TechCabal

TechCabal

@TechCabal

Future-focused publication that speaks to African innovation and tech in depth.

Joined March 2023

Articles
Pinned
TechCabal
TechCabal
Apr 17, 2024
Equity Bank Hit by $2.1M Debit Card Fraud: 19 Suspects Nabbed
Discover the latest on Equity Bank's $2.1M debit card fraud, with 19 arrests made in connection. This incident shines a light on the escalating issue of cybercrime in Kenya's financial landscape, prompting increased tech investments by local banks to combat fraud.
more...
Reactions
TechCabal
TechCabal
Apr 17, 2024
Cellulant Reinvents Leadership Post-CEO Departure, Prioritizes Profitability ๐Ÿš€
After a significant CEO departure, Cellulant, the African payments startup, reshuffles its leadership, focusing on profitability and operational excellence to navigate its growth across 13 African markets.
more...
Reactions
TechCabal
TechCabal
Apr 11, 2024
WeBuyCars Aims for $420M Valuation in JSE Listing ๐Ÿš—๐Ÿ’ฐ
South Africa's leading used-car platform, WeBuyCars, is gearing up for its Johannesburg Stock Exchange (JSE) debut, targeting a valuation of $420 million. Discover the potential upsides and concerns surrounding this IPO frenzy! ๐Ÿ“ˆ๐Ÿค”
more...
Reactions
1
TechCabal
TechCabal
Apr 8, 2024
Zimbabwe to Resume Online Payments After April 12 as Banks Adjust to New Currency ๐Ÿ‡ฟ๐Ÿ‡ผ
Get ready, Zimbabwe! Online payments are set to return as banks adapt to the country's latest currency shift. Find out how this change will impact your digital transactions! ๐Ÿ’ณ
more...
Reactions
TechCabal
TechCabal
Apr 6, 2024
Nigeria Tops Musical Charts, But South Africa Reigns in Streaming Revenue ๐ŸŽต๐Ÿ’ฐ ๐Ÿ‡ณ๐Ÿ‡ฌ ๐Ÿ‡ฟ๐Ÿ‡ฆ
Nigeria's musical scene thrives with passionate listeners like Deborah, but despite the country's hit-making prowess, South Africa dominates streaming profits. Find out how the industry juggles growth and challenges in the streaming era.
more...
Reactions
TechCabal
TechCabal
Apr 5, 2024
Foreign Investors Return to Nigeria, Eyeing High Yields Amid Interest Rate Hike ๐Ÿ“ˆ๐Ÿ’ผ ๐Ÿ‡ณ๐Ÿ‡ฌ
As Nigeria's Central Bank implements reforms and raises interest rates to combat inflation, foreign investors are flocking back to the country's government securities market. With an uptick in Foreign Portfolio Investments (FPIs) and growing investor confidence, Nigeria is becoming an attractive destination for investors seeking high yields amidst global economic uncertainties.
more...
Reactions
TechCabal
TechCabal
Apr 4, 2024
Huawei Offers $10 Million Cloud Credits to Nigerian Startups in Bid for Market Share ๐ŸŒ๐Ÿ’ฐ ๐Ÿ‡ณ๐Ÿ‡ฌ
Huawei, the Chinese tech giant, is making a bold move in Nigeria's burgeoning cloud computing market by offering $10 million in cloud credits to 100 local startups. Will this strategic initiative help them carve out a significant share in the competitive landscape?
more...
Reactions
TechCabal
TechCabal
Apr 3, 2024
Roam Partners with Mogo to Drive Electric Motorcycle Adoption in Kenya ๐ŸŒโšก๐Ÿ‡ฐ๐Ÿ‡ช
Discover how Roam and Mogo's partnership is driving the adoption of electric motorcycles in Kenya, revolutionizing the transportation landscape and boosting boda boda riders' earnings by 30%. ๐Ÿ๏ธโšก Don't miss out on the electrifying journey towards a greener and more sustainable future in East Africa! ๐ŸŒฑโœจ
more...
Reactions
TechCabal
TechCabal
Apr 3, 2024
Baobab Network Strengthens Portfolio Support with Reflector Marketing Acquisition ๐Ÿš€ ๐Ÿ‡ฐ๐Ÿ‡ช
Baobab Network, on its mission to empower African startups, acquires Reflector Marketing to bolster portfolio companiesโ€™ marketing strategies, signaling a shift towards comprehensive support beyond funding. ๐Ÿ’ผ๐Ÿ’ก
more...
Reactions
TechCabal
TechCabal
Apr 2, 2024
YC Picks Kenyan Fintech Startup Triply for Winter 2024 Batch ๐Ÿ‡ฐ๐Ÿ‡ช ๐Ÿš€
Breaking news! Y Combinator, the renowned startup accelerator, has chosen Kenyan fintech Triply for its highly anticipated winter 2024 batch. Joining the elite ranks of African startups in the program, Triply aims to revolutionize payment solutions for small travel businesses in Africa, promising a game-changing approach to streamline operations and boost efficiency. ๐Ÿš€
more...
Reactions
TechCabal
TechCabal
Apr 1, 2024
Ugandaโ€™s Core Inflation Drops to 3.3%, Below Central Bankโ€™s Target of 5% ๐Ÿ‡บ๐Ÿ‡ฌ ๐Ÿ“‰
Uganda's annual inflation rate for March 2024 dips to 3.3%, staying under the Bank of Uganda's target, signaling stability in the economy. ๐Ÿ“‰๐Ÿ’ฐ
more...
Reactions
1
TechCabal
TechCabal
Mar 29, 2024
Patrice Motsepe's Involvement in Canal+'s Bid for MultiChoice: Implications and Possibilities ๐ŸŒ๐Ÿ’ผ
Discover how Patrice Motsepe's potential partnership with Canal+ in their bid for MultiChoice could impact the deal, navigating regulatory hurdles and potential conflicts of interest.
more...
Reactions
TechCabal
TechCabal
Mar 28, 2024
GTBank Shifts Status After Bank of Uganda Reclassification ๐Ÿ‡บ๐Ÿ‡ฌ
The Bank of Uganda's reclassification of Guaranty Trust Bank (GTBank) and two others from Tier I commercial banks to Tier II credit institutions signals a strategic shift in the Ugandan banking landscape.
more...
Reactions
TechCabal
TechCabal
Mar 27, 2024
Kenya Airways Achieves First Operating Profit in Years, Cuts Losses ๐Ÿ“ˆ โœˆ๏ธ ๐Ÿ‡ฐ๐Ÿ‡ช
Kenya Airways (KQ) has significantly reduced its net loss for the year ended December 31, 2023, marking the first operating profit in nearly seven years due to increased revenues from a 35% year-on-year growth in passenger traffic. Despite reporting a net loss of $171.9 million, down 47%, the airline's revenues improved by 53% to $1.35 billion, indicating a positive trajectory for the national carrier.
more...
Reactions
TechCabal
TechCabal
Mar 27, 2024
Empowering African Startups: Inside Oui Capital's Strategy and Support System
Discover the secrets behind Oui Capital's success in fostering African startups' growth, from early-stage investments to nurturing budding entrepreneurs.
more...
Reactions
TechCabal
TechCabal
Mar 26, 2024
MTN Streamlines Operations, Exits Guinea-Bissau and Guinea-Conakry to Focus on Growth Markets
Discover how MTN Group's strategic move to exit smaller West and Central African markets signals a shift towards high-growth opportunities, reshaping its operational focus and revenue strategy.
more...
Reactions
TechCabal
TechCabal
Mar 25, 2024
Access Holdings and Coronation Group Join Forces with M-Pesa to Revolutionize Regional Remittance
Discover how Access Holdings and Coronation Group are teaming up with M-Pesa to reshape the remittance landscape, connecting millions across East and West Africa.
more...
Reactions
TechCabal
TechCabal
Mar 24, 2024
Freelancers Navigate AI Threats: Struggle for Fair Pay and Integrity ๐ŸŒ โœ๐Ÿพ ๐Ÿง 
As AI permeates freelance markets, Nigerian freelancers grapple with diminishing pay rates, resorting to AI tools to meet demands. The balance between integrity and income becomes precarious in an evolving landscape.
more...
Reactions
1
TechCabal
TechCabal
Mar 23, 2024
Congolese Fintechs Forge Alliance with Government to Shape Industry Standards ๐Ÿ‡จ๐Ÿ‡ฉ
Congolese fintech companies are teaming up with the government to establish the Congolese Fintech Network (CFN), aiming to bolster financial inclusion and facilitate collaboration within the industry. Led by board member Joel Tshilumba, CFN seeks to foster effective communication channels with government representatives to promote mutual benefits and innovation.
more...
Reactions
TechCabal
TechCabal
Mar 22, 2024
Meta Expands Monetization Opportunities for Nigerian Creators, Targets Africa Growth ๐ŸŒ๐Ÿ’ฐ ๐Ÿ‡ณ๐Ÿ‡ฌ
Meta Platforms, the parent company of Facebook and Instagram, announces plans to enable Nigerian content creators to monetize their content through ads and other features, aiming to retain top creators on its platforms. This move follows the successful launch of a performance-based monetization program called "Ads on Reels" in select countries in 2023. Nick Clegg, Meta's President of Global Affairs, highlights the global reach of Nigerian creators and discusses upcoming monetization tools during a visit to Lagos, emphasizing the importance of African markets. Additionally, Clegg addresses connectivity challenges and Meta's efforts to enhance internet infrastructure resilience in Africa through subsea cables.
more...
Reactions
TechCabal
TechCabal
Mar 22, 2024
Telkom to Sell Tower and Mast Assets for $356 Million, Focusing on Infrastructure-Led Strategy
Discover how Telkom, South Africa's third-largest mobile network operator, is set to strengthen its core operations by selling off tower and mast assets worth $356 million, paving the way for an infrastructure-led business model aimed at shaping the country's digital future.
more...
