AfDB to Invest $618M in Nigerian Startups, Fairmoney Acquires PayForce, Flat6Labs Launches $95M Fund for Startups in Sub-Saharan Africa, and more

What's inside?

? AfDB to invest $618M in Nigerian digital and creative startups

? Fairmoney acquires PayForce in deal est. $15-20M

? Flat6Labs launches $95M fund for early-stage startups in SSA

? Naspers shuts down its VC arm - Naspers Foundry

AND MORE!

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Making the news

Banking Activity

• African Development Bank (AfDB)?launches new Investment in Digital and Creative Enterprises (iDICE) program to?invest $618M USD in Nigeria ?
• Morocco?sheds its 'grey-list' status ?after?necessary changes to AML/CFT framework?- the country is now hoping to witness a financial revival
• South Africa?makes plans to?implement Deposit Insurance Scheme (DIS) ?which is not expected to be operational until 2024?

Startup Activity

?Nigeria?- DFS startup,?OnePipe, raises?$4.8M USD ?line of credit from TLG Capital to provide SME's selling FMCG with loans amidst workforce downsizing

?Nigeria?- Credit-led fintech,?Fairmoney, acquires?PayForce , a sub-brand of the YC-backed CrowdForce, in a cash and stock deal estimated to be between $15M and $20M

Investor Activity

• Flat6Labs?launches new?$95M USD fund ?to catalyze and nurture early-stage startups in Sub-Saharan Africa
• South Africa's?Naspers?shuts down Naspers Foundry , its ~$100M Series A/B VC fund after only deploying half its capital in 3 years?

Featured Article

What is a venture holding company? Revolutionizing the landscape of venture investment in Africa - Andrew Barden in The Kenyan Wall Street

"The essence of a venture holding company is to generate sizable returns in a way that better aligns incentives for all stakeholders. The primary differences between a venture holding company and a VC firm are their respective investment timelines, exit strategy, and thesis."?Continue reading .?

AFTS partners in the news

AFTS Cape Town AlphaExpo alumna, Caroline van der Merwe (Jem HR), selected for Google's inaugural Women Africa Founders Programme accelerator

"Five of the selected startups are from Kenya –?eWaka ,?Farmer Lifeline ,?MosMos ,?Gobeba ?and?Zydii ?– and another three from Nigeria, namely?Alajo App ,?Maxibuy ?and?Tyms Africa .?Hepta Pay ?and?Smart Ikigega ?hail from Rwanda, while the cohort is completed by?Afriwell Health ?(Congo),?Jem HR ?(South Africa),?Kola Market ?(Ghana),?Mipango ?(Tanzania) and?Suitch ?(Cameroon)."?Continue reading .

AFTS in the headlines

Africa-USA Now: AI in Africa features AFTS Lead Organizer/Content Director

"AI and other new automation developments will likely be the 4th industrial revolution and change the world, as important as computers are today. AI will have profound implications for Africa: from solving age-old problems such as lack of physical ID cards, to new ones, such as logistic optimization with the passage of the AfCFTA."

Tickets are Running Low!!! 9th Africa Fintech Summit comes to Washington, DC on April 12, 2023

This April's edition of the Africa Fintech Summit will take place alongside the Spring Meetings of the World Bank/IFC from April 10-16, 2023 in Washington, DC. AFTSDC2023 will be hosted on April 12, 2023 and will feature 80+ speakers, 12 panel sessions, several workshops, VIP Dinner, New Venture Competition, Networking Happy Hour, and MUCH MORE!

Register today to lock-in your passes before they are gone.

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