January 28th 2023 – Africa’s Weekly Fintech Review


January 28th, 2023

Africa’s Weekly Fintech Review

What’s inside?

Kenya publishes emerging technology regulatory sandbox framework • SWVL tries to unwind $40M USD acquisition amidst reverse stock split • South Africa’s new crypto advertisement regulation • Nigeria’s Central Bank launches AfriGo national card scheme AND MORE!


Making the news


Communications Authority of Kenya publishes framework on new regulatory sandbox for emerging technology “The Communications Authority of Kenya (CA) is the regulatory authority for the ICT industry in Kenya, with responsibilities in telecommunications, cyber security, e-commerce, broadcasting and postal/courier services…. [T]he Authority is developing this regulatory sandbox with the aim of nurturing and supporting innovation by exploring the application of innovative regulatory solutions.” Read the framework docs.


SWVL attempts to unwind $40M USD acquisition as 1:25 reverse stock split takes place “Low on cash and high on losses, the Cairo-born mass transit firm wants to undo its 2022 acquisition of Volt Lines for $40 million as it searches for a way to survive… The company’s acquisition, at the time, followed a buying spree from Swvl that saw it buy ViaPool, a Latin American mass transit company with operations in Argentina and Chile; Berlin-based mobility startup Door2door; and Shotl, an on-demand shuttle bus service.” Learn more.


South Africa implements new regulation about crypto advertising “…will require anyone hosting any advert across the crypto sector to specify the full implications. This means that they must expressly state in their adverts that users that invest in their products could end up with losses. The body also said that the adverts need to remind users that their investments could go up, which could result in profits and vice versa.” Learn more.


Nigeria’s central bank launches AfriGo, the country’s national card scheme “By breaking the triopoly and establishing a national card payment scheme, the CBN, in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), is positioning itself to disrupt and possibly dominate a fast-growing market. The CBN cites reduced operating costs and optimised foreign exchange usage as the hallmarks of its latest fintech foray. ” Learn more.  Startup & 


Funding Activity


df1db887-d168-92b7-f128-6e2553ace060 Morocco – Logistics startup, Cathedis, raises ~$735K USD with funding participation including Afrimobility and CDG Invest

848337c0-303e-8918-8bf7-daccf477e2b0 Nigeria – Last-mile delivery startup, Gokada, works to crowdfund $750K USD on Get Equity, a Nigerian investment platform for startups

  3b0946d8-32ed-4436-a4cc-74a35be2892d South Africa – eCommerce startup, Yebo Fresh, raises ~$4.5M USD pre-Series A funding round to help company expand and strengthen physical and systems infrastructure

7b82ac4c-8912-5621-c33e-d089e6de0ec7 UAE – Accounting & compliance startup, Wafeq, raises $3M USD as the company sets sights on expanding into Egypt, beyond its current market in the UAE and Saudi Arabia 

7b82ac4c-8912-5621-c33e-d089e6de0ec7 UAE – Micro-lending fintech, EZRA, receives investment from APIS Partners to accelerate geographic expansion, growth, and talent acquisition

3ecfa516-784d-bd8e-0239-882b2a8bc840 United States – Ghanaian American-founded, Spatial Labs, raises $10M USD seed round to scale its blockchain-embedded technology and expand into other industries


Investor Activity

Partech releases 2022 Africa Tech Venture Capital report; highlights $6.5B USD raised by African tech last year with debt capital taking a bigger piece of the pie


Featured Article

Debt Funding is on the rise at African startups – Alexander Onukwue in Semafor “Equity still made up over three-quarters of money African startups raised last year. But the year-on-year increase in debt funding, in deal volume and dollar value, was unprecedented. Debt deals have increased nearly six-fold since 2018, and the 85 unique debt investors last year alone represented at least a two-fold increase, Partech says.” Continue reading.

AFTS partners in the news
Xetova Founder & CEO, Bramuel Mwalo, pitches Xetova just months after founding the company at the Africa Fintech Summit Addis Ababa in November 2019.  Kenya’s Xetova (AlphaExpo ’19) featured in TechCrunch article about filling gaps in data availability for trade and financing access across the continent  “This experience drove him to launch Xetova to ensure that businesses understand and unlock the value of the data they possess, use it to inform solutions for their challenges and demonstrate how it can be harnessed at scale for trade intelligence that can open up new partnerships and bigger markets. This is in addition to making it possible for businesses to access loans based on their own data and insights, which are used by lenders within Xetova’s networks to offer tailor-made loans.” Continue reading.
AFTS in the headlines
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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