Reactions
TechCabal
TechCabal
Mar 21, 2024
Access Bank Acquires National Bank of Kenya for Approximately $100 Million in East Africa Expansion ๐Ÿฆ๐Ÿ’ผ ๐Ÿ‡ฐ๐Ÿ‡ช
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. ๐Ÿ“ˆ๐Ÿ’ฐ
more...
Reactions
1
TechCabal
TechCabal
Mar 20, 2024
Access Bank Expands Footprint in Kenya with National Bank Acquisition ๐Ÿฆ ๐Ÿ‡ณ๐Ÿ‡ฌ ๐Ÿ‡ฐ๐Ÿ‡ช
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. ๐ŸŒ๐Ÿ’ผ
more...
Reactions
3
TechCabal
TechCabal
Mar 20, 2024
Acasia Ventures Backs Egypt's Pharmacy Marts with Six-Figure Investment ๐Ÿ’ผ ๐Ÿ’Š ๐Ÿ‡ช๐Ÿ‡ฌ
Pharmacy Marts secures a significant investment boost from Acasia Ventures, signaling a major milestone for the Egyptian health tech startup and its plans for expansion across African markets.
more...
Reactions
1
TechCabal
TechCabal
Mar 19, 2024
tappi and MTN Partner to Empower Ivorian Businesses Online ๐Ÿ“ฑ๐Ÿ‡จ๐Ÿ‡ฎ ๐Ÿซฑ๐Ÿพโ€๐Ÿซฒ๐Ÿฟ
Discover how tappi's collaboration with MTN is revolutionizing online commerce for Ivorian businesses, empowering them to thrive in the digital era. With user-friendly tools and affordable subscriptions, tappi is bridging the gap for SMEs seeking to establish a credible online presence in Cรดte dโ€™Ivoire. Join the movement towards digital empowerment and economic growth with tappi and MTN. ๐Ÿ’ช๐Ÿ“ˆ
more...
Reactions
2
TechCabal
TechCabal
Mar 19, 2024
GetEquity Expands Investment Offerings, Eyes Safer Asset Classes ๐Ÿ“ˆ๐Ÿ’ฐ
GetEquity, backed by TechStars, shifts its focus to include bonds and fixed-income assets amidst changing market dynamics, aiming to cater to retail investors seeking safer investment options in uncertain times.
more...
Reactions
1
TechCabal
TechCabal
Mar 19, 2024
Vodacom Announces Job Cuts Across All Levels in South Africa ๐Ÿ“‰ ๐Ÿ‡ฟ๐Ÿ‡ฆ
South Africa's telecom giant, Vodacom, shocks markets with plans to trim 80 jobs, impacting every level of its operations. ๐Ÿ˜ฑ
more...
Reactions
2
TechCabal
TechCabal
Mar 19, 2024
Nigeria's Growing Data Demands Drive Investment in Hyperscale Data Centres ๐Ÿ‡ณ๐Ÿ‡ฌ
With the proliferation of eight subsea fibre optic cables in Nigeria, investors are pouring funds into hyperscale data centre projects to meet the surging demand for data storage solutions. ๐ŸŒ๐Ÿ’ฐ
more...
Reactions
1
TechCabal
TechCabal
Mar 19, 2024
Kuda Expands Globally with New Licenses in Tanzania and Canada ๐ŸŒ ๐Ÿ‡น๐Ÿ‡ฟ ๐Ÿ ๐Ÿ’ณ
Nigerian neobank Kuda, backed by Target Global, is expanding its reach globally with newly acquired payment licenses in Tanzania and Canada. These licenses will enable Kuda to offer remittance and multi-currency wallet services to Africans in both countries, tapping into the growing market of diaspora communities. Kuda's move puts it in direct competition with other neobanks targeting Africans abroad, such as LemFi and Nala.
more...
Reactions
3
TechCabal
TechCabal
Mar 18, 2024
SEC Proposes โ‚ฆ1 Billion Capital Requirement for Virtual Asset Companies ๐Ÿ‡ณ๐Ÿ‡ฌ
Nigeria's Securities and Exchange Commission (SEC) proposes a substantial increase in the minimum paid-up capital for virtual asset service providers (VASPs) to โ‚ฆ1 billion, aiming to reshape the crypto landscape.
more...
Reactions
3
TechCabal
TechCabal
Mar 16, 2024
Chipper Cash Cuts US and UK Roles After Suspending US Operations ๐Ÿ›‘ ๐Ÿ‡บ๐Ÿ‡ธ ๐Ÿ‡ฌ๐Ÿ‡ง ๐Ÿ‘‰๐Ÿพ๐ŸŒ
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.
more...
Reactions
3
1
TechCabal
TechCabal
Mar 16, 2024
Wasoko Makes Strategic Moves: Exits Zanzibar, Pauses Uganda and Zambia Operations Amid Profitability Drive
Discover the behind-the-scenes restructuring at Wasoko as it navigates mergers and market dynamics, affecting operations in Zanzibar, Uganda, and Zambia.
more...
Reactions
1
TechCabal
TechCabal
Mar 15, 2024
Overcoming Adversity: How Zimbabwean Startups Thrive Amid Hyperinflation and Sanctions ๐Ÿš€ ๐Ÿ‡ฟ๐Ÿ‡ผ
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.
more...
Reactions
TechCabal
TechCabal
Mar 14, 2024
Interswitch Pursues PSB License After Merging with M-Kudi: What's Next?
Interswitch, backed by Visa, embarks on a new phase with its merger with M-Kudi, eyeing a payment service bank (PSB) license from Nigeria's Central Bank. But what does this mean for the fintech giant and the future of banking in Nigeria?
more...
Reactions
TechCabal
TechCabal
Mar 14, 2024
Telkom Kenya's Subscriber Base Plummets Amid Tower Dispute ๐Ÿ‡ฐ๐Ÿ‡ช
Amid a contentious dispute with tower partner American Towers Corporation (ATC), Telkom Kenya's subscriber base takes a significant hit, shedding 800,000 customers in just three months. This decline underscores the critical role of tower infrastructure and the challenges faced by telcos in managing such partnerships, shedding light on the complexities of the telecommunications industry in Kenya.
more...
Reactions
TechCabal
TechCabal
Mar 13, 2024
๐Ÿ“ฑ๐Ÿ’ฐ Airtel Africa Considers IPO for Mobile Money Arm ๐ŸŒ๐Ÿ’ผ
Airtel Africa is contemplating an initial public offering (IPO) for its mobile money unit, potentially valuing it at over $4 billion, amidst discussions in early stages, reports Bloomberg. Despite a significant profit drop in 2023, Airtel Money, the telco's financial arm, saw substantial revenue growth, signaling investor interest in fintech ventures.
more...
Reactions
TechCabal
TechCabal
Mar 12, 2024
Interswitch Diversifies into Telecoms with $1 Million MVNO License, Aims to Bridge Connectivity Gaps
Dive into the synergy of finance and telecom as Interswitch, backed by Visa, embarks on a transformative journey with a $1 million MVNO license. Unleashing possibilities for underserved areas and catering to overlooked consumer segments, Interswitch aims to revolutionize Nigeria's telecom sector, promising affordable 4G/5G services and innovative communication solutions.
more...
Reactions
TechCabal
TechCabal
Mar 12, 2024
Chams Strategizes for Growth: Shifts Focus to Mobile Money and Cross-Border Payments ๐Ÿš€ ๐Ÿ’ณ ๐ŸŒ
Discover how Chams Holding Company's CEO, Mayowa Olaniyan, navigated the aftermath of a $100 million loss from a government project, leading the company to a surge in share prices. Now, with a renewed focus on consumer-centric projects, Chams is set to capitalize on the burgeoning mobile money and cross-border payments sectors, emphasizing innovation and expansion across its financial service subsidiaries.
more...
Reactions
TechCabal
TechCabal
Mar 11, 2024
Breaking News: Ex-Paystack Leaders Launch GoLemon Grocery Delivery Startup! ๐Ÿ‹ ๐Ÿš€
๐ŸŒ GoLemon's Vision: Transforming the grocery delivery landscape by managing inventory and fulfillment centers, GoLemon optimizes costs, targeting customers with large, repeat orders. With a robust team leveraging experience from Supermart and Lagos supermarkets, GoLemon enters the market poised to weather challenges and build a formidable business.
more...
Reactions
TechCabal
TechCabal
Mar 11, 2024
Kenya Strengthens Digital Credit Sector Oversight: Licenses 17 New Providers Amid Crackdown ๐Ÿ‡ฐ๐Ÿ‡ช
In a bid to protect borrowers and curb predatory lending, Kenya's Central Bank has granted licenses to 17 new digital credit providers, including Autochek. This move comes after a comprehensive crackdown that saw the total number reduced to 51, emphasizing a commitment to consumer protection and ethical practices.
more...
Reactions
TechCabal
TechCabal
Mar 11, 2024
How Huawei Emerged as Nigeriaโ€™s Leading Telecom Vendor and Enterprise Giant: A Tale of Ambition and Controversy ๐Ÿš€ ๐Ÿ‡ณ๐Ÿ‡ฌ
Dive into the captivating journey of how Huawei, since its 1999 debut in Nigeria, strategically maneuvered to become the nation's top telecom vendor and enterprise behemoth. Unveil the success factors, ambitious projects, and a touch of controversy surrounding Huawei's ascent in the heart of Africa.
more...
Reactions
TechCabal
TechCabal
Mar 8, 2024
Flutterwave Pivots to Enterprise and Remittance, Sunsets Barter: A Strategic Move for Africa's Fintech Leader ๐Ÿš€
Discover how Africa's leading fintech, Flutterwave, is reshaping its focus by closing the chapter on Barter, the virtual card service. ๐Ÿ”„๐Ÿ”’ Dive into the reasons behind this strategic decision and the company's intensified commitment to enterprise and remittance services, aiming for even greater financial impact in the market. ๐Ÿ’ผ๐Ÿ’ธ
more...
