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Airtel Money has received approval to increase mobile money limits to KES 500,000 ($3,400). Customers will also transact up to KES 500,000 daily, up from KES 300,000 ($2085). Yesterday, Safaricom announced it had made some adjustments to its M-PESA wallet, reporting a limit increase from KES 300,000 ($2,085) to KES 500,000 (a little over $3,400). The company further shared that the daily transaction threshold had also been raised to KES 500,000 from its previous mark of KES 300,000.

Airtel Money, the mobile money service from Airtel Kenya, has received approval from the Central Bank of Kenya to increase its mobile money limits. Customers can now hold up to KES 500,000 (approximately $3,400) in their wallets, and daily transaction limits have been raised to KES 500,000 as well. However, individual transaction limits remain at KES 150,000 ($1,043). This move comes after Safaricom's M-PESA also raised its wallet and daily transaction limits to the same amounts. Airtel Money aims to empower customers and partners with increased flexibility for conducting larger transactions and managing finances more effectively. Despite efforts to level the playing field in the mobile money sector, M-PESA remains dominant, holding a market share of 96.5%, while Airtel Money commands 3.4% and T-Kash holds 0.1%. Discussions about agency interoperability and opening M-PESA's agency network to competitors have surfaced but have yet to yield significant changes in the market landscape.
 
Read more on <a href="https://techcabal.com/2023/08/15/airtel-money-kenya-increases-transaction-limit/">TechCabal</a>

After M-PESA, Airtel Money increases wallet limit to $3,400

Bird Story Agency

Nongcebo Langa fell in love with wine after a chance encounter with a winemaker at a fair. She went on to study the craft at South Africa’s renowned Stellenbosch University and her passion and mastery of the industry’s technical processes has resulted in her creating award-winning wines, like the 2022 Delheim Gewürztraminer.

Taurai Maduna, bird story agency
 
As Nongcebo Langa walked between the barrels of a beverage enjoyed worldwide, a bubbling sound could be heard from the gas emitted during fermentation - part of the journey of every great wine. It's a sound Langa said now makes her feel at home - and stirs her imagination.
 
“We have fermentation, then you age (the wine). You can age three months, six months, nine months, 18, 24 months to five years for MCC - Méthode Cap Classique. This is the method used to make South African sparkling wines,” she explained.&nbsp;
 
Langa didn't grow up expecting to make wine. It took a careers fair and a chance encounter with a winemaker there to open her eyes to what is now her career as a South African winemaker and one of the few black women in the industry.&nbsp;
 
“It hasn't been our thing, but now it's becoming our thing,” Langa said of her community's interest in wine.&nbsp;
 
Nongcebo grew up in Pietermaritzburg’s Imbali township where family gatherings were stocked with beer and spirits. This is no longer the case; because of her knowledge of wines, she has become the unofficial ‘family sommelier’ and wine is now a popular choice at family functions.
 
“'I got this wine, how do I drink it, how do I enjoy it?' are some of the questions I get asked by those close to me who have started to enjoy drinking wine,” she explained.&nbsp;
 
KwaZulu-Natal Province where Langa comes from is known for its sugarcane production and dairy and cattle farming and the thought of studying wines never crossed her mind till she visited the careers fair and heard a winemaker there talk about their work.
 
After the fair, the idea of making wine seemed like an exciting challenge, so she decided to give it a go by enrolling at Stellenbosch University in the Western Cape Province to study Viticulture and Oenology.
 
“Viticulture is a study of grapes and the grapevine. From the soil to the insects in the ground to the weather, the climates, everything around the growth of the vine. And then Oenology is the study of wine. So wine sciences, the microbes, the machinery, the processing of the grape itself, once it gets into the cellar,” Langa explained.
 
She went further in her education and pursued a Master's program, focusing on the influence of wildfire smoke on vineyards.
 
“It's actually becoming much more relevant in the wine industry all over the world where we are seeing a lot of wildfires around winemaking regions. So my research actually focused on trying to help out once the incidence of this has occurred,” she said.&nbsp;
 
After completing her studies in 2018, Langa interned at the renowned Delheim Wines in Stellenbosch - and never left. She rose through the ranks and was appointed winemaker in May 2022.
 
That same year, she produced the 2022 Delheim Gewürztraminer - a white wine classified as off-dry - which won her the 2023 Diners Club Young Winemaker of the Year Award.
 
“The Gewürztraminer is quite a nice and unique grape in South Africa. I think there's about maybe five or so wine farms that actually make wine out of Gewürztraminer. It's exciting to work with and the flavours that come of it are very, very amazing. It's a nice combination of fruits, you've got a nice balance between the acid and the sugar on the palate”, Langa said. &nbsp;
 
Her award came with prize money and a trip to any wine region in the world. She is planning on going to Bordeaux in France in September.&nbsp;
 
“It's one of those regions that are iconic in the world. The wines that come from there are very well known. And, you know, the quality that comes from there is also well-known in the world.”
 
Langa plans to travel when it's harvest season to learn as much as she can - both inside the winery and out.
 
“Wine is a lot about culture as well as the drink and the winemaking itself,” she said, adding that she considers her profession both a science and an art.&nbsp;
 
“Everywhere you go in the world, you're going to learn the same thing about winemaking and then how you express that science, because you learn the science of it, the basics of it, but how you express that, that's up to you.”
 
