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Pan-African mobile network operator Orange has announced the opening of a digital center in Botswana. This is Orange’s 12th digital center in Africa and the Middle-East.

Orange announces opening of digital center in Botswana

When millions were stuck at home during the 2020 COVID lockdown they were forced to increasingly rely on tech for communication, information, education, entertainment and commerce, which translated to skyrocketing revenue and user base for tech companies, who in turn hired more employees and expanded to new territories to keep up with this unprecedented growth in demand. 

Can African offices of giant tech companies survive this downturn?

Over the last few months, South African regulators have become more accepting of cryptocurrencies. The country’s financial sector regulator, the Financial Sector Conduct Authority (FSCA), recently declared crypto assets as financial products, allowing them to be regulated. The country’s central bank also issued a directive to commercial banks, encouraging them to work with crypto assets service providers.

This SA school is offering students a crypto course

TechCabal has gathered that there is an ongoing wave of resignations and layoffs at Future Africa*, an Africa-focused VC firm backing early-stage startups. This information was given to this publication by two employees of the company who wished to not be named.

Employees are resigning at Future Africa as the VC transitions into a venture studio

Pan-African cross-border payment app Chipper Cash is set to acquire Zambian fintech company Zoona Transactions International, according to a statement shared with TechCabal. 

Fintech Unicorn Chipper Cash set to buy  Zambia fintech pioneer Zoona

Digital technology has an undeniable economic impact in Africa. From connecting the continent to the world and creating an avenue for it to tell its own stories, to placing wealth in the hands of young Africans, knitting far-flung diasporas African families together while making the transfer of wealth easier, digital technology has helped the continent leapfrog decades of development. 

Africa’s tech ecosystem’s success lies in the hands of its governments

The African tech industry is facing a funding drought and this comes after years of increased investment to startup companies across the continent. The taps are beginning to slow down. 

Startup acquisitions in African tech grew by 41% in Q3 2022

In the last five years, the share of Africans who choose to buy goods and services online has more than doubled; that’s about 10 percent of the entire population on the continent. And while this shift has resulted mainly from the pandemic, it’s becoming clear that even as economies return to a semblance of ‘normal,’ online sales are here to stay.

Digital marketing in Africa: The window of opportunity is now

Nigerian crypto startup Quidax has laid off 20% or 20 of its just over 100-strong staff, according to a company statement shared with TechCabal today. The startup’s confirmed to TechCabal that this layoff is unrelated to the bankrupt crypto exchange FTX and instead a response to unfavourable macroeconomic conditions.

Nigerian crypto exchange Quidax lays off 20% of its workforce

Cape Town-based Revio, a payments API company, has raised $1.1 million in an oversubscribed seed funding round to solve payment failures in emerging markets.

Revio raises $1.1 million to “radically reduce failed payments and churn”

South African crypto exchange VALR has announced the launch of its operations in Zambia this week. The exchange will allow Zambians to buy and sell Bitcoin (BTC) and USD Coin (USDC), as well as 60+ other cryptocurrencies directly using the Zambian Kwacha. 

South African crypto exchange VALR launches in Zambia

Despite a weak local economy, a currency in free-fall, and tight market conditions globally, Bamboo, a Nigerian-born retail trading app retains optimism about its new Ghana operations. But it’s not the same story for everyone—non-payment fintechs with individual and SMEs clients have been hit hard.

A mixed bag: Ghana’s fintechs face a souring local market

Packing suitcases full of Amazon products on every trip to the continent. Working with Somali companies in Kenya to import Amazon products on a pay-per-kg basis. Buying and selling second-hand products on online marketplaces and informal markets. Wondering if Jumia or Jiji is going to deliver what they promised this time. Waiting in traffic or long lines at supermarkets like Carrefour. This is the reality for many middle- and high-income consumers in Africa. 

How will Amazon win the hearts and wallets of African consumers?

MTN Zambia has launched a 5G network, becoming the first mobile operator in Zambia to offer 5G services commercially, after successfully running trials over the past 11 months.

