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    Egypt – eSports startup, GBarena, acquires Tunisia’s Galactech to drive the company’s mission to build MENA’s pioneering eSports platformÂ
 Kenya – Fintech startup, Kwara, raises $3M USD seed extension round, bringing the digital banking platform’s total funding to $7M USD
 Nigeria – Digital banking startup, Kuda, set to acquire a digital banking license from the State Bank of Pakistan
 Nigeria – Infrastructure fintech startup, Fincra, receives PSSP license from the Central Bank of NigeriaÂ
 South Africa – Gaming startup, Carry1st, raises $27M USD to drive growth and development of its games and monetization-as-a-service platform Â
 Investor ActivityPayPal 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 ResourcesApplications are open for Stitch‘s 2nd annual Early-Stage Startup Showcase in Cape Town, South Africa on February 24th – Apply before January 31st   Featured ArticleDavos 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. |