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Africa Fintech Summit

Benjamindada

Ajim Capital

Kenya has emerged as one of Africa's leading startup nations, being ranked number one in East Africa and 62nd globally. One key factor enabling this success is the increasing access to VC funding, which is the lifeblood of growth. Despite the market reset that saw a downturn in the inflow of investment into the continent, Kenya's startup scene has continued to progress.

Kenya's tech startup scene is thriving, with the country leading in East Africa and ranking 62nd globally for startup growth. Access to venture capital funding has played a crucial role in this success. Despite a slowdown in investment inflow across the continent, Kenya's startup ecosystem continues to progress.
 
Kenyan startups have seen substantial funding growth this year, particularly in comparison to the Big Four nations. Kenyan startups secured $511.4 million in funding, marking a 14.31% increase from the previous year, and a remarkable 153.21% year-on-year increase since 2021. This growth is attributed to 28 disclosed deals encompassing accelerator raises, debt financing, and equity transactions.
 
The article highlights nine of Kenya's fastest-growing tech companies according to a report by the Financial Times:
 
1. Wasoko: Formerly Sokowatch, this B2B e-commerce platform rebranded and raised $125 million in Series B funding, reaching a valuation of $625 million. Its revenue surged from $3.4 million in 2018 to $136.9 million in 2021, with a CAGR of 242%.
 
2. Africa Health Care: Providing dialysis services across Sub-Saharan Africa, the company's revenue grew from $700,000 in 2018 to $5.4 million in 2021, with an expected revenue of over $15 million in 2023 and a CAGR of 92.9%.
 
3. Victory Farms: This agritech startup raised $35 million in a Series B round to expand its sustainable fish farming operations across Africa. Its revenue grew from $2.8 million in 2018 to $17.3 million in 2021, with a CAGR of 87.8%.
 
4. Lipa Later: As a Buy Now Pay Later startup, Lipa Later raised $12 million in a pre-series A round and partnered with Mastercard to drive financial inclusion. Its revenue climbed from $600,000 in 2018 to $3.5 million in 2021, with a CAGR of 84.2%.
 
5. Poa Internet: Offering affordable internet solutions, Poa Internet raised $28 million in Series C funding and expanded its services, boasting 12,000 customers. It achieved a CAGR of 72%, with revenue rising from $300,000 in 2018 to $1.5 million in 2021.
 
6. Fourth Generation Capital: This fintech company, providing unsecured credit to micro-enterprises, raised $18.5 million in a Series C round. Revenue increased from $6 million in 2018 to $17.3 million in 2021, with a CAGR of 42%.
 
7. M-Kopa: Offering asset financing to underbanked customers, M-Kopa expanded across markets and secured a $250 million debt and equity funding. With a CAGR of 34%, the company now serves 3 million customers.
 
8. Laterite: The data, research, and analytics firm expanded its revenue from $2.4 million in 2018 to $5.4 million in 2021, achieving a CAGR of 32.2%.
 
9. Copia: This e-commerce startup raised $103 million over 7 funding rounds. Despite shutting down operations in Uganda, Copia's revenue grew from $8.9 million in 2018 to $30.1 million in 2021, with a CAGR of 49.9%.
 
Kenya's dynamic startup ecosystem and remarkable funding growth showcase the country's role as a frontrunner in African tech innovation.
 
Read more on <a href="https://www.benjamindada.com/11-fastest-growing-companies-in-kenya/">BenjaminDada</a>

Nine fastest-growing Kenyan tech companies in 2023, according to FT 🇰🇪

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

TechCrunch

🌍 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

🌍 Access Bank is growing its African footprint! The Nigerian banking giant has secured a provisional license from the Central Bank of Namibia, allowing it to operate for six months starting October 2024. This move marks a major milestone in its continental expansion strategy. 🚀

Access Bank, Nigeria’s largest bank by assets, has received a provisional banking license from the Central Bank of Namibia (BON), effective October 4, 2024. This expansion is part of the bank’s broader African growth strategy, aiming to tap into the opportunities provided by the African Continental Free Trade Area (AfCFTA) and diversify revenue streams.
 