Reactions
TechCabal
TechCabal
Mar 7, 2024
MTN Nigeria Recovers โ‚ฆ12.5 Billion After Mobile Money Glitch; Monthly Users Surge
MTN Nigeria bounces back, reclaiming over half of the โ‚ฆ22 billion lost in a Mobile Money glitch, showcasing the challenges of fraud in Nigeria's financial sector. Despite setbacks, CEO Toriola highlights a surge in monthly active users to 5.3 million, driven by a growing ecosystem of agents and merchants.
more...
Reactions
TechCabal
TechCabal
Mar 6, 2024
Patient Capital, Diverse Exits: Verod-Kepple's Vision for the Future of African Startups ๐Ÿš€ ๐ŸŒ
Explore the $45 million vision of Verod-Kepple Africa Ventures (VKAV), backed by industry veterans Ory Okolloh, Ryosuke Yamawaki, and Satoshi Shinada. With decades of African operational and investment experience, VKAV is shifting focus to growth-stage startups, bringing hands-on support, a unique lens on scalability, and a commitment to diverse exits.
more...
Reactions
TechCabal
TechCabal
Mar 5, 2024
๐Ÿš€ YC-Backed TAP and Pay Revolutionizes Lagos Commuting with Cowry Cards, Processing 500,000 Daily Payments ๐ŸšŒ๐Ÿ’ณ
Discover how TAP's Cowry cards have transformed Lagos commuting, offering seamless payments for buses and trains. With 3.8 million users making 500,000 daily trip payments, the contactless technology enhances travel convenience while reducing corruption in Nigeria's transport system. ๐ŸŒ๐Ÿ’ธ
more...
Reactions
TechCabal
TechCabal
Mar 5, 2024
๐Ÿšจ Binance Halts Naira Services Amid Regulatory Woes: What You Need to Know ๐Ÿ‡ณ๐Ÿ‡ฌ
In a significant development, Binance, the world's largest cryptocurrency exchange, is set to discontinue all its Naira services starting March 8. Amidst ongoing regulatory challenges in Nigeria, the exchange will cease Naira deposits after March 5, with withdrawals ending on March 8. Here's a quick rundown of the key details and implications for users.
more...
Reactions
TechCabal
TechCabal
Mar 5, 2024
Ghana's Central Bank Suspends Forex Licenses of Guaranty Trust Bank and FBN Bank Over Regulatory Breaches ๐Ÿ‡ฌ๐Ÿ‡ญ
Ghana's Central Bank takes decisive action, suspending the foreign exchange licenses of Guaranty Trust Bank and FBN Bank for one month, citing various regulatory breaches. The move underscores the country's commitment to enforcing forex market regulations and ensuring financial institutions adhere to strict guidelines.
more...
Reactions
TechCabal
TechCabal
Mar 5, 2024
๐Ÿš€ Nigeria's 5G Surge: Telecom Giants Invest Billions as Users Embrace Faster Networks ๐Ÿ“ฑ๐Ÿ’จ
As 4G and 5G adoption soars, MTN and Airtel lead the charge in Nigeria's telecom revolution, with billions invested in network infrastructure. Discover how the nation's smartphone landscape is transforming and why users are embracing faster connectivity despite economic challenges. ๐ŸŒ๐Ÿ“ˆ
more...
Reactions
TechCabal
TechCabal
Mar 5, 2024
Bolt Takes on Uber in Cairo with Aggressive Pricing and 15% Driver Commissions ๐Ÿ‡ช๐Ÿ‡ฌ
Bolt, the global ride-hailing giant, has launched in Cairo, challenging Uber's dominance with a bold pricing strategy. Offering a 15% commission for drivers (compared to Uber's 22-33%) and a 50% discount for riders in the first six months, Bolt aims to boost demand and provide a more economical alternative in the Egyptian market. This move follows Bolt's recent expansion in Southern Africa and a commitment to invest over $500 million in the continent by the end of 2024.
more...
Reactions
TechCabal
TechCabal
Mar 4, 2024
Fintech Struggles: Brass Blames Funding Winter for Customer Withdrawal Delays
Nigerian fintech startup, Brass, cites a challenging funding environment and a surge in customers for persistent withdrawal delays, highlighting the broader struggles faced by fintechs. CEO Sola Akindolu acknowledges the costly nature of running a fintech and discusses the need for substantial capital amid ongoing funding challenges.
more...
Reactions
TechCabal
TechCabal
Mar 2, 2024
Unlocking Potential: Malawi's Emerging Tech Ecosystem Gains Momentum ๐Ÿ‡ฒ๐Ÿ‡ผ๐Ÿ’ก๐Ÿš€
Discover how Malawi, once underestimated in tech, is making strides with initiatives like hosting the 2024 Africa Smart Cities Congress and attracting global players like Flutterwave. Government policies, international support, and grassroots efforts are reshaping the narrative, paving the way for a brighter future in innovation.
more...
Reactions
TechCabal
TechCabal
Mar 1, 2024
InDrive Introduces 10% Commission Charge for Drivers in Botswana Amidst Bolt's Arrival ๐Ÿš— ๐Ÿ‡ง๐Ÿ‡ผ
Get ready for a ride-hailing showdown in Botswana as inDrive, the California-based platform, implements a 10% commission for drivers just as Bolt enters the scene. This strategic move aims to fuel further investments in Botswana, marking a shift from inDrive's commission-free model over the past five years. The battle for urban mobility dominance is heating up in this key African market.
more...
Reactions
TechCabal
TechCabal
Mar 1, 2024
MTN Nigeria Faces โ‚ฆ137 Billion Loss in FY 2023 Amid Naira Devaluation ๐Ÿ‡ณ๐Ÿ‡ฌ ๐Ÿ“‰
MTN Nigeria, a telecom giant, experiences its first annual loss in three years, amounting to โ‚ฆ137 billion in 2023. The impact of Naira devaluation and increased business costs, notably tower lease expenses linked to the US dollar, played a significant role in the financial downturn. Despite challenges, the company eyes expansion in non-core services, emphasizing 4G and 5G growth, while engaging with regulators to resolve disputes.
more...
Reactions
TechCabal
TechCabal
Mar 1, 2024
๐Ÿ  Nigerian Property Startup, Spleet, Faces Layoffs Amidst Inflation Challenges ๐Ÿ“‰
As inflation and landlord price hikes squeeze Spleet, the proptech startup that garnered $2.6 million in 2022 faces tough decisions. Monthly rental disruptors are feeling the heat in Nigeria's real estate market, with layoffs looming and macroeconomic conditions taking a toll. Can proptech weather the storm?
more...
Reactions
TechCabal
TechCabal
Feb 28, 2024
Nigerian Crypto Platforms Halt USDT and USDC Trades Amid CBN Scrutiny ๐Ÿ‡ณ๐Ÿ‡ฌ โ‚ฟ
Amid renewed scrutiny from the Central Bank of Nigeria (CBN), several Nigerian crypto platforms are suspending the purchase and sale of USDT and USDC stablecoins with Naira. The move comes after CBN Governor Olayemi Cardoso claimed that $26 billion had passed through Binance Nigeria from unidentified sources. Crypto exchanges face increasing regulatory challenges, triggering cautious responses and even arrests, echoing concerns reminiscent of past regulatory uncertainties.
more...
Reactions
TechCabal
TechCabal
Feb 28, 2024
Bolt Expands Its Ride-Hailing Service to Botswana, Waives Driver Commissions for Six Months ๐Ÿš— ๐Ÿ‡ง๐Ÿ‡ผ
Estonian ride-hailing giant, Bolt, makes its mark in Botswana, entering a market dominated by inDrive. In a strategic move, Bolt exempts drivers from commissions for the initial six months, aiming to foster high demand through competitive pricing. With features focused on safety, Bolt navigates the challenging Botswana landscape, aiming to revolutionize the ride-hailing experience.
more...
Reactions
TechCabal
TechCabal
Feb 22, 2024
Rising Cloud Costs in Nigeria Trigger Startup Concerns: Can Local Providers Offer a Solution?
As the Naira depreciates, Nigerian startups grapple with soaring bills for global cloud services, pushing some entrepreneurs to explore local alternatives. With the dominance of major players like AWS, Microsoft Azure, and Google Cloud, startups face the challenge of balancing cost concerns and infrastructure capabilities. Are homegrown cloud providers equipped to rescue startups from escalating cloud expenses?
more...
Reactions
TechCabal
TechCabal
Feb 22, 2024
South Africa Eyes Nomad Goldrush, Targets Wealthy Remote Workers with New Visa Regulations โœˆ๏ธ ๐Ÿ‡ฟ๐Ÿ‡ฆ
๐ŸŒ South Africa aims to become a global hub for digital nomads, publishing draft regulations for a digital nomad visa. The proposed visa targets remote workers earning at least R1 million (~$53,000) annually. However, regulatory hurdles and amendments to existing laws pose challenges for the realization of this ambitious plan. Share your thoughts on shaping South Africa's digital nomad visa!
more...
Reactions
TechCabal
TechCabal
Feb 21, 2024
Miden: Revolutionizing Card Issuance Speed in African Fintech
In the dynamic landscape of African fintech, Miden emerges as a game-changer by slashing the card issuance time from months to weeks, aiming to drive financial inclusion. With innovative solutions and rapid growth, this Y Combinator-backed startup navigates the complexities of the virtual card space.
more...
Reactions
TechCabal
TechCabal
Feb 21, 2024
Binance Takes Desperate Measures Amid Naira Slide: Limits USDT/NGN Trading โ‚ฟ ๐Ÿ‡ณ๐Ÿ‡ฌ
As the Nigerian Naira hits record lows, Binance, the world's largest cryptocurrency exchange, implements restrictions on the USDT/NGN trading pair, aiming to combat fraud and manipulation. This move sparks concerns among users and prompts a shift to alternative peer-to-peer platforms, highlighting the challenges faced by crypto traders in Nigeria amidst economic uncertainties.
more...
