- 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…
- Huawei Technologies, a leading information and communication technology (ICT) infrastructure provider, is reportedly preparing to establish a data center in Nigeria to comply with the country’s data storage regulations. This new facility, referred to as a “cloud site,” is set to go live on October…
- A three-month hybrid accelerator program designed for Seed to Series A Black-led technology startups. This accelerator brings together the best of Google’s programs, products, people, and technology to benefit Black founder communities across South Africa. Applications are now open Startups up to…
- On October 4, 2024, MTN Rwandacell Ltd (MTN Rwanda) highlighted its annual Y’ello Care initiative, launched in June 2024, under the theme “Learn Today, Lead Tomorrow: Education for Rural and Remote Communities.” As part of this initiative, several impactful activities were carried out to enhance…
- AfricInvest and the Health Finance Coalition (HFC) have announced the final close of the pan-African Transform Health Fund (THF), a pioneering blended-finance initiative designed to strengthen healthcare systems across Africa by scaling up proven and innovative healthcare models managed by…
- We’re excited to announce that Send App is now live across more states in the US than ever before! You can now send money from 49 states (excluding Texas) to your loved ones in Africa—easily, securely, and conveniently. Our goal has always been to provide a reliable and secure money transfer…
- Mastercard and Amazon Payment Services have joined forces in a multi-year commercial partnership aimed at transforming digital payment acceptance for merchants across the Middle East and Africa (MEA). This collaboration will see the integration of Mastercard Gateway as a payment solution in 40…
- Congo has emerged as a trailblazer in Central Africa’s telecommunications landscape with the recent deployment of its 5G network. MTN Congo, a leading telecom operator, announced this significant development, positioning the country at the forefront of digital innovation in the region. The journey…
- South Africa has taken a significant step towards sustainable public transportation with the introduction of its first electric minibus taxi. A consortium led by GoMetro, a fleet management solutions provider, has unveiled the eKamva, a 15-seater electric vehicle designed to revolutionize the…
- Fincra, an African payment infrastructure provider, has achieved a significant milestone in its expansion plans. The company has secured a Third Party Payment Provider (TPPP) licence in South Africa, enabling it to offer its payment solutions to businesses in the country. This regulatory approval…
- Cape Town, South Africa – On 11 October 2024, the DHL Stadium will host Crypto Fest 2024, one of the most anticipated South African Web3 events of the year. This event will highlight Bitcoin adoption, crypto payments, and the growing regulatory landscape across Africa, emphasising both the benefits…
- Scale, an Issuer Orchestration Platform and pioneering payments enabler, has successfully raised $700,000 in Pre-Seed funding. The round was led by early-stage investors 54 Collective and First Circle Capital, with participation from Sunny Side Venture Partners and prominent industry angel…
- ARISE IIP, a leading pan-African developer and operator of world-class industrial parks, has announced a major capital raise of US$443 million. This funding includes a strategic US$300 million investment from the development impact investment arm of African Export-Import Bank (Afreximbank), The…
- OpenAI is set to introduce a new feature called “Canvas,” which provides users with additional space to work within the app or site. This feature is akin to a mini workstation where users can brainstorm, write down ideas, code, and engage in a variety of tasks. Described as a fresh interface for…
- Winich Farms, a Nigerian agritech company specializing in the supply of farm grain produce to retailers, has successfully raised $3 million in pre-series A funding to enhance its order fulfillment centers and upgrade its technology. This marks the company’s second funding round in two years. The…
- An African company led the way in mobile money nearly two decades ago, enabling millions to perform banking transactions despite a lack of strong financial infrastructure. While this marked a significant advancement, the continent still faces numerous challenges, including providing electricity to…
- Cape Town, South Africa – The highly anticipated Crypto Fest 2024 is set to take place from October 10-12, 2024, with the main event taking place at the renowned DHL Stadium in Cape Town. This year’s event, themed Cryptopia, will bring together leading figures from the world of cryptocurrency, Web3…