Key Highlights:
<ul>
 <li>🌍 African Expansion: Access Bank plans to expand into 26 countries within the next five years, including the US, France, Hong Kong, and several African markets.</li>
 <li>💼 Namibia’s Banking Sector: With a robust financial industry valued at N$166.3 billion ($9.47 billion), Namibia presents a promising market for Access Bank to compete against local giants like FNB Namibia and Standard Bank Namibia.</li>
 <li>📈 Strategic Moves: Earlier in 2024, Access Bank also acquired ARM Pensions, adding ₦3 trillion in assets and 2 million retirement accounts to its portfolio.</li>
</ul>
 
With its eyes on new territories, Access Bank continues to solidify its position as a leading player in African banking and financial services.
 
Read more on <a href="https://www.benjamindada.com/access-bank-namibia-license-african-footprint/">BenjaminDada</a>

Access Bank Secures Namibia License, Expands African Operations

Africa's digital content landscape is transforming, thanks to a strategic partnership between Carry1st and Audiomack. By simplifying payments for gaming and music subscriptions, they are breaking barriers and reaching millions of underserved consumers. This collaboration taps into Africa's youthful digital appetite, unlocking new growth potential.

🎮🎶 Carry1st, Africa’s leading mobile games publisher, has teamed up with Audiomack to make digital payments easier across the continent. This partnership enables users to access premium gaming and music services via local payment methods, breaking through the continent’s fragmented digital payments space where credit card access is low. With Pay1st, Carry1st’s payment solution, Audiomack’s 30 million monthly users can now seamlessly subscribe to premium features, tapping into Africa's growing digital content consumption.
 
<ul>
 <li>This collaboration expands Carry1st’s influence beyond gaming, embracing Africa's booming music and entertainment sector.</li>
 <li>Audiomack, known for its focus on Afrobeats and hip-hop, is Africa's top music streaming platform on iOS in multiple countries like Nigeria and Kenya.</li>
 <li>The partnership reflects a broader trend of cross-industry collaboration in Africa’s digital economy, as companies explore innovative ways to enhance user experience and monetize content.</li>
</ul>
 
This move highlights the importance of adopting localized solutions for Africa’s digital payments, and its success depends on adapting to regional market conditions. As Africa's mobile-first economy grows, expect more companies to follow this trend. 🌍💳
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Carry1st Partners with Audiomack to Simplify Digital Payments for African Consumers

Uber is shifting gears from just ride-hailing to becoming a global travel hub. By offering boat, yacht, and safari experiences across Europe and Africa, the company is eyeing a larger piece of the tourism market. Is this the future of travel? 🚤🦁

Uber Takes Aim at Tourism with New Travel Experiences 🚤🦁
Uber, known for revolutionizing the ride-hailing industry, is now stepping into tourism by offering unique travel experiences across Europe and Africa. From yachts in Ibiza to safaris in South Africa, Uber aims to cater to the growing demand for immersive, luxury travel.
 
Key Highlights:
<ul>
 <li>New Offerings: Uber launches yacht tours in Spain, boat rides in Venice and Greece, and Uber Safari in South Africa.</li>
 <li>Strategic Expansion: With 55% growth in demand for mobility services in tourist hotspots, Uber is capitalizing on this trend by diversifying its services to tap into the lucrative travel market.</li>
 <li>Uber Safari: The latest addition, allowing tourists to experience South Africa’s wildlife with a $200 safari trip.</li>
</ul>
 
Uber’s latest ventures align with its goal of becoming a one-stop travel platform, offering more than just rides. This strategic expansion comes after a profitable Q2 2023, positioning the company for long-term growth beyond ride-hailing.
 
🌍💼 From ride-hailing to complete travel solutions, Uber continues to expand its horizons, offering one-of-a-kind experiences across continents.
 
