Africa’s Weekly Fintech Review – August 12th, 2023

August 12th, 2023
Africa’s Weekly Fintech Review
What’s inside?
• Nigeria’s Moove raises $76M USD • Airtel Uganda to IPO • Kenya’s Sendy shuts down – seeks acquisition • Knife Capital raises $50M USD for Series B fund AND MORE!
Register Now for #AFTSLusaka2023 this Nov. 2-3
Making the news

Kenyan police raid warehouse belonging to WorldCoin in Nairobi “The officers went to the offices along Mombasa Road armed with a search warrant and left with machines they believe stores data gathered by the firm… Data Commissioner Immaculate Kassait defended her office and said Tools for Humanity, the parent company of Worldcoin, failed to disclose its true intentions during registration.” Capital News. Cape Town’s taxi strike ends “The Western Cape branch of South Africa’s taxi union has called off a strike protesting a new by-law that allowed the City of Cape Town to impound vehicles instead of fining drivers for not displaying registration plates. The new law also states that cars can be impounded if they’re unlicensed, overloaded or don’t stop when they’re instructed to do so by a police officer. Taxi operators say the by-law targets them unfairly.” TechCabal. Banking & Telecom Activity

  • Safaricom Ethiopia finalizes $257M USD agreement with International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency
  • Internet subscribers in Nigeria grew by 9% in 2022, servicing 154.8 million customers, according to report by the Nigerian Communications Commission 
  • Airtel Uganda to sell 20% stake in IPO on the Uganda Securities Exchange, with transaction advisory being led by Absa Bank Uganda
  • Zenith Bank commits $1M USD for the digitization of trade relations, agreement with secretariat of the African Continental Free Trade Agreement (AfCFTA)
  • Stanbic Group Kenya witnesses 47% jump in half-year profits while deposits rose 10% and loan customers rising 12%
  • Nigeria’s Wema Bank partners with Enza to strengthen its eCommerce payment solutions to merchants

Startup Activity  Egypt – Cybersecurity startup powering the likes of Paymob & EFG-Hermes, Buguard, raises $500K USD with plans to expand across the GCC  Egypt – AI recruitment startup, Talents Arena, raises $750K USD for expansion into Saudi Arabia  Kenya – Logistics startup, Sendy, shuts down and embarks on asset sales as the company works to be acquired  Nigeria – Auto financing startup, Moove, raises $76M USD to turn the company profitable across all markets and valuing the company at $550M USD

Investor Activity
  • Knife Capital closes $50M USD for Series B fund focusing on supporting the expansion of South African startups
Featured Article
How African startups can leverage mergers and acquisitions – Levi Cee on  “Amidst these challenges, startups have to recalibrate their growth strategies and explore alternative funding sources to survive and thrive in the post-pandemic landscape. Mergers and  Acquisitions have emerged as an attractive option for startups seeking to adapt to the changing investment landscape. Between 2021 to 2023, the ecosystem has seen M&A valued at over $100 billion serving as a wake-up call to startups of every size.” Continue reading.
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AFTS partners in the news
Prosper Africa Catalytic Investment Facility announces 4 new asset funds  “The Prosper Africa Catalytic Investment Facility provides financing to African asset managers and financial vehicles that have a pipeline of growth-oriented businesses. This portfolio approach deepens the reach and catalyzes greater investment in entrepreneurs and small businesses advancing solutions to global challenges, including climate change and gender inequality.” Press release.
EXCLUSIVE: Zambia is ready to be Africa’s next major tech hub, says tech minister “So what are they doing differently in Zambia that is making a lot of technology companies want to do business there? TechCabal spoke to Honourable Felix Mutati, Zambia’s minister of technology and science, about what policy measures the country has employed to boost technology, the challenges the government has faced in this process and how they have addressed them. He also speaks on what the future holds for the technology sector in Zambia and why investors should flock to the southern African nation.” TechCabal.
AFTS in the headlines
More than just another conference… AFTS is the confluence of the Pan-African fintech industry!  How do we move the industry forward? How do we remove impediments to innovation? How do we help drive digital transformation and inclusion? What is needed from industry players to maximize fintech’s positive impact? These are the questions #AFTSLusaka will help answer! Register today!!!
Register Now for #AFTSLusaka2023 this Nov. 2-3

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