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Africa Fintech Summit

Benjamindada

Ajim Capital

According to the World Bank, Nigeria accounted for the highest remittance flow into Sub-Saharan Africa in 2022.

Remittances proved vital for the region in 2022, with a total flow of $53 billion, providing much-needed support amidst challenges like food insecurity, droughts, and supply chain disruptions. Nigeria led the way with $20.1 billion in remittances, followed by Ghana ($4.7 billion) and Kenya ($4.1 billion). Other significant recipients included Zimbabwe, Senegal, the Democratic Republic of Congo, Sudan, Uganda, Mali, and South Africa.
 
💡 Fintech startups are harnessing this inflow to drive innovation in the financial sector, offering solutions for Africans in the diaspora. Nigerian neobank, Kuda, even expanded its remittance services to the UK to address barriers and fees faced by the diaspora.
 
🌐 However, Sub-Saharan Africa still faces high remittance costs, with an average of 8.0% to send $200 to the region in late 2022, as per the World Bank.
 
#Remittances #Africa #FinancialInnovation
 
Read more on <a href="https://www.benjamindada.com/top-remittance-recipients-in-ssa-africa/">BenjaminDada</a>

Sub-Saharan Africa's Top 10 Remittance Recipients in 2022: Vital Financial Support Amidst Challenges

Bird Story Agency

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

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

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

TechCabal

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The Next Wave

TechSafari

Big Tech This Week

🌍 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. 🌍💳
This social media-ready format emphasizes key points with emojis and highlights relevant insights to catch readers’ attention.
 
 
Read more on <a href="https://www.benjamindada.com/carry1st-partners-audiomack-for-payments/">BenjaminDada</a>

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.
 
 
Read more on <a href="https://www.benjamindada.com/ride-hailing-but-for-travel-uber-targets-tourism-in-new-drive/">BenjaminDada</a>

🚗 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. 🌟
Feel free to use this summary and formatting for your social media and other platforms to engage your audience effectively! 😊
 
 
Read more on <a href="https://www.benjamindada.com/lucky-one-secures-3-million-to-expand/">BenjaminDada</a>

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. 📺📉
 
 
Read more on <a href="https://www.benjamindada.com/nigerian-subscribers-struggle-to-keep-up-as-netflix-increases-subscription-prices/">BenjaminDada</a>

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.
 
 
Read more on <a href="https://www.benjamindada.com/mira-register-digitise-food-retail-businesses-africa/" rel="noopener" title="https://www.benjamindada.com/mira-register-digitise-food-retail-businesses-africa/">BenjaminDada</a>

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.
 
 
Read more on <a href="https://www.benjamindada.com/nala-raises-40-million-series-a/">BenjaminDada</a>

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! 🌞💡
 
 
Read more on <a href="https://www.benjamindada.com/zimbabwe-to-install-floating-solar-panels/">BenjaminDada</a>

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
 
 
Read more on <a href="https://www.benjamindada.com/africa-data-centres-secures-109m-expand-operations/">BenjaminDada</a>

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