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Africa’s insurance market is expected to grow at a compound annual growth rate (CAGR) of 7% between 2022 and 2028, reaching $120 billion. Though seemingly impressive, the insurance industry in Africa could be worth more if insurance penetration on the continent wasn’t extremely low, less than 3%, according to reports. As a result, traditional insurers have a finite market to sell their products, which in most cases are subpar compared to global standards.

Nigerian insurtech startup MyCover.ai has raised $1.25 million in pre-seed funding to expand its operations and technology and enter other African markets. The startup offers an open insurance API that allows businesses to integrate insurance into their existing products and services. MyCover.ai aims to address the challenges of low insurance penetration in Africa by providing better access, coverage, affordability, and customer experience. The company collaborates with insurance companies to streamline claims processes and offers over 30 personalized insurance products that can be embedded into various platforms such as fintech, e-commerce, and ride-hailing. MyCover.ai also has a B2B platform called MyCoverGenius, providing insurance coverage for small businesses and their employees. The startup has processed over 50,000 policies and aims to continue its growth trajectory in 2023.
 
Read more on <a href="https://techcrunch.com/2023/07/19/nigerias-mycover-ai-to-scale-its-open-insurance-api-platform-with-new-funding/">TechCrunch</a>

Nigeria’s MyCover.ai to scale its open insurance API platform with new funding 🇳🇬

TechCabal

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

🌍 From humble beginnings in Africa, InstaDeep has grown into a global AI powerhouse. In just over a year under BioNTech’s umbrella, the startup continues to drive innovation in biotech and beyond. CEO Karim Beguir reveals how InstaDeep’s cutting-edge AI is revolutionizing healthcare and industrial optimization alike.

InstaDeep's AI Revolution: Scaling Global Innovation 🚀
InstaDeep, Africa's largest AI startup, was acquired by BioNTech for $550M in 2023. Under BioNTech’s wing, the Tunis-born startup has achieved significant progress in AI-driven biotech applications, including AI models that accelerate tissue analysis by 5x and support cutting-edge cancer research. Their DeepChain platform, focusing on protein design, plays a key role in fighting diseases like cancer.
 
 
Key Highlights:
<ul>
 <li>📊 BioNTech acquisition enhances InstaDeep’s biotech focus, accelerating drug development using AI.</li>
 <li>InstaDeep maintains independence, still collaborating with non-biotech sectors such as industrial optimization.</li>
 <li>🦗 A key AI project: predicting locust outbreaks in Africa with NASA-backed geospatial data, helping protect food security.</li>
</ul>
 
 
CEO Karim Beguir believes InstaDeep’s AI innovations in biotech are at a pivotal stage—similar to GPT-3’s debut in 2020, opening up endless possibilities for the future of healthcare and industrial optimization.
"AI is now a game changer in biology—just like GPT was for NLP," says Beguir.
 
 
Read more on <a href="https://techcrunch.com/2024/10/12/where-we-are-today-in-biology-ai-is-similar-to-gpt-in-2020-an-interview-with-the-ceo-of-africas-biggest-ai-startup/">TechCrunch</a>

InstaDeep's AI Journey: From Africa to Global Biotech Innovator

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 🇰🇪

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

Disrupt-Africa

Nigerian fintech leader Moniepoint has secured $110 million in Series C funding to supercharge its digital banking platform for businesses across Africa. With a track record of innovation and impact, Moniepoint is poised to transform financial access on the continent, bringing seamless banking, payments, and credit services to millions.

Moniepoint, founded in 2015 as TeamApt, is Nigeria's top merchant acquirer, processing $17 billion monthly and supporting over 10 million businesses and individuals. Recently, the company secured $110 million in Series C funding, led by Development Partners International, alongside new investors such as Google’s Africa Investment Fund and Verod Capital. With this new capital, Moniepoint plans to scale its all-in-one financial ecosystem across Africa, offering services like digital payments, banking, FX, credit, and business management tools.
 
Highlights:
<ul>
 <li>Key Investors: Development Partners International, Google’s Africa Investment Fund, Verod Capital, and Lightrock (existing investor).</li>
 <li>Platform Vision: A comprehensive suite for African businesses with seamless banking, payment solutions, and support tools.</li>
 <li>Financial Impact: Moniepoint’s rapid growth supports financial inclusion across underserved communities and enables businesses to grow with reliable banking solutions.</li>
</ul>
 
CEO Tosin Eniolorunda emphasized Moniepoint’s mission to innovate and drive financial inclusion across Africa, delivering solutions that make a difference for the continent’s entrepreneurial potential.
 
 
Read more on <a href="https://disruptafrica.com/2024/10/29/nigerias-moniepoint-raises-110m-series-c-to-scale-digital-banking-across-africa/">Disrupt-Africa</a>

Moniepoint Raises $110M to Expand Digital Banking Across Africa 🌍💸

🌍 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

Bird Story Agency

Africa's Gen Zs,  promised opportunity, innovation and new technology but faced with the very real world of a workplace in flux, constrained labour markets, high inflation and increasing criticism of their work ethic, are finding very little to cheer about. So a growing number of African universities are stepping in, hoping to bridge the gap between academic qualifications and real-world demands.

