Africa’s Weekly Fintech Review – May 25, 2024

May 25th, 2024
Africa’s Weekly Fintech Review

What’s inside?

• Kenya inks billions in investment deals during US State Visit
• Egypt’s OneOrder raises $16M USD
• SA’s Ratality is acquired by Canada’s Busbud
• 2024 VC funding in Africa breaches half billion mark

Making the news

Kenya and US ink multiple investment deals in this past week’s State Visit by President Ruto 
“The deals, a mix of new programs and already existing ones, will see the US provide financing for Kenya’s programs through both the government and the private sector. They include boosting efforts to fight corruption, strengthening police reforms, as well as partnerships in health, education, and clean energy.” The Kenyan Wall Street

Microsoft announces $1B USD investment into Kenya’s digital ecosystem 
“US Tech giant Microsoft Corporation, in collaboration with G42, an Emirati artificial intelligence (AI) development company, have announced a $1 billion investment in Kenya’s digital ecosystem. This marks the largest single private-sector digital investment in the nation’s history. The initiative, supported by the US and the UAE governments, coincides with Kenyan President William Ruto’s state visit to the United States.” The Kenyan Wall Street

Banking & Telecom Activity


Startup Activity

 Egypt – PropTech startup, Birdnest, raises pre-Series A funding round to enhance its operations, grow its team, and begin marketing to a wider audience 
 Egypt – Logistics startup, OneOrder, raises $16M USD Series A funding round to expand across the GCC region
 KenyaLemFi obtains approval from the Central Bank of Kenya to provide remittance services to the East African country
 South Africa – Anti-fraud startup, Orca Fraud, raises $550K USD pre-seed round to build unique fraud prevention tools for banks and fintechs 
 South Africa – Canada’s Busbud acquires SA mobility startup Ratality in a deal designed to expand Busbud’s business suite features 

Investor Activity

  • OpenseedVC marks first close of $10M USD fund for early-stage startups across Africa and Europe as the VC hopes to reach a second close in May 2025 
  • Egyptian boutique VC firm Glint marks $3M USD first close of its second fund to support early-stage Egyptian entrepreneurs 

Featured Read

Building a cross-border payments infrastructure that actually works for Africa – Fatimah Gana-Mahmoud on The Kenyan Wall Street 
“We have witnessed a huge improvement in terms of settlement times over the last few years. Transaction processing that used to take weeks is now only taking days or even hours in some cases, however, payments infrastructure in Africa remains vastly underdeveloped and monetary policy blockers inhibit even banks with a regional presence from carrying out sufficient cross-border payments. ” Continue reading

2024 Startup Funding to Date – WeeTracker

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AFTS community in the news

Mastercard partners with African Development Bank Group to accelerate digital access to over 100M Africans in the next 10 years 
“The Alliance will initially focus on supporting the agricultural sector and women. Among the first efforts will be a pilot program launching this year to support three million farmers in Kenya, Tanzania and Nigeria by working with local banks to provide digital identities and access to high-quality seeds and agricultural inputs.” Continue reading

Dr. Juliet Ongwae Appointed to Fintech Association of Kenya Board
“The Fintech Association of Kenya (FINTAK) has appointed Dr. Juliet Ongwae as a Board Director, effective May 20, 2024. Dr. Juliet currently serves as the Senior SupTech Specialist at the Cambridge SupTech Lab, University of Cambridge. She has over 20 years of experience in the digital financial services (DFS) sector.” Continue reading

AFTS in the headlines

AFTS takes part in Ruto’s State Visit ahead of the 12th Africa Fintech Summit in Nairobi this Sept.
From Atlanta to Washington DC, AFTS has taken part and supported Pres. Ruto’s State Visit to the US this week. The attached picture is from the US-Kenya Business Summit hosted by the US Chamber of Commerce and welcoming Pres. Ruto, VP Kamala Harris, and Amb. Meg Whitman. 

AFTSNairobi | Sept. 4-6, 2024

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