- GoLemon, a grocery delivery startup founded by four former Paystack employees, is set to begin testing a next-day delivery service next week, according to sources close to the company who spoke to TechCabal. Currently, GoLemon’s quickest delivery option is two days from the time of order. By…
- The Australian Government is enhancing Africa’s capacity to address the growing effects of climate change and tackle food insecurity through a new Africa-Australia Partnership for Climate Responsive Agriculture. Scheduled to be announced at the Commonwealth Heads of Government Meeting, where…
- The Central Bank of Kenya (CBK) reported that UBA Kenya breached capital requirements, failing to meet the 8% minimum core capital-to-deposit ratio due to ongoing losses. Three sources with direct knowledge said the CBK also fined the lender; however, UBA stated in a release that it was unaware of…
- With search engines being a multibillion-dollar industry—Google Search alone generated up to $175 billion last year, according to Statista—it’s unsurprising that Meta is reportedly aiming to capture a share by developing its own AI-powered search engine. This move could position Meta as a major…
- Sistema.bio, a Nairobi-based biogas technology company, has announced the acquisition of Inclusive Energy (IE), a digital monitoring platform for solar and biogas systems, shortly after securing $15 million to scale clean energy technology across Africa. This acquisition enhances the company’s…
- On October 11, 2024, Crypto Fest held its sixth annual gathering at Cape Town’s iconic DHL Stadium. The event attracted a vibrant audience of 403 attendees from 16 countries, with an impressive 93% representation from the African continent. Bringing together professionals from various sectors,…
- A new railway in Tanzania could accelerate economic growth in East Africa. Tanzanian authorities hope the country’s first electric-powered train, connecting the capital Dodoma with the port city of Dar es Salaam, will inspire rail projects in neighboring countries, positioning Tanzania’s line as a…
- Google is strengthening its support for AI training in sub-Saharan Africa with a new $5.8 million commitment to equip the workforce with vital AI skills. This funding will support programs that help people across various sectors learn to use AI tools and integrate AI into their work, preparing them…
- Ghanaian agritech company Oyster Agribusiness has secured $2 million to enhance its climate-smart farming initiatives. The funding round, led by Pangea Africa Limited, also received support from Root Capital, RDF Ghana, and Sahel Capital’s SEFAA Fund. With this funding, Oyster aims to expand its…
- Development Partners International, a British private equity firm, has led a $110 million investment in Nigerian fintech Moniepoint, elevating it to unicorn status, according to the Financial Times. Other participants in the round include Google’s Africa Investment Fund, Verod Capital, and…
- Lendsqr, a startup providing essential software for companies to launch lending businesses, will now offer clients a line of credit to enable them to issue more loans and expand their operations. Founded in 2018, Lendsqr counts Kredi, Snapcash, and Blockacash among its clients and will extend…
- Earthbond, a Nigerian startup that connects small businesses seeking solar solutions with providers, has secured $200,000 in pre-seed funding from Madica, an Africa-focused early-stage investment firm. This funding will enable Earthbond to onboard more small and medium businesses (SMBs), according…
- The Future is Female Mentorship Programme, a PR and communications training initiative exclusively for female founders, has announced 20 finalists for its fifth cohort. These finalists were chosen from hundreds of applications across Africa that closed on July 31. The selected finalists represent…
- Stanbic Holdings Plc, Kenya’s sixth-largest bank with a market capitalization of KES 49.14 billion ($381 million), has completed the upgrade of its core banking application, Temenos 24 (T24 R23). Last week, the bank notified its over 266,000 customers of service disruptions across its banking…
- Nigerian tech company Michofat Konsult Limited has launched Scavenge, an innovative peer-to-peer platform for trading pre-loved items. The platform addresses growing consumer demand for quality second-hand goods amid rising costs of new products. The application enables users to buy, sell, and…
- M-KOPA has reached a significant milestone of serving 5 million customers in Kenya, according to its 2024 Impact Report. The digital financial services company has generated over 16,000 employment opportunities and contributed Sh17.2 billion ($133.4 million) in various taxes to Kenya’s economy.…
- Edge Growth has acquired $2.1 million to enhance its support for small and medium enterprises across South Africa through the ASISA Enterprise and Supplier Development Fund. The firm manages assets exceeding €115 million and has maintained a strong presence in South Africa’s business development…