MTN Zambia launches the country’s first 5G network

Noel K. Tshiani is the founder of Congo Business Network. The organization was created in New York in October 2018 to identify and mobilize entrepreneurs in the diaspora and in the Democratic Republic of Congo with the goal to promote entrepreneurship based on top expertise. The network has organized delegations of government officials and startups to participate in major business events in France, the United States, Ethiopia, Egypt, and South Africa aimed at finding investors, searching for business partners, and gaining visibility in the media.

Startups in Kinshasa will succeed by building world-class talent

At the height of the COVID-19 pandemic, the world was primed for a substantial increase in health and biotech spending and investment. Governments and the private sector alike promised to dedicate funding so that they would be adequately prepared for the next pandemic if or when it came.

Will the economic downturn affect investment in African health-tech startups?

The Milken Institute and the Motsepe Foundation have launched the Milken-Motsepe Prize in Green Energy, a $2 million prize competition to reward entrepreneurs and innovators working to address access to green and renewable energy in Africa.

Milken Institute and Motsepe Foundation announce $2 million green energy competition

Last week, Purple, a Nigerian real estate company, announced its initial public offer (IPO). The company plans to sell two billion ordinary shares to the market to raise ₦‎10 billion ($13.3 million) at a pre-money valuation of about ₦‎20 billion ($26.6 million) and post-money valuation of ₦30 billion ($40 million). 

Newly listed Nigerian company Purple wants to create a ₦100 billion digital real estate marketplace

South African telecommunications company MTN has won a longstanding $4 billion lawsuit brought against it by Turkish telecommunications group, Turkcell.

MTN victorious in $4 billion bribery lawsuit brought by Turkish telco

South African retail group, Shoprite, has launched a heavy-duty electric truck as part of its delivery fleet. The vehicle, a Scania Battery Electric Vehicle (BEV), is 100% electric, therefore has no reliance on fossil fuels and emits no carbon dioxide.

Shoprite pilots electric trucks

The Democratic Republic of Congo (DRC) is one of the most resource-rich countries in the world, with an abundance of gold, tantalum, copper, and tin—minerals used in the production of electronics such as batteries, phones and laptops—yet the country trails behind others in terms of development.

The Democratic Republic of Congo means business with its new Startup Act

The African Development Bank (AfDB) has rolled out its Remote Appraisal, Supervision, Monitoring and Evaluation (RASME) project in Angola, following a three-day training session in the capital, Luanda.

Angola & AfDB announce ICT initiative for remote monitoring of development projects

Aruwa Capital, a female-founded early-stage growth equity fund has announced the successful close of its first institutional fund which exceeded its $20 million target. This makes the 32-year-old founder, Adesuwa Okunbo Rhodes, the youngest solo general partner (GP) to successfully raise a $20 million fund in Nigeria. The leading investors for this fund include Visa Foundation and Mastercard Foundation Africa Growth Fund, among others.

Adesuwa Okunbo Rhodes becomes youngest solo GP to close $20 million Fund I

Digital platforms gained popularity during the 2020 global lockdown, providing new opportunities for underrepresented professionals looking to diversify their income sources. These platforms, accessible via mobile devices, enable next-generation entrepreneurs to connect with an exciting new audience: internet and social media users.

Digital platforms are helping African women become financially independent

In 2021, 37 African tech startups raised a total of $767 million in 43 debt rounds, indicating the rise of the debt funding class and increasing global lender confidence in African tech, per Partech’s report on venture capital funding in Africa.

Why Future Africa and TLG Capital just created a $25 million debt financing programme

Smaller African countries are punching beyond their weight to diversify their economies from agricultural dependence, a new report shows.
A new report shows that value-add factories and public-private partnership are helping small African countries industrialize much faster than their larger peers.

