Africa’s Weekly Fintech Review – May 18, 2024

May 18th, 2024
Africa’s Weekly Fintech Review

What’s inside?

• Kenya’s Finance Bill 2024 proposes 16% VAT on financial transactions
• Dorsey’s TBD partners with Chipper Cash
• Egyptian fintech MNZL raises $3.5M USD
• Accion launches $152.5M USD fund 

Making the news

Kenyan banks and fintechs reject proposed 16% VAT on financial transactions 
“The Kenya Bankers Association (KBA) has urged the Government and the National Assembly to reconsider the proposed imposition of a 16% Value Added Tax (VAT) on financial transactions outlined in the Finance Bill, 2024.” The Kenyan Wall Street

Jack Dorsey’s TBD partners with Chipper Cash for Pan-African expansion 
“TBD, a division of Block Inc., has partnered with Chipper Cash, one of Africa’s enormous financial technology companies, to expedite cross-border payments internationally and decentralize identity use cases for people and businesses on the African continent.” The Crypto Times

Flutterwave denies allegations of losing customers’ money worth 11B Naira 
“Pan-African payment startup, Flutterwave, has confirmed that there was a security breach in one of its customer platforms but claims no money was stolen after early detection. In a statement posted in the company’s blog, Flutterwave says it recorded suspicious activity within the said platform in April this year and proactively stopped any theft of customers’ money.” The Kenyan Wall Street

Copia sends notice to employees notifying of restructuring and potential shutdown 
“Copia Global, the Kenyan e-commerce startup and fintech platform catering to mass market consumers, finds itself at a critical juncture amid financial constraints. The company’s recent notice to employees, dated May 16, 2024, following a company meeting the previous day, signals the magnitude of the challenges it faces, with CEO Tim Steel communicating potential organizational restructuring or a complete shutdown of operations.” WeeTracker

Banking & Telecom Activity

  • Admaius Capital Partners makes majority investment in Rwandan telco towers operator, TRES, serving providers such as KT Rwanda Networks LTD 
  • Nigeria’s GTCO plans to raise $750M USD capital raise on the Nigerian and London Stock Exchanges 
  • First Bank Holding, the parent company behind First Bank Nigeria, appoints Ebenezer Olufowose of its banking subsidiary 
  • ST Digital, a Cameroon-based cloud services and infrastructure provider, plans to build 3 data centers across Francophone Africa 


Startup Activity

 Egypt – Fintech startup, MNZL, raises $3.5M USD seed round to enhance its technology and scale operations in Egypt 
 Egypt – Fintech startup, Swypex, launches following a $4M USD seed round for platform designed to solve financial inefficiencies 
 Senegal – B2B eCommerce startup, Maad, raises $3.2M USD seed funding round to bolster its local growth and explore expansion into other West African countries 
 South Africa – Fintech startup, Adumo, acquired by Lesaka for $85.9M USD to enhance its proprietary banking and payment technology 

Investor Activity

  • Naspers appoints Fabricio Bloisi as CEO after leading Prosus, a Naspers subsidiary whose portfolio companies include Tencent, Udemy, and Stack Overflow 
  • South Africa’s Nedbank launches $550K USD fund to support entrepreneurs with the potential to raise high-ticket investments 
  • Accion launches $152.5M USD fund for large financial institutions including microfinance institutions supporting small businesses 

Featured Read

Building a cross-border payments infrastructure that actually works for Africa – Fatimah Gana-Mahmoud in The Kenyan Wall Street 
“As financial collaborators, it is our collective responsibility to advance financial inclusion and sustainable development across the continent by working together, complementing each other to solve one of the biggest hindrances to building a better Africa – inefficient cross-border transactions.” Continue reading

2024 Startup Funding to Date – WeeTracker

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AFTS in the headlines

AFTS is taking part in Pres. Ruto’s State Visit to the United States next week 
Kenya’s President, HE William Ruto, is in the USA next week meeting with Pres. Biden and other government and business leaders. On his trip to Atlanta with Amb. Meg Whitman, AFTS has been invited by Prosper Africa and Amb. Whitman to take part in a roundtable with the President to discuss the US-Kenya fintech connection. 

AFTS Co-Founder & MD, Zekarias Amsalu, hosts press conference at US-Africa Business Summit announcing AFTSNairobi 
On the sidelines of the Corporate Council on Africa’s annual event, Zekarias Amsalu welcomed partners and media to the upcoming Africa Fintech Summit in Nairobi this September and highlighting this year’s theme of ‘Fintech in Every Industry.’ 

AFTS Lead Organizer, Andrew Barden, gives keynote at inaugural TransUnion Fintech & Digital Banking Breakfast 
On Wednesday morning, Andrew Barden welcomed individuals to the JW Marriott in Nairobi with an address that discussed the evolution of fintech and the future of the industry in light of Kenya’s macroeconomic environment. 

AFTSNairobi | Sept. 4-6, 2024

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