Africa’s Weekly Fintech Review – May 4, 2024

May 4th, 2024
Africa’s Weekly Fintech Review

What’s inside?

• Nigeria: crypto is a ‘national security issue’
• BuuPass acquires SA’s Quickbus
• iProcure placed under administration
• Bolt Nigeria cuts staff by half

Making the news

Nigeria calls crypto a national security issue – P2P crypto ban could be its next step
“At least three Nigerian fintech startups—Moniepoint, Paga and Palmpay—will block the accounts of customers dealing in cryptocurrency and report those transactions to law enforcement after Nigeria’s National Security Adviser (NSA) classified crypto trading as a national security issue.” TechCabal

Bolt Nigeria lays off half its staff amidst restructuring 
“The source also claims Bolt’s job cuts in recent times are really about cutting costs to make the company more efficient and profitable. They said this particular one is likely about the unit economics of doing business in Nigeria.” TechNext

Banking & Telecom Activity


Startup Activity

 Ethiopia – Sustainable tech startup, Kubik, raises $5.2M USD seed funding round to scale production, expand its team, and drive market presence 
 Kenya – Ticket booking platform, BuuPass, acquires Quickbus in a push to allow BuuPass to more rapidly scale in South Africa and Nigeria
 Kenya – Agritech startup, iProcure, placed under administration after having raised $17M USD in funding across 5 funding rounds 
 Nigeria – Supply chain startup, Renda, raises $1.9M USD pre-seed hybrid funding round led by Ingressive Capital

Investor Activity

Featured Read

Supporting the African tech ecosystem requires a mixed approach, with capital only one part of the solution – Adam Wakefield in The Kenyan Wall Street
“Equity capital is an important cog in the flywheel of the African tech ecosystem. However, it is not the defining ingredient that drives innovative entrepreneurship in the continent’s different markets. The continent’s founders need a variety of capital sources underpinned bya broader ecosystem of players that may not be directly linked to the ecosystem but who influence its success.” Continue reading

2024 Startup Funding to Date – WeeTracker

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AFTS in the headlines

AFTS is in Dallas, Texas this week for the US-Africa Business Summit 

If you are in town this week for the Corporate Council on Africa’s US-Africa Business Summit, please feel free to reach out! Zekarias Amsalu (Co-Founder & Managing Director) will be in Dallas. 

How technology is enhancing property investment in Kenya – Andrew Barden 
“From the adoption of blockchain for secure transactions and ownership rights to the proliferation of digital platforms bringing various stakeholders together, and the utilization of construction-phase tracking and monitoring tech, technology is revolutionizing the property investment landscape in the country.” Continue reading

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