Africa’s Weekly Fintech Review – January 6, 2024

January 6th, 2024
Africa’s Weekly Fintech Review

What’s inside?

• 2023 startup funding down significantly over 2022
• Twiga & Cellulant announce major leadership changes
• SWVL finally turns a profit 
• Tingo’s Dozy charged with securities fraud

Making the news

Funding for African startups is down – but by how much?
As soon as the year turned, there were different reports on funding totals for African startups for 2023. Africa: The Big Deal is reporting $2.9B USD while WeeTracker was showing $1.9B USD. As reports and data audits are completed and released in the coming weeks, more clarity on the final number will come out. Despite the difference and debate in numbers, the decline over 2022’s funding total remains significant.

Big leadership changes at Twiga and Cellulant to ring in the new year 
Just weeks after announcing a sabbatical, Twiga Food’s CEO Peter Njonjo resigns from the board of directors citing that he can add “very little value.” After less than 3 years heading the seat of CEO at Cellulant, Akshay Grover is stepping down this month while the company’s CFO has been instated as ‘Acting CEO.’ 

After years of bad news for SWVL, the company finally turns a profit 
“Swvl, the mobility startup that once operated on four continents, has posted a net profit for the first time, according to its financial report for the first half of 2023. The company achieved profitability by selling off its subsidiaries in over a dozen countries and narrowing its focus to three markets: Egypt, Saudi Arabia, and the UAE. Swvl also laid off staff and effectively transitioned into a B2B company in the first half of 2023.” TechCabal

Tingo founder Dozy Mmobuosi charged with securities fraud by US SEC
“U.S. prosecutors have shared details of criminal charges brought against Odogwu Dozy Mmobuosi, the founder and CEO of Tingo Group, a Nasdaq-listed “agri-fintech” startup. Mmobuosi is accused of reporting hundreds of millions of dollars in fictitious revenues and assets for three companies he controls.” TechCabal

Banking & Telecom Activity


Startup Activity

 Cameroon – Fintech startup, Koree, raises $200K USD pre-seed round as the company looks to expand its merchant base 
 Egypt – EdTech startup, iSchool, raises $4.5M USD in funding to accelerate its international expansion into six MENA countries 
 Rwanda – eMobility startup, Ampersand, raises $19.5M USD in equity and debt funding to help continue drive the company’s expansion

Investor Activity

  • Egyptian VC and incubator firm, T-vencubator, launches operations as the firm aims to support startups digitizing the nation and addressing daily hurdles

Featured Article

Kenya’s Finance Inclusion Mirage: Beyond the Hype of Mobile Money – Duncun Motanya
“Kenya’s mobile money revolution has been lauded for driving financial inclusion, with over 75% of Kenyans now accessing financial services. However, a deeper look reveals a crucial gap between access and impact, raising a pertinent question: has Kenya truly achieved financial inclusion, or are we simply delivering an empty envelope?” Continue reading

Graphic of the Week 

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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. 

Highlights from AFTS Lusaka 2023

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