African VC Funding Down 50% in H1 2023, Nigeria's Moove Raises $8M, South African Crypto Exchanges Required to Get Licenses, and More
Africa Fintech Summit
The global initiative dedicated to building an ecosystem of investors, pioneers, industry leaders in African Fintech.
What's Inside?
? 2023 H1 African VC funding falls 50% over 2022 H1
? SA Crypto Exchanges need to get licenses?
? Moove raises $8M USD to expand its fleet in Ghana
? SomBank & Mastercard pen partnership?
AND MORE!
Making the news
Comparing H1 2022 and H1 2023, VC funding in Africa declined by more than 50%?- new report from Disrupt Africa?
"African tech startups raised US$1.19 billion in the first half of 2023, down by more than half on the total from the corresponding period in 2022, as investment in the sector continues to feel the effects of the global economic climate.?According to the most recent edition of the annual?African Tech Startups Funding Report?released by?Disrupt Africa...?633 African tech startups raised a combined US$3,333,071,000 in 2022."?Learn more.?
Namibia passes bill to regulate crypto and digital assets?
"Namibia has joined other African nations in embracing cryptocurrencies and digital assets by approving a bill in the National Assembly... The legislation aims to establish a framework for licensing and regulating VASPs. It also seeks to appoint a regulatory authority responsible for supervising these providers and their activities."?Learn more.?
Crypto exchanges in South Africa need to get licenses, according to new regulation
"According to reports by Bloomberg, South Africa’s Financial Sector Conduct Authority (FSCA) will require that crypto exchanges in the country operate with licenses by the end of the year. The FSCA has set a November 30 deadline for license applications.?According to Unathi Kamlana, commissioner of the FSCA, the regulator has received about 20 applications since the commencement of the exercise, with further plans for 'enforcement action'?that could see the unabiding firms fined or closed down if they continue to operate without a license past the November 30 deadline."?Learn more.??
Banking & Telecom Activity
Startup Activity
Egypt?- Fintech startup,?Masroofi,?raises $1.5M USD?to widen the reach of its child-focused financial services and bank card
Kenya?- B2B electronics spare parts marketplace,?Revivo,?raises $635K USD?pre-seed funding to help power the company to scale in Kenya?
Morocco?- PropTech startup,?Agenz,?raises $1.3M USD?pre-series A to accelerate its growth and enhance its service offering
Nigeria?- Mobility fintech startup,?Moove,?raises $8m USD?to expand its vehicle fleet in Ghana and continue providing revenue-based vehicle financing to mobility entrepreneurs
Nigeria?- Invoice financing startup,?Zuvy,?raises $4.5M USD?hybrid (debt & equity) round to scale across Nigeria?
Investor Activity
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Featured Article
Island of challenges & opportunities: Inside Madagascar's fledgling startup ecosystem - Ephraim Modise in TechCabal
"Despite having a few startups that have managed to raise funding and expand their operations beyond the island, Madagascar still does not have what one can describe as a vibrant startup ecosystem. TechCabal spoke to some ecosystem players to understand the country’s challenges in trying to establish an ecosystem and the efforts to address them."?Continue reading.?
AFTS partners in the news
Woodcore and Bankingly announce partnership to provide digital solutions to financial services institutions?
"Woodcore, a financial infrastructure solutions provider, is pleased to announce its partnership with?Bankingly, a leading provider of digital channels for financial institutions in emerging markets. The partnership aims to provide a comprehensive digital transformation plan to banks and financial organizations in order to expand their reach and improve customer experience."?Continue reading.?
AFTS in the headlines
10th AFTS in Lusaka this November 2-3, 2023
Registration for the largest edition of the Africa Fintech Summit is open and early-bird discounts up to 33% off are available for a limited time.?
AFTSLusaka to take place at the Ciela Resort & Spa - #1 rated 18-hole golf course in Zambia
Learn more about this November's AFTS by checking out our 'Visiting Zambia' page.?
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