 
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🚗 Uber Expands into Tourism: Yacht, Boat, and Safari Rides Now Available 🌍

Exciting times ahead for Egyptian fintech! Lucky ONE has just raised $3 million in a convertible debt round to boost its credit platform and venture into new regional markets. This latest funding marks a significant milestone in their mission to provide innovative financial solutions across Egypt and beyond. 🚀

<h3>Lucky ONE, an Egyptian fintech company, has successfully raised $3 million in a convertible debt round with support from existing backers including Lorax partners, KEM, and DisrupTech Ventures. Founded in 2019 by Ayman Essawy, Momtaz Mousa, and Marwan Kenawy, Lucky ONE offers a variety of financial services such as credit, cash backs, and discounts both in-person and online. This new investment will be utilized to enhance its credit platform and facilitate entry into new regional markets, targeting Q1 2025 for these advancements.</h3>
<h3> </h3>
Key Highlights:
<ul>
 <li>Lucky ONE secured $3 million in a convertible debt round.</li>
 <li>Investors include Lorax partners, KEM, and DisrupTech Ventures.</li>
 <li>Funds will be used to expand the credit platform and enter new regional markets.</li>
 <li>Founded in 2019 by Ayman Essawy, Momtaz Mousa, and Marwan Kenawy.</li>
 <li>Previous funding includes a $25 million Series A round in 2022.</li>
 <li>CEO Momtaz Mousa expressed confidence in achieving profitability with this new capital.</li>
</ul>
Quote from CEO:“We are thrilled to announce the successful closing of this funding round, this investment is a testament to the confidence our investors have in our vision and our ability to deliver innovative financial solutions to the underserved Egyptian market,” said Momtaz Mousa.
 
Impact:
<ul>
 <li>The new funding signifies a major growth milestone.</li>
 <li>Expansion plans include extending the credit platform services and entering new regional markets over the next two years.</li>
</ul>
Lucky ONE’s journey continues to inspire as they set their sights on new horizons, driving financial innovation and inclusion across Egypt and the region. 🌟
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Egyptian Fintech Lucky ONE Secures $3M to Expand Credit Platform and Regional Operations 🇪🇬

📈 Netflix has increased its subscription prices in Nigeria for the second time this year, causing concern among subscribers already grappling with economic hardships. Discover how the new rates are affecting Nigerian viewers and what it means for the future of streaming in the region. 🎥🇳🇬

<h3>Netflix's Second Price Hike in Nigeria This Year</h3>
<ul>
 <li>New Pricing Structure: Netflix has announced a price increase for its Nigerian subscribers, the second this year:Premium Plan: From ₦5,000 ($3.14) to ₦7,000 ($4.40) 
Standard Plan: From ₦4,000 ($2.51) to ₦5,500 ($3.46) 
Mobile Plan: From ₦2,200 ($1.38) 
Basic Plan: From ₦3,500 ($2.20) 
</li>
 <li>April Price Revision: Earlier in April, Netflix increased prices for the premium plan from ₦4,000 ($2.76) to ₦5,000 ($3.14), and standard plan from ₦3,600 ($2.26) to ₦4,000 ($2.51). The mobile plan rose to ₦1,600 ($1.01) from ₦1,200 ($0.75), while the basic plan remained at ₦2,900 ($1.82).</li>
 <li>Strategic Adjustments: These price hikes align with Netflix's broader strategy to periodically revise subscription rates to support revenue and content growth. Similar adjustments have been made in key markets like the US, UK, and France.</li>
 <li>Ad-Supported Tier: Netflix has introduced a "basic with ads" tier in various countries, offering a cheaper subscription option for those willing to watch ads.</li>
 <li>Economic Impact: The recent devaluation of the Naira, rising inflation, and high living costs in Nigeria are making it difficult for many subscribers to afford these increased prices. With declining spending power and a shrinking middle class, streaming services may become less of a priority.</li>
</ul>
 
Netflix's price adjustments reflect its efforts to balance competitiveness and content quality, but economic challenges may force many Nigerian subscribers to reconsider their streaming budgets. 📺📉
 
 
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Netflix Price Hike in Nigeria: Subscribers Struggle Amid Economic Challenges 📺📉 🇳🇬

Mira has launched its new Register POS system to revolutionize the food and retail industry in Africa. This advanced system is set to transform how businesses process orders, handle payments, and manage inventory. Discover how Mira is poised to change the $4.7 trillion global hospitality market.

