MERGERS AND ACQUISITIONS REMAIN PIVOTAL IN CONSOLIDATING AFRICAN TECH
Hi Fintech friends 👋,
Here are the highlights of what happened in African Fintech this week;
Africa’s NYSE-listed startup raised $99.6 Million.
Nigeria’s B2B Payments platform raised $8 Million.
Global B2B payments platform expanded to Africa with a $6 Million round.
African VC turned its focus to West Africa after hard lessons in Ethiopia.
Kenyan payments startup shutdown after M-pesa owner cut its api access.
Court rejected IGP’s request to reverse billions allegedly withdrawn in the African most valuable fintech hack.
💸Fundraise and Exits
Africa has an opportunity to triple historical manufacturing output growth rates, and to double output, in 10 years
Kredete, a digital lending marketplace startup, secured undisclosed funding from Launch Africa Ventures.
Lending startups in Africa
💰 Venture Funds
After expensive lessons in Ethiopia, Renew Capitalsaid now it wants to back West African startups.
Renew Capital IMPACT REPORT
🚀 Partnerships & Product Launches
Conduit’s cross-border payments expanded from LatAm into Africa with a $6 Million round.
B2B Payments landscape in Africa
27% of startups in Kenya are Fintechs and 25.8% of Fintechs are payments companies
The Central Bank Of Tanzania(BOT) launched a Regulatory Sandbox for Fintech startups in Tanzania.
Fintech Startups in Tanzania
👔 Leadership Lineup
Binance executive Tigran Gambaryan was reportedly being denied "adequate" access to his legal team, which has not been allowed into Kuje Prison to meet him since July 26, 2024.
Tigran Gambaryan
📰 News of the Week
PrivPayshutdown after Safaricom cut API access over compliance violations.
PrivPay product
PrivPay, a Kenyan fintech that allowed customers to make M-PESA transactions without revealing their personal details, shut down in May 2023 after Safaricom cut its access to M-PESA APIs. Safaricom’s action was connected to a worry that the fintech’s offering violated several compliance issues, two people with direct knowledge of the matter said.
“Your business model is not permitted by Safaricom,” Safaricom wrote to PrivPay in May 2023 in a letter seen by TechCabal. Safaricom said PrivPay which claimed to have 30,000 users, contravened Kenya’s Anti-Money Laundering, Safaricom and asked that it obtain a payment service provider (PSP) license from the Central Bank of Kenya (CBK).
👀 Eye Openers
How can we lower lending risk in Africa?1.Lend products instead of cash
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Help us complete the list, and we will publish your thoughts in our next newsletter.
📑 Read of the week
Most Lagosians earn less than Naira 100,000($63) monthly. (Techcabal)
📖 Other News, Reads, and Media
Court rejected IGP’s request to reverse billions allegedly withdrawn in the Flutterwave hack.
Flutterwave Funding Rounds
The mastermind behind Africa's largest cryptocurrency scam confirmed dead.
Cryptocurrency adoption in Africa
🎥 VIDEO INTERVIEWS/DISCUSSIONS
Lending: Interview with Zahid Mustapha, CEO of I&M Bank on the good, bad and ugly | Non banking lenders of Africa and the power of partnerships.
🦉 Tweet of the Week
When I first saw the draft of this report, I immediately called @Bawzz_lady and asked if we had gone out and only interviewed poor people. Knowing the average pay in my own organization, I asked where are the 250k, 400k and 800k earners, the reality is that they are in the… https://t.co/jxgjfJpXGu— Seye Dele (@seyedele) August 14, 2024
🎯 Fintech Opportunities
People will be talking about this event for weeks after it happens.
3 sponsors confirmed. 2 more slots remaining. If you’re keen, this is the time. Please reach me at [email protected]. Historically, ALL our Africa events sell out completely. People will be talking about this event for weeks after it happens. @twifintech delivers. https://t.co/WGo2V74CcI— Wiza J. (f/acc) (@wizaj) August 15, 2024
3 sponsors confirmed. 2 more slots remaining. If you’re keen, this is the time. Please reach out at [email protected].
Made in Tanzania 🇹🇿 with 💚