- TikTok has taken significant action across nine African countries by removing nearly 12 million videos that violated platform policies during 2024’s second quarter. Egypt led the removals with 2.7 million videos, while Nigeria and Algeria followed with 2.1 million and 1.8 million respectively. The…
- SpaceX-owned Starlink has reversed its decision to double base subscription prices in Nigeria, following a block by the country’s communications regulator three weeks prior. The company raised the standard residential plan with a 1 TB fair usage policy to ₦75,000 ($48) from ₦38,000 ($24). Roaming…
- Traction Apps, a Nigerian fintech startup, confirmed in a statement to Techpoint Africa that it will lay off some employees following its recent acquisition by OmniRetail. The company stated that the decision was partially influenced by the acquisition. “Following the acquisition of Traction Apps,…
- Central Bank of Kenya (CBK) has unveiled plans for a comprehensive Fast Payment System (FPS), marking a significant advancement in the country’s financial infrastructure. The new system promises instant transaction settlements across banks, fintech companies, and payment service providers. CBK’s…
- BURN, Kenya’s leading clean cooking appliance manufacturer, has secured a $15 million investment from the European Investment Bank (EIB). The funding targets the distribution of BURN’s ECOA Electric Induction Cooker throughout East Africa. This innovative cooking solution features a three-piece…
- MultiChoice has revealed a substantial R6.9 billion ($390 million) commitment to NBCUniversal’s Peacock platform. The seven-year agreement secures streaming software and services for MultiChoice’s revamped Showmax platform. This information emerged from MultiChoice’s 2024 financial report, though…
- Sendstack, a Nigerian logistics technology company, has announced a significant strategic shift in its business operations. The company is discontinuing its original last-mile delivery service, DLVR, to concentrate exclusively on CTRL, its logistics management software designed for corporate…
- Colis.ma, a Moroccan cross-border logistics startup, has secured $300,000 in pre-seed funding from Witamax, a privately backed venture capital firm.With the funds, Colis.ma plans to enhance its presence in Morocco’s five largest regions and six European countries while also expanding into Africa,…
- Yellow Card, Africa’s largest and first licensed stablecoin on/off ramp, has closed a $33 million Series C equity financing round led by Blockchain Capital, with contributions from Polychain Capital, Third Prime Ventures, Castle Island Ventures, Block, Inc., Galaxy Ventures, Blockchain Coinvestors…
- The Communications Authority of Kenya (CA) has introduced new regulations aimed at ensuring the integrity and tax compliance of mobile devices, set to take effect on January 1, 2025. The regulations will affect all stakeholders, including local assemblers, importers, distributors, and mobile…
- Pargo, a South African eCommerce logistics startup, has announced its expansion into Egypt following a successful $4 million funding round. The funding round was led by 3Capital Ventures formerly part of Allan Gray), Endeavor, SAAD Investment Holdings, and UW Ventures. The startup has…
- BasiGo’s capital raise includes $24 million in Series A equity funding and $17.5 million in debt. The Series A equity round was led by Africa50, with co-investment from Novastar Ventures, CFAO Kenya, Mobility54, SBI Investment, Trucks VC, Moxxie Ventures, and the Susquehanna Foundation. The Series…
- A single funding round by Nigerian fintech Waza contributed to the country’s 14% share of the total $56 million raised by African startups in August. This information comes from the latest report by the research firm ‘Africa: The Big Deal,’ which tracks fundraising activities across the continent.…
- Since September 2024, at least four Nigerian commercial banks have transitioned to new core banking applications due to costs and the need for customization driving these technological changes. The frustrations of the process—millions of customers unable to access banking services—have been…
- Egypt-based VC firm Sawari Ventures is gearing up to launch its second fund, “Sawari Ventures II,” in early 2025, aiming to raise $200 million, according to Launch Base Africa. Sawari Ventures II will build on the success of the firm’s first fund, broadening its reach into new sectors and regions.…
- A month after its US debut, Moove, the Nigerian startup backed by Uber that finances vehicles for ride-hailing, has now expanded to Mexico. The company anticipates reaching profitability by 2025. This expansion into Mexico is a key achievement for the African startup ecosystem, which has…