Langa is certainly in the right environment to grow as a winemaker; according to Statista, South Africa ranks eighth in wine production out of the top 10 traditional wine-producing countries globally.&nbsp;
 
As a wine master, Langa’s work involves monitoring thousands of litres of wine at various stages of production in the cellars. It also involves regularly tasting wine. In the white wine barrel fermentation cellar that houses the Chardonnay and Chenin Blanc, she uses the ‘wine thief’ to get a wine sample from the barrel, so as to assess how the wine is fermenting.
 
“As you can see this is raw wine, it won’t be as clear as you will find it in a shop, so it still has to go through a lot of processes and there is high CO2 (carbon dioxide) that keeps the particles in suspension and that is why it is cloudy. But it will settle down over time.”
 
Langa works closely with Delheim cellarmaster, Roelof Lotriet, who advised management to hire her when she was an intern. Lotriet was impressed with her work ethic and her curiosity. He recalled how she responded when he asked her what she wanted out of the internship, and she jokingly replied that she wanted his winemaker job.
 
“With wine, you’ve only got one shot on a vintage. There isn't a redo or undo button. What you do is what you do. And if it doesn't work, it doesn't work. I don't think [Delheim] will be her end place, I think it'll be just the start of a fantastic career for her,” Lotriet said.&nbsp;
 
“I wanted to learn more and work under Roelof as well, it's just been quite a beautiful journey and I’ve adopted a lot of the philosophies that I have actually learned from him. And what he sort of preaches in the cellar. So that's been quite a fascinating and worthwhile journey. And then to be at Delheim so full of history, so full of traditions. It's been a learning experience,” Langa said.
 
Shame Mumba was one of the five panel of judges at the 43rd annual Diners Club Winemaker of the year awards. A certified sommelier and board member of the South African Sommelier Association board member, Mumba described Langa’s wine as having shown a lot more purity.&nbsp;
 
“The wine showed more identity, which simply means that sometimes you don't have to interfere too much in the making of the wine, but the less you make, the better the results will be like.”
 
Mumba added that winning such an award for a young winemaker was a huge confidence booster.&nbsp;
 
“It’s also a big inspiration for the young winemakers that want to become a winemaker and especially somebody of colour. That is even a massive boost for our industry as South Africa.”
 
So what makes a good wine? Langa is quick to point out that it’s a very personal choice. It’s about how one connects with the wine.
 
“I always say, I pair my wine with my mood and the company that I have. If I pick up a Rosé I know I’m going to be chilled by the pool or outside with the braai.”&nbsp;
 
She added that for a serious dinner, she would go for something like her cellar's Grand Reserve.
 
bird story agency
 
Useful links:
https://www.delheim.com/
https://dinersclub.co.za/news-events/winemaker-of-the-year/
https://www.statista.com/topics/11626/wine-industry-in-south-africa/#topicOverview
https://www.thedrinksbusiness.com/2024/01/south-african-wine-exports-see-volumes-fall-but-value-growth-increase/
https://academieduvinlibrary.com/blogs/blog/black-women-winemakers-breaking-barriers-in-south-africa

This South African winemaker is savouring the sweet taste of success 🍷🍇 🇿🇦

Despite economic challenges fueled by hyperinflation and sanctions, Zimbabwean startups are resilient and forging ahead. Learn how they navigate funding constraints, access markets beyond borders, and embrace alternative financial technologies.

In Zimbabwe, serial entrepreneur Tendai Mugovi leads the charge with three startups, including Cashlinq, scaling to Zambia amidst economic turmoil. Despite limited funding options, startups leverage diaspora remittances and government initiatives like the National Venture Capital Fund for growth. B2C startups face hurdles, but B2B models thrive by accepting payments in stable currencies and catering to enterprise clients.
 
The macroeconomic landscape presents hurdles, but also opportunities for innovation and expansion beyond Zimbabwe's borders. Startups explore markets like Zambia and Botswana, while fintech solutions gain traction among citizens seeking alternative financial services. With recent sanctions easing, Zimbabwean entrepreneurs are poised for growth, armed with resilience and innovation.
 
Read more on <a href="https://techcabal.com/2024/03/15/zimbabwe-startups-hyperinflation-sanctions/">TechCabal</a>

Overcoming Adversity: How Zimbabwean Startups Thrive Amid Hyperinflation and Sanctions 🚀 🇿🇼

Chipper Cash, a prominent fintech company, announces layoffs and salary cuts after suspending its services in the US, highlighting a strategic shift towards focusing on its African markets.

Chipper Cash, backed by Bezos Expedition, faced financial challenges leading to layoffs and salary cuts, signaling a pivot away from US operations. Despite its earlier success and substantial investments, the company is now redirecting its efforts to its core markets in Africa.
 
Read more on <a href="https://techcabal.com/2024/03/15/chipper-cash-relocates-u-s-and-u-k-workforce/">TechCabal</a>

Chipper Cash Cuts US and UK Roles After Suspending US Operations 🛑 🇺🇸  🇬🇧 👉🏾🌍

Nigeria's Securities and Exchange Commission (SEC) proposes a substantial increase in the minimum paid-up capital for virtual asset service providers (VASPs) to ₦1 billion, aiming to reshape the crypto landscape.

