January 7th 2023 – Africa’s Weekly Fintech Review



January 6th, 2023  

Africa’s Weekly Fintech Review

What’s inside?

• Madagascar Central Bank Chief resigns • Nigeria will ban cash withdrawals from government accounts • NALA launches in 19 Eurozone countries • New podcast with Omer Iqbal of SA’s FiveWes  AND MORE!

Download the 2022 State of the Industry: Africa Fintech Report

Making the news

Madagascar Central Bank Chief resigns, former executive manager at the International Monetary Fund (IMF) takes the reigns “Henri Rabarijohn, the governor of Madagascar’s Central Bank (BFM)) has stepped down from his position on health conditions ground… The Malagasy leader appointed Aivo Handriatiana Andrianarivelo to replace Rabarijohn, the Bank’s board of directors having urged President Rajoelina to appoint a new governor as soon as possible because the position is “strategic” and cannot be left unfilled.” Continue reading.  

Nigeria looks to ban cash withdrawals from government accounts to help fight corruption and further push for a cashless economy “Nigeria will ban cash withdrawals from government accounts from March 1 to tackle illicit activity and push toward a cashless economy. About 1.1 trillion naira ($2.4 billion) has been taken out of public accounts in cash since 2015, with most transactions exceeding legal thresholds…” Continue reading.  

Startup & Funding Activity 

d0528abb-5caf-b811-c725-db419f7e7c15 Egypt – UAE-based open finance platform, Fintech Galaxy, acquires Underlie, an Egyptian open banking platform 

  6f5ef961-5a31-4c25-0faf-1cf17d4fe875 Tanzania – Fintech startup, NALA, adds 19 Eurozone nations to its list of send countries to enable quick and affordable money transfer for the African diaspora

Featured Article 22 things that happened for the first time in 2022 in the African tech scene – Daniel Adeyemi in TechCabal  “2022 was a different year for the African tech ecosystem as the effects of the economic downturn shook the ecosystem. The year was filled with stories of triumph, failures, and progress. Here’s a list of 22 things that happened for the first time in the African tech ecosystem this year.” Continue reading. 

AFTS partners in the news

Launch Africa’s Managing Partner, Zach George, speaks on the Investing in African Fintech Amidst a Global VC Slowdown at AFTSCapeTown in November 2022.  Interview: Launch Africa Ventures’ approach to investing in startups  “We generally look at companies that have gone through world-class accelerator or incubator programmes and have therefore had their business models, legal structures, and technologies vetted. These companies should also be able to utilise technology to address real-world issues and exhibit the potential to expand beyond their home market within the next 12 to 18 months.” Continue reading. 

AFTS in the headlines

NEW PODCAST – Omer Iqbal of FiveWest This week, Andrew sits down with the Co-Founder & CEO of South Africa’s FiveWest, Omer Iqbal. Omer discusses the use cases for cryptocurrency in Africa and how businesses and individuals alike can benefit from using cryptocurrency. Listen now. 
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. 
The Growing Role of Cloud in Africa’s Burgeoning Fintech Sector White Paper Over the past few months, our team has worked closely with Amazon Web Services (AWS) to explore the ‘ecosystem enabler’ role that Cloud Service Providers (CSP’s) play in Africa’s vibrant and evolving fintech industry. Showcasing where the industry is today and how CSP’s have played a major but largely ‘unsung’ role in the advancement of countless fintechs. Download your copy. 
Save the Date!!! 9th Africa Fintech Summit comes to Washington, DC on April 13, 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 13, 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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