Conrad Onyango, bird story agency
 
Worldwide, Generation Z is facing tough times, with global economic shifts, environmental issues, worrying "hot" conflicts that are increasingly global in nature, and a job market that is less beneficial to generational wealth creation than any since World War 2.&nbsp;
 
At the same, time, this generation - born between 1997 and 2010 - is considered by nearly three-quarters of managers to be the most challenging workforce to work with.
 
According to a 2023 survey by Resume Builder, managers say Gen-Z workers feel entitled and demonstrate a lack of effort, motivation and productivity.
 
On the other hand, Gen Z workers blame business leaders and educators for a lack of understanding of the digital natives and their potential to re-write the rules of traditional corporate dynamics.&nbsp;
 
With this generation expected to comprise more than a quarter of the global workforce in 2025, recruiters, learning institutions and Gen Z's themselves, are having sleepless nights.
 
The fear and anxiety looms even larger in Africa, the continent with the youngest population in the world.
 
But there is a glimmer of hope.
 
Africa's institutions of higher learning are starting to introduce programs, organising networking events and forums to discuss and prepare this large pool of future workers in a quest to bridge the gap between university qualifications and the demands of the labour market.
 
The University of the Witwatersrand (Wits), Johannesburg, is the latest to launch a student-driven initiative, the&nbsp;WorkReady Gen Z&nbsp;programme, a three-month online course designed to equip University students with essential work-readiness skills.
 
“WorkReady Gen Z&nbsp;was built to empower students not just for their first jobs but for long-term success in their careers. It’s designed to help them navigate the workplace and grow into future leaders and entrepreneurs,” says Lindelwe Cili, Career Services Team Leader at Wits.
 
The collaborative effort of the Wits Student Representative Council (SRC) &nbsp;with the Wits Counselling and Careers Development Unit (CCDU) offers insights on job hunting strategies, smooth transition in their first jobs and bolsters their skills building capacities using real-time case studies.
 
The program covers topics like job roles, imposter syndrome, and workplace biases to bolster the confidence of Gen Z’s &nbsp;in their first jobs. It also exposes them to interactive case studies and thought-provoking activities where students develop critical skills such as problem-solving, communication, time management, and professionalism.
 
Strathmore University Business School in Nairobi, this year themed its Annual HR Summit "Future-ready HR: Navigating Trends, Transforming Workplaces,"&nbsp;
 
Whlie representatives from academia and industry emphasized the need for further efforts to address the work readiness gap in Africa, Ceasar Mwangi, Strathmore's Executive Dean, asked attendees to think of the continent's youth challenge differently and to change the narrative when considering education.
 
“Perhaps the best way to address the needs: 'A rich continent with high levels of poverty with difficulties and challenges is addressing the issue of people development',” he explained.
 
In March, the International School of Advertising (ISA) Africa partnered with the data science firm Predictive Analytics Lab and the recruitment firm Brighter Monday to host a "Marketing in a Gen Z World" Forum at the University of Nairobi as part of its apprenticeship program tour.&nbsp;
 
"We are teaming up to guide you through the maze of career readiness. We're offering free insights on how to ride the data-driven marketing wave," said ISA in a call for registration poster.
 
McKinsey's 'The Gen Z Equation' deep dive, calls for a change of perspective when considering Gen Z workers.
 
“To attract and retain these workers, employers should understand what this generation prioritizes in the workplace,” the report reads.
 
Gen Z prioritizes career development when considering a job offer, over compensation. Work flexibility is the top reason for their staying in a job, with the purpose of work being a deciding factor in whether they will remain in a job or quit, according to McKinsey.
 
These sentiments are also shared by Delloite in its Global 2024 Gen Z and Millenial Survey, Living and working with purpose in a transforming world.
 
According to the survey, the majority of Gen Z individuals (86%) - and an even higher number of millennials (89%) - believe that having a sense of purpose is crucial for their overall job satisfaction and well-being. Additionally, three-quarters of Gen Zs and millennials (75%) consider an organization's community engagement and societal impact as important factors when evaluating a potential employer.
 
“These generations are increasingly willing to reject assignments or employers who don’t align with their values,” said Delloite. &nbsp;
 
Brighter Monday Chief Executive Officer, Christ Otundo, speaking during the Annual HR Summit 2024, explained that many companies are struggling to articulate their value propositions.
 
“Organisations are increasingly leveraging employer branding but perhaps this is not done effectively. Companies have not articulated very clearly what their value propositions are,” Otundo explained.
 