The Securities and Exchange Commission (SEC) of Nigeria has proposed a significant hike in the minimum paid-up capital for virtual asset service providers (VASPs) from ₦500 million to ₦1 billion, indicating a shift towards a more stringent regulatory framework in the cryptocurrency sector. If implemented, this move could potentially reshape the landscape of crypto businesses in Nigeria, favoring larger, well-capitalized companies while posing challenges for smaller, local players. Additionally, the proposal includes requirements for a fidelity bond covering at least 25% of the minimum paid-up capital, along with additional documentation for registration, reflecting the SEC's aim to ensure orderly and transparent market operations in the crypto sphere. 📈💼
 
Read more on <a href="https://techcabal.com/2024/03/18/sec-capital-requirement-for-virtual-asset-companies/">TechCabal</a>

SEC Proposes ₦1 Billion Capital Requirement for Virtual Asset Companies 🇳🇬

Nigeria's Access Bank strengthens its presence in Kenya with the acquisition of the National Bank of Kenya from KCB Group, marking its second Kenyan acquisition in recent years. 🌍💼

Nigeria's Access Bank continues its expansion in the East African market with the acquisition of the National Bank of Kenya from KCB Group, following the unsuccessful attempt to acquire Sidian Bank in 2023. The deal is expected to close within 6 to 9 months, positioning Access Bank for increased scale and growth in Kenya's banking sector. 📈💰
 
Read more on <a href="https://techcabal.com/2024/03/20/access-bank-acquires-national-bank-of-kenya/">TechCabal</a>

Access Bank Expands Footprint in Kenya with National Bank Acquisition 🏦 🇳🇬 🇰🇪

Access Bank's acquisition of National Bank of Kenya (NBK) marks a significant move in its East Africa expansion strategy, valued at around $100 million, pending regulatory approval. 📈💰

Access Bank's acquisition of NBK from KCB Group for 1.25x of the bank’s book value indicates a significant step in consolidating its presence in Kenya, with plans to inject more capital into NBK for growth and sustainability. 🌍💡
 
The transaction, subject to regulatory approvals, is expected to take six to nine months to complete, further underlining Access Bank's commitment to expanding its footprint in East Africa's largest economy. 🚀🌟
 
Read more on <a href="https://techcabal.com/2024/03/21/access-bank-national-bank-kenya/">TechCabal</a>

Access Bank Acquires National Bank of Kenya for Approximately $100 Million in East Africa Expansion 🏦💼 🇰🇪

Benjamindada

Explore how Leatherback's collaboration with YES BANK is revolutionizing remittances by enabling seamless Indian Rupee transfers worldwide, fostering economic growth and cultural exchange between India and Africa.

Leatherback, a global banking service provider, has joined forces with YES BANK, a leading private bank in India, to streamline Indian Rupee (INR) remittances and payouts globally, catering to the burgeoning trade and cultural ties between Africa and India.
 
The partnership marks Leatherback as the first Africa-focused fintech company to offer INR remittance payouts, serving as a pivotal link between individuals and businesses in India and users worldwide, empowering financial accessibility and connectivity across borders. With innovative solutions like SendR, users can now effortlessly transfer funds to India, leveraging advanced technology and YES BANK's market expertise for a seamless and efficient remittance experience.
 
Read more on <a href="https://www.benjamindada.com/leatherback-and-yes-bank-partner-to-enble-indian-rupee-transfers-for-global-users/">BenjaminDada</a>

Leatherback and YES BANK Partner to Facilitate Indian Rupee Remittances Globally 🌍💸 🇮🇳

From ranking as the world’s worst-performing currencies in 2023, the Kenyan shilling and Nigerian naira have made significant progress. They are now among the best-performing currencies in the world for 2024, raising hopes for a lower cost of living in these countries.

By Conrad Onyango, bird story agency
 
Squeezed by painfully high prices for over a year, households in Kenya and Nigeria are beginning to get some relief as their national currencies strengthen against the US dollar and the cost of living starts to come down.
 
In 2023, the shilling and naira were ranked among the worst-performing currencies in the world, according to data from Bloomberg and World Currency Monitor.&nbsp;
 
The naira was the worst-performing currency in Africa in 2023, depreciating by over 40% against the US dollar while the shilling ranked 6th worst worldwide, with a slump of over 15% against the US Dollar.
 
However, consumers in both countries are in for some relief in 2024 as their currencies gain ground and the cost of living becomes more bearable, especially in Kenya which has witnessed drops in the prices of some key foods and fuel.
 
Kenya's National Bureau of Statistics shows that the country’s annual inflation eased to a two-year low thanks to a strengthening shilling, which has helped to lower import prices. Kenya is a net importer.
 
Consumer prices rose 5.7% in March in the East African country, compared with 6.3% in February and 9.2% in March 2023, &nbsp;driven by falling prices for flour, sugar and fuel, according to the Bureau of Statistics. Flour dropped by 9.2%, Sugar 5.3% and petrol by 3.5%.
 
Kenya’s inflation is now within the government’s preferred range of 2.5% and 7.5% in the medium term.
 
On the eve of Good Friday, Kenya’s commercial banks quoted the shilling at a high of 132.00 to the US dollar, compared to a high of 161.00 at the start of the year.
 
Such robust performance has earned the shilling the title of best-performing currency in 2024, according to Bloomberg research.
 
The naira is also on a winning streak, posting N1,300 against the dollar on the eve of Easter celebrations after a historic low of N1,851 per dollar In February.&nbsp;
 
The country had been grappling with dollar shortages that depressed its currency.
 
Nigeria’s central bank Governor Olayemi Cardoso has expressed hope that the naira will continue to gain strength against the dollar after clearing a foreign exchange backlog and raising interest rates by 200 basis points to 24.75% to counter inflation.
 
