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- The Board of Directors of the African Development Fund has authorized a $3.9 million grant to help pay for a project to improve Liberia’s payment infrastructure and processes. The Bank’s concessional lending window cleared the grant on March 17. The project’s primary goal is to improve the payments…
- Tech and creative industries have grown recently in Nigeria and have made it a ground for start-ups in these sectors. Propelled by a higher density of youth population and amount of internet penetration, the country has produced successful tech companies like Flutterwave and Paystack, as well as…
- Africa Data Centres, a Cassava second-class technology, and a group of Africans with a common interest in technology have agreed with TechAccess to launch a Data Centre Infrastructure Management (DCIM) solution. DCIM has been used to assess, test, and also make reviews regarding the management of…
- Twitter Blue, the paid subscription service for Twitter users, was announced in June 2021 to make the user experience on the platform better. However, when Elon Musk took control of the company, he introduced new features, along with the ability to purchase verification. Thus, making the fancied…
- The recent redesign of the Nigerian currency has drastically dropped the efficiency of digital banking in Nigeria, which also resulted in a cash shortage. However, people’s reliance on banking apps and USSD platforms has caused significant pressure on the already unstable digital banking…
- Amazon’s cloud computing business, AWS, is now accepting applications for the first time for the AWS FinTech Africa Accelerator. This is part of Amazon’s efforts to grow its presence in Africa. AWS’s well-known Startup Loft Accelerator runs this program; unlike other cohorts, this one will focus on…
- After selling Nanobank for $127 million in 2022, Opera, a Norwegian consumer internet brand, has raised its share in the Africa-focused neo-bank OPay from 6.4% to 9.5%. Opera used to own 42% of Nanobank, which was made when Opera’s microlending business and Mobimagic’s point-of-sale business joined…
- Fast Congo, which is owned by GBS and the Paratus Group, says that a lot of fibre capacity has been turned on in DRC. In the Democratic Republic of the Congo (DRC), Fast Congo, part of the Paratus Group, states that its 620-kilometer fiber optic network link between Muanda on the West Coast and…
- After its funding ran out, Zumi, a Kenyan e-commerce site that sold non-food items, shut down, adding to the growing list of digital businesses that have failed recently in Kenya. William McCarren, the company’s co-founder and CEO announced on LinkedIn that at least 150 individuals would lose their…
- Liquid Intelligent Technologies (https://www.Liquid.Tech) announced that it had bought the Cairo-based technology business Cysiv MEA, which used to be called SecureMisr. Some of Egypt’s most prominent corporations use this business to get enterprise cloud and cyber security services, especially in…
- Credable has secured $2.5 million in a seed round headed by Ventures Platform. Credable is an embedded finance platform that helps businesses, including e-commerce platforms, mobile carriers, and logistics organizations, by giving them technological stacks, scoring tools, and banking partners.…
- Nigerian finance startup Onepipe has gotten a $4.8 million credit line from pan-African investment company TLG Capital. The TLG Africa Growth Impact Fund (AGIF), a credit company that invests in the area south of the Sahara, has ended the investment round.00p Onepipe is a service provider offering…
- Almentor ,an online platform for learning Arabic through videos in Egypt. It has just received $10 million in a pre-Series C fundraising round. E & Capital’s technology investment section led this finance round. e& Capital has joined Partech, Sawari Ventures, Egypt Ventures, Sango Capital,…
- Verod-Kepple Africa Ventures (VKAV), an African platform for venture capital, has received $43 million for its pan-African venture fund. The fund invests in scalable, tech-enabled enterprises that are already making money and are solving hard problems in several industries on the African continent…
- The South African neobank Fin has acquired the Pretoria-based fintech company Thuthukani as part of its growth strategy. With the purchase, Fin Home Loans, Thuthukani’s extra housing finance service, will be renamed Fin Home Loans and added to Fin’s South African portfolio. The goal is to give…
- Microsoft has published its latest inclusion of 13 new African languages to its Azure Cognitive Services Translator. Making text and document translations across the Microsoft ecosystem of products and services possible. ChiShona, Hausa, Igbo, Kinyarwanda, Lingala, Luganda, Nyanja, Rundi, Sesotho,…
- Google’s new focus on gender parity has birthed the launch of a new program to empower women entrepreneurs in African countries. As of 2022, Google’s Black founders fund achieved 100% gender parity, a milestone that other accelerators like Y combinators and tech stars are yet to achieve. The…