The challenges facing Gen Z are not confined to what is often referred to as "sub-Saharan Africa", either. They are just as relevant in north Africa. AT Morocco’s Al-Akhawayn University, the dean of the School of Science and Engineering, Salah Al-Majeed, argues in his write-up on The Times Higher Education platform that Gen Z are often misunderstood.&nbsp;
 
Al-Majeed challenges educators to analyse and refocus on distinct skills such as creative spirit, entrepreneurship, willingness to challenge the status quo, social consciousness, and an ability to deliver high value and insight on issues such as sustainability, diversity, and social justice that the digital natives bring to the workplace.&nbsp;
 
“Gen Z is what we have. As educators, we should be embracing and building upon their many positive attributes rather than dwelling on their perceived failings,” said Al-Majeed.&nbsp;
 
He advocates for learning institutions to work together with recruiters to bridge the gap by mapping these competencies and creating platforms for showcasing the skills and creation of safe networking spaces with Gen-Zs.
 
bird story agency.
 
Useful links for editors:&nbsp;
 
https://www.mckinsey.com/quarterly/the-five-fifty/five-fifty-the-gen-z-equation
 
https://www.resumebuilder.com/3-in-4-managers-find-it-difficult-to-work-with-genz/
 
https://www.deloitte.com/content/dam/assets-shared/docs/campaigns/2024/deloitte-2024-genz-millennial-survey.pdf?dlva=1

Getting Gen Z work-ready: African universities stepping up

As more and more services move online across Africa, giant players like Safaricom, MTN and Airtel are stepping up their efforts to provide Africa with large, green-energy data centres.

Conrad Onyango, bird story agency
 
African telcos are racing to construct green-powered data centres as the continent's appetite for digital services grows, fueled by the world's largest youth population.
 
Already the continent is a pioneer and outperformer in mobile money, headlined by Kenya’s M-Pesa and other mobile payment services, with 60% of the population accessing the internet via mobile.&nbsp;
 
By 2025, 167 million more people from Sub-Saharan Africa are projected to be subscribed to mobile services, reaching 623 million users, and smartphone connections in the region are also seen &nbsp;more than doubling.
 
According to the International Finance Corporation (IFC), Africa’s Internet economy has the potential to reach 5.2% of the continent’s gross domestic product (GDP) by 2025, contributing nearly US $180 billion to its economy.
 
Major telcos on the continent are responding to this demand opportunity - supported by moves to take education, health care, agriculture services and governance online - by lining up data center projects they say will be among the largest and greenest on the continent.
 
In its 2024 sustainability report, Kenya’s giant telco, Safaricom has outlined &nbsp;plans to construct three &nbsp;Tier 3+ scale data centers, as part of &nbsp;its long-term strategy to transform from a telecommunications company to Africa’s leading purpose-led technology company, by 2030.
 
The company's Limuru Data Centers Phase 1 is already operational, with Phase 2 planned to come on stream by 2025.
 
“The facility is designed for future growth, with the potential to support 1,000 high density racks and an IT load of up to 20 MW within the next decade,” said Safaricom in the report.
 
The strategic location of the data center in the cooler Limuru region, the &nbsp;telco said, will enable it to deliver a Power Utilisation Effectiveness of 1.35, making it one of the most energy-efficient facilities in Africa.&nbsp;
 
“The facility is equipped with a 200 kWp rooftop solar PV plant, with plans to scale up to 2MWp. Additionally, we are exploring partnerships with renewable energy producers to further enhance our commitment to sustainability,” according to the sustainability report.
 
In June, MTN Nigeria announced it was building a 1,500-rack, Tier 4 data centre to play a pivotal role in meeting the growing data demands and digital needs of businesses and consumers in the country.
 
In a LinkedIn post, MTN Nigeria CEO, Karl Olutokun Toriola said the facility will be the largest in West Africa upon completion and will enable the telco &nbsp;to respond swiftly to market demands and support businesses in Nigeria.
 
“Ultimately, this center will play a vital role in supporting Nigerian businesses to collaborate through cloud services, expand their capabilities, and thrive,” said Toriola.
 
”Our commitment to Environmental, Social, and Governance (ESG) principles is reflected in the data center's eco-friendly design to utilize efficient cooling systems and a combination of traditional energy sources, gas, and renewable energy,” he added.
 
After launching a multi-million data centre business, Nxtra by Airtel, in December 2023 &nbsp;the telco broke ground in March to what it termed as one of Africa’s largest data centres in Lagos, Nigeria- with plans for more across the continent.
 
“Through this business we aim to create one of the largest networks of data centres in Africa with high-capacity facilities in major cities complementing our existing sites. We’re taking great care to incorporate modern energy efficiencies into our operations,” &nbsp;said Airtel Africa’s Sustainability Report 2024.
 
Africa Data Centers Association also affirms the expansion of &nbsp;industry &nbsp;due to the increasing demand for such facilities throughout the continent-citing Kenya, Morocco and South Africa as fast-growing markets- abeit with a huge infrastructure gap to fill in.&nbsp;
 
“Africa needs up to 1000 MW and 700 facilities to meet demand and bring capacity density on a par with that of South Africa, the region’s leader,” according to Data Centers in Africa focus report 2024.
 