“The committee noted with satisfaction the level of stability achieved in the foreign exchange market in the last few weeks...This will greatly enhance investor confidence and attract foreign investments to Nigeria,” said Cardioso during its latest Monetary Policy Committee (MPC) Press Briefing.
 
“These considerations underscore the importance of CBNs commitment to the price stability mandate and the need to urgently bring inflation under control to ensure that purchasing power of ordinary Nigerians is restored in the short to medium term,” Cardioso added.
 
Nigeria's apex bank has intensified oversight of the recapitalisation of banks and other financial services firms, which it believes will strengthen the country’s financial system against external shocks. The regulator has also cracked down on unregulated cryptocurrency trading.
 
bird story agency

Cost of living relief on the cards as Kenya, Nigeria currencies gain ground 🇳🇬 🇰🇪

Mozambique doubles down on growth with Africa's first dual benchmark rate cuts in 2024 as currencies across the continent score gains against the greenback.

Seth Onyango, bird story agency
 
Mozambique’s central bank has decisively cut its benchmark lending rate to 15.75% from 16.5%, setting a precedent as the first African country to slash rates twice in 2024.&nbsp;
 
The move highlights Maputo’s aggressive push for economic growth amid a wider trend of cooling inflation and currency stability against the US dollar across Africa.&nbsp;
 
Rate cuts in the southeastern African nation, prompted by near-four-year low consumer inflation, aim to stimulate economic activity through household spending.
 
The steady Mozambican metical against the dollar since 2021 solidifies the central bank, Banco de Moçambique's move, balancing the rate cuts without igniting inflation or destabilising the currency.
 
Mozambique’s fiscal manoeuvre and stability reflect a larger pattern across the continent. Both Kenya and Nigeria are witnessing their currencies gain ground against the greenback, offering their economies some respite.&nbsp;
 
In Kenya, commercial banks have recently quoted the shilling at a high of Sh132.00 to the US dollar, a significant recovery from Sh161.00 at the year's start.&nbsp;
 
Similarly, Nigeria's naira is experiencing a resurgence, trading at N1,300 against the dollar on the eve of Easter celebrations, rebounding from a historic low of N1,851 per dollar in February.
 
In Mozambique, the burgeoning LNG sector, kick-started, adds to the country’s growth prospects. However, insurgencies pose risks to major projects.&nbsp;
 
Despite challenges, its economy grows by 5.4% in Q4 of 2023, showcasing resilience and growth beyond its LNG sector.
 
TotalEnergies aims to restart its US$20 billion Mozambique LNG project, halted due to Islamist insurgencies in Cabo Delgado province, leading to a force majeure declaration in April 2021 that still stands.
 
Banco's recent rate cut, however, aims to counteract these challenges, ensuring continued economic progress.
 
Mozambique, with its long Indian Ocean coastline, is dotted with popular beaches like Tofo, as well as offshore marine parks, also anticipates stellar earnings from tourism.
 
Efforts to stabilise the economy and ensure security are likely to enhance Mozambique's appeal as a premier tourism destination, further diversifying its income sources and strengthening its economic resilience.
 
Mozambique is also tweaking its visa process to lure in more visitors.
 
Its complex visa process once deterred tourists and business visitors, affecting its regional and global competitiveness.&nbsp;
 
However, significant improvements began in December 2022 with the launch of a streamlined e-visa platform by the Mozambican Government.&nbsp;
 
Further easing occurred in March 2023, introducing visa-free entry for citizens of 29 countries, including the US, for tourism and business. Now, travellers can use the e-visa platform before their trip and pay a small fee of MZN650 (about US$10).
 
Furthermore, the regional economic landscape is witnessing a pivotal shift, with African nations increasingly adopting innovative monetary policies and reforms to navigate the complexities of global finance and trade.
 
Mozambique is now at the forefront of Africa's money policy manoeuvre, with the continent's economic landscape witnessing a pivotal transformation.&nbsp;
 
Its collective progress towards stronger currencies and thoughtful monetary strategies provides a brighter economic outlook for Africa.
 
Central bank governors across the continent will likely study Mozambique’s approach closely, seeking to replicate its successes in their jurisdictions.&nbsp;
 
bird story agency

Twin rate cuts set Mozambique apart as African currency rally 🇲🇿

Despite a dip in overall funding levels, the continent is witnessing a marked increase in the number of ventures securing $1 million or more.

Seth Onyango, bird story agency&nbsp;
 
Start-ups in Africa are increasingly hauling in US$1 million or more in funding, even as the investment climate on the continent cools off.
 
Data from Africa: The Big Deal, shows ventures raising over US$1 million thrive due to their bankability, suggesting a selective but keen interest from investors amidst a cautious investment backdrop.
 
"While the amount raised quarterly is still at its lowest since Q4 2020, we can see that the number of ventures raising at least $1m during a quarter has started to bounce back in Q3 2023 and continued to do so consistently since," The Deal says.
 
Investors appear to be placing targeted bets on start-ups with clear scalability and impactful solutions, indicating a move towards more strategic, long-term investments rather than widespread, speculative funding.
 
Investment patterns also reveal a notable shift towards equity financing, despite a slight 9% decrease from the previous quarter.&nbsp;
 
Conversely, debt financing has taken a substantial hit, decreasing by 44%. This indicates a growing preference among investors for equity stakes in promising start-ups, in a show of confidence in their growth trajectories and the potential for long-term returns.
 
Broadly, the total funding secured by African start-ups from April 2023 to March 2024 amounted to US$2.4 billion — a 14% decrease from the preceding 12 months but still a substantial portion of the peak funding era between July 2021 and June 2022, according to The Deal.
 
