Brazilian Fintech Unicorn, EBANX, Expands to Africa, Kenya's Turaco raises $10M, Ascent Raises $128M to Invest in East African SMEs, and more
Africa Fintech Summit
The global initiative dedicated to building an ecosystem of investors, pioneers, industry leaders in African Fintech.
What's inside?
? Egypt's Capiter reportedly fires its founders and makes layoffs amidst?fraud allegations
? Brazilian fintech unicorn is setting its sights on Pan-African expansion
? Kenyan InsurTech startup, Turaco, raises $10M Series A
? Ascent raises $128M for its Rift Valley Fund II to invest in East African SMEs
AND MORE!
Making the news
Egyptian B2B startup, Capiter, fires founders and makes layoffs following fraud allegations?
While this is a developing story and conflicting news reports have come out?in recent weeks, one of Egypt's most well-funded startups has been reported to have fired its CEO and COO following allegations of mismanagement and potential fraud. It is also reported that the company has laid?off over 100?employees since June.?Learn more.?
Brazilian Unicorn, EBANX, announces big plans for expansion in Africa?
Similar to how several African startups have been moving into markets on other continents, EBANX, a Brazilian payments unicorn, is making plans to compete in the African fintech market. Starting with Kenya, Nigeria, and South Africa, EBANX is hoping to leverage its decade-long history and apply lessons learned in Brazil's developing financial industry.?Learn more.?
Central Bank of Nigeria joins the Hyperledger Foundation to help encourage the development of enterprise-grade blockchain deployments?
The Foundation enables organizations and central banks to leverage and build upon its open-source blockchain ecosystems. The Central Bank of Nigeria already uses Hyperledger Fabric while other central banks use the foundation's technology for payment systems and?research.?Learn more.?
Startup & Funding Activity
Kenya?- InsurTech startup,?Turaco, raises $10M USD?Series A funding round as the company aims to insure 1 billion people in the next 25 years?
Nigeria?- Fintech startup,?Kippa, raises $8.4M USD?oversubscribed seed round while also recently announcing it had received a Super Agent license from the CBN
Nigeria?- Crypto startup,?Bitmama, closes $2M USD?pre-seed funding round with plans to expand the company's operational presence and plot new market entry
South Africa?- Online marketplace startup,?Bidorbuy,?merges with?uAfrica, a South African logistics startup, to take on eCommerce giants
Investor Activity
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Featured Articles
Singapore and Africa: A South-South Story - Alec Macfarlane in IFC Insights?
"As a region, Asia’s rising middle class and consumption trends offer significant potential for economic growth, and?recent findings?from the World Bank indicate that exports to Asia have raised labor productivity, wages, and capital intensity in Africa. Singapore also offers unique synergies that can help solve some of the continent’s biggest development challenges and vice versa."?Continue reading.?
Nigeria can't support its tech talent. Now they are leaving - Sultan Quadri in TechCabal?
"Global firms are looking at the country’s growing tech industry to fill their talent gaps. Consequently, the country’s tech ecosystem has found itself groaning as the talent that is supposed to support this growing ecosystem is bleeding out."?Continue reading.?
Quote of the Week
"If you want to build a customer base, at the core, you must be answering people's?needs and providing them services that actually bring value to their lives. For example, someone who lives on $3 per day is not going to get value out of a digital savings product. Understanding this fact is what makes startups stand out among potential customers."?
Odunayo Eweniyi (Co-Founder & COO, PiggyVest)?
AFTS partners in the news
AFTSDC2022 sponsor, Cellulant, partners with Orange Money building partnership to power wallet transfers for 8 banks in Botswana
Pictured: Akshay Grover (Group CEO, Cellulant) and others at AFTSDC2022 back in April 2022.
"The Orange Money Card-To-Wallet service will enable customers to transfer money online from any bank account to an Orange Money wallet. Customers can also buy airtime and access other mobile network operator services using their Visa or Mastercard debit and credit cards through?Tingg, Cellulant’s digital payments platform."?Continue reading.?
Long-time AFTS sponsor, Flutterwave, enables eNaira payments for merchants across its platform?
"Our addition of the eNaira payment method is yet another effort to ensure that when businesses do the hard work of bringing customers, the choice of payment method will not be a challenge.?"?Continue reading.?
AFTS in the headlines
AFTS Partner, Zekarias Amsalu, to speak at Money 20/20 Las Vegas this October
Zekarias is excited to be a speaker at #Money2020USA on October 23-26! Join him in Las Vegas & save $250 on your pass with code URWELCOME.?https://us.money2020.com/
AFTSCapeTown is November 2-4, 2022?
This November's summit will be the largest AFTS yet with partners including Flutterwave, TeamApt, Ecobank, Fintech Association of South Africa, Wesgro, and many more! Don't miss out on early-bird prices -?REGISTER TODAY?& automatically save 20% on your registration!?
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