Africa, the report shows accounted for less than 2% of global colocation Data Centers supply, with over half that total located in South Africa.&nbsp;
 
“The development of data centres is picking up pace due to strong demand from economic operators, as well as increasing awareness that African countries must establish their digital sovereignty in an increasingly competitive and complex world,” said Ayotunde Coker, Chairman, Africa Data Centres Association.
 
Nigeria is listed in the data centers focus report as Africa’s largest digital economy with the internet contributing US$36.5 billion to its GDP, followed by South Africa(US$31.5 billion) and Egypt (US$26 billion).
 
Other large digital economies include Morocco(US$21.1 billion), Kenya(US$12.8 billion), &nbsp;and Algeria (US$11.9 billion).
 
Allied Market Research projects that the global market for DC provision will reach US$517.2 billion by 2030, up from an estimated of US$187.4 billion in 2020.&nbsp;
 
bird story agency
 
Useful links for editors:&nbsp;
https://africadca.org/en/data-centres-in-africa-focus-report-2024
https://www.ifc.org/en/insights-reports/2020/google-e-conomy
https://airtel.africa/#/pages/responsibility?tab=sustainability_frame-work
https://www.safaricom.co.ke/about/sustainability/sustainable-business-reports

African telcos in race to build green data centres

Chumz, a Kenyan fintech that enables users to set savings goals with mobile money, has reached 200,000 users and is testing its services in Rwanda. With unique prompts encouraging behavior-based saving, Chumz empowers users with accessible financial tools. Expansion plans target 1 million users across East Africa by 2026.

🌍 Kenyan fintech startup Chumz, which helps users save and invest by prompting savings from mobile money, is expanding into Rwanda after gaining 200,000 users in Kenya.
 
💡 How Chumz Works:
<ul>
 <li>The app channels user funds from mobile accounts to licensed fund managers, who offer returns distributed back to users.</li>
 <li>Users are prompted to save based on behavior patterns, like spending at a pub or receiving funds, encouraging small, regular investments.</li>
</ul>
🎉 Unique Features and Success:
<ul>
 <li>The Superfan Challenge motivates savings based on favorite football teams' performance, adding a fun twist to saving.</li>
 <li>Chumz primarily serves retail investors who lack access to traditional fund managers, with women comprising the majority of savers.</li>
</ul>
🚀 Future Growth Plans:
<ul>
 <li>Chumz aims for 1 million Kenyan users by 2026 and plans to expand into Uganda, Tanzania, and Botswana.</li>
</ul>
 
With its accessible model, Chumz is filling a significant gap in East Africa’s financial inclusion landscape, supporting financial literacy across diverse demographics.
 
 
Read more on <a href="https://disruptafrica.com/2024/11/06/kenyan-fintech-startup-chumz-set-for-rwanda-expansion-after-hitting-200k-users/">Disrupt-Africa</a>

Chumz Expands to Rwanda: Kenyan Fintech with 200K Users Aims for 1M by 2026

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

The Next Wave

TechSafari

Big Tech This Week

🌍 Flutterwave, Africa's largest fintech, is gearing up for its next phase of growth. With new executive hires and a refined product focus, CEO Olugbenga Agboola aims to establish the company as the Adyen of Africa. Could Flutterwave's expansion and IPO plans be just around the corner?

<h3>Flutterwave, valued at $3 billion, is making strategic moves to cement its leadership in Africa's fintech space. With the recent hire of Mitesh Popat as CFO and the appointment of six other senior executives, the company is focusing on sustainable growth. The new hires are part of a larger restructuring effort, which also saw Flutterwave lay off 3% of its workforce and discontinue its Barter app to concentrate on enterprise payments and remittances.</h3>
<h3> </h3>
<h3> </h3>
Key points to note:
<ul>
 <li>Flutterwave’s enterprise product contributes 90% of its revenue, serving sectors like e-commerce, transportation, and FMCG.</li>
 <li>The Send App for remittances accounts for the remaining 10%, helping facilitate international transfers across Africa, the U.S., Europe, and Canada.</li>
 <li>Flutterwave aims to expand its presence in Egypt, Morocco, Nigeria, and Ghana, and secure its position as the top infrastructure layer for payments in Africa.</li>
</ul>
 
Agboola emphasized that the company’s ambition is to be the "Adyen of Africa", with a deeper focus on acquiring its own licenses in key markets. Despite IPO speculations, Flutterwave's current priority is to enhance market penetration and strengthen risk management.
 
 
🚀 With over 1 million businesses on its platform, Flutterwave continues to lead the way in Africa’s digital payment landscape, aiming for long-term scalability and deeper market penetration.
 
 
Read more on <a href="https://techcrunch.com/2024/10/07/flutterwaves-ceo-agboola-on-hires-product-focus-and-future-plans/">TechCrunch</a>

Flutterwave's Growth Strategy: Executive Hires, Product Focus, and IPO Ambitions

Kenya’s competition authority has fined Eleving’s local subsidiary, Mogo Kenya, for deceptive lending practices. As Kenya tightens regulations on unethical digital lending, this penalty exposes continued breaches of consumer trust. Could this be the tipping point for curbing unethical digital loans in the country?