Reactions
1
TechCabal
TechCabal
Feb 18, 2024
Inflation's Impact on BNPL Startups: Navigating Challenges and Opportunities in Nigeria's Changing Economic Landscape ๐Ÿ“‰๐Ÿ›๏ธ
Discover how Buy-Now-Pay-Later (BNPL) startups like CDCare and CredPal in Nigeria are adapting to the dual effects of rising inflation and changing consumer behaviors. From surging demand for installment payments due to reduced purchasing power to the cautious optimism in the face of economic uncertainties, these startups are reshaping their strategies to thrive amidst challenges. ๐Ÿ‡ณ๐Ÿ‡ฌ๐Ÿ’ณ
more...
Reactions
TechCabal
TechCabal
Feb 16, 2024
Jumia's Q4 2023 Financial Results Spark 41.18% Stock Surge Despite Operating Loss ๐Ÿ›’ ๐Ÿ“ˆ
Investors cheer as Jumia's Q4 2023 financial report reveals a 41.18% surge in stock value, even as the Africa-focused e-commerce giant trims operating losses to the lowest in four years. With strategic changes and a focus on profitability, Jumia aims to build a leaner, more agile company in the face of challenging macroeconomic conditions across its African markets.
more...
Reactions
TechCabal
TechCabal
Feb 16, 2024
Jumia Implements Workforce Reduction Following Jumia Food Exit
Amid strategic changes and its recent exit from the food delivery business, Jumia, Africa's leading e-commerce platform, undertakes employee layoffs in Kenya and other markets. The move aims to optimize capital and pursue cost efficiencies as the company continues its path to profitability.
more...
Reactions
TechCabal
TechCabal
Feb 15, 2024
Jumia Trims Operational Losses in Q4 2023, Yet Profitability Remains a Challenge ๐Ÿ“‰๐Ÿ’ผ
Despite slashing operating losses and implementing strategic changes, Jumia faces questions on profitability in Q4 2023. The company's shift includes shutting down Jumia Food, staff reductions, and a focus on higher-ticket items, showcasing impressive cost discipline under CEO Francis Dufay. ๐ŸŒ๐Ÿ›’
more...
Reactions
1
TechCabal
TechCabal
Feb 15, 2024
Qubit Hub Study Advocates Building Strong Foundation Before AI Regulation in Africa โš– ๐Ÿง  ๐ŸŒ
Discover insights from a new study by Qubit Hub, revealing that Africa should prioritize strengthening its AI ecosystem before rushing into regulations. The study emphasizes the need for improved data infrastructure, talent development, and market-focused AI solutions for sustainable growth.
more...
Reactions
TechCabal
TechCabal
Feb 15, 2024
Nigeria Faces Economic Strain as January Inflation Hits 29.90% and Food Costs Soar ๐Ÿ‡ณ๐Ÿ‡ฌ ๐Ÿ“ˆ
Amidst soaring inflation at 29.90%, Nigerians grapple with surging food costs, prompting economic concerns. As the Central Bank considers drastic measures, including potential interest rate hikes, the nation awaits solutions to ease the financial strain on households.
more...
Reactions
TechCabal
TechCabal
Feb 14, 2024
Firstmonie Emerges as Nigeriaโ€™s Top Bank-Led Agency Banking Service with โ‚ฆ1.1 Trillion Transactions ๐Ÿ‡ณ๐Ÿ‡ฌ ๐Ÿš€
Firstmonie, the agency banking arm of First Bank of Nigeria, dominates the country's agency banking market, processing over โ‚ฆ1.1 trillion in transactions in 2023, surpassing the combined total of major banks. Fintech players, including Moniepoint and Opay, are gaining momentum, outpacing traditional bank-led services, driven by agility, accessibility, and innovations in response to the 2023 cash crunch.
more...
Reactions
TechCabal
TechCabal
Feb 14, 2024
Sierra Leone's Ambitious Tech Leap: Aiming to Become Africa's Innovation Hub ๐Ÿ‡ธ๐Ÿ‡ฑ
President Julius Maada Bio envisions Sierra Leone as the "Estonia of Africa," investing in tech to supply talent across the continent. With a strategic focus on building a tech and innovation city, the country aims to create 500,000 jobs by 2028 and position digital skills as an exportable commodity. As Sierra Leone embraces cross-border collaboration and draws inspiration from successful models, it sets the stage for a collaborative tech future in Africa.
more...
Reactions
TechCabal
TechCabal
Feb 14, 2024
Unlocking Agricultural Potential: How AI Revolutionizes Farming in Africa ๐ŸŒ๐Ÿšœ
Discover how Artificial Intelligence is transforming African agriculture, addressing challenges like inefficient farming methods and low investment. From precision farming to success stories like India's AI-driven initiative, explore how AI empowers farmers and propels Africa towards an agricultural revolution! ๐ŸŒพ๐Ÿค–
more...
Reactions
TechCabal
TechCabal
Feb 13, 2024
๐Ÿš€ Flutterwave Invested $3 Million in PiggyVest's Parent Company, Fueling Future Equity ๐ŸŒ๐Ÿ’ฐ
Africa's fintech leader, Flutterwave, silently invests $3 million in PiggyTech, the powerhouse behind PiggyVest, marking a strategic partnership for future equity. This move amplifies PiggyVest's drive for external funding amidst valuation disagreements and economic challenges. ๐Ÿš€๐Ÿ’ธ
more...
Reactions
1
TechCabal
TechCabal
Feb 12, 2024
Ethiopia Grapples with Soaring Inflation at 28.7%, Central Bank Struggles Amidst Ongoing Challenges ๐Ÿ“ˆ๐Ÿ‡ช๐Ÿ‡น
Discover Ethiopia's economic turmoil as inflation hits a staggering 28.7%, posing formidable challenges for the National Bank of Ethiopia. Uncover the factors behind this surge, from internal conflicts to global commodity price spikes, as the nation strives to curb inflation below 20% by June 2024.
more...
Reactions
TechCabal
TechCabal
Feb 9, 2024
Kenyan E-commerce Startup Wasoko Faces Employee Backlash Over Hidden Merger Plans with MaxAB ๐Ÿ‡ฐ๐Ÿ‡ช
Employees at Wasoko, a prominent Kenyan e-commerce platform, claim the company concealed its merger with Egypt's MaxAB for over six months, leading to unexpected layoffs. The fallout has resulted in a legal battle with accusations of unfair dismissals and disputes over severance packages. As the case unfolds, Wasoko's reputation and handling of the situation are under scrutiny.
more...
Reactions
TechCabal
TechCabal
Feb 7, 2024
From Inception to N15 Trillion: Hydrogen's Ambitious Plans to Transform Nigeria's Payments Landscape ๐Ÿ‡ณ๐Ÿ‡ฌ
Discover how Hydrogen, the payments arm of Access Corporation, aims to revolutionize Africa's payment ecosystem, processing a staggering 15 trillion Naira in transactions within its first significant year. With a robust infrastructure focus, Hydrogen competes with key players, envisioning itself as the powerhouse behind one in every three transactions across the continent.
more...
Reactions
TechCabal
TechCabal
Feb 7, 2024
Remoteli, Ghana's Tech Talent Startup, Secures ยฃ250,000 Pre-Seed Funding Led by Footballer Jeremie Frimpong
Ghanaian tech talent platform, Remoteli, scores big with ยฃ250,000 in pre-seed funding from professional footballer Jeremie Frimpong. As the startup aims to connect African tech talents with remote opportunities, Frimpong's investment aligns with a growing trend of sports stars backing tech innovation, aiming to make a difference both on and off the field.
more...
Reactions
TechCabal
TechCabal
Feb 5, 2024
๐Ÿšซ Senegal Temporarily Shuts Down Mobile Internet Amidst Political Tensions ๐Ÿ‡ธ๐Ÿ‡ณ
Senegal faces heightened instability as the government suspends mobile internet for the third time in nine months, citing the spread of "hateful messages" on social media. The move follows protests sparked by the postponement of the Presidential elections for six months, contributing to growing political uncertainty in the historically stable democracy.
more...
Reactions
TechCabal
TechCabal
Feb 5, 2024
๐Ÿšจ Unpaid and Laid Off: 40 Tingo Mobile Contractors Left in the Lurch Amid Fraud Charges ๐Ÿ“‰๐Ÿ’ผ
Amidst facing fraud charges and a financial storm, Tingo Mobile leaves 40 contractors in distress, laying them off without paying December and January salaries. The startup, embroiled in a scandal, redirects blame to outsourcing company HR Indexx, leaving affected employees in limbo. The unfolding drama raises concerns about the fate of workers and the company's credibility amidst ongoing legal scrutiny. ๐Ÿคฏ๐Ÿ’”
more...
Reactions
TechCabal
TechCabal
Feb 4, 2024
๐Ÿ“ต Safaricom Tightens Security: Halts M-PESA Transfers to Unregistered Users ๐Ÿ›‘๐Ÿ’ฐ
Safaricom, Kenya's leading telco, takes a bold security step by discontinuing M-PESA transfers to unregistered users, impacting Airtel Money and T-Kash users. The move is speculated to enhance traceability and address concerns over unregistered SIM cards in mobile money transactions. ๐Ÿšซ๐Ÿ’ณ
more...
Reactions
TechCabal
TechCabal
Feb 2, 2024
Legal Victory: Flutterwave Celebrates Release of $3 Million in Kenya After Lengthy Court Battle ๐Ÿฆ๐Ÿ’ฐ
In a landmark decision, Flutterwave, the fintech giant, triumphs as a Kenyan court unfreezes $3 million previously withheld, ending a legal dispute that began in 2022. With the funds restored, Flutterwave now gears up for new business ventures, including obtaining a payments and remittance license in Kenya, further solidifying its presence in key African markets.
more...
Reactions
TechCabal
TechCabal
Feb 1, 2024
๐ŸŒ Zone, Africaโ€™s Blockchain Pioneer, Set to Revolutionize Remittances in 2025! ๐Ÿš€๐Ÿ’ธ
Africa's leading licensed blockchain payment infrastructure, Zone, gears up to launch a groundbreaking remittance product in 2025, aiming to tackle distribution, liquidity, and licensing challenges faced by remittance providers and IMTOs. CEO Obi Emetarom reveals the company's strategic approach, leveraging its existing network and licenses, while envisioning a future shaped by regulated DeFi.
more...
