- Uganda is poised to receive a significant investment from Rowad Capital Commercial (RCC) LLC, a global engineering and construction contractor. The company plans to inject $225 million into Uganda Telecommunication Corp. (UTel), the state-run telecom company, and will acquire a majority stake.…
- The Federal Government of Nigeria has launched a compressed natural gas (CNG) conversion app and online platform, primarily targeting ride-hailing services. This platform provides real-time information on nearby conversion centers, allows users to book appointments, access discounts, and receive…
- Open Access Energy (OAE), a South African startup specializing in energy management software, has secured a $750,000 investment from Factor E Ventures, marking the first phase of its $1.5 million seed round. The software company stated that this initial funding will be directed toward addressing…
- Providus Bank has announced that its merger with Unity Bank, which has received preliminary approval from the Central Bank, is expected to result in a combined balance sheet of up to ₦3 trillion ($1.8 billion). Known for its banking-as-a-service model, Providus is considered the more stable of the…
- Kenya-based digital insurance platform mTek has formed a partnership with BuuPass to provide travel insurance coverage for travelers against any travel-related damages. mTek’s travel insurance solutions will streamline the insurance process by offering a seamless and integrated option within the…
- Kuda, the Nigeria-focused neobank supported by Target Global, has experienced a significant surge in revenue, as indicated in its latest audited financial statements filed with U.K. regulators, where the startup is incorporated. The company saw an impressive 190% growth in revenue for 2022, the end…
- In June 2024, several employees from TikTok’s African team were laid off following the social media giant’s announcement of planned global staff reductions. Prior to the official notice of these scheduled layoffs in May, the ByteDance-owned company had already eliminated a few positions within its…
- Safaricom, a leading telecommunications operator, has joined forces with Kenya Airways to enhance the airline’s operational efficiency and customer experience. This collaboration aims to introduce cutting-edge technologies and innovative solutions across various aspects of air travel and aviation…
- Klasha, a prominent global cross-border payments company, has released a comprehensive whitepaper exploring the future of payments between Africa and China. The report, titled “Unlocking opportunities: The future of cross-border payments between Africa and China,” delves into key trends, emerging…
- mTek, a Kenyan digital insurance platform, has teamed up with BuuPass to provide comprehensive travel insurance coverage. This partnership aims to protect travellers against various travel-related risks and damages. The collaboration integrates mTek’s travel insurance solutions seamlessly into the…
- Founders Factory Africa, a prominent African venture capital firm, has unveiled its new identity as 54 Collective. This rebrand reflects the company’s ambitious goal to support entrepreneurs across all 54 African countries. The firm positions itself as a commercial-first investor with a strong…
- dLocal, a Uruguayan cross-border payment platform, has forged a partnership with iTransfer, a money remittance company. Their collaboration aims to address the complexities of cross-border payments in emerging markets, with a focus on mitigating currency risks and enhancing transfer efficiency. The…
- Kenya’s government has given the green light to a significant power infrastructure proposal from Adani Energy Solutions, a subsidiary of India’s Adani Group. The $907 million project aims to construct transmission lines and substations in Eastern and Western Kenya, bolstering the country’s…
- Sendsprint, a rising player in the cross-border payments industry, has made a significant move by acquiring Nobel Financial Inc., a US-based remittance company. This strategic purchase allows Sendsprint to extend its services to 16 US states, enabling money transfers and gift-sending capabilities…
- Sabipay Technologies, a subsidiary of Pesapal Limited, has been granted a Payments System Business license by the Bank of Zambia. This license empowers Sabipay Technologies to provide a wide array of innovative payment solutions, including online payments, mobile money, and card transactions. With…
- Liquid Intelligent Technologies has officially launched the first Microsoft Azure Stack in Uganda, providing local businesses with access to cloud solutions that align with local data regulatory requirements. By investing in the country’s first Azure Stack hub, Liquid is not only reinforcing its…
- Kenyan commercial banks are set to begin monitoring substantial cash deposits and transfers, particularly those exceeding KES 1 million, in response to an October 2023 directive from the central bank aimed at combating money laundering and terrorism financing. This directive mandates the use of “…
