Africa’s Weekly Fintech Review – February 10, 2024

February 10th, 2024
Africa’s Weekly Fintech Review

What’s inside?

• Backlash over proposed Kenyan robotics and AI bill 
• Rally Cap VC launches $5M ClimateTech fund
• Klas EdTech startup raises $1M round
• Zekarias Amsalu’s 2024 fintech industry expectations

Making the news

Backlash by tech sector from proposed Kenya Robotics and Artificial Intelligence Society Bill 2023 
“Kenya’s attempt to regulate the rapidly growing field of artificial intelligence (AI) and robotics through the 2023 Robotics and AI Society Bill has encountered fierce resistance from industry stakeholders. Information Technology (IT) professionals, including experts from the American Chamber of Commerce (AMCHAM), have raised significant concerns, urging Parliament to reject the proposed legislation.” Weetracker

Leatherback hits back at EFCC for defamation after the agency declared the CEO wanted three months ago 
“Ibrahim Ibitade, the CEO of Leatherback, a cross-border payments startup that operates in seven countries, is ready to move from a dramatic episode with the EFCC after the agency declared him wanted three months ago without ‘conducting due diligence.'” Techcabal

Banking & Telecom Activity


Startup Activity

 Ghana -Talent startup, Remoteli, raises $315K USD pre-seed round to scale operations and expand across Africa 
 Nigeria – EdTech startup, Klas, raises $1M USD pre-seed funding round led by Ingressive Capital 

Investor Activity

  • Fintech investor, Rally Cap VC launches $5M USD to support the raising number of ClimateTech startups building solutions in Africa 

Other tech news…

Featured Article

How Africa can finance its climate change strategy – Funmi Dele-Giwa in African Law & Business 
“The most apparent answer among African leaders is that changes need to be urgently made as vulnerable populations are suffering. Not only do they believe that more is needed to ensure Africa is in a position to build climate resilience as a developing country, but progress is slow, with countries still to agree on measurable targets and guidelines. What’s more, despite contributing just 4% of global greenhouse gas emissions and being among the regions most affected by climate change, Africa is being held to many of the same standards as more developed nations.” Continue reading

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Partners in the news

Flutterwave gets court order to recover millions lost to unauthorized POS transactions in Nigeria
“Flutterwave, Africa’s most valuable startup, will contact over 6,000 account holders across 35 banks and financial institutions to recover ₦19 billion (*$24 million) illegally transferred by POS merchants after a High Court ruling on February 1.”
Continue reading

AFTS in the headlines

Setting the Expectations – Africa’s Fintech & Investment Outlook for 2024
“Africa defied the 2022 global ‘VC freeze’ after becoming the only continent to witness an increase in YoY VC investment, but the story for 2023 was not as good. Africa has now joined the rest of the world in recording a 46% YoY decline in funding amount to $3.5B in 2023, as Partech’s annual report showed.” Continue reading on the AFTS website

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