Data from Africa: The Big Deal further underscores a strategic recalibration by investors in response to the evolving global economic landscape and the unique challenges and opportunities presented by the African market.
 
African start-ups, with their deep understanding of local markets and innovative approaches to solving complex problems, are increasingly becoming the season's must-have for both local and international investors.
 
Tellingly, a separate report from Africa: The Big Deal in March showed that more African investors are funnelling substantial investments into homegrown enterprises.
 
It highlighted a departure from the previous years, when North American investors, particularly from the U.S., led the charge in startup funding across the continent.
 
Africa: The Big Deal identified at least 619 unique investors who participated in deals of US$100k or more within the continent, with 35% of these being headquartered in Africa, making it the region with the most investors in African startups.
 
This shift came after a dramatic 47% year-on-year drop in the number of North American-based investors involved in the continent, according to the report.
 
“The fact that Africa was the continent where most investors in Africa were headquartered contrasts with the previous two years when the number one spot was held by North America (the U.S., really),” the analysis observed.
 
European investors remained significant, with a stable 25% representation, closely following African investors and indicating a potential rise in interest from this region as well.
 
When considering individual countries from around the world, however, the United States maintained its position as the single largest external investor in Africa.
 
South Africa stands out as the primary African country with active investors, highlighting its role as a significant hub for investment on the continent.
 
The top five countries hosting active investors have remained reasonably stable, with the United States, South Africa, Nigeria, the United Kingdom, and France (replacing Egypt) making the list.
 
Notably, France is the only country among the top 10 to see an increase in the number of investors involved in African deals from 2022 to 2023.
 
bird story agency&nbsp;

More African founders secure $1M+ Funding in new trend 💰🌍

The Next Wave

TechSafari

Big Tech This Week

Kobo360, the logistics powerhouse backed by Goldman Sachs, is rolling out HaulSight—an innovative fleet management software designed to help Africa’s major manufacturers streamline operations, track vehicles, and cut costs in real-time. With rising fuel prices squeezing margins, HaulSight presents an efficient way for companies like Dangote and Unilever to maximize fleet potential. Will this be a game-changer for Africa's logistics industry?

🚚 Kobo360, Africa's premier truck-hailing startup, is expanding its services with a new fleet management software called HaulSight to support Africa's large manufacturers and FMCG giants. Developed as a pure SaaS solution, HaulSight enables businesses to monitor fleet activity, optimize routes, and access invoice discounting—all without Kobo360 directly managing truck sourcing or transit logistics.
 
<h3>Key Features &amp; Strategic Benefits:</h3>
<ul>
 <li>Targeted Audience: Geared towards large enterprises like Flour Mills and Unilever, who often manage both in-house and third-party fleets.</li>
 <li>Revenue Potential: Offers Kobo360 a valuable revenue stream outside traditional truck-hailing, especially beneficial given rising fuel costs that are impacting logistics margins.</li>
 <li>Time-Saving Advantage: Existing industry relationships give Kobo360 an edge in navigating the lengthy sales cycles often associated with large corporations.</li>
</ul>
 
💡 Fleet Management Demand 
As Nigeria’s logistics industry grapples with rising operating costs, software solutions like HaulSight offer a vital alternative for companies to enhance visibility and control over valuable fleet assets. Alex Adenuga, CEO of Movam, emphasizes that the sector could benefit greatly from organized, efficient fleet management, despite the high entry cost for smaller operators.
 
🌍 Broader Industry Impact 
Kobo360’s pivot towards fleet management reflects a shift in Africa's logistics landscape, where the “aggregator model” is being reevaluated in favor of high-margin software sales. However, established competition and high switching costs may challenge widespread adoption among entrenched users of existing software like Nova Truck.
 
Conclusion 
With HaulSight, Kobo360 aims to extract added value from its 50,000-strong truck network, positioning itself as an indispensable logistics partner for Africa's biggest companies. The initiative reflects a larger industry trend: addressing operational challenges through tailored, data-driven solutions.
 
Read more on <a href="https://techcabal.com/2024/11/11/kobo360-is-developing-haulsight-management-software/">TechCabal</a>

Kobo360 Unveils HaulSight: Transforming Fleet Management for Africa’s Large-Scale Businesses

🌍 Access Bank secures the green light to acquire Kenya's National Bank, expanding its reach across East Africa’s largest economy. With an estimated $100 million deal, Access Bank will increase its footprint to 77 branches across 28 counties. Here’s what this move means for Kenya’s banking sector! 💸

Access Bank has received approval from the Competition Authority of Kenya (CAK) to acquire the National Bank of Kenya (NBK) from KCB Group, contingent upon retaining 80% of NBK’s workforce for a year post-acquisition. The deal, valued around $100 million, now awaits the Central Bank of Kenya's (CBK) approval to proceed.
<h3> </h3>
<h3>Key Points:</h3>
<ul>
 <li>Expanded Reach: Access Bank’s acquisition of NBK will grow its presence from 23 branches in 12 counties to 77 branches in 28 counties, significantly enhancing its reach in Kenya.</li>
 <li>Market Share: The combined Access Bank-NBK entity will hold a 1.9% market share, a figure CAK indicates won't disrupt competitive dynamics in the Kenyan banking sector.</li>
 <li>Deal Valuation: The transaction is estimated to be around $100 million, pegged at 1.25x NBK’s book value of $79.77 million in 2023.</li>
 <li>Timeline: The acquisition is anticipated to close by November, pending final regulatory approval.</li>
</ul>
 
Access Bank’s move positions it as a stronger player in Kenya’s tier 2 banking sector, giving it an edge in a highly competitive market. The expansion reinforces its strategy to tap into East Africa's economic potential while addressing diverse banking needs, from retail to corporate and Islamic banking.
 