Kenya’s Competition Authority (CAK) has fined Mogo Kenya, a subsidiary of Baltic fintech Eleving Group, $84,120 for misleading customers and altering loan terms without consent. The fine, although modest, highlights ongoing unethical practices among digital lenders, despite Kenya’s 2022 regulatory crackdown on predatory lending.
Key issues include:
<ul>
 <li>Unethical Loan Term Adjustments: Mogo Kenya secretly changed loan terms, increasing interest rates without informing clients and charged extra fees by denominating loans in USD, while disbursing in Kenyan shillings.</li>
 <li>Consumer Protection Laws Ignored: Despite new regulations mandating transparency and privacy protections, many digital lenders, including Mogo, continue to flout the law.</li>
 <li>Industry-Wide Problem: Other lenders like Platinum Credit and Premier Credit face similar complaints for unethical practices, raising concerns about the effectiveness of regulations.</li>
</ul>
 
Mogo Kenya is now required to refund overcharged amounts and has been issued a warning by CAK. Despite the company’s denials, this incident sheds light on a broader issue of unethical behavior among Kenya’s digital lenders, who have a long history of exploiting loopholes for profit.
 
This fine marks another step in Kenya's ongoing effort to bring accountability and fairness to the digital lending space, as the country attempts to clean up a market once rife with privacy violations and predatory lending tactics. Consumers are advised to stay vigilant and well-informed about the terms of any digital loans.
 
This regulatory action highlights the need for stronger oversight as digital lenders continue to exploit vulnerabilities in Kenya's financial landscape.
 
 
Read more on <a href="https://techcrunch.com/2024/10/04/baltic-fintech-eleving-fined-in-kenya/">TechCrunch</a>

Kenya Fines Eleving’s Local Subsidiary for Misleading Customers Amid Crackdown on Digital Lenders

Africa's tech ecosystem has seen impressive startup exits, showing how far the continent has come in tech innovation. From AI pioneers to payment processors, these exits highlight the growing success of African companies on the global stage. Read on to discover the biggest African startup acquisitions, their valuation, and what the future holds for tech exits in Africa! 🚀🌍

Africa's tech ecosystem has witnessed some significant startup exits, despite global challenges with IPO markets and M&amp;A deals. In 2021, the continent saw a peak of 44 M&amp;A exits, while in 2022, that number decreased to 29. Despite a reduction in venture capital investments, African investors remain optimistic, predicting that mergers and acquisitions will increase as startups seek liquidity in a tightening market. 🌍💡
Notable startup exits include:
<ul>
 <li>InstaDeep (AI Startup) 
Acquired by BioNTech in 2023 for €500 million ($550M). 
Raised over $108 million from top investors like Google and Endeavor Catalyst. 🌐🧠</li>
 <li>Sendwave (Money Transfer Service) 
Acquired by Zepz in 2020 for $500 million. 
Raised $15 million from major investors such as Founders Fund and Partech. 💸📲</li>
 <li>Paystack (Payments Platform) 
Acquired by Stripe in 2020 for over $200 million. 
Raised $12 million and revolutionized African e-commerce payments. 💳📈</li>
 <li>MainOne (Data Center Solutions) 
Acquired by Equinix in 2021 for $320 million in cash. 
Pioneered connectivity services across West Africa. 📡💼</li>
</ul>
 
These landmark exits show that African startups are not only attracting significant investments but are also setting the stage for future acquisitions and IPOs, providing promising returns in a developing market. With an eye on future growth, the potential for more exits continues to rise, thanks to the increasing role of cloud computing, AI, and fintech across the continent. 🌍📊
 
Key Takeaways:
<ul>
 <li>African startups raised billions, with M&amp;A deals showing strong returns.</li>
 <li>Major sectors: AI, fintech, data services, and cloud computing.</li>
 <li>Optimism remains for future exits despite the global economic challenges.</li>
</ul>
This summary emphasizes Africa’s evolving startup scene, encouraging optimism for more high-value exits in the coming years! 📈🚀
 
Read more from <a href="https://techcrunch.com/2024/09/01/from-instadeep-to-paystack-here-are-africas-biggest-startup-exits-and-how-much-they-raised/">TechCrunch</a>

Top African Startup Exits: Jumia, Paystack, InstaDeep & More

The global cross-border payment market is booming, yet many businesses are still underserved by traditional banks. 🌍💸 Conduit is stepping in to revolutionize the landscape, expanding from Latin America into Africa, and making it easier for businesses to connect to the global financial system. Here’s how they plan to transform international transactions.

Conduit, a leading fintech startup specializing in B2B cross-border payments, is expanding its operations from Latin America into Africa after securing a $6 million seed extension from Helios Digital Ventures. With the global cross-border payment market poised for substantial growth, Conduit aims to provide faster, cost-effective solutions to businesses navigating complex financial landscapes across continents.
 