Smaller African countries are industrializing faster than their larger peers

Zimbabwean investment company, InfraCo Africa, has announced that it has signed a US$2 million (Z$723.8 billion) deal with mobility startup, Mobility for Africa, to deploy 400 electric vehicles to rural areas in the country.
The vehicles, called “hambas” (which means “go ahead” in the local Ndebele language), are solar-powered and assembled in the capital Harare. 

Mobility for Africa secures $2 million to deploy electric vehicles in rural Zimbabwe

According to data by Ande Global, there are currently more than 500 townships across South Africa, and together, these communities make up 40% of the country’s total population.

Inside Global Alliance Africa’s quest to spark innovation in SA townships

Twenty-one years ago, the idea befuddled donors and people in the nonprofit sector. Jacqueline Novogratz, a former banker at Chase Manhattan and manager of special projects at the Rockefeller Foundation proposed a venture, Acumen, that looked like a philanthropic venture capital fund.

Acumen: Over two decades of changing the way Africa and the world tackle poverty

Funding in Africa’s tech industry has its favourite destinations. The Big 4—Nigeria, South Africa, Egypt, and Kenya—accounted for more than 70% of the $5.2 billion raised by startups in Africa last year, according to Partech’s 2021 report. The remaining 50 countries on the continent raised $1.4 billion, a paltry sum, but still a 382% improvement from the previous year. 

Madica Ventures wants to bridge the financial gap in Africa’s technology ecosystem

NALA, a Tanzanian fintech company, has expanded its services into the European market. This expansion will allow the fintech to operate in 19 European countries and enable remittances from them to African countries. 

NALA expands into Europe to enable cross border payments

Klasha, a cross-border commerce technology company, has joined the relative handful of such atypical businesses. The technology firm, with offices in San Francisco and Lagos, has actioned a new menstrual leave policy for its female employees. For a technology business operating in Nigeria, this is a first. In addition to the statutory annual and sick leaves to which Klasha employees are already entitled, the policy provides five menstrual leave days for female employees. According to Klasha, as the year goes on, it will evaluate the policy’s effectiveness and modify the number of leave days.

Female-led Klasha breaks a barrier to gender inclusion in Nigeria with new menstrual leave policy

US data center company, Equinix, is planning to invest $160 million in building its first data center in South Africa to accelerate the firm’s expansion into Africa. It expects to service large enterprises such as banks, content and media companies, as well as hyper-scalers operating in the country.

Equinix announces $160 million data center in South Africa

Noel K. Tshiani is the founder of Congo Business Network. He has worked with entrepreneurs from various African countries since October 2018, advising them on their marketing, branding, communication, and visibility strategies through social media, magazines, online newspapers, television, radio, and website presence. He holds three university degrees in marketing, finance, and political science from the University of Maryland in the United States of America.

Why African entrepreneurs need to focus on storytelling in 2023

MTN South Africa has announced that it has landed the 45,000 km 2Africa subsea cable in partnership with MTNGlobalConnect, MTN Group’s digital wholesale and infrastructure services company, and the 2Africa Consortium. 

MTN South Africa announces landing of 2Africa subsea cable

Africa’s digital transformation has come with a dark side: the rise of digital fraud. Cybersecurity is a major concern across the continent. A recent report by Global Cybersecurity Index showed that only 29 of 54 African countries assessed have  introduced cybersecurity legislation. An IDC report titled ‘The Impact of Cyber Extortion on Africa’ stated that Africa is losing $4 billion annually to cybercrime, but this is slowly changing as countries like Kenya and Zambia implement new cybersecurity laws. 

Digital cyber threats in Africa’s e-commerce and payment sectors

8 years after former US President Obama had African leaders come over to the US capital, President Biden, then Vice President of the US, has replicated the gesture of his former principal. This week more than 40 African heads of state were in Washington D.C for the second US-Africa Leaders Summit.

US-Africa Leaders Summit: US strikes a conciliatory tone

Within the past decade, Africa and its growing technology ecosystem have attracted significant global attention, leading to a year-on-year (YoY) increase in investments and partnerships with top global brands, investors, and accelerators. Last year, the continent peaked its funding inflow at $5 billion and minted four unicorns in the process—Flutterwave, Chipper Cash, Opay, and Wave. 

