- Flutterwave, Africa’s leading payment technology company, has announced that it has received approval in principle for a payment aggregator license from the Central Bank of Mozambique. This license will allow Flutterwave to offer its full range of payment services within Mozambique, thereby…
- Ecobank Group, a major pan-African financial services organization, and American Express have announced an agreement to significantly expand the acceptance of American Express Cards across twenty-one African countries. As part of this arrangement, American Express Card Members will now be able to…
- Following widespread internet outages in Eastern Africa caused by faulty undersea cables, Google has announced its plans to build the first-ever subsea fiber optic cable connecting Africa and Australia. Internet infrastructure has long been a significant challenge in the effort to improve internet…
- Gauteng, May 2024: The power of radio and the audio ecosystem received a significant boost as the trusted medium for advertisers during a time of uncertainty for brands, with the launch of the inaugural 72-hour radio and audio marathon, SoundGen. Powered by Mediamark, East Coast Radio, Jacaranda FM…
- Santam, a short-term insurance specialist, has acquired Kandua, a technology company that operates an online marketplace for home services. Kandua will be integrated with Santam’s current home service offering, Home+, creating a wholly owned, independent subsidiary of the insurer. The acquisition’s…
- The central theme at Africa Tech Week, hosted at Century City in Cape Town, revolved around artificial intelligence (AI). Although AI has been a prominent topic at numerous tech events in South Africa over the past year, this particular event had a distinct atmosphere. Government officials,…
- Kenyan cybersecurity firm Kristel has expanded its operations to Rwanda, Ethiopia, and Uganda to cater to the rising demand for its services in these regions. The announcement was made during the recent unveiling of Kristel’s new look at the Royal Tulip Canaan Hotel. Ben Obinju, CEO of Kristel,…
- South Africa’s fintech sector is experiencing rapid growth and attracting significant investment, establishing the country as a leader in African financial innovation, according to Antonia Bothner, Capital Markets Lead at Endeavor SA, an entrepreneurship network. Bothner points out that the market…
- Adumo, a prominent South African fintech company, has been acquired by Lesaka for ZAR1.59 billion (US$85.9 million), pending shareholder and regulatory approvals. Boasting over 23,000 active merchants, Adumo is South Africa’s largest independent payments processor. It supports merchants with…
- Botswana has granted an operating license to Starlink, the satellite internet service owned by SpaceX, three weeks after a government delegation met with the SpaceX team in the US. This licensing comes three months after the Botswana Communications and Regulatory Authority (BOCRA) initially…
- In a significant development for Zimbabwe’s internet landscape, the country’s telecom regulator has granted approval for Starlink, the satellite internet service provider owned by Elon Musk’s SpaceX, to commence operations. President Emmerson Mnangagwa announced that Starlink will provide high-…
- In a significant milestone for Mozambique’s digital landscape, Raxio Data Centres has announced the opening of Raxio Mozambique, the country’s first Tier III Uptime Certified data center. Dubbed Raxio MZ1, this state-of-the-art facility is set to play a pivotal role in supporting Mozambique’s…
- Microsoft Corporation and G42 have embarked on a pioneering partnership with the Republic of Kenya’s Ministry of Information, Communications, and the Digital Economy, unveiling a sweeping package of digital investments poised to propel Kenya’s technological landscape forward. This landmark…
- In a significant development for Kenya’s digital and sustainable mobility landscape, the US International Development Finance Corporation (DFC) has unveiled a substantial $250 million financing package. The announcement was made during President William Ruto’s State Visit to Washington in May 2024…
- In a groundbreaking initiative, the Ghanaian government, in collaboration with Radisys Corporation, a subsidiary of Reliance Industries Limited owned by Asia’s richest man, Mukesh Ambani, is set to launch affordable 5G mobile broadband services across the nation by the end of 2024. This ambitious…
- Paystack, a prominent Nigerian fintech company, led an investment group to acquire Brass, a digital bank serving small businesses in Nigeria. The acquisition was completed with the participation of notable investors such as PiggyVest, Ventures Platform, P1 Ventures, and angel investors Olumide…