 
Read more on <a href="https://techcabal.com/2024/10/30/access-national-bank/">TechCabal</a>

Access Bank Gains Approval to Acquire National Bank of Kenya for an Estimated $100 Million

Stanbic Bank Kenya has completed a major upgrade of its core banking software, aiming for enhanced security and improved user experience. Despite brief service disruptions, the bank’s transition to the latest technology signals a drive for modernized banking in a competitive market.

Stanbic Bank Kenya, the sixth-largest bank in Kenya, has successfully completed an upgrade to its core banking software, Temenos T24 R23, in partnership with Orion Innovation. This upgrade—one of the most significant in recent years—introduces advanced security features and improved performance across Stanbic's digital platforms.
 
<ul>
 <li>Customer Impact: Over 266,000 customers experienced some service disruptions from October 19-21. Though some users reported limited access after the upgrade, Stanbic reassured customers that it is monitoring system performance to maintain optimal functionality.</li>
 <li>Tech-Driven Growth: This move aligns with a trend among Kenyan banks investing in advanced tech, especially as competition for skilled IT talent intensifies. Stanbic joins global banks using the advanced R23 version, further positioning itself as a leader in digital transformation in Kenya’s banking sector.</li>
 <li>Cost and Efficiency: While some banks opt to build in-house core banking systems for greater customization, others, like Stanbic, partner with external providers for expertise and cost efficiency. However, managing complex integrations across old systems remains a challenge for many institutions.</li>
</ul>
 
As Kenya’s banks embrace digital innovation, Stanbic’s upgrade is a signal of the sector’s shift toward secure and seamless banking, supported by both internal growth and external partnerships.
 
🔹 Temenos T24 R23 - Latest Core Banking Tech 
🔹 Focus - Enhanced Security, Efficiency 
🔹 Trend - Rising demand for tech talent across banks
 
Read more on <a href="https://techcabal.com/2024/10/25/stanbic-bank-kenya-finalises-core-banking-upgrade/">TechCabal</a>

Stanbic Bank Kenya Completes Core Banking Software Upgrade Amid System Glitch Resolution

Kenya is set to revolutionize its financial landscape with the introduction of a new Fast Payment System (FPS). This cutting-edge platform will ensure seamless transactions between banks and fintechs, eliminating existing barriers. The FPS promises to enhance accessibility, making financial services more convenient for all Kenyans.

<h3>The Central Bank of Kenya (CBK) is spearheading a transformative project to introduce a Fast Payment System (FPS), aimed at enabling instant transactions across all banks and fintechs. This system will solve long-standing interoperability issues, allowing Kenyans to pay bills, send money, and make other transactions effortlessly, regardless of their financial service provider.</h3>
<h3> </h3>
<ul>
 <li>Interoperability Issue: FPS will address the challenges that have prevented smooth communication between different payment systems, unlike current solutions like Pesalink, which is limited and lacks utility payments capabilities.</li>
 <li>Collaborative Effort: Since February 2024, CBK has worked with industry players through a CBK-Industry Technical Working Group to develop this new system.</li>
 <li>Key Benefits: FPS will promote faster payments, wider accessibility, and reduce the reliance on fragmented and costly systems. It will lay the foundation for an open and fully interoperable Digital Public Infrastructure (DPI).</li>
</ul>
 
By fostering faster financial services, FPS is expected to boost economic activity and expand access to essential services across Kenya 🚀.
 
 
 
Read more on <a href="https://techcabal.com/2024/10/18/kenyas-central-bank-plans-instant-payment-system/">TechCabal</a>

Kenya's Central Bank to Launch Instant Payment System for Banks and Fintechs 🇰🇪

M-KOPA, a Kenyan fintech giant known for financing solar systems and smartphones, has appointed former Nokia CEO Rajeev Suri as its new board chair. As the company gears up for rapid expansion, Suri's leadership is set to guide M-KOPA into a new era of growth and innovation. With over 5 million users across Africa, M-KOPA is reshaping digital and financial inclusion.

🚀 M-KOPA, a fintech startup providing solar systems and smartphones on affordable payment plans, has appointed Rajeev Suri, former CEO of Nokia, as its new board chairman. Suri will take over from Elizabeth Littlefield on December 1, 2024. His extensive experience in leading global companies like Nokia and Inmarsat positions him to guide M-KOPA through its next growth phase.
 
💡 M-KOPA has been a game changer in digital and financial inclusion, leveraging cutting-edge AI technologies to serve over 5 million users in Kenya, Uganda, Ghana, Nigeria, and South Africa. As competition heats up with new entrants like D.Light, Sun King, and Aspira, Suri's appointment comes at a pivotal moment.
 
📊 M-KOPA raised $255 million in 2023 and has disbursed over $1.5 billion in credit to its users. However, the company faces challenges, including back taxes following a ruling by a Kenyan tax tribunal. Despite this, M-KOPA continues to lead in the PAYGO sector.
 