<h3>Key Highlights:</h3>
<ul>
 <li>Market Potential: Cross-border payments are expected to surge by 60%, reaching $250 trillion by 2027.</li>
 <li>Pivot to TradFi: After facing challenges in the crypto market downturn of 2022, Conduit shifted focus to traditional banking, specifically B2B cross-border payments.</li>
 <li>Global Expansion: Conduit initially launched its platform in Latin America and now targets the African market, where businesses face similar transaction challenges.</li>
 <li>Investment &amp; Growth: Conduit raised $6 million from Helios Digital Ventures, boosting its annualized transaction volume to over $5 billion. Notably, 20% of its business now comes from African countries like Kenya and Nigeria.</li>
 <li>Technological Edge: Partnering with local banks, Conduit leverages technology to ensure faster, more transparent money transfers, offering a cost-effective alternative to traditional banking systems.</li>
 <li>Future Roadmap: With plans to expand into Ghana and South Africa and a goal to break even by the end of the year, Conduit is on track to surpass its achievements in Latin America.</li>
</ul>
<h3> </h3>
<h3>Additional Insights:</h3>
<ul>
 <li>Competitive Landscape: Conduit’s main competitors in Africa include established platforms like AZA Finance, YC-backed Verto, and Waza.</li>
 <li>Operational Leadership: The African expansion will be managed by Eric Wainaina, formerly of The Kenyan Wall Street, with compliance and operations led by former executives from Marqeta and the SEC.</li>
 <li>Strategic Vision: According to Wale Ayeni, managing partner at Helios Digital Ventures, Conduit's mission is to rebuild the backend for global payments, better serving African ecosystems in connecting with the global economy.</li>
</ul>
 
Conduit’s strategic expansion into Africa, backed by a robust investment and a focus on technology-driven solutions, is set to redefine how businesses engage in cross-border payments. With impressive growth metrics and a clear vision for the future, Conduit is poised to lead the charge in bridging financial gaps across continents. 🌐💼
 
 
Read more on <a href="https://techcrunch.com/2024/08/12/conduits-cross-border-payments-expand-from-latam-into-africa-with-6m-round/">TechCrunch</a>

🚀 Conduit Expands Cross-Border Payments from LatAm to Africa with a $6M Seed Round

In a strategic move to drive growth and break even faster, African e-commerce giant Jumia plans to raise over $100 million through a new share offering. This capital injection aims to expand its supply chain, enhance logistics, and invest in technology, amidst a challenging market environment. 📈💼

Jumia, a leading African e-commerce company, is set to raise over $100 million by selling 20 million American depositary shares. Despite recent market volatility, this fundraising effort aims to capitalize on strong performance and drive growth. The funds will be used to enhance Jumia's logistics network, particularly in smaller cities, and invest in technology and marketing to attract more customers and vendors.
 
Key points:
<ul>
 <li>Share Offering: Jumia plans to raise around $100 million through secondary shares, although the final amount depends on the fluctuating share price.</li>
 <li>Growth Strategy: The new funds will boost supply chain capabilities, enhance logistics, and invest in technology to improve user acquisition and vendor engagement.</li>
 <li>Financial Performance: Jumia’s Q2 2024 report shows a cash position of $92.8 million, with plans to strengthen this further with the new capital.</li>
 <li>Market Challenges: Despite order growth, Jumia's GMV and revenue saw declines due to currency devaluation in key markets like Egypt and Nigeria.</li>
 <li>Profitability Focus: Jumia aims to reduce losses, with a 27% year-over-year decrease in loss before income tax from continuing operations, highlighting its commitment to profitability.</li>
</ul>
 
Jumia's CEO, Francis Dufay, emphasized the company's efforts to shift towards growth after significant cost management and efficiency improvements. The company aims to leverage the new funding to scale operations faster and achieve quicker break-even. 🚀💡
 
Highlights:
<ul>
 <li>Jumia’s share price has fluctuated recently, impacting potential funds raised.</li>
 <li>The company raised nearly $600 million from secondary shares between 2020 and 2021.</li>
 <li>New funds will support logistics expansion, technology investment, and vendor growth.</li>
 <li>Jumia's active customer base has remained around two million per quarter, with significant growth potential in African markets.</li>
 <li>Despite order increases, revenue and GMV declines are influenced by currency devaluation.</li>
 <li>Jumia's adjusted EBITDA loss decreased by 10%, showing improved financial management.</li>
</ul>
 
Stay tuned as Jumia takes bold steps to enhance its market position and drive substantial growth across the African e-commerce landscape! 🌍📦
 
 
Read more on <a href="https://techcrunch.com/2024/08/06/jumia-plans-to-raise-more-than-100-million-in-secondary-shares-to-drive-stalled-user-growth/">TechCrunch</a>

Jumia to Raise Over $100 Million Through Secondary Shares to Boost User Growth 🚀

Cartona, an Egyptian B2B e-commerce platform, has successfully raised $8.1 million despite a cooling investor interest in the sector. With a focus on FMCG and HORECA, Cartona is leveraging its asset-light model to enhance efficiency and expand its market presence. Discover how this startup is navigating the competitive landscape and driving digital transformation in Egypt's retail market.

