Africa’s Weekly Fintech Review – July 29, 2023

July 29th, 2023
Africa’s Weekly Fintech Review

What’s inside?

• Kenyan government and businesses targeted in DDoS cyberattack
• Namibia begins setting up regulatory authority to oversee crypto and virtual assets
• CBN unfreezes accounts for Bamboo, Risevest, etc. 
• Smile ID launches much-anticipated State of KYC in Africa Report

Register Now for #AFTSLusaka2023 this Nov. 2-3

Making the news

Cyberattacks in Kenya temporarily stopped customers from accessing mobile money, government services, media companies, etc. 
Anonymous Sudan, a pro-Russian hacktivist group says it is responsible for a Distributed Denial-of-Service (DDoS) attack which intermittently took websites belonging to Kenyan media, hospitals, universities, and businesses, including Safaricom, offline. The group had previously been involved in a series of “unprecedented escalation in DDoS attack sophistication” with pro-Russian hackers that targeted Western websites including Microsoft, according to a report published by Cloudflare earlier this year.” TechCabal

Namibian government setting up regulatory authority to oversee virtual assets including cryptocurrency
“After Namibia’s parliament passed a bill in June which aims to legalise and establish regulations for virtual assets, including cryptocurrency, the bill has been enacted into law by the southern African nation. [The new regulator will be] acting on the provisions of one of the major mandates of the newly passed law. The authority will be responsible for licensing virtual asset service providers and overseeing, supervising, and monitoring activities related to the provision of virtual asset services.” TechCabal

Kenya’s Data Protection Commissioner issues warning about Worldcoin as thousands wait hours in line 
“The Office of the Data Protection Commissioner (ODPC) has called for heightened vigilance from members of the public as they continue to engage with digital identification platform Worldcoin, an entity engaged in processing activities of iris data via an orb scanner. Users are being issued with one of the company’s tokens for free once they prove that they are not robots. The value of the tokens is currently not clear.” Business Daily

CBN unfreezes accounts for Bamboo, Risevest & Chaka
“The CBN has ordered that the bank accounts of fintech investment firms; Bamboo, Rivevest, Chaka and 437 other companies should be unfrozen. The accounts were placed on a post-no-debit restriction which stopped them from making debit transactions. Essentially preventing them from taking money out of the account, but allowing inflows.” Techpoint.Africa 

Banking & Telecom Activity


Startup Activity

 Kenya – AgTech startup, FarmWorks, raises $4.1M USD to strengthen their data analytics capabilities, & use AI to enhance production, planting & lending decisions
 Nigeria – Cloud MarTech startup, Terragon, raises $9M USD to expand its focus on offering mobile B2C messaging

Investor Activity

  • Africa Impact Investing Group launches with the aim of driving capital for prosperity, inclusion and measurable impact

Featured Article

Everything you need to know about the e-Naira, Nigeria’s digital currency – Bolu Abiodun in Techpoint.Africa 
“The eNaira is Nigeria’s way of enabling the use of blockchain — a technology popularized by cryptocurrencies — in mainstream finance. It is also another way to rival cryptocurrencies, which have become increasingly popular among young Nigerians. It was touted to aid financial inclusion in Nigeria, cross-border transactions, and direct payments from the government to citizens.” Continue reading

Featured Report

DOWNLOAD the Smile ID State of KYC in Africa Report on the latest trends in identity verification across Africa, highlighting the power of biometrics and document verification in combating fraud. It is a must-read for any business looking to acquire users across Africa and keep up with fraud trends. 

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AFTS partners in the news

Chapa partners with Telegram to Revolutionize Digital Payments in Ethiopia
“Chapa, the leading payment solution provider in Ethiopia, is thrilled to announce its groundbreaking partnership with Telegram, one of the world’s most popular messaging apps. This collaboration aims to empower merchants using Telegram to seamlessly accept payments from their customers, marking a significant milestone for financial inclusion and digital payments in Ethiopia.”  African Media Agency

Alerzo announces partnership with Mastercard
“Global payments giant, Mastercard, has partnered with Alerzo, a Nigerian B2B eCommerce platform, to empower Small and Medium Enterprises (SMEs) by offering digital payment solutions, financial education, and credit access.”  Techpoint.Africa 

AFTS in the headlines

AFTS announces first group of speakers for upcoming 10th edition in Zambia this November
Honorable Minister Felix Mutati, Ministry of Technology & Science, will be giving a keynote address at #AFTSLusaka. Other speakers coming to the summit include Flutterwave’s GB, JUMO’s Joseph Mucheru, Founders Factory Africa’s Andile Masuku, and more! (see announcement)

DISRUPT AFRICA: Applications open for Africa Fintech Summit’s 6th AlphaExpo Micro-Accelerator cohort
“AlphaExpo has featured 53 pre-Series A startups, including the likes of PiggyVest, Yellow Card, MarketForce, PNGME, CrowdForce, PayHippo” 
Read the full article

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