Techstars’ latest cohort show the accelerator’s strategic approach to investment in Africa

African countries are looking to roll out more broadband networks in 2023 as mobile and internet service providers expand their investment in undersea and land-based cables and internet services originating in space become a financially viable option for some consumers.

Africa eyes more broadband networks in 2023

How would you describe Africa’s 2022 from a venture capital lens?

2022: Venture capital in Africa

2022 was a different year for the African tech ecosystem as the effects of the economic downturn shook the ecosystem. The year was filled with stories of triumph, failures, and progress. Here’s a list of 22 things that happened for the first time in the African tech ecosystem this year. 

22 things that happened for the first time in 2022 in the African tech scene

The capital a business owner or startup founder uses at the outset of operations is known as startup funding or, simply, beginning capital. The funds can be raised through several methods and then spent on startup necessities including salaries, rent, inventory, and advertising. Therefore you may want to know ways or organisations that undertake startup funding in Africa.

3 organisations that grant startup funding to budding founders in Africa

According to a report by cybersecurity firm Unit 42, South Africa based hacker group  “Automated Libra” is behind an elaborate crypto mining scheme referred to as “ PurpleUrchin”, which has cost major cloud providers, including Microsoft and Salesforce, millions of dollars in resources and unpaid bills.

How a South African hacker group stole millions in resources from cloud platforms to fund crypto mining

Jetstream Africa, a Ghanaian technology company operating in the logistics sector, has raised $13 million in equity and debt-funded pre-Series A. The equity round saw participation from French development institution PROPARCO through the Digital Africa Bridge Fund; ASC VC, a venture fund founded by executives of the supply chain visibility platform Project44; Nigerian venture capital fund Octerra; Senegal’s Wuri Ventures; Seed9, a syndicate founded by Google alumni; the MBA Fund; the W Fund; and family offices. 

Ghanaian e-logistics platform, Jetstream, raises $13 million pre-Series A

If 2022 shook the African tech ecosystem out of its slumber, 2023 will be a splash of cold water on the face. Everyone is talking about how 2023 will be a tough year amidst the shrivelling up of venture capital (VCs) and deepening recession.

African founders must not shy away from growth in 2023

It’s the beginning of a new year and different authorities have started releasing report cards of how African startups fared in 2022. In terms of venture funding, which unsurprisingly is still the major metric of ecosystem growth in Africa, the Maghreb region in North Africa—Morocco, Algeria, Tunisia, Libya, and Mauritania—got a bumper. Compared to previous years, 2022 validated the region as a force to reckon with in the startup world. Startups in the region raised over $260 million in 2022 alone—an over-280% increase from what it had raised from 2019 to 2021. For context, the entire region raised $20.1 million across 19 deals in 2020 and then $72 million in 2021.

Did the Maghreb region hit the road in 2022?

On Wednesday, South African mobile network operator Telkom announced that it has terminated merger talks with data-only network operator Rain. 
In a statement on the Joburg Stock Exchange News Service (SENS), Telkom announced that the two parties ended the discussions after a mutual agreement that a suitable transaction would not be possible at this time. Telkom’s share price jumped by 11% after the announcement.

Telkom announces termination of merger talks with Rain

TeamApt, a Nigerian fintech company, has shed its name and adopted the name of its flagship product—Moniepoint. According to the company, the move is a testament to the success of Moniepoint and a desire to bring the company closer to its customers. 

TeamApt sheds its name, rebrands as Moniepoint

“If you can’t beat them, join them” is the approach traditional banks in Kenya are adopting as they seek a greater slice of the mobile money market dominated by Safaricom’s M-PESA service.

Digital shake-up: Kenyan banks take on an African mobile money behemoth

Egyptian e-sports platform GBarena announced on Monday that it has acquired the  Tunisian gaming startup, Galactech. The acquisition, according to Forbes Middle East, is a share swap deal worth around $15 million.

