Africa’s Weekly Fintech Review – March 10, 2024

March 10th, 2024
Africa’s Weekly Fintech Review

What’s inside?

• IFC sues Africa’s Talking
• Binance discontinues Naira service
• CBK issues 19 digital lender permits
• Applications open for AFTS@IMF/WB New Venture Competition!

Making the news

IFC sues portfolio company, Africa’s Talking, for rejecting acquisition offer 
“International Financial Corporation (IFC), a member of the World Bank Group and a lead investor in Africa’s Talking (AT) 2018 $8.4 million series A round, sued its portfolio company in 2023 for rejecting an acquisition offer from Infobip, a person familiar with the matter told TechCabal. The matter is still ongoing at court, people familiar with the matter said.” TechCabal

Binance discontinues Naira service amid regulatory probe 
“The cryptocurrency exchange will begin delisting any existing NGN spot trading pairs by Thursday, March 7. It advised users to withdraw, trade or convert their NGN assets into crypto before the service discontinuation. Any remaining NGN balances in users’ spot and funding wallets will be converted to USDT on Friday, March 8, it noted.” TechCrunch

CBK issues permits to 19 digital lenders 
“The new licensed firms are Autocheck, Azura, Chapeo, Chime, Creditarea, Decimal, Dexintec, Factorhouse, Fezotech, Fortune, Lipa Later, Lobelitec, Maralal Ledger, Marble Capital, MKM Capital, Pi Capital, Senti Capital, Ubapesa and Zillions Credit.” The Kenyan Wall Street

Startup Activity

 China – International payments company, LemFi, hires Allen Qu (ex-OPay) to lead the company’s expansion in China 
 Morocco – Fintech startup, Tookeez, raises $1.5M USD to support its project and perfect customer loyalty in Africa and the MENA region 
 Nigeria – Healthtech startup, MDaaS Global, raises $3M USD pre-series A funding round to expand operations in the country
 Saudi Arabia – Construction tech startup, BRKZ, raises $8M USD to expand across the MENA region 
 South Africa – AI customer service startup, Cue, raises $2M USD in seed funding from angel investors following $500K pre-seed raised in October 2023 
 South Africa – HR startup, PaySpace, is acquired by Deel for an undisclosed amount as Deel now owns the entire HR stack and can expand into Africa 

Investor Activity

Featured Read

Moove’s $100m fund: Is Uber backing a partner or empowering drivers’ ‘oppression’? – Ejike Kanife in TechNext 
“The vehicles were given on a hire-purchase arrangement. Sadly, a very small percentage of the drivers, since inception, have been able to complete payment for their vehicles. The drivers’ union leaders told me during a protest at Moove’s office, last year.” Continue reading

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Partners in the news

Flutterwave shuts down Barter to refocus on enterprise and remittance business 
“Flutterwave, Africa’s biggest startup, is shutting down Barter, a virtual card service it launched in 2017, as it focuses on its enterprise and remittance business segments. The fintech told customers to withdraw their money in the app over the past month.” TechCabal

Ray Youssef launches NoOnes 
“NoOnes, a venture founded by Ray Youssef, embodies a philosophy that transcends profit-driven motives. It is a platform designed for everyone, irrespective of their background or financial status.” TechCabal

AFTS in the headlines

AFTS launches first roadshow event ahead of this year’s summit in Nairobi 
“Africa’s financial technology leaders are gathering in Washington DC, US, on the sidelines of the IMF/World Bank Spring Meetings on April 17, 2024. The Africa Fintech Summit, Africa’s most influential bi-annual confluence of regulators, policymakers, founders, investors, and entrepreneurs from across the globe, is excited to be back in the US Capital, Washington DC, hosting 2024’s first event at the historic Halcyon House in Georgetown.” Learn more

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