Reactions
1
TechCabal
TechCabal
Jan 31, 2024
Kippa, Backed by Target Global, Takes a Leap into EdTech - Exclusive Insights
Exclusive insider information reveals that Kippa, initially a fintech startup supported by Target Global, is making a strategic shift into the EdTech landscape. Unveiling a new platform, Kippa aims to empower users to effortlessly create and deliver online courses, embracing innovative AI-driven learning formats. This pivot comes in the wake of challenges in Kippa's financial management endeavors, including a significant layoff in 2023, indicating a bold move towards educational technology.
more...
Reactions
TechCabal
TechCabal
Jan 31, 2024
Pade Processes โ‚ฆ11 Billion in Salaries in 2023 After Securing Flutterwave as a Key Client
Discover how Pade, a HR management startup, made waves by paying โ‚ฆ11 billion in salaries for over 6,500 employees in 2023. With significant growth driven by key clients like Flutterwave, Pade's innovative solutions and plans for employee empowerment position it for continued success in 2024 and expansion into the East African market. ๐Ÿ’ผ๐Ÿ’ธ๐Ÿš€
more...
Reactions
TechCabal
TechCabal
Jan 31, 2024
๐Ÿ“‰ Nigeria's Broadband Penetration Drops by 10.7% Following Population Adjustment ๐Ÿ‡ณ๐Ÿ‡ฌ
Discover the impact of Nigeria's population figure adjustment on broadband penetration, revealing challenges in meeting the 2025 target. ๐Ÿ“Š๐Ÿ‡ณ๐Ÿ‡ฌ
more...
Reactions
TechCabal
TechCabal
Jan 31, 2024
Bolt Accelerates Expansion: Launches Ride-Hailing Services in Zimbabwe with a Bold Move ๐Ÿ‡ฟ๐Ÿ‡ผ
Estonian e-taxi giant, Bolt, drives into Harare, Zimbabwe, offering a unique incentive by waiving driver commissions for a minimum of six months. This strategic move marks Bolt's twelfth country entry, focusing on fostering driver earnings and competitive pricing. As part of its broader African investment plan, Bolt aims to redefine ride-hailing safety standards, reflecting its commitment to both riders and drivers. ๐Ÿš—๐Ÿ’จ
more...
Reactions
TechCabal
TechCabal
Jan 30, 2024
Nigeria to Introduce Fraud-Flagging Feature on PoS Terminals by Q1 2024 ๐Ÿ‡ณ๐Ÿ‡ฌ
Nigeria's Central Bank, in collaboration with AMMBAN, is set to enhance PoS terminals with a fraud-flagging feature, requiring specific KYC details for transactions. The move aims to combat fraud at agent locations, with launch expectations by the end of Q1 2024.
more...
Reactions
TechCabal
TechCabal
Jan 29, 2024
Chaka Founder Tosin Osibodu Steps Down After Rise Merger, Joins Alpaca for Global Expansion โœจ๐Ÿ“ˆ
Founder Tosin Osibodu exits Chaka, the Nigerian stock investment startup, following its merger with Rise. Now part of Alpaca, Osibodu is set to contribute to the global expansion of the API-focused trading platform. The move sparks speculation about the future integration of Chaka and RiseVest under Rise's sole CEO, Eke Urum.
more...
Reactions
TechCabal
TechCabal
Jan 27, 2024
๐Ÿš€ Moniepoint's Soaring Success: Over 5 Billion Transactions, $150 Billion Value in 2023 ๐ŸŒ๐Ÿ’ธ
Moniepoint, Nigeria's payment giant, had a phenomenal 2023, processing a staggering 5.2 billion transactions valued at over $150 billion, marking a remarkable 205% increase from the previous year. As it continues to dominate the Nigerian market, Moniepoint's expansion into Kenya hints at even greater strides in the fintech landscape. ๐Ÿ“ˆ๐Ÿ’ณ
more...
Reactions
1
TechCabal
TechCabal
Jan 27, 2024
Access HoldCo Nears Regulatory Approval for ARM Pensions Acquisition, Aiming to Dominate $34.9 Billion Pension Market
Access HoldCo, the parent company of Access Bank, is on the verge of regulatory approval for acquiring ARM Pensions, positioning itself as a major player in Nigeria's $34.9 billion pension market. This move follows Access HoldCo's strategic expansions, including the integration of Sigma Pension and First Guarantee Pension, potentially challenging Stanbic IBTC for the top spot. The acquisition faces scrutiny from both NGX and PenCom, ensuring financial stability and safeguarding pensioners' interests.
more...
Reactions
TechCabal
TechCabal
Jan 26, 2024
๐Ÿš€ Takealot Gears Up for Amazon Challenge with New CEO Appointment ๐ŸŒ๐Ÿ›’ ๐Ÿ‡ฟ๐Ÿ‡ฆ
South African e-commerce giant Takealot announces Frederik Zietsman as its new CEO amid Amazon's impending market entry. As the e-commerce landscape heats up, the reshuffle aims to fortify Takealot's leadership to counter the global e-commerce giant.
more...
Reactions
TechCabal
TechCabal
Jan 24, 2024
AltSchool Africa Expands to Kenya, Sees Significant Traction in Second-Largest Revenue Market ๐Ÿ‡ฐ๐Ÿ‡ช
Edtech startup AltSchool Africa, known as the African counterpart to the US coding bootcamp BloomTech, extends its reach to Kenya, its second-largest revenue-generating market. The move aims to provide hands-on support to Kenyan learners and streamline local payment processes, marking a strategic expansion for the platform.
more...
Reactions
TechCabal
TechCabal
Jan 24, 2024
Kenyaโ€™s PesaLink to Introduce Merchant Payment Services Amidst M-PESA Outage
As M-PESA experiences a service disruption in Kenya, PesaLink, a real-time fund transfer platform, is set to launch a merchant payments option, providing an alternative for users frustrated by the outage. Amidst customer demands for enhanced features, PesaLink aims to rival M-PESA's offerings with a separate merchant payment service, promising an innovative and independent ecosystem.
more...
Reactions
TechCabal
TechCabal
Jan 24, 2024
Twiga and Incentro Resolve $261k Debt Dispute, Seek Google Contract Renegotiation ๐Ÿค๐Ÿพ๐Ÿ’ป๐Ÿ’ฐ
In a significant development, Twiga Foods and Incentro have amicably settled their $261,000 debt dispute, with plans to request Google to cancel the original contract. The resolution comes after negotiations led by Twiga's CFO, Zuber Momoniat, in the wake of leadership changes at Twiga. The case sheds light on the challenges African companies face in managing long-term contracts with global cloud providers amid currency fluctuations.
more...
Reactions
TechCabal
TechCabal
Jan 23, 2024
Botswana's Unemployed Youth Turn to Online English Tutoring Amid Rising Unemployment ๐Ÿ‡ง๐Ÿ‡ผ
As Botswana grapples with a soaring youth unemployment rate of over 44%, young Batswana are leveraging online platforms like Preply and Cambly to teach English to Asian students, tapping into the vast market of almost 400 million Chinese citizens learning English. With a low barrier to entry, these online tutoring opportunities provide an alternative source of income, enabling unemployed youth to earn between $3 and $7 per hour while facing challenges like occasional racism and limited internet access.
more...
Reactions
1
TechCabal
TechCabal
Jan 23, 2024
Nigerian Crypto Startups Seek SEC Licences After Central Bank Lifts Ban ๐Ÿ‡ณ๐Ÿ‡ฌ โ‚ฟ
In the wake of Nigeria's Central Bank lifting the two-year ban on crypto-related bank accounts, crypto exchanges Quidax and Luno, among others, are racing to secure licences from the Security Exchange Commission (SEC). This marks a pivotal shift for the crypto industry in Nigeria, indicating a strategic move by startups to navigate regulatory changes.
more...
Reactions
TechCabal
TechCabal
Jan 23, 2024
๐Ÿ” Safaricom Faces Backlash as M-PESA Outage Hits Kenya: Poor Communication Raises Concerns ๐Ÿ“ต๐Ÿ’ฌ
Safaricom's M-PESA service faces scrutiny as a prolonged outage leaves users frustrated. Lack of communication from the telecom giant sparks social media uproar, questioning the reliability of Kenya's leading mobile money platform. Rivals struggle to compete, highlighting the dominance of M-PESA despite periodic service disruptions.
more...
Reactions
TechCabal
TechCabal
Jan 22, 2024
๐Ÿš€ Zilla Shifts Gears: Pauses BNPL Services, Focuses on Cross-Border Payment Product Zillawire ๐ŸŒ๐Ÿ’ณ
Facing challenges in consumer understanding, Zilla, the Buy-Now-Pay-Later (BNPL) startup, hits pause on its BNPL services. Instead, it's steering towards success with Zillawire, a robust cross-border payment product, overcoming hurdles in the evolving FinTech landscape. ๐Ÿ”„๐Ÿ’ผ
more...
Reactions
TechCabal
TechCabal
Jan 19, 2024
Timbuktoo: UNDP-Backed $1 Billion Fund Revolutionizing African Tech Startups
๐ŸŒ The largest-ever startup fund in Africa, Timbuktoo, launches with a $1 billion commitment over 10 years to empower 1000 tech startups across the continent. Led by the United Nations Development Programme (UNDP) and eight African countries, this initiative aims to catalyze domestic capital, making venture investments riskier and more attractive. ๐Ÿ’ก๐Ÿ’ฐ
more...
Reactions
1
TechCabal
TechCabal
Jan 18, 2024
Safaricom Escapes Fines Despite Third-Year Drop in Service Quality, Other Telcos Face Penalties ๐Ÿ“‰๐Ÿ“ฑ
Kenya's leading telco, Safaricom, avoids penalties despite a third consecutive year of declining service quality, as it meets the minimum compliance threshold of 80%, according to the Communications Authority. While Airtel and Telkom face fines for not meeting QoS standards, Safaricom's overall performance stands at 87.60%, securing its position. The regulator has collected over KES 500 million in fines over the past five years for QoS violations.
more...