Egyptian Esports platform GBarena acquires Tunisian gaming startup Galactech

The Senegalese tech ecosystem has come a long way. In 2017, Senegalese startups raised close to $11 million; five years later the west African country boasts of attracting 10 times that amount—including producing francophone Africa’s first unicorn Wave in 2021. 

How DER became a one-stop shop for startups in Senegal

Financial technology companies in Africa are the centrepiece of the continent’s startup ecosystem. They continually receive the largest chunk of the funding inflow and have churned out more than half of the continent’s unicorns. Building on the precedents of banks, these relatively new players are filling the gaps which banks have failed to do, with solutions that target all Africans, however under-resourced they may be.

Can African fintech startups build global solutions?

The US Department of State has announced that it has signed a Memorandum of Understanding with Zambia and the Democratic Republic of Congo (DRC) to enhance the countries’ electric vehicle battery value chains.

The US, Zambia and the DRC to partner up in enhancing the electric vehicle battery value chain

Despite a rocky 2022, Africa is still poised to grow its digital economy. In recent times, the continent has seen steady and deliberate efforts from both the private and public sectors to actualise this charge. These efforts, however, have been limited to consumer-facing products and have neglected the infrastructure that powers them.

Can Kenya’s new data centre spur Africa’s digital economy charge?

Two years after crypto excitement hit Africa, there has been a painful return to earth. Prices and trust are low, and the promise that crypto would help Africans escape poverty now needs re-examination.  

With low prices and trust, what’s next for African crypto startups and creators?

EcoFarm, an eco-friendly farm in Fimela, a Senegalese village located about 150 km southeast of Dakar, the country’s capital, has started training the next generation of data engineers in Africa. The farm plays host to a six-month-long data training residency where 30 data engineers from across Africa will strive to advance their skills in machine learning and AI, cloud computing, coding, DevOps, and more. The project aims to create between 30,000 to 35,000 direct and indirect jobs by 2030. TechCabal visited the farm last December to understand what’s behind the lofty ambition coming from this remote village.

This Senegalese farm is training the next generation of African data engineers

Following Alphabet and Google CEO Sundar Pichai’s announcement on January 20 that the company would reduce its workforce by approximately 12,000 roles, non-US employees who are yet to know the status of their employment have been thrown into panic as they worry about the safety of their jobs.

Google employees in Africa are anxious about the recent layoffs

Nigeria’s newest telecom operator, MAFAB Communications, has launched its 5G network services for Nigerians. The launch ceremony took place in Abuja on Tuesday January 24 and in Lagos on Thursday January 26, 2023.  This announcement comes five months after MTN launched its 5G network in August 2022 and MAFAB was given a five-month extension for its 5G network rollout by the Nigerian Communications Commission (NCC).

Nigeria’s newest telecom operator, Mcom, launches its 5G network

Nigeria’s films were once regarded as the country’s most significant cultural export. But ask anyone these days, and they’ll tell you it’s Afrobeats. It has birthed global stars from Nigeria and one Netflix documentary. The genre is gaining global appeal, with a Grammy award win for Burna Boy and the Grammy awards considering an Afrobeats category. So there’s a ton of money to be made if you find and fund the next big Afrobeats star. That argument has led to many failed record labels. Still, some argue that the real problem is that record labels are restrictive. They believe that a newer, more democratic way of funding artists is a workable model.

Backing the next Wizkid: tech platforms want you to invest in the next Afrobeats star

South Africa private equity firm Convergence Partners has announced that it has closed its Convergence Partners Digital Infrastructure Fund (CPDIF) at $296 million, surpassing its initial target by over 18%.

Convergence Partners secures $296 million to invest in digital infrastructure in Africa

The million-dollar question in the African tech ecosystem is whether the fintech giant, Flutterwave, will move ahead with its plans to float an initial public offering (IPO) this year. Flutterwave has long been one of the shining lights of the African startup space. But a combination of a bearish public market and a series of scandals means that an IPO no longer feels like a surefire thing. Will Flutterwave move ahead with its IPO plans this year?