- Recently, Andela, one of the top global talent networks connecting companies to remarkable engineering talents in Africa, obtained Qualified, an assessment platform that verifies top engineering talents. The acquisition of Qualified represents Andela’s first publicly announced acquisition.…
- International Women’s Day is a global day that celebrates the accomplishments of women while reminding us of the ongoing struggle for equality. Significant activity is witnessed worldwide as groups, individuals, companies and organizations come together to celebrate women’s achievements or rally…
- Several countries in Africa have experienced a dramatic increase in phishing attacks. Kaspersky, a leading cybersecurity firm, announced the global growth it achieved by 2022. Based on the company’s recent reports, Kaspersky’s anti-phishing system has prevented over 500 million attempts at…
- Nuru, an energy company based in the Democratic Republic of the Congo (DRC), has raised the first $1.5 million of its Series B funding round through a convertible note. A stellar group of international investors will invest the remaining funds during the financial close. Nuru is a 2020 startup that…
- The National Bank of Rwanda has given Flutterwave two licenses, which allow it to provide remittance services and work as an electronic money issuer in the country. Flutterwave is an African fintech unicorn. The move is part of the company’s plan to grow in East Africa, where it already has…
- The operational setup of Impact Investing Ghana’s Ci-Gaba fund of funds has started .This fund of funds aims to help local capital providers access $75 million in local and international financing. These local investors are putting their money into small and medium-sized businesses (SMEs) to help…
- EchoVC, a technology-focused early-stage VC firm with offices in Lagos that invests in underrepresented founders and underdeveloped markets, has launched EchoVC Chain, an $8 million “pilot” seed fund for blockchain startups. Since a few years ago, blockchains have been very interesting to us at…
- FairMoney, a Nigerian digital banking platform, has bought PayForce, a small business payment service for merchants. This is part of its plan to offer more financial assistance to merchants. Sources say it was a cash-and-stock deal worth between $15 million and $20 million, but the terms of the…
- To encourage entrepreneurship and the development of jobs in Africa’s largest economy, the Nigerian government has established a $672 million fund aimed at young business owners in the technology and creative industries. Vice President Yemi Osinbajo announced the Investment in Digital and Creative…
- Last week, news emerged that Silicon Valley Bank, a major lender to startups worldwide, had gone out of business. The Federal Deposit Insurance Corporation (FDIC) took over the bank and put it in receivership. This is the most significant failure of a U.S. financial institution since Washington…
- SwiftVEE, a South African company that was one of the first to trade livestock, has released PrysWys, an app that will help farmers save money on inputs. PrysWys is a retail service that connects farmers directly to manufacturers of inputs. It is available in the Apple App Store, the Google Play…
- Telkom, the largest integrated communications company in South Africa, has started using the Chat 2 Pay feature from Clickatell, the leader in Chat Commerce and business messaging. Millions of Telkom customers can now pay with WhatsApp, the most popular chat app in the country. Telkom now offers…
- Ukheshe, a leading fintech enablement partner, is working with others in East Africa as part of its plan to grow. Anthony Karingi, the company’s vice president for business development in the region, says they know how important it is to make partnerships and use local knowledge when they move into…
- Following recent African cyber security attacks and hefty AML bank fines, compliance is on everyone’s mind. As a result, this article will concentrate on one of the most crucial business security measures available today: AML. Anti-Money Laundering is what AML stands for. Many businesses use AML…
- Thabiso Foto, the chief financial officer of Founders Factory Africa, talks about how fintech has helped improve access to financial services in Africa over the past ten years. Fintech solutions are made for the underserved, including low-income people, women, people living in rural areas, and…
- OneConnect is PowerSchool’s first channel partner in Africa. PowerSchool is a major provider of cloud-based software for K–12 education in North America. OneConnect, an innovative company that offers turnkey technology services and solutions in South Africa and all over Africa, will help…
