January 21st 2023 – Africa’s Weekly Fintech Review


January 21st, 2023  

Africa’s Weekly Fintech Review

What’s inside?

EAC to make decision on regional central bank later this year • Kenyan fintech Kwara raises $3M USD seed extension • Nigeria’s Kuda sets sights on digital banking license in Pakistan • Elon’s Starlink set to launch in Kenya during Q2 2023 AND MORE!

Nominate Winners for the 2023 Excellence in Fintech Awards

Making the news



EAC set to make decision on East African Monetary Institute this year “A decision to set up the East African Monetary Institute –the Central Bank of East Africa—will be made this year, a key establishment required in implementing a single currency regime…. Over the recent past, member states have been jostling to host the EAMI, each angling to avail themselves of the massive potential to attract foreign capital and become the region’s financial hub.” Continue reading.  

Big Tech lays off over 55,000 workers in first 20 days of 2023 “The lion’s share of those layoffs are among Big Tech names like Amazon, Google, and Microsoft, which had the biggest employee bases from which to cut jobs…. What’s also unfortunate about this is those tech workers who left the startup world seeking stability among Big Tech may be wondering what corner of tech is a safe haven right about now.” Continue reading.  

Elon Musk’s Starlink internet service set to launch in Kenya in Q2 2023  “Elon Musk’s satellite internet firm, Starlink, has announced plans to launch in Kenya in the second quarter of this year…. The plan to venture into Kenya comes at a time when the demand for high internet speed for streaming, video calls, and online gaming is on the rise due to digitization and expensive data charges.” Continue reading


Startup & Funding Activity



d0528abb-5caf-b811-c725-db419f7e7c15 Egypt – eSports startup, GBarena, acquires Tunisia’s Galactech to drive the company’s mission to build MENA’s pioneering eSports platform 

6339b12b-ebb3-effc-ef18-1a12f104a9d6 Kenya – Fintech startup, Kwara, raises $3M USD seed extension round, bringing the digital banking platform’s total funding to $7M USD

848337c0-303e-8918-8bf7-daccf477e2b0 Nigeria – Digital banking startup, Kuda, set to acquire a digital banking license from the State Bank of Pakistan

848337c0-303e-8918-8bf7-daccf477e2b0 Nigeria – Infrastructure fintech startup, Fincra, receives PSSP license from the Central Bank of Nigeria 

3b0946d8-32ed-4436-a4cc-74a35be2892d South Africa – Gaming startup, Carry1st, raises $27M USD to drive growth and development of its games and monetization-as-a-service platform   


Investor Activity

PayPal Ventures makes its second investment in the MENA region in Tabby’s recent $58M USD funding round – maybe soon we will see PayPal Ventures in SSA



Founder Resources

Applications are open for Stitch‘s 2nd annual Early-Stage Startup Showcase in Cape Town, South Africa on February 24th – Apply before January 31st 



Featured Article

Davos 2023: Showcasing Africa, the African way – Ashutosh Pandey in DW  “Africa has been a late bloomer on the tech scene, but it’s now eager to make up for the lost time. African entrepreneurs are using technology to develop solutions adapted to their own realities. Global investors are also taking notice, as evidenced by the big turnout for panels on entrepreneurship and technology at the Africa House.” Continue reading

AFTS partners in the news

TeamApt (now Moniepoint) Founder & CEO Tosin Eniolorunda discusses the company’s evolution with Chinedu Enekwe (Partner, Passbrook Ventures) at AFTSDC2022.  AFTS partner, TeamApt, rebrands as Moniepoint to drive mission of empowering SME’s  “The rebranding of TeamApt to Moniepoint reflects the company’s mission to help businesses grow through access to digital payments, accessible credit and business management tools. By adopting thethe name Moniepoint; the company will align with a recognisable identity that their existing business owners already trust.” Learn more
Long-time AFTS partner, Yellow Card launches new payment feature “Yellow Pay” “Yellow Pay uses the Yellow Card crypto exchange platform to complete customer transactions in USDT. The service is powered by blockchain technology to make all transactions cheaper than are currently available. The setup ensures that transactions are instant to eliminate waiting times.” Learn more
AFTS partner, Flutterwave, bids on acquisition of British fintech, Railsr “Railsr is fielding interest from a number of potential buyers, including rival firms, African paytech Flutterwave, as well as a consortium of Railsr investors, according to sources. Sky News believes the sale would take place ‘at a steep discount’ to an earlier funding round.” Learn more

AFTS in the headlines

January 19 – Ask the Investor webinar series – “Angel Investing in Africa”  The first edition of the ‘Ask the Investor’ webinar series hosted by AFTS co-founder, Zekarias Amsalu, was a tremendous success! Featuring Kunle Apampa (Impact Investor) and Isaac Ewaleifoh (Angel Investor), the conversation focused on how innovators can prepare, seek, and leverage angel investor capital. 
State of the Industry: Africa Fintech 2022 Report is LIVE and ready for download! Combining quantitative and qualitative analysis, last year’s report showcases insight from industry leaders and changemakers in addition to the 2023 list of ‘Startups to Watch,’ etc. Download your copy. 
Save the Date!!! 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! 
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