Will Flutterwave move ahead with its IPO plans this year?

A few days after we reported that Gokada was looking to raise $100,000 through crowdfunding, TechCabal can now exclusively report that Gokada has laid off at least 54 members of staff. Four present and former Gokada employees who spoke to TechCabal said the email announcing the layoffs was sent on Tuesday night. A copy of the email which TechCabal saw reads, “I regret to inform you that you have been affected by the reduction in our team effective Tuesday, January 31, 2023. We will not be making any further payments in respect of this change in your status with us. However, we will ensure that your salary for the month of January is processed before the end of the day.” 

After silent layoffs in November, Gokada lays off 54 employees this week

Last year, MTN invested ₦16 billion in MoMo. Despite this, the mobile money operator lost ₦10 billion in 2022 to unauthorised transactions which were caused by a system glitch. 

MoMo’s “system glitch” cost MTN Nigeria ₦10 billion in 2022

On February 2, Hytch, a Nigerian logistics startup, announced that it has shut down all its operations.  

Nigeria’s logistic market claims another startup as Hytch shuts down

Untapped Global, an investment company focused on emerging markets, today announced  the launch of its Climate Action Initiative with the support of a growing consortium of partners.

Untapped Global launches Climate Action Initiative to accelerate adoption of electric vehicles across Africa

Since 2021 Ethiopia’s government has wanted to sell 40% of its stake in state-owned Ethio-Telecom, then the sole operator in the East African nation. The government hopes increasing how much it is willing to let go of will convince buyers.

Ethiopia wants to sell 45% of state-owned telecom operator

According to Boston Consulting Group (BCG), Africa’s informal retail sector accounts for more than 70% of food, beverage, and personal care products provided to consumers across the continent. However, despite their importance, local informal shops in Africa have been consistently held back for decades by a host of major challenges including frequent stockouts, limited access to capital and difficulty receiving goods from suppliers. 

Wasoko’s 2023 predicitons for Africa’s $850bn informal retail sector

The African Development Bank has opened a second Information and Communications Technology Centre of Excellence at the United States International University-Africa in Nairobi as part of its Coding for Employment program.

African Development Bank opens second digital centre of excellence in Kenya

The supervisory board of the ecommerce company, Jumia, has now appointed Francis Dufay as the company’s CEO. Dufay was announced as the acting CEO after the exit of Jeremy Hodara and Sacha Poginonnec as Co-CEOs. The exit of both CEOs came after a decade where Jumia was pressed to move towards profitability and was unable to. In the statement announcing their removal last year, Jumia’s board alluded to run the company from the continent.

Jumia’s board appoints Francis Dufay as CEO

In the last couple of years, South Africa has attracted data centre infrastructure investments from big tech companies like Google, Amazon, Microsoft, and Oracle, as well as other data centre infrastructure companies like Teraco, Africa Data Centers, and Convergence partners.

Mapping the growth trajectory of South Africa’s data centre industry

Barely three years old, Presto Eat has grown to become Libya’s leading startup. But venture investors seem to be steering away from investing in the logistics startup and the country.

Presto Eat wants to be Libya’s introduction into Africa’s growing startup space

JP Morgan, America’s and the world’s largest bank by market capitalization which is headquartered in New York, now has a regional office in Nairobi, Kenya. 

JP Morgan opens Kenya office, now operational in Africa’s big four tech hubs

South African chemicals and energy company Sasol has announced that it has established Sasol Ventures to advance its decarbonisation and 2050 net zero ambitions through venture capital.

Sasol launches venture capital fund for greentech startups

In October 2022, the former two-time governor of Lagos State released an 80-page manifesto. His manifesto, which was presented by Future Africa founder Iyinoluwa Aboyeji, at a business summit in Lagos, has a dedicated section on the tech ecosystem titled The Digital Economy: Taking Advantage of The Fourth Industrial Revolution [pdf]. It also focuses on seven areas such as service provision and outsourcing, manufacturing, e-commerce, and blockchain. 

