Africa’s Weekly Fintech Review – February 03, 2024









February 04th, 2024
 
Africa’s Weekly Fintech Review


What’s inside?

• Nigeria’s central bank bans international money transfers
• MTN to invest $215M in Benin’s 5G infrastructure
• Kenyan court releases $3M to Flutterwave
• Craft Silicon receives Payments Systems License in Tanzania
AND MORE!

Making the news

Nigeria’s central bank bans banks from making International Money Transfers 
“As part of sweeping policy reforms aimed at improving liquidity in Nigeria’s FX market, the central bank (CBN) will no longer allow banks to carry out international money transfer operations. The apex bank will also not give new IMTO licenses to fintech startups. However, the central bank did not clarify how this policy affects fintech companies that had previously received permission to transfer funds internationally.” Techcabal

Banking & Telecom Activity

  • MTN Group announces $215M USD investment into developing Benin’s 5G infrastructure over the next 3 years 
  • Vodacom Group surpasses 200M subscribers after only reaching 100M in 2018 with new acquisition of Vodafone Egypt 

 

Startup Activity

 Egypt – Logistics startup, Roboost, raises $3M USD to expand its footprint across the MENA region 
 Kenya – High court finally commands the release of $3M USD to Flutterwave after ARA withdrawals petition in November 2023  
 Kenya – AgTech startup, Apollo Agriculture, raises $10M USD from Swedfund and ImpactConnect to help boost credit services in Kenya and Zambia 
 Kenya – Rwanda’s SafeBoda re-enters the Kenyan market after having closed operations in the country in November 2020
 Senegal – RetailTech startup, ProXalys, raises $500K USD to assist the company achieving scale 
 South Africa – Gaming startup, Carry1st, receives investment from Sony Innovation Fund opening potential collaborations with the PlayStation owner 
 Tanzania – Technology firm behind Little super app, Craft Silicon, secures Payments Systems License from the Bank of Tanzania 

Some other tech news…

  • SpaceX’s Starlink comes to a halt in Botswana after BCA rejects satellite internet application, after passing planned launch in Q4 2023
  • PawaIT releases The State of Cloud Computing in Africa 2024 report showing continued private-sector momentum toward cloud services 

Featured Article

Tiger Global backed fintech, Kippa, is pivoting to edtech – Ngozi Chukwu in Techcabal
“Kippa, the financial management startup backed by Target Global, is pivoting from fintech and is piloting a new edtech service that enables anyone to create new online courses or deliver exciting ones in bite-sized formats using AI, an ex-employee with knowledge of the business told TechCabal.” Continue reading

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Partners in the news

Flutterwave secures the release of $3M USD in Kenya 
“A Kenyan high court has unfrozen $3 million belonging to fintech giant Flutterwave and two of its associates, ending a legal wrangle that began in 2022, TechCabal has confirmed. The funds continued to be withheld despite a court order to release them in November 2023. In July 2023, Kenya’s Assets Recovery Agency sought court approval to withdraw money laundering charges against the fintech startup, but the judge denied the request, citing the ARA’s failure to provide evidence for dropping the proceedings.” Continue reading

Zone announces launch of blockchain remittance product in 2025
“Zone, Africa’s first licenced blockchain payment infrastructure company, will launch a remittance product in 2025, Obi Emetarom, the company’s CEO, told TechCabal this week. “Work is actively going on” to develop the product, Emetarom added.” Continue reading

AFTS in the headlines


At AFTSLusaka in November, The Kenyan Wall Street, hosted over 20 interviews with some of the changemakers in Africa’s fintech ecosystem! Check out this interview with Nifemi Oluboyede (Head of Partnerships @ CreditDirect) 

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