Africa’s Weekly Fintech Review – January 28, 2024

January 28th, 2024
Africa’s Weekly Fintech Review

What’s inside?

• SA’s FSCA to issue first batch of crypto licenses
• Partech reports $3.5B USD for African startups in 2023
• Egyptian fintech Zeal raises $4M USD
• Access Bank parent company hopes to acquire pension company

Making the news

South Africa’s FSCA to issue first batch of crypto asset service provider licenses in the coming weeks 
“Approximately 50 crypto companies are currently awaiting approval for their applications… Out of the 145 companies that initially applied for the CASP (crypto asset service provider) license, only 50 applications were submitted to the licensing committee in December 2023. 20 companies decided to withdraw their applications during this process, with Van Deventer mentioning the cost of obtaining the licensing and lack of experts as impediments.” Continue reading

PesaLink takes on Lipa na M-Pesa after announcing merchant payment options 
“PesaLink, a Kenyan platform that enables real-time fund transfers between bank accounts, is launching a merchant payments option. PesaLink made this announcement on X and follows an M-PESA service outage that has posed challenges for customers in making payments for goods and services through the paybill service.” Continue reading

Banking & Telecom Activity


Startup Activity

 Egypt – Fintech startup, Zeal, raises $4M USD seed round to help accelerate its expansion across the MENA region 
 Egypt – AI startup, DXwand, raises $4M USD Series A round to expand deeper across the region and further develop its generative AI and other products 
 Kenya – AgriTech startup, Shamba Pride, raises $3.7M USD to grow its merchant network across the entirety of Kenya 
 Morocco – Copyright protection startup, Crealo, raises $1.42M USD seed round to enhance its product, build partnerships, and expand its workforce 

Investor Activity

  • Core Chain launches $5M USD fund to support Web3 developers within the African blockchain ecosystem 

Some other tech news…

  • South Africa’s eCommerce group, Takealot, announces the appointment of Frederik Zeitsman as new CEO effective on February 1, 2024
  • PawaIT releases The State of Cloud Computing in Africa 2024 report showing continued private-sector momentum toward cloud services 

Featured Article

2023 Africa Tech Venture Capital Report – Partech 
“There is no way around it: 2023 was a rough year for the African tech ecosystem. There was a decrease in transactions. The region attracted much less capital, just about half of 2022’s haul. This happened across all stages, all sectors, and all countries. Even more striking, half of the investors disappeared from the market and those who stayed were less active. It’s clearly a good time to pause, take stock of the ecosystem and ponder where it might go next.” Check out the full report

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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 Chilufya Mutale (Co-Founder & CEO, PremierCredit) 

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