Plus:Kenya gives digital lenders a 3-day ultimatum. Brazillian fintech unicorn flies into Africa.
Editor’s Note
- Week 37, 2022
- Read time: 5 minutes
For better or worse, this week brought even more regulatory drama, interesting partnerships and brow-raising news from popular startups. Meanwhile, Brazil and Singapore made major entries into the African tech ecosystem. Read on to learn more!
Immaculata Abba,
Senior Editor, TechCabal.
Editor’s Picks
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Kenya drops money laundering cases
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Kuda loses over ₦6 billion
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Edtech Edukoya pivots to fintech?Is Edukoya shedding weight for flight? Former employees of Nigerian Edtech Edukoya claim that the company is pivoting to fintech. They say that it fired most of its staff, retaining mostly developers to build its upcoming fintech product. |
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Adobe buys Figma for $20 million
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MultiChoice limits choiceMultichoice doesn’t want multi-users on one streaming account unless they are paying more money. Except for ShowMax, Multichoice will limit streaming to one account on all its streaming platforms. |
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EBANX expands into Africa
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Event: T-minus 6 Days Until #FOC2022
If you haven’t signed up to attend #FOC2022, what are you waiting for?
At this year’s Future of Commerce 2022, our conversations will centre around ‘money on the streets.’
More than 30 business leaders and experts will discuss how innovation in payments, social media, and logistics are powering Africa’s commerce. We will discuss the current state, challenges, and solutions, from the key players in the commerce ecosystem.
#FOC2022 is a conference you don’t want to miss, so click here to sign up now.
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Uber and Bolt face hurdles in Kenya
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Kenya gives digital lenders a 3-day ultimatumTo curb exploitation and safeguard borrowers’ rights, Kenya established regulations to guide the digital lending sector. Now, it has issued a three-day ultimatum, threatening to shut down digital lenders who haven’t conformed to the new rules. |
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SafeBoda gets carsSafeBoda is getting more wheels in the game. For 7 years, it offered only bike-hailing. Now it’s adding car rides to its mobility services in Nigeria and Uganda. The startup says its ride-hailing services will be completely cashless. |
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Rain valued at $1 billionRain, the South African data-only mobile network operator, is now valued at about $1 billion. African Rainbow Capital Investments, its second largest investor, valued Rain so because Rain maintained high profitability before and after the easing of Covid-19 restrictions. |
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Orange power wallet transfers in Botswana
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Who brought the money this week?
- Kenyan-based insurtech company Turaco raised $10 million in a series A equity round led by AfricInvest (through the Cathay Africinvest Innovation Fund) and Novastar Ventures.
- Kippa, a Nigerian financial management app, raised $8.4 million in an undisclosed round.
- BusyMed also raised an undisclosed amount from Entrepreneurs for Entrepreneurs Africa (E4E Africa).
TC Crossword: Guess the gadget
I found ATM because I am after the money. Stop wondering whether an ATM is a gadget or not, start wondering what
Top Tweets of the Week
What else to read this weekend?
- Adaverse is backing a diverse range of Web3 startups across Africa.
- Meet the 13 Nigerian community leaders fueling Africa’s tech talent pipeline.
Written by: Ngozi Chukwu
Edited by: Immaculata Abba
On Friday, the 23rd of September, TechCabal in partnership with Moniepoint (by TeamApt) will host the most important players in tech and business on and off the continent to discuss the future of commerce in Africa. Register now to attend.
