- Meta, the parent company of Facebook, Instagram, and WhatsApp, plans to downsize its office space in Lagos following global layoffs in mid-2023 that impacted its Nigerian team. According to three individuals familiar with the situation, at least 35 employees were affected by these layoffs. The…
- In a significant development long anticipated by the industry, President Cyril Ramaphosa has officially signed the amended National Land Transport Act (NTLA) into law. This pivotal decision opens the door for ride-hailing services such as Uber and Bolt to apply for operating licenses, thereby…
- According to Woda CEO Steven Cui, they are the first local business to supply telecom towers to Safaricom Ethiopia. He emphasized that the company is committed to maintaining the highest standards of reliability and quality in its services. The telecom company announced that the network expansion…
- Safaricom Ethiopia, a telecommunications operator, has announced the receipt of the first batch of 13 telecom towers produced locally by Woda plc, the country’s pioneering firm in manufacturing network towers. This acquisition is aimed at upgrading and expanding Safaricom Ethiopia’s network…
- This partnership with Beltone Venture Capital, a firm with deep roots in investment banking, offers us much more than just capital,” said El-Nahawy,provides us with the strategic financial infrastructure essential for our next phase of growth.” Ali Mokhtar, CEO of Beltone Venture Capital, expressed…
- YoLa Fresh, an innovative Moroccan agri-tech startup, has successfully raised US$7 million in a pre-Series A funding round to fuel its expansion. YoLa Fresh is dedicated to creating a transparent and sustainable fresh food supply network. Leading this US$7 million pre-Series A funding round was Al…
- South African pay-TV group, MultiChoice, reported total annual losses of R4 billion ($217 million) on revenues of R56 billion, driven by macroeconomic challenges. These challenges might lead shareholders to consider if ownership by Canal+ could offer some relief. In markets like Nigeria and Ghana,…
- Kenya’s Directline Assurance’s shutdown is allegedly tied to an attempt by media mogul Samuel Kamau (SK) Macharia to evade a probe into an unauthorized $3 million (KES400m) transfer to a company he controls, according to court filings by the Insurance Regulatory Authority (IRA) reviewed by…
- Visa has announced a new partnership with ThriveAgric to aid their expansion into Kenya. ThriveAgric, a startup dedicated to using technology to revolutionize the payments landscape for smallholder farmers, has been named the global winner of the 2022 Visa Everywhere Initiative. This open…
- Airtel Africa has formed a partnership with Network International (Network), a leading digital commerce enabler across the Middle East and Africa (MEA), to enhance its payment processing capabilities. This collaboration will provide Airtel Africa users with the convenience and ease of accessing a…
- The Africa Cloud & Security Roadshow wrapped up last month in Addis Ababa, Ethiopia, bringing together numerous local and regional industry leaders, policymakers, and professionals in cloud computing and cybersecurity to delve into both current and emerging technology trends. Hosted by BUI East…
- The Central Bank of Kenya (CBK) is set to issue payment license to fintech startups operating in the country soon. This move marks a significant shift from the regulator’s earlier stance and will open up East Africa’s largest payments market to these innovative firms. Two prominent fintech…
- Access Bank, a prominent Nigerian financial institution, has taken a significant step towards solidifying its presence in East Africa by acquiring African Banking Corporation of Tanzania (ABCT) Limited. This strategic move not only deepens the bank’s roots in the region but also aligns with its…
- The National Information Technology Development Agency (NITDA) has forged a strategic alliance with the National Youth Service Corps (NYSC) to equip 30 million Nigerians with digital skills. This announcement came after a meeting between NITDA’s Director-General, Kashifu Inuwa, and the NYSC…
- The United Nations Development Program (UNDP) has opened applications for its timbuktoo Fintech Startup Accelerator program, offering selected African startups an opportunity to receive $25,000 in equity-free funding. This initiative aims to support technology-focused timbuktoo entrepreneurs and…
- The transport sector’s significant contribution to carbon emissions has necessitated a transition towards sustainable solutions like electric vehicles (EVs). This shift aims to mitigate environmental degradation and address the negative impacts of climate change. In Kenya, Norfund, the Norwegian…
- Zone, a prominent payment infrastructure company in Africa, has launched a groundbreaking blockchain-powered Point-of-Sale (PoS) payment gateway product. This move aligns with the company’s commitment to enhancing payment capabilities across multiple channels, building upon the success of its ATM…
- Copia Global, a prominent B2C e-commerce platform in Kenya, has laid off at least 1,060 employees, signaling potential challenges in sustaining operations. This move comes two weeks after an internal memo revealed the company’s struggles to meet payroll obligations. Copia Global’s CEO, Tim Steel,…
- Microsoft has announced the launch of ‘Build with AI,’ an innovative initiative aimed at empowering startups to leverage the power of artificial intelligence (AI) in building cutting-edge solutions. This new product is housed within the Microsoft for Startups Founders Hub, providing founders with…
