Africa’s Weekly Fintech Review – December 30, 2023

December 30th, 2023
Africa’s Weekly Fintech Review

What’s inside?

• African startups raise $1.94B USD in 2023
• CBN removes ban on cryptocurrency with new KYC/AML requirements
• MaxAB and Wasoko announce merger-of-equals
• Peace Itimi launches Innovating Africa Documentary

Making the news

With 2 days left in 2023, will Africa’s startup industry raise $2B USD+? 
According to WeeTracker’s African Startup Funding Tracker, startups have raises $1.94B USD in 2023 so far. Given that an additional $59M USD would be necessary to push the continent past the $2B USD mark, unless some major announcements are made this weekend, it looks increasingly unlikely the ecosystem will reach the milestone. 

CBN removes two-year restriction on cryptocurrency with strict KYC and AML requirements 
“The CBN banned banks from crypto-related transactions in 2021, citing money laundering and terrorism financing concerns. The regulator has now reversed that ban and taken a positive posture towards digital currency assets, issuing new guidelines to financial institutions for crypto transactions.” Continue reading

Banking & Telecom Activity

  • CBN points the finger at Deposit Money Banks and PoS operators over reported collusion resulting in a shortage of cash in the country 
  • African Development Bank has approved a $175M USD package for United Bank for Africa to support the private sector and infrastructure development 

Startup Activity

 Egypt &  Kenya – eCommerce startups MaxAB and Wasoko announce merger in a merger-of-equals designed to establish the largest digital commerce platform in Africa
 Nigeria – B2B invoice management startup, Jenesys AI, raises $1.1M USD pre-seed funding round to expand its team, customer service, and payments compliance 
 South Africa – Aerospace startup, Cloudline, raises $6M USD in funding to provide a cost-effective alternative for real-time data capture for remote locations 
 Tunisia – AI startup, Imaginario AI, raises $1M USD pre-seed funding round to drive the international scale of its audio and video production platform

Investor Activity

Featured Article

The 23 most-talked-about moments in African tech in 2023 – Henry Nzekwe in WeeTracker 
“From intersections in high places to the rise and fall of startups, the emergence of new waves, and significant acquisitions, the year has been a rollercoaster of innovation, setbacks, and pivotal shifts reshaping the continent’s tech ecosystem.” Continue reading

Peace Itimi releases Innovating Africa Documentary: The Rise of Tech in Nigeria. After watching, check out Technext’s article Innovating Africa Documentary: On Peace Itimi’s why, challenges and lessons

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AFTS partners in the news

Multigate obtains regulatory approval for remittances to Kenya 
“This achievement results from Multigate’s continued dedication to compliance and regulatory requirements and its commitment to providing secure and reliable remittance services in the region.” Continue reading

AFTS in the headlines

AFTS MD, Zekarias Amsalu featured in Empower Africa’s 35 Tech Titans list 
“From visionary policymakers and venture capitalists to tech journalists and startup founders, a diverse group of individuals have played a pivotal role in shaping this exciting landscape. Empower Africa is proud to present the “Tech Titans: 35 Trailblazers Who Shaped Africa’s Tech Landscape in 2023,” a celebration of the individuals who have driven transformative change throughout the year.” Read now. 

AFTS heads to Nairobi, Kenya for 11th summit in Q4 2024

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