Plus: Hackers want ShopRite to pay for its customers’data.
Editor’s Note
- Week 32, 2022
- Read time: 5 minutes
It feels like we are in precarious times. In spite of the looming global economic recession, Africa’s tech ecosystem is still raising capital, however difficult things are. But they say it is precisely in times like this that great things are born.
Rest assured this weekend. ❤
Immaculata Abba,
Senior Editor, TechCabal.
Editor’s Picks
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Kenya mandates coding lessonsKenya’s president, Uhuru Kenyatta, is ending his tenure on a high note. He has announced the addition of coding as a subject to Kenya’s primary and secondary school curricula. Kenya is the first African country to do so. With this, what would Kenya look like in 20 years? |
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Interswitch moves all its APIs to one platformFinally, a one-stop shop for Interswitch’s APIs. The fintech unicorn, Interswitch, has bundled its 20+ APIs into one platform. Now you can call any of its APIs without calling its customer support. |
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Nigeria tells Google to block IPOBWith the 2023 election in view, the Nigerian government has directed Google to ban certain groups it has labelled as terrorists—particularly the Indigenous People of Biafra and its affiliates—from communicating via Youtube and its other platforms. |
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How African investors are responding to the economic downturnWhile startups around the world are downsizing, African founders and investors think the African tech ecosystem will remain unshaken. Compared to the $4 billion African tech startups raised last year, they have already raised $2.78 billion so far, and in a global economic crisis, no less. |
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The future of car subscriptions in South Africa
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Airtel Africa signs a $125 million loanFifteen months after signing a $500 million loan facility with some international banks, Airtel signed another—a $125 million credit facility—with Citigroup Inc. The $125 million is a revolving loan that will expire next year. |
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Disney introduces an ad-supported planBeating Netflix to it, Disney has announced that it will launch an ad-supported plan for its streaming platform on December 8, 2022. Simultaneously, the price of Disney+ without advertising will rise by 38% to $10.99. Disney says it’s giving customers a choice. We say, “Well played.” |
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QED makes its first investment in Africa through TeamAptVenture capital fund QED, which has over 312 fintech investments, $5 billion in assets under management and 27 unicorn exits, has made its first investment in the African fintech sector—a $50 million investment in TeamApt, one of Nigeria’s largest fintechs. |
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Samsung heir gets presidential pardon from bribery chargesSouth Korean President Yoon Suk Yeol granted a presidential pardon to Samsung heir Lee Jae Yong, who was convicted of bribery. Apparently, the billionaire was allowed to return to business activities so that he could contribute to overcoming the ‘economic crisis’ of the country. |
Who brought the money this week?
- This week, South African startup, DataProphet, completed a $10 million Series A round led by Knife Capital.
- Kenyan fintech startup FinAccess raised $500,000 from Cape Town-headquartered venture capital (VC) firm HAVAÍC.
- Ugandan tourism-tech startup Tripesa raised an undisclosed amount in pre-seed funding.
- Kenyan HR startup Crew HR &Payroll has rebranded as FaidiHR after it received an undisclosed amount of funding from SprintX.
- South African logistics startup Droppa closed an undisclosed Series A funding round led by logistics company SkyNet Worldwide Express.
Game: How many words can you get from “Saturday”?
There are about 50 words you can form from unscrambling “Saturday”.
How many can you find?
Top Tweets of the Week
What else to read this weekend?
- The Next Wave: African investors love fintech. But there’s an opportunity cost.
- Amidst fintech regulatory hurdles, Virtual Pay secures a payment service license in Kenya.
- Two hundred hacking attempts have been made on the IT system for relaying results of the Kenya election.
Written by: Ngozi Chukwu
Edited by: Immaculata Abba