📈 Egypt's Cartona Raises $8.1M Amidst B2B E-commerce Challenges
Cartona, an Egyptian B2B e-commerce platform, has secured $8.1 million in a Series A extension, bringing its total Series A funding to $20.1 million. Despite a broader pullback from B2B e-commerce investments in Africa, Cartona's near profitability and strategic market position attracted investors like Algebra Ventures and Silicon Badia.
 
Key Highlights:
<ul>
 <li>Funding Details: $5.6 million in equity and $2.5 million in debt.</li>
 <li>Investment Focus: Expansion in FMCG and HORECA sectors in Egypt, with potential regional growth in Saudi Arabia.</li>
 <li>Strategic Model: Cartona's asset-light approach enhances supplier efficiency without direct competition.</li>
 <li>Market Impact: Over 180,000 retailers managing 40,000+ SKUs on the platform.</li>
 <li>Future Plans: Increasing embedded finance in transactions and leveraging local currency financing.</li>
 <li> </li>
</ul>
🛒 Expanding Vertical MarketsCartona is exploring synergies between FMCG and HORECA, boosting its annualized GMV to EGP 10 billion ($210 million). The HORECA sector, though currently small, shows promising growth and higher profitability compared to FMCG.
 
📊 Growth and Financial InclusionEmbedded finance now constitutes over 20% of Cartona’s GMV, with local currency financing supporting 90% of credit orders. This financial inclusion drives growth and stability for small merchants.
 
🌍 Market PotentialEgypt's retail market, worth $120 billion, remains largely offline. Cartona, along with competitors, is gradually digitizing the sector, covering only 2-4% of the market. The shift towards B2B e-commerce promises significant future value.
 
🚀 Looking AheadCartona’s scalable asset-light model positions it well for further regional expansion and deeper market penetration. The company aims to continue enhancing its technology and financial services to support the evolving needs of retailers and suppliers in Africa.
 
Stay tuned as Cartona revolutionizes the B2B e-commerce landscape in Africa, driving efficiency and financial inclusion in the retail sector.
 
 
Read more on <a href="https://techcrunch.com/2024/07/30/egypts-cartona-raises-8-1m-even-as-investors-pull-back-from-b2b-e-commerce-in-africa/">TechCrunch</a>

Egypt's Cartona Secures $8.1M Amidst B2B E-commerce Challenges in Africa

Pesa is breaking barriers in the remittance industry, providing fast, affordable, and secure money transfers across continents. With a multi-currency wallet, Pesa is transforming how diaspora communities send money home. 🌍💸

<h3>Pesa, a fintech startup, is revolutionizing remittance services with a multi-currency wallet. Now expanding into the US and 27 European countries, Pesa aims to make global money transfers faster, cheaper, and more accessible.</h3>
<h3> </h3>
Pesa's Global Expansion in Remittance Services
Pesa, a fintech startup founded by Nigerians Tolulope Osho, Yusuf Yakubu, and Adewale Afolabi, is revolutionizing remittance services by making them more accessible, affordable, and reliable. After launching in Canada in 2021, Pesa has rapidly expanded into 27 European countries and is now eyeing the US market. The startup’s multi-currency wallet allows users to send, receive, and hold multiple currencies, making international money transfers seamless and efficient.
 
Key Highlights:
<ul>
 <li>Pesa is finalizing licenses to launch in the US and recently expanded into 27 European countries.</li>
 <li>The platform allows users to send, receive, and hold six different currencies.</li>
 <li>Pesa aims to make global money transfers fast, secure, and affordable, reducing the need for risky informal channels.</li>
 <li>The startup has processed over a million transactions valued at $380 million and serves 60,000 users, 30% of whom are active.</li>
 <li>Expansion into new markets, including India and Sub-Saharan Africa, positions Pesa as a major player in the digital remittance space.</li>
</ul>
 
Impact and Future Goals:
<ul>
 <li>Pesa’s efforts align with the World Bank’s projections of increasing remittance flows to low-and-middle-income countries, expected to reach $129 billion in India by 2025.</li>
 <li>The startup’s expansion will intensify competition with other digital remittance platforms like Wise, Nala, and Flutterwave.</li>
 <li>Pesa plans to introduce multi-currency cards and other financial products to enhance user experience and drive further growth.</li>
</ul>
 
By leveraging technology and innovative solutions, Pesa is poised to significantly impact the global remittance industry, empowering diaspora communities and fostering financial inclusion. 🚀💼
 
 
Read more on <a href="https://techcrunch.com/2024/07/22/pesa-pursues-global-growth/">TechCrunch</a>

Pesa Unlocks New Markets to Keep Remittances Flowing to Emerging Economies

Nala, a Tanzanian fintech startup, just closed a $40 million Series A round to bolster its B2B payments platform and expand remittance services. This funding, led by Acrew Capital, marks one of Africa’s largest Series A deals, showcasing investor confidence in Nala’s vision. 🚀💸