- The Bank of Ghana has given Cross Switch Ghana L.T.D. permission to work as an Enhanced Payment Service Provider. This is good news for Cross Switch Ghana L.T.D. and Cross Switch International S.A.R.LThe Bank of Ghana just gave Cross Switch Ghana L.T.D. permission to work as an Enhanced Payment…
- Naspers, Africa’s most valuable tech company, has stopped running its R1.4 billion ($100 million) South Africa-focused venture capital fund, Naspers Foundry. According to a report by a local news outlet, BusinessDay, this is because the global recession has hurt the venture capital industry. The…
- With the launch of Miva Open University, uLesson, a Nigerian edtech company that offers online K–12 education across Africa, is moving into higher education. The pan-African distance e-learning institution will be a fully licensed degree-granting institution that offers undergraduate courses in…
- According to the latest data from International Data Corporation (IDC), Kenya’s smartphone market dropped for the second quarter in Q4 2022, with shipments down 13.5% year on year (YoY). In its report, the global technology intelligence firm said that supply shortages and rising prices were the…
- PayShap, an interbank and real-time digital payments service developed in collaboration with Bankserv, a clearing house owned by South African commercial banks and the South African Reserve Bank, will launch on Monday, March 13. PayShap says it will make it easy and safe for banked and unbanked…
- In the past few years, the venture capital scene in Africa has grown a lot, with more investors and startups joining the market. A report from AVCA in April 2022 said that between 2014 and 2021, the number of transactions on the continent grew at a compound annual rate of 32%. However, the business…
- IDC, a global technology research and consulting firm, says that in the first quarter of 2023, the Middle East and Africa (MEA) personal computing devices (PCD) market, which includes desktops, laptops, workstations, and tablets, will drop by 18.9% from the same time last year. International Data…
- Nigeria’s broadband penetration has gone from 41% in January 2022 to 48%, according to the latest numbers from the Nigeria Communications Commission (NCC). There are 92,011,259 million broadband subscriptions in the country. Techloy’s analysis shows that the growth rate has been around 0.5% since…
- Telecoms giant MTN Nigeria has raised 125 billion ($302 million) through a commercial paper issuance to meet its short-term working capital and funding needs. As part of MTN Nigeria’s plan to issue 150 billion worth of commercial paper, the company sold a 188-day commercial paper with an 11% yield…
- According to a report by Semafor, which cites sources familiar with the matter, Nigeria’s leading fintech startups are reportedly working together on a strategy to combat fraudulent transactions in their networks. This strategy includes the development of a shared registry of individuals who are…
- Osun state in Nigeria has officially abolished right-of-way fees, allowing telecom and internet service providers to lay fibre optic cables for free. Osun State Governor Ademola Adeleke announced today the cancellation of ROW fees as part of a digital economy policy. The state thinks that getting…
- The Central Bank of Nigeria (CBN) has approved the rules for open banking. This means that Nigeria will now have an open banking regime. With this rule, Nigeria is the first African country to have an Open Banking rule. Musa Jimoh, in charge of the CBN’s Payments System Management Department, sent…
- Villgro Africa has put more than $1.36 million into 36 Kenyan healthcare startups in the last seven years. As part of its plans to grow in the region, the company plans to open a Biotech Innovation Hub. The incubator and impact investor announced these plans at the annual 2023 Sankalp Summit, where…
- The International Finance Corporation (IFC) and Viva Technology have announced the second edition of the AfricaTech Awards. This is an effort to bring attention to Africa-based companies that have devised innovative ways to solve critical development problems related to climate change, healthcare…
- NTT, a major IT company that provides infrastructure, and IT services with a branch in South Africa has come to announce its Partnership with Cisco, a global technological brand to push for the adoption of Private 5G across different sectors including; Healthcare, Automotive, Logistics, and Retail…
- Liquid Intelligent Technologies, a leading fibre company in Africa has recently announced an alliance with Microsoft which fulfills Microsoft’s Airband initiative of increasing its connectivity to accommodate 20 million people from African Countries like Zambia and the Democratic Republic of Congo…
- Digital technology is rapidly changing many sectors in Africa and in the world and the Sudanese media industry is not left out. With the surging inflation and depreciation in currency posing a challenge to the nation’s economy, news readers are rapidly turning to their mobile phones to stay…
