Africa’s Weekly Fintech Review – July 15, 2023


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July 15th, 2023
Africa’s Weekly Fintech Review

What’s inside?

• Nigeria expected to be world’s 5th largest economy by 2075
• US court ruling on Ripple’s XRP sees soaring price

• Access Bank acquiring Standard Chartered subsidiaries in 4 countries
• GTBank app launch leaves dissatisfied customers 

Register Now for #AFTSLusaka2023 this Nov. 2-3

Making the news

Goldman Sachs projects Nigeria to become the world’s 5th largest economy by 2075 
“In the report on Monday, the American multinational investment bank and financial services company forecast that China will be the world’s biggest economy with $57 trillion. India is expected to be the second with $52.5 trillion, the United States to be third with $51.5 trillion and Indonesia to come fourth with $13.7 trillion… Nigeria overtaking the like of Germany, Russia and Japan in 52 years’ time.” Continue reading

Ripple’s XRP witnesses major upward price moves after US court ruling 
“On Thursday, a court ruling brought an end to SEC’s 3-year-long crusade against Ripple, the issuer of the token. Recall that in 2020, the SEC sued Ripple for its supposed breach of the US securities laws. Following the lawsuit, several exchanges like Coinbase and Kraken were forced to delist XRP to avoid facing the regulator’s wrath… While the court ruled in favor of the SEC regarding XRP’s institutional sales, Ripple won when it came to programmatic sales and “other distributions.” This distinction was based on the premise that institutional investors tend to have more behind-the-scenes knowledge about token activity as compared to retail investors.” Continue reading

Egypt overtakes Nigeria for venture investment from June 2022 – June 2023 
“Egypt led in the total equity funding raised by start-ups in Africa from June 2022 to June 2023, toppling Nigeria… The North African country surpassed Nigeria – the continent’s largest economy – as entrepreneurs raised $540M USD from June 2022 to July 2023, the African Private Equity and Venture Capital Association (AVCA) said in a report. Although this was a 25% decrease from the $710 million raised the previous year, it was the least decline among the big four African countries that raised the most financing, the report showed.” Continue reading

Banking & Telecom Activity

  • Safaricom plans to enter the venture capital game with two new subsidaries as the company looks to play a bigger role in Kenya’s tech industry 
  • Access Bank completes negotiations to purchase Standard Chartered Bank subsidiaries in Angola, Cameroon, Gambia & Sierra Leone 
  • GTBank‘s new app debuts to dissatisfied customers complaining that the new app does not work and has left them unable to access banking services 


Startup Activity

 Egypt – Fintech startup, Exits MENA, extends pre-seed round to $1.25M USD after recently obtaining a license from Egypt’s Financial Regulatory Authority (FRA) 
 Nigeria – HR tech startup, Propel, raises ~$2.74M USD to drive the roll-out and adoption of its community-as-a-service platform 
Southern Africa – World Bank awards 10 Southern African fintech startups with $5K USD each to help bridge the gap in financial access in underserved communities 

Featured Article
How Zambia’s national debt restructuring can boost country’s tech ecosystem – Ephraim Modise in TechCabal
“After Zambia announced a debt restructuring deal with creditors, economists are hailing the move as a step in the right direction.  Many also expect the restructuring deal to have an impact on the country’s technology ecosystem. Zambia’s tech ecosystem… has had a tough time attracting venture capital, unlike rival continental hubs like Nigeria, Kenya, and South Africa. Many expect that the restructuring will help rally investors to the southern African nation’s ecosystem, spurring growth.” Continue reading

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AFTS partners in the news

Flutterwave partners with IATA to expedite airline payments 
“Flutterwave has partnered with the International Air Transport Association (IATA) to enable airlines to process payments from local markets in Africa through various channels. This can address the issue of slow fund repatriation from flight tickets sold in local African currencies.” Learn more

Zambia’s PremierCredit acquires 2 regulatory licenses 
“PremierCredit, a multi-award-winning leading fintech company specializing in next generation financial services for emerging markets proudly announces a significant achievement in its journey towards becoming a trusted financial services provider. The company has successfully obtained a payments systems business license from the Central Bank of Zambia and a Credit-only Microfinance License from the Reserve Bank of Zimbabwe.” Learn more

British Robinson appointed as Coordinator for Prosper Africa 
“The United States Agency for International Development (USAID) has announced the appointment of British A. Robinson as the new Coordinator for Prosper Africa, the U.S. government’s flagship national security initiative focused on bolstering strategic and economic partnerships between the United States and countries throughout Africa… Robinson has previously served as the President and CEO of the Barbara Bush Foundation for Family Literacy and as the founding CEO of the Women’s Heart Alliance.” Learn more

AFTS in the headlines

AFTS attends the launch of the Africa Facility to Support Inclusive Transitions (AFSIT) in Nairobi – July 15, 2023
“The Africa Facility to Support Inclusive Transitions (AFSIT) is a collaborative initiative by the African Union Commission (AUC) and the United Nations Development Programme (UNDP) to provide integrated programmatic support to African countries undergoing complex political transitions, including countries experiencing or at risk of unconstitutional changes of government (UCG).” 

10th AFTS in Lusaka this November 2-3, 2023
Registration for the largest edition of the Africa Fintech Summit is open and early-bird discounts up to 33% off are available for a limited time. 
Register today!

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