- Hohm Energy, a South African solar company that raised $8 million in a seed round this February, has now halted operations due to cash flow issues and an inability to meet existing debt obligations. The company has entered a business rescue process, designed to assist financially distressed…
- Jumia’s ($JMIA) share price took a significant hit on Thursday, extending the decline that started on Tuesday after the company reported Q2 2024 revenues of $36.5 million, falling short of analyst expectations of $41.7 million. A recent market rally over the past three weeks had pushed Jumia’s…
- In a move to support the vibrant creator community in Kenya, Meta has officially rolled out two key monetization features on its platforms – In-Stream Ads and Facebook Ads on Reels. This development allows eligible creators in the country to earn money for the video content they share on Facebook.…
- Meta has launched the Llama 3.1 Impact Grants program, offering up to $2 million in funding. This initiative aims to support companies that envision utilizing Llama, Meta’s AI technology, to address social challenges within their respective communities. The grant program is open to applicants from…
- Fincra, a leading Nigerian fintech company has transformed a significant piece of the country’s history into its new headquarters. Fincra launched its new headquarters in the Ikoyi neighborhood of Lagos, Nigeria, with partners, merchants, and other important stakeholders in attendance. The…
- Africa’s leading biodigester company, Sistema.bio, has made significant strides in expanding its innovative technology solutions across West and Southern Africa. With a mission to address energy challenges, promote environmental sustainability, and support access to affordable, clean, and modern…
- Mobius Motors, a Kenyan-born vehicle manufacturer and assembler, is set to shut down its operations under the Insolvency Act. The company, which had secured $56 million across five funding rounds, has struggled to overcome financial challenges, hindering its ability to settle suppliers and pay…
- Kuda, the Nigeria-focused digital banking platform backed by Target Global, has tripled its revenue according to its latest audited financial statements filed with U.K. regulators. The startup’s revenue surged by an impressive 190% in 2022, reaching $22 million (~£17.2 million), up from $7.7…
- President Cyril Ramaphosa has signed two significant bills into law, marking a transformative moment for South Africa’s transport sector. The National Land Transport Amendment Bill (NLTAB) and the Economic Regulation of Transport Bill aim to revolutionize the country’s transport landscape, with…
- Flutterwave, a prominent payments technology company, has received an Enhanced Category Payment Service Provider license from the Bank of Ghana. This development marks a significant expansion of the company’s operations in Africa and enables it to offer a wide array of payment services in the…
- The 2024 Xbox Game Camp Africa has emerged as a pivotal event in the continent’s burgeoning gaming landscape. This two-day hybrid gathering, held simultaneously in Johannesburg, Casablanca, and Nairobi, brought together a diverse array of talent from across Africa. Industry experts, aspiring…
- Spiro, a leading African electric vehicle (EV) company, has officially launched its operations in Ogun State, Nigeria. This strategic move aims to revolutionize transportation in Africa’s largest economy while addressing environmental concerns and economic challenges faced by citizens. The grand…
- LemFi, a pioneering financial technology platform, is transforming international money transfers for over a million customers in the United States, United Kingdom, and Canada. The company’s innovative products and services facilitate seamless cross-border transactions to more than 20 countries…
- Cassava Technologies, a leading infrastructure and digital services provider, has unveiled its latest venture: Cassava AI. This new business unit aims to leverage artificial intelligence to enhance the company’s offerings across Africa, the Middle East, and Latin America. Headquartered in London,…
- Nigerian mobile operator 9Mobile has announced a significant change in its ownership structure. The company, formerly known as Emerging Markets Telecommunication Services Limited, has sold a 95.5% stake to UK-based LH Telecommunication Ltd. This transaction marks a new chapter for the telecom…
- WhatsApp, the popular messaging platform, finds itself at a crossroads in Nigeria following recent actions by the Federal Competition and Consumer Protection Commission (FCCPC). The regulatory body has imposed a $220 million fine on WhatsApp for alleged data privacy violations. This hefty penalty…