Key Highlights:
<ul>
 <li>Rajeev Suri to lead M-KOPA as board chairman starting December 2024.</li>
 <li>M-KOPA has served over 5 million users across 5 African countries.</li>
 <li>Raised $590 million in venture funding, including $255 million in 2023.</li>
 <li>Suri’s appointment comes at a time of intense competition in the PAYGO market.</li>
</ul>
✨ M-KOPA’s innovative approach and strong leadership signal a bright future for the company and its mission to empower consumers across Africa.
 
 
 
Read more on <a href="https://techcabal.com/2024/10/14/m-kopa-nokia-ceo-board-chair/">TechCabal</a>

M-KOPA Appoints Former Nokia CEO Rajeev Suri as New Board Chairman, Driving Fintech Growth

Nigeria's Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, believes that Artificial Intelligence (AI) is key to unlocking Nigeria’s future as an economic powerhouse. Despite facing criticism for his AI initiatives, Tijani remains resolute, outlining his vision for a digitized, talent-driven Nigeria. 🌍🚀

AI’s Role in Nigeria’s Future: A Vision from Minister Bosun Tijani
Bosun Tijani, Nigeria's Minister of Communications, Innovation, and Digital Economy, is confident that Artificial Intelligence (AI) has the power to reshape Nigeria into an economic powerhouse. During a fireside chat at TechCabal's Moonshot event, he discussed how ignoring AI would be a failure for future generations.
 
Key highlights from his discussion:
<ul>
 <li>AI as a Game-Changer: Tijani emphasized AI’s ability to influence thinking, behaviors, and overall innovation. He argued that focusing on foundational issues like electricity and education, while important, shouldn’t take away from Nigeria’s potential leadership in AI development.</li>
 <li>Critics vs. Vision: Tijani has faced criticism for focusing on AI when Nigeria is still grappling with infrastructure challenges. However, he firmly believes that digitizing African data for large language models (LLMs) represents a huge business opportunity for Nigeria, potentially setting the continent up as a leader in the AI space.</li>
 <li>5 Pillars of Nigeria's Digital Future:Talent Development: The minister is leading the ambitious 3 Million Technical Talents (3MTT) program, aiming to create a pool of skilled professionals and make Nigeria a "net exporter of talent." 
Infrastructure: The ministry is set to expand Nigeria’s fibre backbone to 125,000 km, crucial for scaling digital technologies. 🌐 
Pro-Innovation Policy: Tijani advocates for policies that support innovation over revenue generation.</li>
 <li>Legacy: Tijani wants to be remembered as the minister who built platforms—transforming Nigeria’s digital infrastructure, introducing GEO systems, and using technology to modernize government operations.</li>
</ul>
 
🌟 Minister Tijani’s vision focuses on building a future-ready Nigeria by tapping into AI, infrastructure, talent, and innovation.
 
 
Read more on <a href="https://techcabal.com/2024/10/09/bosun-tijani-ai-transform-nigeria/">TechCabal</a>

AI Will Transform Nigeria into an Economic Powerhouse, Says Tech Minister Bosun Tijani

🌍 Okra's new cloud product, Nebula, enters the Nigerian market at a time when companies are looking for affordable, local alternatives to global giants like AWS and Azure. With payments in naira and a focus on reducing forex exposure, Nebula could be a game-changer for Nigeria's cloud ecosystem. 🚀

<h3>Okra, a Nigerian open-banking startup, has ventured into the cloud infrastructure space with Nebula, a cloud service positioned as an affordable alternative to international giants like AWS and Azure. Following the footsteps of other local providers like Nobus and Layer3, Nebula’s key selling point is its acceptance of payments in local currency (naira), appealing to businesses looking to reduce dollar exposure amid Nigeria’s currency devaluation.</h3>
 
Key Highlights:
<ul>
 <li>Naira payments for cloud services provide an attractive option for businesses facing increased costs due to Naira devaluation.</li>
 <li>The 2019 National Cloud Computing Policy encourages Nigerian government agencies to use local cloud providers, potentially benefiting Okra and its peers.</li>
 <li>With the launch of Nebula, Okra aims to expand its revenue streams beyond its open-banking roots, responding to softer demand for its original services.</li>
</ul>
 
As cloud costs rise due to the volatile exchange rate, Okra and its local competitors are hoping to capture market share by offering cost-effective, homegrown cloud solutions, potentially easing the forex burden on Nigerian companies.
<h3> </h3>
<h3>Takeaway:</h3>
<h3> </h3>
With Nigeria's cloud market evolving, Okra’s Nebula is set to compete with international giants by offering a localized, affordable alternative, a move that could transform the cloud infrastructure landscape for African businesses. 🌐💼
This summary captures the essence of the article with a focus on social media appeal and SEO. Let me know if you'd like any modifications! 😊
 
Read more on <a href="https://techcabal.com/2024/10/07/okra-providing-affordable-alternatives-to-aws-and-azure/">TechCabal</a>

Okra Launches Nebula: A Local Cloud Solution Rivaling AWS and Azure in Nigeria

Scale, a South African startup, has secured $700,000 in pre-seed funding to expand its customizable card-issuing services across Africa. Partnering with Visa and Mastercard, the company is solving key pain points for fintechs in the region. 🚀💳

<h3>South African startup Scale has raised $700,000 in pre-seed funding to help fintech companies issue customizable cards across Africa. Founded by Barbara Woollams and Miranda Perumal, Scale focuses on brand management and building strategic partnerships for fintechs looking to enter new markets or expand product verticals. This recent funding round, led by 54 Collective and First Circle Capital, will enable Scale to grow its operations into Kenya, Zambia, and Cote d’Ivoire, with a particular focus on their flagship product, Scale Execute, developed in partnership with Visa and Mastercard.</h3>
<h3> </h3>
The startup’s card-issuing service comes at a time when African fintechs are reconsidering card services due to rising costs from multi-layered partnerships and chargeback fraud, which has plagued some fintechs, including Eversend and Busha. Despite these challenges, expanding to Cote d’Ivoire makes sense for Scale, given the country’s strong card issuance growth, with 2.4 million cards issued by local banks in 2022.
 
