February 4th 2023 – Africa’s Weekly Fintech Review

February 4th, 2023

Africa’s Weekly Fintech Review

What’s inside?

Egypt’s MNT-Halan becomes a unicorn with $400M USD raise • Lulalend raises $35M USD amidst digital banking product launch • Convergence Partners raises $296M USD for African tech PE investment • JUMO appoints former Kenyan ICT CS as President AND MORE!


Making the news

Africa crowns a new unicorn with MNT-Halan’s $400M USD raise  “The round includes $260 million in equity financing and $140 million through two securitized bond issuances secured within the past year, investments that will now see MNT-Halan command a post-money valuation of about $1 billion.” Learn more


Startup & Funding Activity


d0528abb-5caf-b811-c725-db419f7e7c15 Egypt – Fintech unicorn, MNT-Halan, raises $400M USD hybrid equity and debt funding round as the company readies plans for international expansion

6339b12b-ebb3-effc-ef18-1a12f104a9d6 Kenya – Internet startup, Mawingu Networks, raises $9M USD in equity funding to fuel the company’s expansion

6339b12b-ebb3-effc-ef18-1a12f104a9d6 Kenya – Lending startup, MyCredit, receives $2.6M USD loan from Oikocredit to help provide loans to SME’s

848337c0-303e-8918-8bf7-daccf477e2b0 Nigeria – Fintech startup, Trade Lenda, raises $520K USD pre-seed funding round to build product to provide financing to SME’s 

3b0946d8-32ed-4436-a4cc-74a35be2892d South Africa – Digital lending platform, Lulalend, raises $35M USD as the startup launches digital banking product

3b0946d8-32ed-4436-a4cc-74a35be2892d South Africa – Digital payment company, Network International, announces plans to host its cloud-based payment system in SA with ~$29M USD investment

3b0946d8-32ed-4436-a4cc-74a35be2892d South Africa – Data center company, Teraco Data Environments, raises $680M USD to expand its solar capacity and refinance its current centers 

3b0946d8-32ed-4436-a4cc-74a35be2892d South Africa – Fintech startup, Yellow, raises $5M USD loan from social impact invester Oikocredit to provide renewable solar on a PayGo model


Investor Activity

Private Equity firm, Convergence Partners, raises $296M USD to invest in African technology assets

Featured Article

“The performance of the African fintech sector in 2022 was unusual,” Tidjane Dème, General Partner at Partech – Daniel Adeyemi in Techcabal  “Over a conversation with Dème, we took a closer look at the numbers as he explained why funding increased in 2022 despite the economic downturn, the rationale behind the reduction in funding in the fintech sector, whether the increase of funding in the cleantech sector is a fluke and his forecast for 2023.” Continue reading.


AFTS partners in the news

During his time as Kenyan ICT CS, Joe Mucheru spoke at the Africa Fintech Summit in Cairo in November 2021.  South Africa’s JUMO former Kenyan ICT CS Joe Mucheru as President “In his new role, Mucheru will support the company to deliver its growth goals, navigate the regulatory landscape, and build the firm’s presence across the African continent…. Mucheru served as Cabinet Secretary in the Ministry of ICT, Innovation and Youth Affairs, appointed by former president Uhuru’s government. An office he held office from 2015 to 2022.” Continue reading.
MNT-Halan Founder & CEO, Mounir Nakhla, spoke during AFTS Cairo in November 2021 during a discussion titled, ‘The Future of Banking.’  AFTS partner, MNT-Halan, is crowned as the latest African unicorn with $400M USD equity & debt funding round  “The round includes $260 million in equity financing and $140 million through two securitized bond issuances secured within the past year, investments that will now see MNT-Halan command a post-money valuation of about $1 billion.” Learn more.

AFTS in the headlines


Nominate your favorite fintechs for the annual Excellence in Fintech Awards  At each April edition of the Africa Fintech Summit, we recognize leading stakeholders in the African fintech industry with an awards ceremony during AFTSDC. Submit your nominations for the awards HERE.
Registration is Open!!! 9th Africa Fintech Summit comes to Washington, DC on April 14, 2023 This April’s edition of the Africa Fintech Summit will take place alongside the Spring Meetings of the World Bank/IFC from April 10-16, 2023 in Washington, DC. AFTSDC2023 will be hosted on April 14, 2023 and will feature 80+ speakers, 12 panel sessions, several workshops, VIP Dinner overlooking the White House, New Venture Competition, Networking Happy Hour, and MUCH MORE! Register today to save with Early-Bird Prices. 
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