Africa’s Weekly Fintech Review – July 22, 2023


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July 22nd, 2023
Africa’s Weekly Fintech Review

What’s inside?

• Nigeria delists loan apps over harassment
• Rwanda’s Kasha raises $21M Series B funding round

• Nigeria’s raises $1.25M pre-seed
• SARB holds interest rates

Register Now for #AFTSLusaka2023 this Nov. 2-3

Making the news

Nigerian regulators delist 2 registered loan apps over debtor harassment – FCCPC vows more delistings
“The Federal Government… has delisted two registered digital loan apps from the Google Play Store for harassing Nigerians. It stated that it came to this decision after investigating the apps. According to the FCCPC, the permanently delisted digital lenders include Sycamore Integrated Solutions Limited, Orange Loan, and Purple Credit Limited, along with their respective apps — Getloan and ‘Camelloan.’” Learn more.  

MTN looks to reboot its mobile money in South Africa 
“South Africa remains an attractive opportunity for mobile money services, suggests Bradwin Roper, newly appointed CEO of MTN’s financial services unit in South Africa, which would be hoping the third time’s the charm as it makes its latest push. Two of South Africa’s biggest telecommunications companies, MTN and its long-time rival, Vodacom, both had to shut down and scrap their mobile money offerings in 2016 after failing to cut it despite years of effort.” Learn more

UK government announces plan to invest ~$96.4B USD from pension funds in UK-based startups 
“The UK government announced Monday that it had secured an agreement from nine UK pension funds to invest at least 5% of their default funds into the nation’s startups and fast-growing companies by 2030 — a move hailed by VCs as an important step towards mobilizing more capital for homegrown innovation. The agreement, known as the Mansion House Compact, was announced during a speech by the chancellor, Jeremy Hunt, and concerns defined contribution (DC) funds, those to which employees and employers make regular contributions.” Learn more

Banking & Telecom Activity

  • Safaricom partners with TerraPay to enable M-Pesa customers to send and receive money from Bangladesh and Pakistan 
  • Uganda’s Ubuntu Towers rebrands as TowerCo of Africa after selling 90% of its shares to TowerCo of Africa back in 2021 
  • South African Reserve Bank decides to hold interest rate at 8.25%, the first rate pause of its hiking cycle since November 2021 


Startup Activity

 Egypt – Fintech startup, Flash, raises $6M USD seed round to accelerate product development and assist with customer and business acquisition
 Egypt –  Digital savings startup, Menthum, raises undisclosed pre-seed funding to expand its team and further develop its infrastructure 
 Nigeria – InsurTech startup,, raises $1.25M USD pre-seed funding to grow its in-house operations and expand in other African markets 
 Rwanda – HealthTech startup, Kasha, raises $21M USD Series B funding round to expand the company across Africa and invest in various strategic areas 
 Singapore – Fintech company, Thunes, raises $72M USD to expand its cross-border b2b payments platform

Founder Resources

  • AFTS’ AlphaExpo Micro-Accelerator applications are live – apply today for the chance to exhibit at AFTSLusaka and take part in the AlphaExpo Pitch Competition
  • Women Who Build Africa (WWBA) launches application for female entrepreneurs to attend and pitch at the first WWBA Assembly in Nairobi

Featured Article

Is debt financing ideal for African startups in a funding winter? – Levi Cee in 
“Debt financing became attractive to startups seeking to cover expenses, acquire valuable assets, and embark on ambitious expansions. In contrast to equity funding, which requires relinquishing ownership and control, debt financing allows startups to access capital without compromising on their vision. It presents a more cost-effective option, eliminating the need for equity dilution.” Continue reading

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AFTS partners in the news

Flutterwave’s Gurbhej Dhillon listed among World’s Top 25 CTO’s for 2023 
“Since June 2022, Gurbhej Dhillon has been the Chief Technology Officer of Flutterwave. As CTO, he is responsible for further development of Flutterwave’s innovative technology platform, which currently partners with major players like VISA, Mastercard, Discover Card Networks, Uber,, and Flywire, among others.” Learn more

Smile Identity announces rebrand to Smile ID 
“Today, Africa’s leading provider of identity verification solutions, Smile Identity, announced its company-wide rebranding as Smile ID. Over the past few years, Smile ID has revolutionised African identity verification, conducting over 75 million identity verifications and building Africa’s most robust KYC/AML suite of products.” Continue reading

AFTS in the headlines

Upcoming interview with JUMO President & former Kenyan CS, Joe Mucheru
This week, the Africa Fintech Summit teamed up with The Kenyan Wall Street to host an interview with JUMO’s President, Joseph Mucheru. Mr. Mucheru was previously the CS of the Ministry of ICT, Innovation and Youth Affairs from 2015 to 2022 serving in President Uhuru Kenyatta’s administration. Tune in on August 1st for the launch of this special interview! 

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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