Africa’s Weekly Fintech Review – October 21, 2023

October 21st, 2023
Africa’s Weekly Fintech Review

What’s inside?

• Zimbabwe launches gold-backed digital currency
• VIBRA shuts down in Nigeria, Kenya, Ghana
• Safaricom completes 100% acquisition of M-Pesa from Vodafone
• Tribal Credit raises $150M debt facility for expansion

Register Now for #AFTSLusaka2023 this Nov. 2-3

Making the news

Zimbabwe introduces ZiG gold-backed digital currency for domestic transactions
“The gold-backed digital tokens, held in either e-gold wallets or e-gold cards, will be tradable and capable of facilitating person-to-person (P2P) and person-to- business (P2B) transactions and settlements. Individuals possessing physical gold coins have the option to exchange or convert them into gold-backed digital tokens through the banking system.” Read it on Financial Insight

Banking & Telecom Activity

  • Shelter Afrique pivots to becoming a development bank and rebrands to ShelterAfrique Development Bank – The Kenyan Wall Street
  • Vodacom South Africa slapped with fine by the National Consumer Tribunal for charging contract customers 75% cancellation fee – TechCentral
  • Safaricom completes the 100% acquisition of M-Pesa holding company shares from Vodafone International – The Kenyan Wall Street
  • Uganda hits 24 million bank accounts according to according to Uganda Bankers Association Executive Director – The Kenyan Wall Street

Startup Activity

 Egypt – EdTech startup, Crafty Workshop, raises $400K USD seed funding round led by Ed Ventures to fuel growth and expansion plans 
 Kenya – Cross-border Web3 super app, HoneyCoin, launches in Europe via new partnership with MYKOBO 
 Kenya – eLogistics arm of Craft Silicon, Little Logistics, targets ex-Sendy clients as CEO stresses building sustainable business over a high-growth one
 Nigeria – Web3 app, VIBRA, shuts down operations in Nigeria, Kenya and Ghana amidst model pivot
 Nigeria – Fintech startup, Kippa, shrinks workforce as the company exits its Agency Banking play 
 United Kingdom – Talent startup, Outsized, raises Series A funding round led by South Africa’s Knife Capital 
 United States – Fintech for SME platform, Tribal Credit, increases & renews debt facility to $150M USD supported by Partners for Growth (PFG) 

Featured Article

“Fintech magic” – Are VCs culpable for African startups shutting down? – Godfrey Elimian in TechNext
“VC firms, fueled by a desire for high returns, often enter the African startup arena with sky-high expectations. They seek startups with astronomical valuations and expect rapid returns on their investments. While it’s natural for investors to aim for profitable opportunities, these lofty expectations can sometimes lead to a mismatch between what startups can deliver and what VCs anticipate, ultimately causing more harm than good to the ecosystem.” Continue reading

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AFTS partners in the news

Flutterwave partners with Microsoft Azure to build cutting-edge platform 
“Microsoft and Flutterwave have announced a five-year strategic technology partnership that will see Flutterwave build its next-generation platform on Microsoft Azure. The new platform will be designed to fast-track payment innovation and accelerate the growth of small businesses across the continent.” Read it on The Kenyan Wall Street.

AFTS in the headlines

AFTS’ Andrew Barden sits down with Tjaart Van Der Walt (TYME Co-Founder & Director) at the Kauffman Fellows Africa VC Summit – Interview produced in partnership with The Kenyan Wall Street

Register Now for #AFTSLusaka2023 this Nov. 2-3

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