<h3>Mira has introduced the Mira Register, an advanced POS system aimed at digitizing food and retail businesses across Africa. Initially offering free restaurant software and generating revenue through transaction commissions, Mira has evolved to provide a comprehensive hardware solution. The Mira Register features a suite of tools, including dual displays, a receipt printer, and a barcode scanner, all managed by robust software.</h3>
<h3> </h3>
Key Features:
<ul>
 <li>Streamlined Ordering: Customers can browse digital menus, place orders, and split bills using QR codes.</li>
 <li>Comprehensive POS System: The Mira Register includes hardware and software to manage orders, payments, and inventory efficiently.</li>
 <li>Affordable Solution: Priced at ₦360,000 with a 12-month installment plan, it's accessible for small to medium businesses.</li>
</ul>
Impact and Expansion:
<ul>
 <li>Mira has over 200 restaurants on its platform, with clients like Olaiya Foods and Grey Matter.</li>
 <li>The system is designed to address customer feedback and improve operational efficiency.</li>
 <li>Mira aims to expand further by offering value-added services like inventory financing and payroll management.</li>
</ul>
Mira's journey started with a QR code-based order system, but customer demand for more efficient solutions led to the creation of the Mira Register. This new system is set to provide a seamless integration between POS and back-office software, significantly enhancing the management capabilities for businesses in Africa.
 
<h3>Important Highlights</h3>
<ul>
 <li>Mira Register: A new, holistic POS system for food and retail businesses.</li>
 <li>Customer-Centric Development: Built based on valuable feedback and practical needs.</li>
 <li>Expansion Plans: Aiming to introduce additional services and partnerships to empower African businesses.</li>
</ul>
This innovation by Mira signifies a substantial step forward in digitizing and streamlining operations for African food and retail industries, promising enhanced efficiency and growth opportunities.
 
 
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Mira Register: Revolutionizing POS for African Food and Retail Businesses

Nala, the Tanzanian fintech startup, has secured $40 million in Series A funding led by Acrew Capital, marking a significant milestone in its mission to transform the African payments landscape. As Nala expands its B2B payments platform, Rafiki, it aims to tackle long-standing remittance challenges, ensuring seamless and cost-effective cross-border transactions. This funding surge positions Nala as a key player in Africa’s burgeoning fintech sector.

<h3>Nala, a Tanzanian fintech startup renowned for its affordable money transfer services, has raised $40 million in a Series A round led by Acrew Capital, with contributions from DST Global, Norrsken22, and notable angel investors Ryan King and Vlad Tenev. This oversubscribed funding round highlights investor confidence in Nala’s vision and growth potential.</h3>
<h3> </h3>
<ul>
 <li>Expanding Footprints: Initially focused on remittance services, Nala’s consumer app enables money transfers across 249 banks and 26 mobile money services in 11 African markets. The integration with Kenya's M-Pesa allows users to pay local bills directly into mobile wallets, leveraging legacy mobile money infrastructure.</li>
 <li>B2B Payments Platform - Rafiki: In March 2024, Nala launched Rafiki, integrating directly with banks and mobile money providers to address remittance challenges. Rafiki aims to empower global businesses to trade more effectively with Africa by facilitating seamless cross-border payments.</li>
 <li>Growth Projections: The World Bank projects a 1.5% growth in remittance flows to sub-Saharan Africa in 2024, reaching $54 billion. Nala plans to expand Rafiki to emerging markets in East Asia, the Pacific, South Asia, Latin America, and the Caribbean, aligning with these growth trends.</li>
 <li>Reducing Costs: The global average cost of sending $200 is 6.4%, while digital remittances are comparatively cheaper at 5%. Nala focuses on reducing transaction costs and enhancing reliability to attract a larger user base and gain a competitive edge over traditional platforms.</li>
 <li>Scaling Operations: Founder and CEO Benjamin Fernandes emphasizes reinvesting the new funds to enhance infrastructure and ensure reliable, low-cost payments. Recent strategic hires from Wise and Currency Cloud bring valuable expertise to support Nala’s expansion.</li>
 <li>Industry Impact: Nala’s success underscores the potential of African fintechs to innovate and address market challenges. By building its payment rails and integrating directly with financial institutions, Nala sets a new standard for reliability and cost efficiency in digital payments, inspiring similar strategies across the fintech industry.</li>
</ul>
Nala’s innovative approach and robust funding position it as a front-runner in Africa’s fintech landscape, poised to revolutionize cross-border payments and foster economic growth across the continent.
 