Reactions
TechCabal
TechCabal
Jan 18, 2024
Access Bank Ventures into Standalone Digital Lending with Oxygen X, Receives Central Bank Approval
Nigeria's Access Corporation, the parent company of Access Bank, is set to launch Oxygen X, a standalone digital lending subsidiary, expanding its reach beyond traditional banking customers. With approval from the Central Bank, Oxygen X aims to compete with existing digital lenders, serving a broader market of digital-first consumers. This strategic move aligns with Access Corporation's ambitious plans for global expansion and diversification in the fintech space.
more...
Reactions
TechCabal
TechCabal
Jan 17, 2024
๐Ÿš€ Future Africa's Founders Launch $750K-Backed Accelerate Africa, Aiming to Be the YC of the Continent ๐ŸŒ๐Ÿ’ก
Iyin Aboyeji, founder of VC firm Future Africa, and Mia von Koschitzky-Kimani are spearheading Accelerate Africa, a game-changing accelerator fueled by a $750,000 USAID grant. With the goal of becoming Africa's answer to Y Combinator, they plan to nurture ten pre-seed and seed-stage startups across the continent, providing invaluable mentorship and guidance.
more...
Reactions
TechCabal
TechCabal
Jan 17, 2024
TymeBank Achieves Remarkable Turnaround, Reports Profit Six Months After $45 Million Loss
South African neobank TymeBank surprises the market by bouncing back from a significant loss, revealing a profitable December 2023 just six months after posting a $45 million deficit. With strategic partnerships, a growing lending portfolio, and backing from venture capitalists, TymeBank showcases a remarkable financial turnaround in the competitive digital banking landscape.
more...
Reactions
TechCabal
TechCabal
Jan 17, 2024
๐Ÿš€ Africa Tech Summit Showcases 10 Innovative Startups Competing for Funding Boost ๐Ÿ’ฐ
Discover the future of African innovation! ๐ŸŒ Ten dynamic startups, spanning fintech, agritech, Web3, and more, will pitch groundbreaking ideas for funding at the Africa Tech Summit in Nairobi. As Africa charts a new path in 2024, these startups aim to secure investments ranging from $500,000 to $15 million, driving growth in diverse sectors. ๐Ÿš€๐Ÿ’ก
more...
Reactions
TechCabal
TechCabal
Jan 16, 2024
General Atlantic Expands Sustainable Infrastructure Reach with $12.5B+ Acquisition of Actis
General Atlantic, a New York-based growth equity firm, is set to acquire Actis, a London-based energy infrastructure investor with a significant presence in Africa, in a deal exceeding $12.5 billion. The partnership aims to deepen investments in sustainable infrastructure, creating a global platform with $96 billion in assets under management (AUM). Actis, known for its investments in African energy projects, will become the sustainable infrastructure arm within General Atlantic's investment platform, maintaining independence over its investment decisions.
more...
Reactions
TechCabal
TechCabal
Jan 16, 2024
Canza Finance Secures $2.3M Funding to Revolutionize Cross-Border Payments in Africa ๐ŸŒ๐Ÿ’ธ
Canza Finance, the Web3 neobank, has raised $2.3 million in a strategic round led by Polychain Capital, aiming to simplify cross-border payments for African startups. With plans to acquire licenses across the continent and introduce its innovative FX DeFi platform, Baki, Canza aims to empower businesses with faster, cost-effective international transactions. The startup, having raised a total of $5.5 million, envisions providing financial services typically reserved for large corporations to businesses in markets like Nigeria, Cameroon, and Senegal.
more...
Reactions
TechCabal
TechCabal
Jan 16, 2024
๐Ÿšจ Exclusive: Nigerian Fintech Kippa Hit by โ‚ฆ30 Million Internal Fraud Amid Shutdown Crisis
Nigeria's Kippa, a finance startup, faces turmoil as internal fraud connected to its agency banking product, Kippa Pay, results in a loss of โ‚ฆ30 million. The fraud, discovered in November, follows the recent shutdown of Kippa Pay and layoffs of 40 employees. Despite promises of severance pay, the affected workers are left in uncertainty.
more...
Reactions
1
TechCabal
TechCabal
Jan 12, 2024
Showmax 2.0 Relaunch: MultiChoice Aims for Streaming Supremacy in Africa ๐ŸŽฌ๐Ÿ”ฅ
Dive into the streaming revolution as MultiChoice reveals big plans for the Showmax 2.0 relaunch, set to debut in February! With 1,300 hours of original African content and a groundbreaking standalone Premier League mobile streaming plan, Showmax is on a mission to dominate the African streaming landscape. Can it fulfill MultiChoice's ambitious goal of reaching $1 billion in revenue and acquiring 50 million subscribers within the next five years?
more...
Reactions
TechCabal
TechCabal
Jan 12, 2024
African VC Landscape: Navigating Secondary Markets for Startup Exits
Discover how Africa-focused venture capitalists are turning to secondary markets for liquidity, providing early investors and startup employees with profitable exit options amid a challenging funding landscape. ๐Ÿš€๐Ÿ’ฐ
more...
Reactions
TechCabal
TechCabal
Jan 10, 2024
๐Ÿ“ˆ NGX Anticipates Tech Startup Listings Amid Rule Changes in 2024 ๐Ÿ‡ณ๐Ÿ‡ฌ
๐Ÿš€ The Nigerian Exchange Group (NGX) is optimistic about tech startups listing on its specialized technology board this year, thanks to imminent regulatory changes. With the NGX tech board rules approved in 2022, discussions are underway with startups considering accessing local capital, potentially marking a pivotal moment for the Nigerian tech ecosystem.
more...
Reactions
TechCabal
TechCabal
Jan 10, 2024
๐Ÿšจ Fintech Shutdown Alert: Woven Finance, Backed by Coronation Group, Ceases Operations ๐Ÿ›‘
In a surprising move, Woven Finance, a licensed fintech backed by Coronation Group, announces its shutdown, citing market dynamics. The company, fully licensed by the Central Bank of Nigeria, will transfer its services to Hydrogen, a fintech under Access Bank's umbrella, in a bid to navigate the evolving fintech landscape.
more...
Reactions
TechCabal
TechCabal
Jan 10, 2024
๐Ÿ“ˆ Nigeria's Top 5 Banks Surpass โ‚ฆ1 Trillion Market Cap Each, Riding High on NGX's Soaring Performance ๐Ÿ‡ณ๐Ÿ‡ฌ ๐Ÿ›๏ธ
๐Ÿš€ Nigeria's banking giantsโ€”First Bank, Access Bank, UBA, GT Bank, and Zenith Bankโ€”have joined the exclusive โ‚ฆ1 Trillion market cap club, with a remarkable โ‚ฆ6.1 trillion gain fueled by the NGX's bullish run. This surge in the banking index signals a flourishing market, tempting even tech startups to consider stock listings.
more...
Reactions
TechCabal
TechCabal
Jan 9, 2024
๐Ÿšจ Twiga Faces Executive Exodus: Legal Chief Departs Amidst Founder's Resignation ๐Ÿšจ
Amidst a series of shake-ups at Twiga Foods, the departure of Daniel Ngungi, Head of Legal and Administration, unfolds shortly after founder Peter Njonjo's resignation. The company faces challenges with debt resolution and legal battles, marking a turbulent period for the once-prominent food distribution platform.
more...
Reactions
TechCabal
TechCabal
Jan 9, 2024
Wasoko and MaxAB Trim Workforce by 10% Amid Merger Talks Advancement
Discover the latest developments as Tiger Global-backed Wasoko and Egyptian counterpart MaxAB reveal plans to cut 10% of their combined workforce during the integration phase of their anticipated merger. CEOs Daniel Yu and Belal El Merghabel are steering the transition, ensuring affected employees receive severance packages, and even allowing them to retain stock options. Stay tuned for insights into this strategic move shaping the future of e-commerce leadership in Egypt and East Africa.
more...
Reactions
TechCabal
TechCabal
Jan 6, 2024
Swvl's Remarkable Turnaround: Achieves First-Ever Profitability by Navigating Challenges and Strategic Shifts
In a surprising twist, mobility startup Swvl has reported its first net profit in H1 2023, marking a significant rebound from previous financial struggles. ๐Ÿš€ Despite a 49% revenue decline, the company's strategic moves, including layoffs and business focus realignment, have propelled it to profitability. ๐Ÿ“ˆ Discover how Swvl's shift to a B2B model and concentrated market approach led to this remarkable financial reversal.
more...
Reactions
TechCabal
TechCabal
Jan 5, 2024
๐Ÿ“ˆ Nigerian Equities Soar in 2024: Record Highs Mark Third Consecutive New Year Surge ๐Ÿ‡ณ๐Ÿ‡ฌ
๐Ÿš€ Nigerian equities kick off 2024 with a bang, marking three consecutive years of stellar New Year performances. With the All Share Index hitting an all-time high and banking stocks leading the charge, early investors position for another robust year, fueled by last year's impressive 45.90% growth. ๐ŸŒ๐Ÿ’น
more...
Reactions
2
1
TechCabal
TechCabal
Jan 5, 2024
Cellulant's Restructuring: Staff Departures and CEO Exit Precede Strategic Shift
Discover the inside story of Cellulant's recent upheavals โ€“ a series of layoffs, high-profile exits, and the departure of CEO Akshay Grover. The fintech firm's restructuring aims for operational efficiency and a leaner product-focused strategy, following challenges in securing the anticipated $100 million Series D funding.
more...
Reactions
TechCabal
TechCabal
Jan 4, 2024
Leadership Shift: Cellulant Faces Surprise Exit as CEO Akshay Grover Departs Amidst Growth Plans
In an unexpected move, Akshay Grover, CEO of African payment giant Cellulant, steps down after less than three years, citing personal reasons. The company reassures its commitment to sustained growth under the interim leadership of Peter O'Toole, the current CFO, with further leadership additions on the horizon.
more...