Bola Tinubu and his plans for Nigeria’s tech ecosystem

Payday, the app that lets Africans abroad send money back home, is reportedly raising a seed round in the middle of a good publicity run for the app, according to people familiar with the matter. According to documents seen by TechCabal, Payday is looking to raise $1.5 million to grow its product and engineering team, expand its operations and get the required licences for those expansions. The app has enjoyed a run of decent publicity in the last few months, making the most of being named one of Starlink’s payment partners for the Nigerian market. 

Fresh off a marketing blitz, Payday is looking to raise funding

Edtech startups in Africa raised $24.6 million or 0.7% of Africa’s total funding in 2022, according to data from Disrupt Africa. It represented a 69.6% decline from 2021’s highs. This decline in funding to digital learning underscores one aspect of the challenge of delivering education with technology even as digitalisation spreads its wings across Africa. 

Africa’s edtech startups remain bullish despite funding decline

Nigeria has become the first country in Africa to adopt open banking regulations [pdf], which will encourage innovation in the country’s banking industry. The regulations and guidelines for open banking were approved by the Central Bank of Nigeria (CBN) in a circular dated March 7, 2023. The operational guidelines provide rules for how banks and third-party financial institutions interact with customer data. 

Nigeria becomes first African country to have open banking regulation

Andela has acquired a 100% stake in Qualified, an assessment platform that certifies top engineering talents. The deal, which was finalised at an undisclosed sum, will add about 3.6 million engineering talents to Andela’s global community. These talents were previously users of Codewars, an online community run by Qualified that enables technical talents to compete among themselves and develop practical coding skills through gamified challenges. 

Andela acquires Qualified, a global platform for assessing technical talents

Yesterday, news broke that Silicon Valley Bank, the bank of choice for most startups and venture capitalists, was shut down by the Federal Deposit Insurance Corporation (FDIC). The closure was triggered by a bank run that began after the bank announced that it lost $1.8 billion in the sale of treasuries and securities. Without clear communication, many customers took those losses as a sign to take their money out of the bank.

Silicon Valley Bank’s closure will affect African startups

PayShap, an interbank, and real-time digital payments service built as a collaborative effort between Bankserv, a clearing house owned by South African commercial banks, and the South Africa Reserve Bank ,will launch for the general public on Monday, March 13.

PayShap, South Africa’s real-time digital payments service, launches

According to a report from Bloomberg published today, Chipper Cash, one of Africa’s more prominent fintech companies and unicorns, is reportedly considering selling the company or seeking new investors.

Chipper Cash is reportedly considering a sale

Silvergate, the American bank famed for bridging the gap between the banking system and the crypto world, wound up last week after recording historic losses. Before its collapse, the bank provided several African fintechs with solutions that powered international banking and dollar-denominated remittances. Now, these startups are searching for new partners as their customers remain waiting. 

Silvergate collapse: African fintechs search for new partners as some banking services pause

OnePipe, the embedded finance startup that lets organisations integrate financial services, has laid off at least ten employees, people close to the situation told TechCabal. 

OnePipe lays off employees as leadership team takes salary cuts

Onepipe, a startup that powers digital financial services, has closed a $4.8 million (₦ 2.25 billion) credit line from pan-African investment firm, TLG Capital. The deal, which had been in the works since the third quarter of last year, will power the startup’s inventory finance solution for small businesses. 

Onepipe closes $4.8 million deal with TLG Capital to offer embedded finance services

The firm banked half of US startups, a third of UK startups and numerous startups in China, India and Latin America. Investors say they are open to keeping a portion of their deposits with the bridge bank created to replace Silicon Valley Bank.

African venture capital firms with funds in SVB weigh maintaining the relationship

South African neobank Fin has announced its acquisition of Thuthukani, a Pretoria-based fintech startup as part of its expansion efforts.

