Africa’s Weekly Fintech Review – November 25, 2023

November 25th, 2023
Africa’s Weekly Fintech Review

What’s inside?

• FrontEdge raises $10M USD
• Orange launches Super App
• Aduna Capital launches $20M USD fund
• Zazuu shuts down operations

Making the news

Banking & Telecom Activity

Startup Activity

 Canada – Web3 payments solution, Chimoney, acquires Nigeria’s social payments app, Scrim, with plans for Scrim to maintain brand and mobile app 
 Kenya – Private schools loans institution, Ed Partners, secures $10M USD loan from the US’ DFC to expand access to affordable education
 Morocco – B2B eCommerce & fintech startup, Chari, raises undisclosed funding round aiming to boost financial inclusion
 Nigeria – Fintech startup, FrontEdge, raises $10M USD hybrid funding round to scale operations in Nigeria, Kenya, and other African countries 
 South Africa – Fintech startup, Payment24, acquires Switzerland’s Inergy 24 to accelerate the company’s expansion into Europe 
 United Kingdom – Remittance marketplace startup, Zazuu, shuts down citing the lack of ability to raise subsequent venture funding 

Investor Activity

  • Aduna Capital launches $20M USD fund with plans to invest a majority of its capital in Northern Nigeria while also aiming to have 50% female representation in its portfolio 
  • Afreximbank announces plans for a $1B USD fund to support and finance Africa’s growing film industry

Featured Article

Navigating the Tightrope: Balancing Startup Equity and Vision in Venture Funding – Grace Ashiru in Tech in Africa 
“In today’s dynamic entrepreneurial environment, founders often grapple with the challenge of retaining control over their companies while acquiring essential investments for expansion. This issue is especially prominent now, marked by increased difficulties in securing capital.” Continue reading in Tech in Africa

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AFTS partners in the news

Smile ID and Africa Fintech Summit partner to host webinar on ‘How to Build Scalable Solutions Without Code’ 
“In this session, our Product Teams will share their experiences using no-code tools, advice on when no-code is the right choice and how to implement no-code solutions effectively.” Register now

AFTS in the headlines

AFTS’ Andrew Barden sits down with Idris Ayodeji Bello of Loftyinc Capital Management at the Kauffman Fellows Africa VC Summit this past September

11th Africa Fintech Summit set to be hosted in Nairobi, Kenya in Q4 2024
The AFTS Organizational Team is fast at work planning Africa’s largest financial technology event of the year, set to take place over the course of 3-days at Nairobi’s new JW Marriott. Reach out to the AFTS team at to enquire about sponsorship & partnership opportunities. 

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