- Google has broadened the reach of its Wildfire Boundary Tracker, an AI-driven tool now available in 17 additional countries, including Kenya. This expansion aims to enhance community preparedness and response to the growing threat of wildfires globally. The tracker utilizes Google Search and Maps…
- The Lagos State Government has announced plans to generate ₦200 billion annually from approximately two million residents by taxing the digital economy sector. This initiative will expand the existing income tax base to include remote workers and digital influencers, while implementing advanced…
- Mercury Bank, a favored banking partner for African tech startups based in the US, has declared it will be shutting down accounts for users in 37 countries, which includes 13 African nations. Starting from August 22, 2024, startups from countries like Nigeria, South Africa, and Kenya will be unable…
- Until now, open-source large language models (LLMs) have typically been overshadowed by their closed-source counterparts in terms of performance and capabilities. To change this dynamic, Meta is making its latest AI models publicly available, heralding a new era where open-source models are poised…
- A Federal High Court in Lagos has granted Chinese-owned fintech behemoth OPay permission to freeze customer accounts across thirty banks. This decision is part of an initiative to retrieve ₦714 million that was erroneously credited to customers due to a system malfunction. According to court…
- African fintech companies that assist businesses in accessing banking services in the U.S. and Canada have become appealing options for founders impacted by Mercury’s sudden compliance modifications last Monday. Companies like Raenest, Leatherback, and Vesti are now the focus of several founders…
- Holcim, a Swiss construction materials manufacturer and the largest shareholder in Kenya’s leading cement maker, Bamburi, has greenlit a $182.8 million buyout offer from Amsons Group. Holcim will sell its 58.6% stake in Bamburi to the Tanzanian energy conglomerate, Amsons Group. Following Holcim’s…
- Telecommunications and data center providers globally, and particularly in Africa, are grappling with mounting challenges in meeting the demands driven by artificial intelligence (AI) and the swiftly evolving technology landscape. These shifts are significantly impacting their infrastructure and…
- Africa Data Centres has announced the expansion of its CPT1 facility in Cape Town. According to a press release, the company is adding three new state-of-the-art halls in new areas on the campus, effectively doubling its current capacity with an additional 6MW of IT load. This expansion was…
- Ethiopia has secured a $3.4 billion loan from the IMF following the decision to float its currency. This move is part of broader reforms aimed at alleviating the country’s foreign currency shortages and attracting foreign investments. In a statement, the IMF explained, “The four-year financing…
- MyTherapistng, a Nigerian mental healthtech startup, recently announced a new partnership with WellaHealth, a fellow Nigerian healthtech company. This collaboration, coming after MyTherapistng reached 5,000 users, will enable its users to access micro-health insurance, adding an extra layer of…
- d.light, a global leader in affordable household products and financing for low-income households, has announced the closure of a new securitisation facility. This facility will acquire receivables amounting to USD$176 million from Kenya, Tanzania, and Uganda. African Frontier Capital, an asset…
- TurnStay, a travel-focused fintech based in South Africa, has secured $300,000 in funding to expand into additional African markets and build on its significant momentum. The $300,000 investment, provided by DFS Lab, DCG in Silicon Valley, and other investors in York, will enable TurnStay to…
- MNT-Halan, an Egyptian fintech firm, has successfully secured $157.5 million in funding to support its upcoming geographical expansion. Of this amount, $40 million was contributed by the International Finance Corporation (IFC). Additional investors include funds managed by Apis Partners LLP, Lunate…
- Intron Health, a trailblazing health tech startup, is revolutionizing clinical speech recognition for over 200 accents spoken in underdeveloped nations, starting with Africa. The company has successfully raised $1.6 million in a pre-seed funding round. The funding round was led by Microtraction,…
- SearchGPT, a new search engine prototype developed by OpenAI, is designed to deliver users “fast and timely answers with clear and relevant sources.” This tool is currently being evaluated by a select group of users. OpenAI has announced plans to eventually incorporate SearchGPT into its ChatGPT…
- Kenya’s oldest bus operator, Kenya Bus Service Management Ltd (KBS), has acquired its first electric bus as part of a strategic initiative to modernize its fleet. Having operated since 1928, the bus company has added a 36-seater electric bus to its lineup. This bus was constructed at Kenya’s first…