- Fiter, a leader in financial technology solutions, announces a significant milestone with its successful overhaul of a prominent Nigerian fintech firm’s Fineract system. This transformation not only revitalized the firm’s operations but also positioned it as a frontrunner in Nigeria’s competitive…
- A few years ago, AI and blockchain were largely unfamiliar concepts in Africa. As of 2020, there was a significant digital divide on the continent. For instance, only 28% of Africans had internet access, in stark contrast to the global average of 56%. The World Bank highlighted limited…
- Currency trading, commonly known as Forex trading, involves the buying and selling of currencies on the foreign exchange market to generate profit. Technological advancements have made it easier than ever for both individuals and institutions to engage in this global market, thanks to trading…
- Local startups are striving to position Uganda as a leader in the emerging trend of employers enabling employees to receive on-demand payments, irrespective of traditional payday schedules. This trend is gaining momentum across the continent. In a notable collaboration, Ugandan startup Thiqa…
- M-KOPA, a fintech platform operating in Kenya and four other African countries, has obtained a USD 51 million loan from the U.S. International Development Finance Corporation (DFC) to enhance digital connectivity across Kenya. This funding will enable the company to provide affordable smartphones…
- In the wake of the Mudau case, Godrich Gardee Attorneys announced plans to file a civil claim against Bolt, citing the company’s failure to ensure passenger safety. Bolt has been aggressively expanding in the southern African region. Since its initial launch in South Africa in 2016, the company has…
- Local startups are striving to position Uganda as a leader in the emerging trend of employers enabling employees to receive on-demand payments, irrespective of traditional payday schedules. This trend is gaining momentum across the continent. In a notable collaboration, Ugandan startup Thiqa…
- The telecommunications regulatory bodies of Liberia and Ghana have initiated discussions on establishing free roaming between the two nations. As reported by the Liberia Telecommunications Authority (LTA), this initiative marks the initial step towards creating a system where mobile phone users in…
- Google for Startups has unveiled the 24 startups selected for the 2024 edition of the Growth Academy: AI for Health initiative. The program aims to support promising businesses in Europe, the Middle East, and Africa (EMEA) that are leveraging artificial intelligence (AI) to revolutionize medical…
- Central Bank of Nigeria (CBN) has revoked the operating license of Heritage Bank due to a breach of Section 12(1) of the Banks and Other Financial Institutions Act 2020. The apex bank cited the bank’s continuous financial struggles and lack of visible prospects for recovery as the primary reasons…
- Central Bank of Nigeria (CBN) has withdrawn its six-week restriction on five leading fintech companies – Paga, OPay, Kuda, Palmpay, and Moniepoint – from onboarding new customers. The directive, initially issued on April 29, 2024, came shortly after the CBN blocked over 1,000 accounts linked to…
- The South African payments orchestration startup known as Revio announced today their rebranding to Precium, a move made to signify the company’s growth from a local processor to a global payments platform. Over the past 18 months, Precium experienced radical growth in its team, product…
- The Patoranking Foundation, a non-profit organization committed to driving Africa’s progress through education, entrepreneurship, and empowerment, has made a groundbreaking move to boost Africa’s tech capabilities. In partnership with ALX Africa, a renowned tech training provider, the foundation is…
- The European Investment Bank’s (EIB) EIB Global division has made a significant investment of €25 million in Amethis Fund III, a private equity fund that operates across Africa. This investment aims to support the growth of medium-sized businesses that serve low- and middle-income populations,…
- In a move that could potentially transform the food delivery landscape in Nigeria, Glovo, a leading food delivery startup, has forged a partnership with Siltech, a prominent electric vehicle (EV) manufacturer. This collaboration aims to introduce electric vehicle delivery services in some parts of…
- YoLa Fresh, a Moroccan agritech startup, has raised $7 million in pre-Series A funding to revolutionize the supply chain connecting smallholder farmers with traditional retailers of fruits and vegetables. The investment round was led by Al Mada Ventures, with participation from Algebra Ventures, E3…
- Oracle, a global leader in database management systems and cloud solutions, is set to strengthen its presence in Africa by establishing two Oracle Cloud Regions in Morocco. This strategic move will enable local and regional organizations across the continent to leverage enterprise-grade cloud…
- In a significant development for the Nigerian tech ecosystem, the country has secured the hosting rights for GITEX Africa, the continent’s largest technology showcase, in 2025. This landmark event will take place in Lagos and Abuja, bringing together the brightest minds, innovative companies, and…
- In his third venture into the world of cryptocurrency, Afrobeats superstar Davido promoted and endorsed the crypto token—or memecoin, depending on the perspective—”Timeless Davido” ($DAVIDO) on Wednesday night. Despite the token’s utility being unclear, with its use cases seemingly tied to an…
- 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-…