Reactions
TechCabal
TechCabal
Jan 3, 2024
Cameroonian Fintech Koree Secures $200K Pre-Seed Round for Innovative Digital Savings and Cashback Platform ๐Ÿ‡จ๐Ÿ‡ฒ
๐Ÿš€ Cameroonian fintech Koree raises $200,000 in a pre-seed round to revolutionize digital savings and introduce cashback rewards. Backed by Ecobank and other investors, Koree aims to transform cash-based economies across Africa. Stay tuned for its innovative solutions reshaping the fintech landscape! ๐Ÿ’ฐ๐ŸŒ
more...
Reactions
TechCabal
TechCabal
Jan 2, 2024
Navigating African Tech in 2024: Trends Unveiled ๐ŸŒ๐Ÿ’ก
Dive into the pulse of African tech as we unravel the transformative trends shaping 2024! From funding shifts to AI dominance and regional recalibrations, get ready for a dynamic ride through the continent's tech landscape.
more...
Reactions
1
4
TechCabal
TechCabal
Dec 29, 2023
The Southern Africa Tech Scene in 2023: Hits, Misses, and What's Next
๐ŸŒŸ Dive into 2023's Southern Africa tech journey! Uncover the triumphs of fund launches, startups addressing critical issues, and ecosystem explorations.
more...
Reactions
4
1
TechCabal
TechCabal
Dec 29, 2023
Policy Wins and Challenges: Nigeria's Tech Ecosystem Reflects on a Pivotal 2023 ๐Ÿ‡ณ๐Ÿ‡ฌ
Explore the dynamic landscape of Nigeria's tech scene in 2023, marked by regulatory victories and hurdles. From groundbreaking open banking regulations to the appointment of tech influencer Bosun Tijani as a minister, discover the highs and lows shaping the future of Nigeria's tech ecosystem. What's next as the industry navigates opportunities and uncertainties in the coming year?
more...
Reactions
1
TechCabal
TechCabal
Dec 23, 2023
MaxAB and Wasoko Merger Set to Create Africa's E-commerce Powerhouse with Record-Breaking Deal ๐Ÿค๐Ÿป ๐ŸŒ๐Ÿ’ผ
Two major players in Africa's B2B e-commerce, MaxAB and Wasoko, are gearing up for a groundbreaking merger, positioning themselves to lead the continent's market. With talks in the early stages, the deal is anticipated to be finalized in Q1 2024, creating a united force with unparalleled financial strength and market dominance. ๐ŸŒ๐Ÿ’ช๐Ÿพ
more...
Reactions
TechCabal
TechCabal
Dec 22, 2023
Nigeria's Cash Crunch Returns: Unraveling the Causes and Consequences ๐Ÿ‡ณ๐Ÿ‡ฌ
Amid scenes of frustrated customers at ATMs and cash-strapped businesses, Nigeria grapples with a resurgence of a cash crunch, triggering chaos reminiscent of the earlier currency redesign woes. But what's driving this latest financial turmoil, and who bears the blame?
more...
Reactions
TechCabal
TechCabal
Dec 22, 2023
Ghanaian Ride-Hailing Drivers Resist New Vehicle Income Tax, Citing Income Strain ๐Ÿš– ๐Ÿ‡ฌ๐Ÿ‡ญ
Ride-hailing drivers in Ghana are opposing a proposed vehicle income tax set to commence on January 1, 2024, arguing that it would adversely affect their earnings. The Ghana Revenue Authority's plan requires commercial vehicle owners to pay income tax quarterly, a move met with dissatisfaction by drivers who believe the tax burden should rest on ride-hailing companies rather than individual drivers. As tensions rise, the drivers question the impact on their already strained incomes, adding another layer of financial pressure.
more...
Reactions
TechCabal
TechCabal
Dec 21, 2023
Cowrywise Addresses Employee Terminations, Emphasizes Performance-Linked Decisions
YC-backed Nigerian fintech, Cowrywise, clarifies recent employee layoffs, asserting a connection to performance reviews amid strategic shifts. The move raises eyebrows as affected staff receive unusual exit packages in the face of evolving business directions.
more...
Reactions
TechCabal
TechCabal
Dec 20, 2023
Aduna Capital's $20M Fund Aims to Transform Northern Nigeria's Tech Landscape ๐Ÿ‡ณ๐Ÿ‡ฌ
๐ŸŒ Discover the story behind Aduna Capital's $20 million fund, set to revolutionize the tech ecosystem in Northern Nigeria. ๐Ÿ’ก Learn how founders Surayyah Ahmad and Sanusi Ismail plan to unlock untapped opportunities, focusing on early-stage tech innovation.
more...
Reactions
TechCabal
TechCabal
Dec 20, 2023
Ride-Hailing Woes: Lusaka's Drivers Air Grievances Against Yango and GO ๐Ÿš— ๐Ÿ‡ฟ๐Ÿ‡ฒ
In the heart of Lusaka, Yango and GO, the prominent ride-hailing giants, face a driver uprising. Complaints range from dwindling earnings to app glitches, sparking a battle between drivers trying to make ends meet and platforms prioritizing customer acquisition. ๐Ÿค” Explore the struggles of Lusaka's ride-hailing drivers in a quest for fair working conditions.
more...
Reactions
TechCabal
TechCabal
Dec 20, 2023
Unlocking the Dynamics of Venture Capital in Africa: Trends, Challenges, and Future Forecasts ๐Ÿš€๐Ÿ’ก
Explore the intricate landscape of venture capital in Africa, dissecting investment trends, and unraveling the complex web of factors shaping the ecosystem. Will Stevens' insights and the nuances behind U.S. involvement in African startups reveal a compelling narrative for both investors and founders. Discover the driving forces, potential pitfalls, and the key to unlocking the full potential of the African VC scene. ๐ŸŒ๐Ÿ’ฐ
more...
Reactions
TechCabal
TechCabal
Dec 19, 2023
Marketforce CEO Responds to Pezesha's Liquidation Suit, Calling it Premature
Marketforce CEO, Tesh Mbaabu, challenges Pezesha's move to liquidate assets over an unpaid debt, deeming it premature. Despite ongoing debt restructuring discussions, Pezesha opted for legal action. The dispute revolves around a partnership debt related to inventory financing, adding strain to Marketforce's recent funding challenges.
more...
Reactions
TechCabal
TechCabal
Dec 17, 2023
M-PESA and Visa Revolutionize Payments in Kenya: 50 Million to Receive Debit Cards ๐Ÿ’ณ ๐Ÿ‡ฐ๐Ÿ‡ช
๐Ÿš€M-PESA, the trailblazing mobile money platform with 51 million users in Kenya, is stepping into the physical payment realm through a groundbreaking collaboration with Visa. The introduction of physical debit cards marks a pivotal move beyond virtual transactions, aiming to penetrate the cash-centric retail sector and redefine the country's financial landscape.
more...
Reactions
TechCabal
TechCabal
Dec 15, 2023
๐Ÿ‡ฟ๐Ÿ‡ฆ ๐ŸŽฌ South Africa Dominates Netflixโ€™s Most-Watched Movies in Africa for 2023 ๐ŸŒ๐Ÿฟ
Discover the streaming preferences in Africa! South Africa leads with its series "Unseen" topping the charts, watched for over 60 million hours, while Nigeria claims spots with "Shanty Town" and "Far From Home." Explore the dynamic streaming landscape on Netflix in the continent. ๐Ÿ“บ๐ŸŒ
more...
Reactions
TechCabal
TechCabal
Dec 15, 2023
Nigerian Consumers Face Strain as Inflation Soars to Record 28.20%, Food Costs Surge ๐Ÿ“‰ ๐Ÿ‡ณ๐Ÿ‡ฌ
Nigeria grapples with an unprecedented 11th consecutive monthly rise in inflation, hitting a staggering 28.20%. November witnessed a surge in food prices by 32.84%, intensifying the economic challenges for households. As pressure mounts on the Central Bank, analysts emphasize the need for strategic measures to boost local production and curb the impact of inflation.
more...
Reactions
TechCabal
TechCabal
Dec 15, 2023
OPay Faces Scrutiny Over Weak KYC System: Impersonation and Account Tiers Raise Red Flags ๐Ÿšจ
As concerns over rising financial fraud in Nigeria escalate, OPay, a prominent fintech company, is under scrutiny for its lax registration processes, allowing potential bad actors to exploit vulnerabilities. Recent investigations by TechCabal reveal weaknesses in OPay's identity verification system, posing risks to users and the financial ecosystem. Will the company address these concerns amid increasing calls for stricter know-your-customer (KYC) measures?
more...
Reactions
1
TechCabal
TechCabal
Dec 14, 2023
Techstars and ARM Labs Inject $1.4M into 12 African Startups for Accelerated Growth
Techstars, in collaboration with ARM Labs, reveals its second cohort of 12 innovative startups in Lagos, offering a diverse range of sectors from fintech to renewable energy. With a funding injection of $120,000 per startup, plus extensive support, mentoring, and access to a network of experts, these startups are set to revolutionize Africa's tech landscape.
more...
Reactions
TechCabal
TechCabal
Dec 14, 2023
Flutterwave Bolsters Leadership Team with Key Hires Amid IPO Speculations
Flutterwave, Africa's leading fintech company, reinforces its executive team with five strategic appointments in risk, compliance, and global expansion, signaling resilience after recent challenges. The new hires, including top industry veterans, position Flutterwave for potential IPO success while addressing legal issues and building confidence in its growth trajectory.
more...
Reactions
TechCabal
TechCabal
Dec 12, 2023
๐Ÿš€ African Leaders Mull Startup Visas to Ignite Innovation and Curb Brain Drain ๐Ÿ”
African technology ministers unite at the African Startup Conference in Algiers, exploring the potential of startup visas to fuel innovation and combat brain drain. Inspired by successful models in Canada, the UK, and the Netherlands, the ministers aim to create a borderless Africa, fostering mobility for young entrepreneurs.
more...