- Djembe, a renowned consultancy firm specializing in the African and Middle Eastern (MEA) regions, has unveiled a pioneering initiative – ‘Accelerate with Djembe,’ the world’s first communications-focused accelerator program tailored for scaleups operating in the Middle East and Africa. This…
- The dynamic world of cloud computing and cybersecurity took center stage in Kampala, Uganda, as industry leaders, policymakers, and professionals converged for the East Africa Cloud and Cybersecurity Roadshow. Organized for the first time in Uganda by dx5, Africa’s technology driver, and powered by…
- In a strategic move towards profitability, eCommerce giant Jumia has announced plans to consolidate its three Nigerian warehouses into a single 30,000-square-meter depot in Lagos. This initiative, part of the company’s cost-saving strategy, aims to enhance operational efficiency and reduce expenses…
- By Lea-Anne Moses, Executive Director at the Fundza Literacy Trust Teenagers are incredibly odd. Of course, this is hardly a groundbreaking observation—the “otherness” of being not quite an adult but not quite a child either has achieved near-universal meme status across generations. Yet, despite…
- Swypex, an Egyptian startup, has launched its comprehensive financial services platform for businesses after securing $4 million in a seed investment round. This funding round was led by Accel, an international venture capital firm making its inaugural investment in the region’s fintech sector.…
- MNZL, an Egyptian fintech startup, has secured $3.5 million in seed capital to enhance its technology and expand its operations, aiming to empower more Egyptians. The seed round was led by P1 Ventures, Localglobe, and Ingressive Capital, with participation from 500 Global, Flat6Labs, First Circle…
- Axmed, an innovative two-sided B2B marketplace platform, has successfully raised $2 million in a seed funding round. This milestone represents a significant advancement in addressing global health disparities. The funding round was led by Founderful Ventures and brings the total amount secured by…
- Microsoft South Africa is committing R1.3 billion ($70 million) to the South African economy under a 10-year agreement with the Department of Trade, Industry, and Competition (DTIC). According to the tech giant, this investment aims to support the growth of small, micro, and medium-sized…
- Egyptian eFinance Investment Group (EFIG), a digital and financial investment firm, has acquired a 25% stake in NJ and a 13% stake in EasyCash, both based in Egypt. According to the company, these transactions will simplify digital payments for both individuals and businesses, aiding the Central…
- OpenseedVC, a newly established operator-led fund, has officially launched, announcing the first closure of its $10 million angel-style early-stage fund. This fund aims to be the initial investor for experienced operators creating their technology startups across Africa and Europe. Supported by…
- Accion, a global non-profit organization, has introduced the US$152.5 million Accion Digital Transformation Fund (ADTx). This initiative is designed to support financial institutions in addressing the needs of small businesses currently excluded from the financial system by offering growth capital…
- Microsoft and G42, an AI firm based in the United Arab Emirates, have announced plans for digital investments in Kenya. This initiative is in collaboration with Kenya’s Ministry of Information, Communications, and Digital Economy. Microsoft stated that G42 would spearhead the effort to secure an…
- Busbud, an international platform for booking ground travel, has acquired Ratality, a South African company specializing in revenue management optimization software for ground travel operators. This acquisition is anticipated to enable Busbud to expand its value proposition by incorporating revenue…
- Lawyers in the Democratic Republic of Congo have announced the discovery of new evidence, following a month after they accused Apple of using “illegally exploited” minerals from the conflict-ridden east of the country in its products. Amsterdam & Partners LLP revealed that several…
- LaunchBase, an innovative marketing and property technology (prop-tech) startup, has developed cutting-edge software. This propTech enables off-plan property developments to be showcased online for public review. Introducing LaunchBase Proptech: About LaunchBase Brad Morgan and Dean Lederle…
- Enviro Automotive is set to introduce the most budget-friendly electric vehicle to hit the South African market yet. Hailing from China, the Dayun Yuehu will be rebranded as the Dayun S5 Mini SUV upon its launch in South Africa by the end of 2024. This compact SUV, accommodating four passengers,…
- Copia Global, a Kenyan B2C e-commerce startup, has raised $123 million in venture funding across seven rounds but is now considering laying off employees or shutting down due to “uncertainties.” CEO Tim Steel, in an internal memo seen by TechCabal, highlighted the possibility of reducing the…
