fraud in South Africa, especially in the…
- Ten days after announcing its intention to sell 20 million ordinary shares in a secondary offering, Jumia ($JMIA) has successfully completed the sale, achieving its funding goal. According to a securities filing reviewed by TechCabal, the sale generated gross proceeds of $99.6 million. This equates…
- This week, the African tech scene has been abuzz with activity, and in the latest episode of the Techpoint Africa Podcast, our distinguished hosts, Oluwanifemi Kolawole and Bolu Abiodun, dive deep into the most significant developments. They discuss the standout stories and provide a thoughtful…
- French pay-TV giant Canal+ has taken a significant step in its African expansion strategy by acquiring a majority stake in Mauritius-based MC Vision. The move, reported by Bloomberg, sees Canal+ increase its ownership from 37% to 75%, subject to regulatory approval. MC Vision, co-founded by Canal+…
- The African Development Bank Group (AfDB) has announced a significant investment of $10 million in the KawiSafi II Fund, aimed at supporting local businesses in developing and expanding climate-focused projects for vulnerable communities. This investment, approved by the Bank’s Board of Directors,…
- The Democratic Republic of Congo (DRC) has entered a new era of digital infrastructure with the launch of its first Tier-III certified, open-access, carrier-neutral data center. This groundbreaking facility, named ‘OADC Texaf Digital’, is the result of a joint venture between Open Access Data…
- Mobius Motors, a Kenya-based automaker known for its affordable SUVs designed for African roads, has accepted an acquisition offer from an undisclosed buyer. This development comes just one week after the company, backed by Playfair Capital, announced its intention to shut down operations. Nicolas…
- MultiChoice Talent Factory (MTF) has announced the opening of applications for its 2025 fully-funded academic year. The program seeks aspiring filmmakers, scriptwriters, producers, and storytellers from 13 African countries. These include Nigeria, Ghana, Kenya, Uganda, Ethiopia, Tanzania, Zambia,…
- Uganda’s telecommunications landscape is set for a significant transformation as the state-run Uganda Telecommunication Corp. (UTel) prepares to welcome a substantial investment from Dubai-based Rowad Capital Commercial (RCC) LLC. The $225 million deal includes RCC acquiring a 60% majority stake in…
- Eutelsat Group and Bayobab have entered into a multi-year agreement to utilise low-Earth orbit (LEO) capacity on Eutelsat’s OneWeb constellation. This partnership aims to deliver fixed connectivity services throughout Africa, addressing the needs of enterprises and cellular backhaul. Eutelsat Group…
- The South African Competition Commission has granted conditional approval for the acquisition of Octotel by a consortium led by African Infrastructure Investment Managers, which includes STOA and Thebe Investment Corporation. This transaction will see the consortium take ownership of Octotel from…
- Access Holdings Plc, the parent company of Nigeria’s largest bank by assets, has extended the deadline for its ₦351 billion ($233 million) capital raise, attributing the change to the recent nationwide protests. In a regulatory filing on Tuesday, the lender announced that it had pushed the deadline…
- PrivPay, a Kenyan fintech that enabled customers to carry out M-PESA transactions without exposing their personal information, was forced to shut down in May 2023 after Safaricom revoked its access to M-PESA APIs. According to two individuals with direct knowledge of the situation, Safaricom’s…
- Lagos, the economic hub of Nigeria, is a city marked by stark contrasts. While the towering buildings in its business districts reflect wealth and ambition, the earnings of its residents paint a different picture. In Nigeria’s commercial capital, if you’re making more than ₦200,000 a month, you’re…
- Pernod Ricard, the world’s second-largest wine and spirits seller, and producer of popular brands like Jameson, has purchased 1.27 million shares in Jumia’s recently announced secondary sale. A recent regulatory filing revealed that the global liquor giant’s stake in Jumia has now increased to 7.5…
- The MVNO (Mobile Virtual Network Operator) market in South Africa is expanding, and the introduction of some “light-touch” regulations, including a clear definition of what an MVNO is, could further stimulate growth in this sector. This perspective was shared by Andre Wills, the Managing Director…
- Chinese miners and refiners are propelling a significant increase in African lithium production, dismissing worries about an oversupply as they secure future access to this essential battery metal. According to S&P Global Commodity Insights, Africa is expected to contribute nearly 11% of global…
- Uganda is poised to receive a significant investment from Rowad Capital Commercial (RCC) LLC, a global engineering and construction contractor. The company plans to inject $225 million into Uganda Telecommunication Corp. (UTel), the state-run telecom company, and will acquire a majority stake.…