Reactions
TechCabal
TechCabal
Dec 11, 2023
Chipper Cash Faces Layoffs and Salary Cuts Amidst Growth Challenges
Africa's fintech leader, Chipper Cash, grapples with internal adjustments, cutting jobs and reducing salaries, signaling a shift in strategy. How will these changes impact the unicorn's standing in the fiercely competitive market, and what does it mean for its ambitious growth plans? ๐Ÿ“‰๐Ÿ’ฐ
more...
Reactions
TechCabal
TechCabal
Dec 8, 2023
Nigerian Fintechs Assure Users Amid Regulatory Clampdown on Unlicensed Deposit Acceptance ๐Ÿ‡ณ๐Ÿ‡ฌ
Nigerian fintech giants, including Flutterwave and Paystack, rush to reassure users as a memo from NIBSS sparks misinformation about regulatory measures against unlicensed deposit acceptance. The Central Bank's directive targets companies operating without proper licenses, potentially leading to a purge of non-compliant services.
more...
Reactions
TechCabal
TechCabal
Dec 8, 2023
๐Ÿ”„ Kippa Transfers Agency Banking Product KippaPay to Bloc: Seamless Transition for Merchants ๐ŸŒ๐Ÿ’ณ
Nigerian fintech Kippa has smoothly handed over the operations of its agency banking product, KippaPay, to Bloc, a rising Nigerian fintech venturing into banking services. Despite Kippa's initial shutdown in October due to increased costs, the move ensures continuity for merchants as KippaPay gets integrated into Bloc's GPay, offering a hassle-free transition for over 19,000 agents. ๐Ÿš€๐Ÿ’ฐ
more...
Reactions
TechCabal
TechCabal
Dec 7, 2023
๐ŸŒ Fuse Network Unveils $10 Million Grant Program to Boost Web3 Startups Globally, Focusing on Emerging Markets in Africa ๐Ÿš€๐Ÿ’ธ
Fuse Network is empowering startups worldwide with a $10 million grant program, prioritizing businesses in emerging markets like Africa. As the global adoption of Web3 payment systems surges, this initiative aims to catalyze innovative projects and foster financial inclusivity in regions with high grassroots crypto adoption.
more...
Reactions
TechCabal
TechCabal
Dec 6, 2023
BasiGo Secures $5 Million Loan to Boost Electric Bus Assembly in Kenya ๐Ÿ‡ฐ๐Ÿ‡ช
Kenya's BasiGo, an electric bus company, accelerates its green mission with a $5 million debt funding from the British International Investment. The loan aims to propel the assembly of 100 electric buses, contributing to Kenya's sustainable public transport vision.
more...
Reactions
TechCabal
TechCabal
Dec 6, 2023
tappi Secures $1.5 Million Pre-Seed to Revolutionize Digital Presence for African SMEs
Discover how tappi, the innovative digital commerce SaaS platform, has raised $1.5 million in a pre-seed round led by Mercy Corps Ventures and Chui Ventures. Learn how this startup is empowering small and medium-sized businesses in Nigeria and Kenya by simplifying online profile creation, enabling them to showcase products, engage with customers, and accept payments seamlessly.
more...
Reactions
TechCabal
TechCabal
Dec 6, 2023
Kenya's E-commerce Giant, Twiga Foods, Faces Court Drama Over Unpaid Cloud Service Debt
Kenya's top e-commerce platform, Twiga Foods, is embroiled in a court battle over a $3 million cloud services contract dispute with Incentro, a Google Cloud reseller. The drama involves conflicting claims, unpaid bills, and a delayed bonus, with the court setting a five-month timeline for resolution.
more...
Reactions
TechCabal
TechCabal
Dec 5, 2023
BitMama in Talks to Acquire Payday in a Million-Dollar Deal ๐Ÿค๐Ÿฝ
Nigerian crypto exchange startup BitMama is in discussions to acquire Payday, a once-prominent fintech, offering investors $1 million in equity at a $30 million valuation. The potential deal comes after months of negotiations and aligns with BitMama's expansion into global services, including remittance through its Changera platform.
more...
Reactions
TechCabal
TechCabal
Dec 5, 2023
Kenya Halts Maisha Namba Digital ID Roll-Out Amid Data Protection Concerns ๐Ÿ‡ฐ๐Ÿ‡ช
Kenya's High Court puts the brakes on Maisha Namba, the proposed digital ID system meant to replace the problematic Huduma Namba, citing a lack of data protection impact assessment. Digital rights groups raise concerns about transparency and inclusion, calling for a more human-rights-centered approach to the significant digital transition.
more...
Reactions
TechCabal
TechCabal
Dec 5, 2023
Jumia Nigeria Appoints Sunil Natraj as New CEO, Sets Ambitious Expansion Plans for 2024 ๐Ÿš€
Jumia Nigeria undergoes leadership transition as Sunil Natraj takes the helm from Massimiliano Spalazzi, revealing ambitious plans to expand its e-commerce presence to more Nigerian cities in 2024.
more...
Reactions
TechCabal
TechCabal
Nov 30, 2023
Unlocking Capital for African Startups: B54's Innovative Fintech Approach Bridges Funding Gap
๐Ÿ’ธ B54, a Lagos-based fintech, revolutionizes startup funding in West Africa by aggregating idle cash from institutions and wealthy Africans, offering growth-stage businesses an alternative amidst a slowdown in large VC rounds. ๐Ÿš€ Discover how B54 acts as a digital private bank, creating credit lines for investors to support SMEs in need of working capital, filling the void left by traditional venture debt in the challenging African market. ๐Ÿ’ผ Embracing a tech-driven approach, B54 becomes a game-changer, providing short-term credit to diverse businesses, from payment processors to B2B retail marketplaces.
more...
Reactions
TechCabal
TechCabal
Nov 30, 2023
Tech Tales Unveiled: Fatu Ogwuche Launches "Backstories with Fatu" YouTube Show Featuring African Tech Luminaries
๐Ÿš€ Dive into the minds of African tech leaders with "Backstories with Fatu"! In the premiere episode, Fatu Ogwuche chats with Kola Aina, unraveling his journey from entrepreneur to tech investor, sharing insights on the Paystack exit, and the impact of personal values in the investment world. ๐ŸŒ๐Ÿ’ก Join this captivating series for exclusive glimpses into the backstories shaping Africa's tech landscape.
more...
Reactions
2
TechCabal
TechCabal
Nov 30, 2023
Empowering Africa's Digital Future: Convergence Partners Invests $296 Million in Infrastructure Revolution
Unlock the potential of Africa's digital landscape with Convergence Partners' groundbreaking $296 million fund! ๐ŸŒ๐Ÿ’ฐ Explore how this investment is closing the $428 billion digital infrastructure gap, fostering innovation, and propelling the continent into a self-sufficient future. ๐Ÿš€๐Ÿ”—
more...
Reactions
TechCabal
TechCabal
Nov 30, 2023
Unlocking Africa's Digital Future: The Transformative Power of Alternative Payments
Dive into the heart of Africa's digital payment revolution! Discover how alternative payment methods are reshaping the landscape, bridging gaps, and propelling the continent into a future where financial inclusion and innovation reign supreme. ๐ŸŒ๐Ÿ’ณ
more...
Reactions
TechCabal
TechCabal
Nov 29, 2023
Bolt Kenya Implements Stringent Safety Measures, Expels Over 5,000 Drivers in 6 Months ๐Ÿ‡ฐ๐Ÿ‡ช
Bolt, the Estonian ride-hailing giant, takes decisive action in Kenya, expelling 5,000 drivers in response to safety concerns. This move comes after the National Transport and Safety Authority's directive, signaling Bolt's commitment to stringent safety regulations. ๐Ÿ›‘
more...
Reactions
TechCabal
TechCabal
Nov 28, 2023
Kenya's President Ruto Set to Boost Startups with New Bill Offering Tax Breaks and Support ๐Ÿ‡ฐ๐Ÿ‡ช ๐Ÿš€
Kenya gears up for a groundbreaking move in support of its vibrant startup ecosystem! President Ruto announces the imminent signing of the Startup Bill 2022, aiming to empower youth, provide tax breaks, and pave the way for a robust entrepreneurial landscape. Exciting times ahead for Kenyan innovators!
more...
Reactions
1
TechCabal
TechCabal
Nov 28, 2023
Twiga Foods Secures New Funding Amidst Refinancing Plans to Settle Overdue Payments to 100+ Suppliers
In a strategic move following a recent debt collection lawsuit, Twiga Foods, the Kenyan platform linking farmers to food vendors, secures undisclosed funding from investors, signaling a positive turn in its business refinancing efforts. The company, led by CEO Peter Njonjo, aims to settle long outstanding dues with over 100 suppliers, demonstrating a commitment to restructuring amidst legal challenges. ๐ŸŒฑ๐Ÿ’ผ
more...
Reactions
TechCabal
TechCabal
Nov 27, 2023
USSD Dominates Digital Payments in Africa Despite Growing Alternatives ๐Ÿ’ธ๐Ÿ“ฒ
Embracing digital payments in Africa sees USSD transactions reigning supreme at 70%, overcoming challenges like smartphone accessibility. Ghana and Kenya favor USSD in their mobile money systems, aligning with high mobile money account percentages. While alternative channels emerge, the evolution of diverse payment methods showcases the continent's dynamic financial services landscape.
more...
Reactions
TechCabal
TechCabal
Nov 27, 2023
Zenith Bank Sets Sights on France Expansion, Embracing Global Market Trend ๐Ÿš€ ๐Ÿ‡ณ๐Ÿ‡ฌ ๐Ÿ‡ซ๐Ÿ‡ท
Nigeria's tier-1 bank, Zenith Bank, is making bold moves beyond Africa by expressing its ambition to expand into France, following the footsteps of other Nigerian banks venturing onto the global stage. The Group CEO, Ebenezer Onyeagwu, announced the Memorandum of Understanding with the French government at the Chartered Institute of Bankers annual dinner, marking a strategic step for Zenith's international growth. ๐ŸŒโœจ
more...
Reactions