 
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Tanzania's Nala Secures $40M to Revolutionize African Payments Infrastructure 🇹🇿

Uganda's decision to hike import duties on electric and hybrid vehicles by 25% reflects a shift towards local production and sustainability goals, impacting prices and investor sentiments.

Uganda has increased import duties on electric vehicles by 25%, responding to a surge in imports from 26 units to 420 units within a year. The move aims to promote local production and reduce reliance on imported eco-friendly vehicles, but has drawn criticism from car dealers concerned about increased costs and unpredictable tax policies. Despite challenges, Uganda plans to boost domestic production through initiatives like exempting manufacturers meeting local employment and raw material criteria from certain taxes, while targeting electric bus exports to regional markets.
 
 
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Uganda Imposes 25% Import Duties on Electric and Hybrid Vehicles Amid Surge in Imports 🇺🇬

Zimbabwe is taking a giant leap towards sustainable energy with the installation of floating solar panels on Kariba Dam. This project aims to combat energy shortages and sets a remarkable example for renewable energy initiatives across Africa.

<h3>In a groundbreaking move, Zimbabwe plans to install floating solar panels on the Kariba Dam, Africa's largest man-made dam. This innovative project aims to address the nation's energy shortages and enhance sustainable energy solutions.</h3>
 
🔹 Key Points:
<ul>
 <li>Project Launch: The solar panel installation is set to begin early next year.</li>
 <li>Initial Capacity: The project will start with 150 megawatts of solar power on the Kariba Dam.</li>
 <li>Private Sector Involvement: Companies have applied to install an additional 600 megawatts.</li>
 <li>Government Commitment: The initiative underscores the government's dedication to expanding renewable energy technologies.</li>
 <li>Broader Impact: Plans are also underway to install floating panels at the Mutirikwi Dam, showcasing Zimbabwe's efforts to diversify its energy sources.</li>
</ul>
 
🌍 Why It Matters:Zimbabwe's innovative approach to tackling energy shortages highlights the importance of renewable energy in combating power outages and environmental challenges. The move towards floating solar panels not only leverages existing water infrastructure but also sets a precedent for sustainable energy solutions in Africa and beyond.
<h3> </h3>
Stay tuned for more updates on Zimbabwe's ambitious plans to revolutionize its energy landscape! 🌞💡
 
 
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Zimbabwe's Floating Solar Panels: A Sustainable Solution for Energy Shortages on Africa's Largest Dam 🇿🇼

Africa Data Centres, a division of Cassava Technologies, has secured over $109 million in funding from Rand Merchant Bank to enhance its data center capacity in South Africa by an additional 20MW. This move solidifies ADC's leading position in the African data center market.

<h3>Key Highlights:</h3>
<ul>
 <li>Significant Funding: ADC secures over $109 million to boost data center capacity.</li>
 <li>Expansion Goal: Plans to increase South African capacity by 20MW.</li>
 <li>Commitment to Growth: Supports digital transformation for customers.</li>
</ul>
 
“This funding is a significant milestone in the growth of Africa Data Centres,” said Hardy Pemhiwa, President &amp; Group CEO of Cassava Technologies. “It underscores our commitment to growth and our confidence in the future of the South African data centre market.”
 
In 2021, ADC committed $500 million to launch the largest data center expansion plan in Africa, aiming to build 10 new hyperscale data centers across 10 countries. This new funding marks another step towards achieving this ambitious goal.
 
🔗 Related Tags: #AfricaDataCentres #DigitalTransformation #TechExpansion #DataCentreFunding #SouthAfricaTech
 
 
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