- The Federal Government of Nigeria has launched a compressed natural gas (CNG) conversion app and online platform, primarily targeting ride-hailing services. This platform provides real-time information on nearby conversion centers, allows users to book appointments, access discounts, and receive…
- Open Access Energy (OAE), a South African startup specializing in energy management software, has secured a $750,000 investment from Factor E Ventures, marking the first phase of its $1.5 million seed round. The software company stated that this initial funding will be directed toward addressing…
- Providus Bank has announced that its merger with Unity Bank, which has received preliminary approval from the Central Bank, is expected to result in a combined balance sheet of up to ₦3 trillion ($1.8 billion). Known for its banking-as-a-service model, Providus is considered the more stable of the…
- Kenya-based digital insurance platform mTek has formed a partnership with BuuPass to provide travel insurance coverage for travelers against any travel-related damages. mTek’s travel insurance solutions will streamline the insurance process by offering a seamless and integrated option within the…
- Kuda, the Nigeria-focused neobank supported by Target Global, has experienced a significant surge in revenue, as indicated in its latest audited financial statements filed with U.K. regulators, where the startup is incorporated. The company saw an impressive 190% growth in revenue for 2022, the end…
- In June 2024, several employees from TikTok’s African team were laid off following the social media giant’s announcement of planned global staff reductions. Prior to the official notice of these scheduled layoffs in May, the ByteDance-owned company had already eliminated a few positions within its…
- Safaricom, a leading telecommunications operator, has joined forces with Kenya Airways to enhance the airline’s operational efficiency and customer experience. This collaboration aims to introduce cutting-edge technologies and innovative solutions across various aspects of air travel and aviation…
- Klasha, a prominent global cross-border payments company, has released a comprehensive whitepaper exploring the future of payments between Africa and China. The report, titled “Unlocking opportunities: The future of cross-border payments between Africa and China,” delves into key trends, emerging…
- mTek, a Kenyan digital insurance platform, has teamed up with BuuPass to provide comprehensive travel insurance coverage. This partnership aims to protect travellers against various travel-related risks and damages. The collaboration integrates mTek’s travel insurance solutions seamlessly into the…
- Founders Factory Africa, a prominent African venture capital firm, has unveiled its new identity as 54 Collective. This rebrand reflects the company’s ambitious goal to support entrepreneurs across all 54 African countries. The firm positions itself as a commercial-first investor with a strong…
- dLocal, a Uruguayan cross-border payment platform, has forged a partnership with iTransfer, a money remittance company. Their collaboration aims to address the complexities of cross-border payments in emerging markets, with a focus on mitigating currency risks and enhancing transfer efficiency. The…
- Kenya’s government has given the green light to a significant power infrastructure proposal from Adani Energy Solutions, a subsidiary of India’s Adani Group. The $907 million project aims to construct transmission lines and substations in Eastern and Western Kenya, bolstering the country’s…
- Sendsprint, a rising player in the cross-border payments industry, has made a significant move by acquiring Nobel Financial Inc., a US-based remittance company. This strategic purchase allows Sendsprint to extend its services to 16 US states, enabling money transfers and gift-sending capabilities…
- Sabipay Technologies, a subsidiary of Pesapal Limited, has been granted a Payments System Business license by the Bank of Zambia. This license empowers Sabipay Technologies to provide a wide array of innovative payment solutions, including online payments, mobile money, and card transactions. With…
- Liquid Intelligent Technologies has officially launched the first Microsoft Azure Stack in Uganda, providing local businesses with access to cloud solutions that align with local data regulatory requirements. By investing in the country’s first Azure Stack hub, Liquid is not only reinforcing its…
- Kenyan commercial banks are set to begin monitoring substantial cash deposits and transfers, particularly those exceeding KES 1 million, in response to an October 2023 directive from the central bank aimed at combating money laundering and terrorism financing. This directive mandates the use of “…
- Hohm Energy, a South African solar company that raised $8 million in a seed round this February, has now halted operations due to cash flow issues and an inability to meet existing debt obligations. The company has entered a business rescue process, designed to assist financially distressed…
- Jumia’s ($JMIA) share price took a significant hit on Thursday, extending the decline that started on Tuesday after the company reported Q2 2024 revenues of $36.5 million, falling short of analyst expectations of $41.7 million. A recent market rally over the past three weeks had pushed Jumia’s…
