- In a move to support the vibrant creator community in Kenya, Meta has officially rolled out two key monetization features on its platforms – In-Stream Ads and Facebook Ads on Reels. This development allows eligible creators in the country to earn money for the video content they share on Facebook.…
- Meta has launched the Llama 3.1 Impact Grants program, offering up to $2 million in funding. This initiative aims to support companies that envision utilizing Llama, Meta’s AI technology, to address social challenges within their respective communities. The grant program is open to applicants from…
- Fincra, a leading Nigerian fintech company has transformed a significant piece of the country’s history into its new headquarters. Fincra launched its new headquarters in the Ikoyi neighborhood of Lagos, Nigeria, with partners, merchants, and other important stakeholders in attendance. The…
- Africa’s leading biodigester company, Sistema.bio, has made significant strides in expanding its innovative technology solutions across West and Southern Africa. With a mission to address energy challenges, promote environmental sustainability, and support access to affordable, clean, and modern…
- Mobius Motors, a Kenyan-born vehicle manufacturer and assembler, is set to shut down its operations under the Insolvency Act. The company, which had secured $56 million across five funding rounds, has struggled to overcome financial challenges, hindering its ability to settle suppliers and pay…
- Kuda, the Nigeria-focused digital banking platform backed by Target Global, has tripled its revenue according to its latest audited financial statements filed with U.K. regulators. The startup’s revenue surged by an impressive 190% in 2022, reaching $22 million (~£17.2 million), up from $7.7…
- President Cyril Ramaphosa has signed two significant bills into law, marking a transformative moment for South Africa’s transport sector. The National Land Transport Amendment Bill (NLTAB) and the Economic Regulation of Transport Bill aim to revolutionize the country’s transport landscape, with…
- Flutterwave, a prominent payments technology company, has received an Enhanced Category Payment Service Provider license from the Bank of Ghana. This development marks a significant expansion of the company’s operations in Africa and enables it to offer a wide array of payment services in the…
- The 2024 Xbox Game Camp Africa has emerged as a pivotal event in the continent’s burgeoning gaming landscape. This two-day hybrid gathering, held simultaneously in Johannesburg, Casablanca, and Nairobi, brought together a diverse array of talent from across Africa. Industry experts, aspiring…
- Spiro, a leading African electric vehicle (EV) company, has officially launched its operations in Ogun State, Nigeria. This strategic move aims to revolutionize transportation in Africa’s largest economy while addressing environmental concerns and economic challenges faced by citizens. The grand…
- LemFi, a pioneering financial technology platform, is transforming international money transfers for over a million customers in the United States, United Kingdom, and Canada. The company’s innovative products and services facilitate seamless cross-border transactions to more than 20 countries…
- Cassava Technologies, a leading infrastructure and digital services provider, has unveiled its latest venture: Cassava AI. This new business unit aims to leverage artificial intelligence to enhance the company’s offerings across Africa, the Middle East, and Latin America. Headquartered in London,…
- Nigerian mobile operator 9Mobile has announced a significant change in its ownership structure. The company, formerly known as Emerging Markets Telecommunication Services Limited, has sold a 95.5% stake to UK-based LH Telecommunication Ltd. This transaction marks a new chapter for the telecom…
- WhatsApp, the popular messaging platform, finds itself at a crossroads in Nigeria following recent actions by the Federal Competition and Consumer Protection Commission (FCCPC). The regulatory body has imposed a $220 million fine on WhatsApp for alleged data privacy violations. This hefty penalty…
- Google has broadened the reach of its Wildfire Boundary Tracker, an AI-driven tool now available in 17 additional countries, including Kenya. This expansion aims to enhance community preparedness and response to the growing threat of wildfires globally. The tracker utilizes Google Search and Maps…
- The Lagos State Government has announced plans to generate ₦200 billion annually from approximately two million residents by taxing the digital economy sector. This initiative will expand the existing income tax base to include remote workers and digital influencers, while implementing advanced…
- Mercury Bank, a favored banking partner for African tech startups based in the US, has declared it will be shutting down accounts for users in 37 countries, which includes 13 African nations. Starting from August 22, 2024, startups from countries like Nigeria, South Africa, and Kenya will be unable…