South African neobank Fin acquires Thuthukani to expand finance offerings

B2B e-commerce startup Zumi is shutting down due to its inability to raise the funding necessary to sustain its operations. This close will see the company lay off its team of 150 people who have previous work experience from companies like SpaceX, Amazon, Twiga, and Jumia. 

Zumi shuts down again, letting go of 150 employees

Liquid Intelligent Technologies has acquired a Cairo-based cloud and cyber security provider, Cysiv MEA. Cysiv MEA has been in business since 2008 and specialises in providing enterprise cloud and cyber security services to some of Egypt’s leading companies, particularly in the financial services and telecom sectors.

Liquid Intelligent Technologies expands into Egypt

Factor[e] Ventures, a team of venture builders that invests in early-stage companies in sub-Saharan Africa and Southeast Asia, has launched a new venture studio specifically for African startups. The new venture studio, Delta40, will invest $100,000 to $600,000 in African energy, agriculture, and mobility startups.

Factor[e] Ventures launches Africa-focused venture studio

Richard Varha Technical High School in South Africa has officially opened its doors to a new era of education technology with the unveiling of the first South African Extended Reality (XR) public school classroom.

Meet the South African school using extended reality to facilitate learning

Verod-Kepple Africa Ventures (VKAV) has announced the first close of a $43 million pan-African venture fund. According to the firm, the fund will invest in tech-powered startups that have raised revenue and are addressing some of the continent’s pressing challenges with scalable solutions.

Verod-Kepple Africa Ventures announces $43m venture fund for pan-African startups

On March 7, hundreds of people gathered at Ivoire Trade Center (ITC), a landmarking office and recreational campus located in Cocody, Abidjan, for the launch of Mstudio, an Ivorian firm with the ambition to build multiple sustainable companies across the francophone region. The studio occupies two floors—aesthetically designed for entrepreneurs and visitors to feel at home—in the ITC campus, which also hosts the PWC’s Ivorian office and other top companies.

Ivorian Mstudio wants to build a strong francophone ecosystem, one venture at a time

54gene, the Washington-based Nigerian genomic company, has carried out another round of layoffs. This time, according to two sources close to the event, about 10 employees were affected, representing 25% of its already lean workforce. Per our source, the company now has less than 30 people working across its functions.

54gene cuts 25% of its already lean workforce amid a fresh change in management

By focusing on training and providing digital infrastructure and services, Amazon is pointing to where it sees value in the African market.
Amazon Web Services (AWS), the cloud computing division of the global e-commerce giant, Amazon, has launched a business accelerator for financial technology companies in Africa. The new program is a sign of Amazon’s growing ambitions on the continent and the direction of this ambition.

Amazon deepens its presence in Africa with new fintech accelerator

The rise in popularity of ChatGPT, OpenAI’s artificial intelligence-powered conversational chatbot, has brought much attention to the capabilities of chatbots. Previously relegated to assistants on business websites, ChatGPT has shown that chatbots can do much more. One area which is showing the huge potential of chatbots is WhatsApp.

Why Whatsapp chatbots are rising in popularity in southern Africa

South African fintech Stitch has announced the addition of card and debit order pay-ins, as well as a payments management system PayOS, for payments orchestration and reconciliation.

Stitch evolves into full payments services provider with new products

Twitter is actively seeking the person responsible for the recent leak of parts of its source code, which was posted on Microsoft-owned GitHub. According to The New York Times, the code had been available online for months before Twitter took action to have it removed on Friday. Executives investigating the matter say the leak may have been done by an employee who left the San-Fransico-based company last year.

Twitter code leak raises red flags for African tech founders

The Central Bank of Kenya (CBK) has officially licenced an additional 10 digital lenders to operate in the country, bringing the total number of authorised digital credit providers (DCP) to 32. In line with Section 59(2) of the Central Bank of Kenya Act (CBK Act), the apex bank began the supervision of the digital lending space last year, establishing a transparent licencing process that will see to a saner digital lending space in Kenya.