- Maad, a B2B e-commerce startup from Senegal, has surpassed challenges in the African B2B e-commerce landscape by securing a notable $3.2 million in seed funding. This financing, comprising debt and equity, will drive Maad’s growth efforts in Senegal and facilitate its exploration of potential…
- Flutterwave, a leading Nigerian fintech company, experienced a significant breach in April 2024, reportedly losing ₦11 billion ($27 million). This incident follows closely on the heels of the company’s successful court order to reclaim $24 million lost in unauthorized Point-of-Sale transactions,…
- Zimbabwe’s financial landscape is undergoing a transformation as mobile money agents, previously criticized for contributing to the collapse of the Zimbabwean dollar, are making a significant return. This revival is driven by authorities who, after banning their operations, are now relying on them…
- African e-commerce giant Jumia is betting on Nigeria despite the country’s economic challenges, aiming to steer itself toward profitability. Francis Dufay, CEO of the Nasdaq-listed company, outlined plans to streamline operations in Nigeria by consolidating its three warehouses into a single,…
- Exclusive Networks Africa, a cybersecurity specialist, has reached a significant milestone in its market development journey in Africa, highlighted by the official opening of its new office in Lagos, Nigeria. This achievement reflects the company’s steadfast commitment to investing in the region…
- Bokra will support a variety of financial goals and enable retail and SME investors to easily save and invest across different asset classes. To assist merchants and SMEs in managing their wealth, Bokra’s team is tackling several challenges, such as the lack of personalized investment planning,…
- Bluworks, an Egyptian startup, has secured $1 million in a pre-seed investment round aimed at bolstering product development, team expansion, and marketing efforts. The company specializes in creating SaaS solutions for blue-collar HR-Tech. The pre-seed investment round was led by Khawarizmi…
- In South Africa, where mobile connectivity serves as a vital link for communication and commerce, understanding the intricacies of mobile spending habits is essential for telcos, banks and retailers to effectively meet their customers’ needs. With the smartphone market rapidly expanding to 46.9…
- Telecommunications companies in Kenya and Uganda recently experienced widespread internet outages after two submarine cables connecting South Africa and Kenya were damaged. The cables, owned by Eastern Africa Submarine System (EASSy) and Seacom, suffered faults that disrupted network services for…
- Music streaming giant Spotify has revealed that it paid over N25 billion in streaming royalties to Nigerian artists in 2023. This figure, disclosed in Spotify’s annual “Loud & Clear” report focused on the Nigerian market, represents more than a doubling of the over N11 billion paid out to…
- The Nigerian Communications Commission (NCC) has entered into a Memorandum of Understanding(MoU) with Nokia Solutions and Networks Nigeria to provide training for young Nigerians on the latest 4G and 5G radio and transmission technologies. This was disclosed by the Executive Vice Chairman of the…
- A new partnership between the Next Step Foundation and the Assistive Technologies for Disability Trust (AT4D) aims to overcome key obstacles impeding the ethical development and adoption of artificial intelligence (AI) to drive sustainable development in the global south. By addressing gaps in data…
- OmniRetail, a Nigerian eCommerce startup founded in 2019, has been ranked as the fastest-growing company in Africa according to the Financial Times’ latest annual list. The list, compiled in partnership with data provider Statista, ranks companies by their compound annual revenue growth between…
- In a move to accelerate its compliance process, the cryptocurrency exchange KuCoin has temporarily suspended all peer-to-peer (P2P) Nigerian Naira (NGN) services and Fast Buy services using naira cards on its platform. The exchange cited its commitment to enhancing compliance as the driving force…
- The African continent, rich in resources and human capital, remains woefully underprepared for the next global pandemic. Most African states were left scrambling for access to life-saving vaccines following the outbreak of COVID-19 as the continent does not produce or manufacture its own healthcare…
- Djibouti has embarked on an ambitious initiative to digitize its public services, aiming to fully capitalize on the digital economy’s benefits. The Djiboutian government recently announced the upcoming launch of two new digital services: e-Cabinet and e-Building Permit. These initiatives, unveiled…