<h3>Nala, a Tanzanian fintech startup, raised $40 million in a Series A round led by Acrew Capital, marking one of the largest such deals in Africa. The oversubscribed round saw participation from DST Global, Norrsken22, HOF Capital, and several prominent angel investors. The funds will support Nala’s global expansion, focusing on scaling its remittance business into Asian and Latin American markets.</h3>
<ul>
 <li>Nala's Expansion: Initially providing local money transfers in Tanzania, Nala now enables remittances from the EU, UK, and US to 11 African markets. The integration with services like M-Pesa allows direct bill payments into mobile wallets.</li>
 <li>B2B Platform - Rafiki: Launched in March, Rafiki serves global businesses making payments to and from Africa, integrating directly with banks and mobile money providers. This ensures reliable, low-cost payments and improves service availability for Nala’s consumer app.</li>
 <li>Global Growth Plans: CEO Benjamin Fernandes emphasized that the new funding will enhance infrastructure, supporting reliable and cost-effective payments. Nala aims to build a robust payments ecosystem beyond Africa and reach 500,000 customers soon.</li>
 <li>Market Opportunities: The World Bank predicts a 1.5% growth in remittance flows to sub-Saharan Africa, with similar trends in other regions. Nala’s focus on reducing transaction costs makes it competitive in the growing remittance market.</li>
 <li>Investor Confidence: Acrew’s Lauren Kolodny highlighted Nala’s potential to lead in remittances for Africa's youth, expected to represent 35% of the global youth population by 2050.</li>
</ul>
<h3>Highlights:</h3>
<ul>
 <li>Raised $40 million Series A led by Acrew Capital</li>
 <li>Expansion into B2B payments and global remittance services</li>
 <li>Integrates with 249 banks and 26 mobile money services in 11 African markets</li>
 <li>Plans to enter Asian and Latin American markets</li>
 <li>Achieved profitability and aims to cross 500,000 customers</li>
 <li>Emphasizes low-cost, reliable payments through its platform Rafiki</li>
</ul>
Nala's growth is a testament to the potential of African fintech companies, demonstrating how innovative solutions can address unique market challenges and attract significant international investment. 🌍💼
By maintaining a focus on reliability and cost reduction, Nala sets a new standard in the fintech industry, promising to benefit both consumers and businesses with its advanced payment solutions.
 
Read more on <a href="https://techcrunch.com/2024/07/09/nala-series-a/">TechCrunch</a>

Nala Secures $40M Series A to Expand B2B Payments and Scale Remittance Services Globally 🇹🇿

Breega, a Paris-based venture capital firm, is making a bold move to support Africa's growing tech ecosystem with a $75 million fund aimed at early-stage startups. This investment underscores Breega’s commitment to nurturing innovation in emerging markets. The firm’s expansion into Africa is marked by the opening of new offices in Lagos and Cape Town.

<h3>🌍 Breega's New Venture in Africa: Paris-based VC firm Breega has announced a $75 million fund to invest in early-stage startups across Africa. The firm, known for its founder-friendly approach, aims to leverage its European success to boost African tech innovation.</h3>
<h3> </h3>
📈 Historical Growth: Africa's tech ecosystem has seen significant growth, with venture capital inflows rising from under a billion dollars to $6 billion annually, and the number of unicorns growing from one to seven in three years.
 
💼 Strategic Expansion: Breega has secured 70% of the capital for its new fund and opened offices in Lagos and Cape Town to strengthen its presence in Africa. These offices join Breega’s existing locations in Paris, London, and Barcelona.
 
🤝 Founders-for-Founders Approach: Breega prides itself on being a founders-for-founders fund, providing operational expertise alongside capital. This approach has driven their rapid growth in Europe, and they aim to replicate this success in Africa.
 
🌱 Investment Strategy: The "Africa Seed I" fund will focus on pre-seed and seed stages, investing between $100,000 and $2 million in startups across major African markets, including Nigeria, Egypt, South Africa, Kenya, and Francophone countries like Morocco and Senegal.
 
💡 Local Expertise: Breega's Africa fund is led by Melvyn Lubega and Tosin Faniro-Dada, who bring extensive entrepreneurial and operational experience. The fund has already backed nine startups, including Numida and Klasha, with plans to make at least 40 investments.
 
<h3>Key Highlights:</h3>
<ul>
 <li>Target Markets: Nigeria, Egypt, South Africa, Kenya, Morocco, Senegal, Ivory Coast, Cameroon, and DRC.</li>
 <li>Supported Sectors: Fintech, healthtech, proptech, logistics, and edtech.</li>
 <li>Investment Size: $100,000 to $2 million per startup.</li>
 <li>Unique Value Proposition: Local market understanding, operational expertise, and tailored support.</li>
 <li>Team Expertise: Former founders and operators providing hands-on support.</li>
</ul>
 
<h3>Breega's Vision:</h3>
Breega aims to foster innovation and address local challenges with tailored solutions. By bringing their European experience and integrating local market insights, they plan to catalyze the next wave of African tech startups.
 
 
Read more on <a href="https://techcrunch.com/2024/06/20/paris-based-vc-breega-75m-africa-fund/">TechCrunch</a>

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