- Klasha has secured an additional $2 million in funding to enhance its cross-border B2B payment services, focusing on enabling merchants in Asia and Africa to send and receive payments through its payment rails. This round of investment, which includes support from existing backers like Expert Dojo…
- Ethiopia has excluded diaspora citizens and foreign nationals from participating in its first-ever public offering (IPO) of Ethio Telecom, the state-owned telecom company that holds 95% of the market share. The Ethiopian Securities Exchange (ESX), the country’s first bourse, is expected to commence…
- In a world that’s rapidly evolving, where technology is continuously reshaping industries, healthcare is no exception. Enter TeleDoc, Nigeria’s premier telemedicine platform designed to revolutionize how healthcare professionals deliver services and how patients access care. What is TeleDoc?…
- Food is a universal language that transcends borders, connecting people and fostering unity. It’s more than just nourishment—it’s a powerful force that brings us together. The CTY Food Festival 2024 aims to harness this power through innovation, cultural exchange, and community building. A…
- The Kenya Revenue Authority (KRA) is preparing to implement a new real-time tax system that will integrate with cryptocurrency exchanges, enabling the government to monitor crypto transactions and collect taxes. With approximately four million crypto users, Kenya ranks among the highest in Africa…
- Following an extensive three-month survey and adjudication process, 150 top organizations have been shortlisted for the upcoming CIO100 Awards and Symposium, recognized for their remarkable contributions to IT and digital transformation across various industries. Scheduled for November 20-22, 2024…
- Endeavor South Africa has raised R190 million in the initial round of its ambitious R500 million Harvest Fund III, dedicated to investing in African tech startups and companies. This first close not only surpassed the R150 million target but also strengthened Endeavor’s commitment to supporting…
- The 3rd annual Africa Startup Ecosystem Builders (ASEB) Summit & Awards took place from October 1-5, 2024, in Accra, Ghana. The event was a resounding success, filled with dynamic engagements, insightful discussions, and celebrations of the unsung heroes driving Africa’s startup ecosystem. This…
- One year after its launch in Kenya, Starlink has positioned itself as the country’s tenth-largest internet service provider (ISP). The company has attracted more than 8,000 subscribers, as reported by Kenya’s Communications Authority (CA). “Starlink Internet Services Kenya, which was licensed…
- Latitude59, Estonia’s leading event for startups and technology, is now actively inviting early-stage startups from across Africa to compete for a significant prize pool of non-equity financial support. The event, which marked its 12th edition in May in the Estonian capital of Tallinn, attracted an…
- WellPal, an Egyptian eCommerce platform specializing in health and wellness products, has officially moved its operations to Saudi Arabia after receiving fresh funding from an undisclosed angel investor. The relocation is part of WellPal’s larger strategy to position itself as a key player in the…
- The International Finance Corporation (IFC) has committed up to $25 million to Acumen’s Hardest-to-Reach (H2R) Fund, a $200 million initiative designed to enhance energy access in underserved regions of Sub-Saharan Africa. This investment by the IFC, directed towards the senior tranche of the fund…
- Chowdeck, a Nigerian food delivery platform backed by Y Combinator, is exploring the possibility of expanding into South Africa, Kenya, and Ivory Coast. “We’re still in the planning stages, but these countries are on our radar due to their established markets, particularly South Africa,” said…
- Tanzanian payments company Nala has secured $40 million in Series A funding, which it plans to use for its global expansion and to strengthen its payment systems across Africa. Based in Kenya, Nala is a fintech startup enabling money transfers from the UK, US, and EU to Kenya, Uganda, Tanzania,…
- A new report from the World Travel & Tourism Council (WTTC) reveals that Oceania’s Travel & Tourism sector could contribute an additional US$112 billion to the region’s economy by 2034, pushing its total economic impact to a record US$336 billion. The report, launched today in collaboration…
- Bosun Tijani, Nigeria’s Minister of Communications, Innovation, and Digital Economy, emphasized the transformative power of artificial intelligence (AI) in positioning Nigeria as an economic powerhouse. “We would be failing our people and future generations if we ignore artificial intelligence…
- The National Transmission Company South Africa (NTCSA) has committed R112 billion ($6.3 billion) to revamp the country’s transmission grid through its ambitious Transmission Development Programme (TDP). This significant investment aims to bring nearly 30,000 MW of utility-scale renewable energy…