- Until now, open-source large language models (LLMs) have typically been overshadowed by their closed-source counterparts in terms of performance and capabilities. To change this dynamic, Meta is making its latest AI models publicly available, heralding a new era where open-source models are poised…
- A Federal High Court in Lagos has granted Chinese-owned fintech behemoth OPay permission to freeze customer accounts across thirty banks. This decision is part of an initiative to retrieve ₦714 million that was erroneously credited to customers due to a system malfunction. According to court…
- African fintech companies that assist businesses in accessing banking services in the U.S. and Canada have become appealing options for founders impacted by Mercury’s sudden compliance modifications last Monday. Companies like Raenest, Leatherback, and Vesti are now the focus of several founders…
- Holcim, a Swiss construction materials manufacturer and the largest shareholder in Kenya’s leading cement maker, Bamburi, has greenlit a $182.8 million buyout offer from Amsons Group. Holcim will sell its 58.6% stake in Bamburi to the Tanzanian energy conglomerate, Amsons Group. Following Holcim’s…
- Telecommunications and data center providers globally, and particularly in Africa, are grappling with mounting challenges in meeting the demands driven by artificial intelligence (AI) and the swiftly evolving technology landscape. These shifts are significantly impacting their infrastructure and…
- Africa Data Centres has announced the expansion of its CPT1 facility in Cape Town. According to a press release, the company is adding three new state-of-the-art halls in new areas on the campus, effectively doubling its current capacity with an additional 6MW of IT load. This expansion was…
- Ethiopia has secured a $3.4 billion loan from the IMF following the decision to float its currency. This move is part of broader reforms aimed at alleviating the country’s foreign currency shortages and attracting foreign investments. In a statement, the IMF explained, “The four-year financing…
- MyTherapistng, a Nigerian mental healthtech startup, recently announced a new partnership with WellaHealth, a fellow Nigerian healthtech company. This collaboration, coming after MyTherapistng reached 5,000 users, will enable its users to access micro-health insurance, adding an extra layer of…
- d.light, a global leader in affordable household products and financing for low-income households, has announced the closure of a new securitisation facility. This facility will acquire receivables amounting to USD$176 million from Kenya, Tanzania, and Uganda. African Frontier Capital, an asset…
- TurnStay, a travel-focused fintech based in South Africa, has secured $300,000 in funding to expand into additional African markets and build on its significant momentum. The $300,000 investment, provided by DFS Lab, DCG in Silicon Valley, and other investors in York, will enable TurnStay to…
- MNT-Halan, an Egyptian fintech firm, has successfully secured $157.5 million in funding to support its upcoming geographical expansion. Of this amount, $40 million was contributed by the International Finance Corporation (IFC). Additional investors include funds managed by Apis Partners LLP, Lunate…
- Intron Health, a trailblazing health tech startup, is revolutionizing clinical speech recognition for over 200 accents spoken in underdeveloped nations, starting with Africa. The company has successfully raised $1.6 million in a pre-seed funding round. The funding round was led by Microtraction,…
- SearchGPT, a new search engine prototype developed by OpenAI, is designed to deliver users “fast and timely answers with clear and relevant sources.” This tool is currently being evaluated by a select group of users. OpenAI has announced plans to eventually incorporate SearchGPT into its ChatGPT…
- Kenya’s oldest bus operator, Kenya Bus Service Management Ltd (KBS), has acquired its first electric bus as part of a strategic initiative to modernize its fleet. Having operated since 1928, the bus company has added a 36-seater electric bus to its lineup. This bus was constructed at Kenya’s first…
- The insurance industry in Africa is experiencing significant transformation, driven by evolving consumer needs, technological advancements, and shifting demographics. A key demographic group propelling this change is the Millennials generation, born between 1982 and 1994. Market research from IMARC…
- Risevest, the Nigerian fintech startup known for providing users access to global investments and Nigerian stocks, is currently in negotiations to acquire Hisa, a Kenyan startup that offers users access to US stocks. If successful, this acquisition will facilitate Risevest’s expansion into Kenya.…