With Africa’s fintech market projected to hit $230 billion by 2025, Scale aims to tap into this expanding sector, providing vital card issuance infrastructure that could account for 35% of payment cards by 2029. Competing against players like Onafriq, Scale is positioning itself as a critical enabler in Africa’s fintech landscape.
 
<h3>Key Highlights:</h3>
<ul>
 <li>$700,000 Pre-seed Funding: Led by 54 Collective and First Circle Capital.</li>
 <li>Expansion: Operations will expand to Kenya, Zambia, and Cote d’Ivoire.</li>
 <li>Key Product: Scale Execute – customizable card issuance, in partnership with Visa and Mastercard.</li>
 <li>Card Issuance Market: Cote d’Ivoire leads in West Africa with 2.4 million cards issued in 2022.</li>
 <li>Fintech Market Growth: Expected to reach $230 billion by 2025 in Africa.</li>
</ul>
 
Scale’s innovative approach and deep industry expertise are setting the stage for a revolution in how African fintechs offer card services to customers, despite the challenges of fraud and high processing costs. 💳✨
 
 
Read more on <a href="https://techcabal.com/2024/10/03/scale-raise-pre-seed/">TechCabal</a>

South African Startup Scale Raises $700K to Revolutionize Fintech Card Issuance in Africa 🇿🇦

🌾 Winich Farms, a Nigerian agritech startup, has raised $3 million in pre-series A funding to expand its reach and technology. This funding marks a major milestone in its mission to connect rural farmers with retailers more efficiently. Discover how this innovative company is reshaping Africa’s agricultural landscape! 🌍

Winich Farms, a Nigerian agritech company, has secured $3 million in pre-series A funding to expand its order fulfillment centers and improve its technology. This funding round, led by Acumen Resilient Agriculture Fund (ARAF), includes investments from Climate Resilient Africa Fund, Marula Square, Plug and Play Tech Centre, and Tekedia Capital. The company aims to strengthen its operations by building regional distribution hubs and reducing delivery times.
 
<ul>
 <li>🌱 Founded in 2020, Winich Farms connects rural farmers to retailers, offering fair pricing and efficient delivery through a mobile app.</li>
 <li>🚚 With over 4,000 agents and a growing network, Winich Farms processes orders up to $2.2 million monthly and has scaled its gross merchandise value (GMV) by 300% since 2022, reaching $30 million.</li>
 <li>🏬 The agritech plans to establish fulfillment centers across Nigeria to speed up deliveries and provide access to financial services for farmers through its partnership with Sterling Bank.</li>
</ul>
 
With the new funding, Winich Farms is poised to compete in Africa’s expanding agritech market, offering solutions that enhance farmers’ productivity and food security across the continent.
 
Key Takeaways:
<ul>
 <li>$3 million funding to scale operations.</li>
 <li>Expansion into regional fulfillment centers for faster delivery.</li>
 <li>Growing network of over 4,000 agents and 150,000 users.</li>
</ul>
Read more on <a href="https://techcabal.com/2024/10/02/winich-farms-raises-3-million/">TechCabal</a>

Nigerian Agritech Startup Winich Farms Secures $3 Million to Scale Operations and Technology

Mawingu, Kenya’s fifth-largest ISP, is making strategic moves to focus on fibre and fixed wireless services. With over 30,000 subscribers, Mawingu aims to expand its reach into underserved peri-urban areas. As competition from giants like Safaricom and Starlink intensifies, how will this shift impact Kenya’s digital landscape? 📡💻

<h3>Mawingu, a Microsoft-backed ISP and Kenya’s fifth-largest internet provider, is transitioning to offering only fibre and fixed wireless services, moving away from its initial TV white space technology. With over 30,000 subscribers, the company is focused on expanding into peri-urban areas, particularly in northern and western Kenya, and aims to connect 10% of its customers to fibre by the end of 2024. 📶</h3>
<h3> </h3>
<ul>
 <li>Strategic Shift: Mawingu has laid 20 kilometers of fibre in Isiolo, with plans to expand to Garissa and other regions.</li>
 <li>Affordable Packages: The ISP offers packages starting at KES 2,500 for a 10 Mbps connection, making it accessible for price-sensitive customers.</li>
 <li>Technological Transition: Initially exploring TV white space technology, Mawingu now focuses on 5GHz fixed wireless for more cost-effective solutions.</li>
</ul>
 
While larger ISPs like Safaricom dominate the market, Mawingu is carving out space in areas that are underserved. However, the competition is heating up, especially with Starlink’s disruptive presence and Safaricom’s aggressive speed upgrades.
 
🌍 Mawingu’s commitment to expanding Kenya's digital infrastructure, particularly in peri-urban areas, signals an exciting development for the country's digital future. But the question remains—how will this new strategy fare against fierce competition from telecom giants and new players like Starlink?
 
Read more on <a href="https://techcabal.com/2024/09/30/mawingu-kenya-to-focus-on-fibre/">TechCabal</a>

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