African Startups Are Getting Backed By Football Superstars

African Startups Are Getting Backed By Football Superstars

Africa’s football superstars earn millions of $ and need help spending it. Luckily, African startups are helping solve that good problem by granting our favourite athletes investment options. Plus, Safaricom breaks records in Ethiopia, and Kenya’s Court takes on the Avenger role.

Summary of the newsletter:

  1. African Startups Backed by Football Superstars:Football superstars with significant earnings are investing in African tech startups.
    Examples include Wilfred Ndidi investing in fantasy football platform Fanbants, Édouard Mendy investing in Ivorian fintech startup Julaya, and Blaise Matuidi investing in Sudan-based fintech startup Bloom.
    Raheem Sterling is also mentioned as an investor and ambassador for Oja, an online grocery store catering to African and Caribbean communities.
    Global footballers like Lionel Messi, Cristiano Ronaldo, Raphaël Varane, Zlatan Ibrahimovic, Iker Casillas, and Ivan Rakitić are launching venture capital firms or acting as angel investors.
  2. M-Pesa Enters Ethiopian Market:Safaricom obtained a payment instrument issuer license to introduce its fintech arm, M-Pesa, in Ethiopia.
    Safaricom gained 3 million subscribers in Ethiopia within seven months but still lags behind the state-owned telecom Ethio Telecom with 54 million subscribers.
    Safaricom has invested $1.2 billion and plans to invest an additional $300 million over the next ten years to compete in the Ethiopian market.
    Safaricom's competitor, MTN, declined the opportunity, citing challenges with repatriation.
  3. Kenyan Court Protects Laid-off Content Moderators:Meta and Sama faced legal battles in Kenya related to content moderators.
    The court blocked Meta from switching moderators and prevented Sama from executing large-scale layoffs.
    The court rejected Meta's argument that foreign companies could not be sued in Kenya.
    The court forced Sama to include the laid-off content moderators in the payroll.
    If found guilty, Meta and Sama may be required to clear moderators from blacklists and settle for their actions.

Overall, the newsletter highlights football superstars' investments in African startups, Safaricom's entry into the Ethiopian market with M-Pesa, and the legal disputes involving content moderators in Kenya.

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