- Meta has announced the removal of about 63,000 Facebook accounts originating from Nigeria, which were involved in financial sextortion scams. These scams typically involve the perpetrators posing as attractive women to deceive victims into sending nude photographs. Once the images are obtained, the…
- Adenia Partners, known as “Adenia,” has successfully acquired Air Liquide’s operations across 12 African nations, establishing Erium as the first pan-African leader in industrial and medical gases. Effective immediately, the Erium brand will replace Air Liquide in Benin, Burkina Faso, Cameroon,…
- Village Capital,a global nonprofit organization dedicated to early-stage investment, has thrown its support behind two African agritech startups: Aquarech from Kenya and Coamana from Nigeria. These startups will receive investments of $350,000 and $500,000, respectively, as part of Village Capital’…
- TikTok has partnered with Eventbrite, enabling content creators to promote and sell event tickets directly through the app. Creators can now incorporate Eventbrite links into their videos, simplifying the process for viewers to find and purchase tickets for events. This innovative feature, now…
- President Cyril Ramaphosa emphasized the importance of investing in digital infrastructure as a major priority for South Africa’s seventh administration during his opening address to parliament on Thursday night. He noted that digitization will be a crucial driver for job creation. To achieve this…
- The technology sector is spearheading investment within South Africa’s start-up ecosystem, even amid challenging macroeconomic conditions. This insight comes from the South African Venture Capital Association (Savca), which unveiled the findings of its 2023 Venture Capital Survey on Monday. The…
- The highly anticipated Global Tech Africa (GTA) Conference will take place from July 24-26, 2024, at the Landmark Event Centre in Victoria Island, Lagos. This premier event is set to gather a diverse range of participants, including African and international government representatives, visionary…
- Zoho, a global technology company, has partnered with She Code Africa (SCA), a non-profit organization dedicated to empowering African women in technology. This collaboration aims to enhance the skills of female tech professionals and students across the continent. The partnership centers around…
- IXAfrica data centres and Schneider Electric are pioneering a new era in Kenya’s digital infrastructure with the unveiling of a state-of-the-art hyper-scale data centre. Their partnership promises to bring world-class, sustainable cloud services to the region, boosting reliability and efficiency.…
- Grey, a Y Combinator alum and B2C cross-border payments startup, is broadening its horizons. The company, founded in 2020, is extending its services to Latin America (LATAM) and Southeast Asia (SEA). This expansion taps into the growing digital payments market in these regions, catering to location…
- Mastercard has joined forces with Kalabash54, a fintech subsidiary of the Wakanow Group, to introduce a game-changing travel card for customers in Nigeria and Ghana. This collaboration aims to address the unique needs of West African travellers by offering a secure and convenient payment solution.…
- South Africa’s Financial Sector Conduct Authority (FSCA) is intensifying its efforts to regulate financial advice on social media platforms. The regulatory body’s annual report highlights growing concerns about the influence of financial influencers, or “finfluencers,” on consumer behavior and…
- The National Information Technology Development Agency (NITDA) of Nigeria has unveiled plans to develop an indigenous blockchain technology called “Nigerium.” This groundbreaking initiative aims to address the country’s data protection and national security concerns while positioning Nigeria at the…
- Uncover, an emerging beauty brand from Africa, has successfully secured $1.4 million in Seed II funding. The round was led by EQ2 Ventures and igniteXL Ventures, with additional participation from Chui Ventures, Samata Capital, and Altree Capital. This funding milestone comes three years after the…
- LULA, a ride-sharing platform tailored for office workers, has acquired the South African subsidiary of Zeelo, a US-based staff bus-sharing startup, for an undisclosed sum. Both companies chose not to reveal the details of the cash-only transaction. Zeelo, which launched in South Africa in 2019 and…
- Statista, a globally renowned market data provider, and CNBC, a prominent American media company, have included seven African fintech companies—Flutterwave, Piggyvest, Kuda, MTN, Bank Zero, Palmpay, and Yoco—in their 2024 list of the top 250 fintech companies. These startups were chosen from a pool…
- MTN South Africa has taken a neutral stance regarding Vodacom’s ongoing bid to merge with Maziv, a fibre infrastructure company. This week, the Competition Tribunal continues to hear testimonies from factual and expert witnesses about the proposed merger between Vodacom and Maziv. These proceedings…
