Africa’s Weekly Fintech Review – December 02, 2023

December 02nd, 2023
Africa’s Weekly Fintech Review

What’s inside?

• Nigeria Startup Portal officially launches
• 128 crypto firms apply for license in SA
• Twiga secures new funding after shutdown worries
• Fintech startup Grey increases East Africa presence

Making the news

Nigeria Startup Portal (NSP) launches as part of the country’s Startup Act implementation 
“A key part of the ongoing implementation of the Nigeria Startup Act is the new startup portal, which will drive the identification and aggregation of Nigerian startups, venture capital companies, hubs and innovation centres in order to facilitate engagement and support for ecosystem players.” Disrupt Africa

128 crypto firms in South Africa apply for licenses according to Financial Sector Conduct Authority (FSCA) 
“The FSCA reported that it considered various factors in its analysis of each potential licensee. These factors include the significance of market services, whether they offer multiple services, and whether they provide market support services such as custodial and payment rails.” BitcoinKE

Banking & Telecom Activity

Startup Activity

 Kenya – Food value-chain startup, Twiga, secures undisclosed funding from investors who participated in its 2021 $50M USD funding round 
 South Africa – Fintech startup, PayCorp, introduces CryptoExpress which allows users to convert digital assets into cash across the company’s nationwide ATM network
 South Africa – Fleet management startup, GoMetro, secures $11M USD Series A as the company looks to strengthen its platform in key markets 
 Tunisia – RetailTech startup, Winshot, raises 6-figure funding round to enhance operational efficiency & improve the customer experience 
 United States – Fintech startup, Grey, rebrands as the company looks to increase its presence across East Africa 

Investor Activity

  • Francophone Africa focused VC firm, Saviu Ventures, reaches $13M USD with first close of its second fund 
  • VC firm, EchoVC, launches $2.5M USD pre-seed fund focused on supporting climate-focused startups 

Featured Article

How Namibia’s ecosystem can boost its venture capital attractiveness – Ephraim Modise in TechCabal 
“However, according to some investment professionals in the country, the issue is not a lack of capital in the country but, rather, a disconnect between the requirements of capital providers and the needs of startups.” Continue reading

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AFTS partners in the news

Smile ID and Africa Fintech Summit partner to host webinar on ‘How to Build Scalable Solutions Without Code’ 
“In this session, our Product Teams will share their experiences using no-code tools, advice on when no-code is the right choice and how to implement no-code solutions effectively.” Register now

AFTS in the headlines

AFTS’ Andrew Barden sits down with Idris Ayodeji Bello of Loftyinc Capital Management at the Kauffman Fellows Africa VC Summit this past September

11th Africa Fintech Summit set to be hosted in Nairobi, Kenya in Q4 2024
The AFTS Organizational Team is fast at work planning Africa’s largest financial technology event of the year, set to take place over the course of 3-days at Nairobi’s new JW Marriott. Reach out to the AFTS team at to enquire about sponsorship & partnership opportunities. 

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