Egyptian Fintech Lucky One Raises $3M, Founders Factory Africa Rebrands as 54 Collective, CBN Approves Providus Bank and Unity Bank Merger, and More
Africa Fintech Summit
The global initiative dedicated to building an ecosystem of investors, pioneers, industry leaders in African Fintech.
What's inside?
? Interest rates begin to come down
? Providus Bank and Unity Bank merger approved by CBN
? Founders Factory rebrands as 54 Collective
? Egypt's Lucky One raises $3M
AND MORE!
Making the news
Market jitters in the first half of the week see?interest rates stepped down for first time in several years in some countries?
This past week began chaotically in the global capital markets seeing some countries decide to begin stepping down interest rates. Late Tuesday evening, ahead of Wednesday's MPC meeting, Central Bank of Kenya announced a 25 basis point drop from 13%, CBK's first rate drop in several years. The Bank of Uganda made a similar 25 basis point drop, leaving the rate at 10%.?
Kenyan banks begin tracking transactions above 1M KES ($~7,700)?
"Kenyan commercial banks will track large cash deposits and transfers – typically over KES 1 million – following an October 2023 central bank directive on money laundering and terrorism financing, which introduced “purpose of payment” (PoP) transaction codes. The directive could fast-track local compliance with ISO 20022, which dictates transparent financial transaction processing.?" Techcabal.?
Banking & Telecom Activity
Startup Activity
Egypt - Fintech startup Qardy secures pre-seed investment to boost operations of its digital lending platform for MSMEs? ?
Egypt - Fintech startup Lucky One raises $3M to further expand the platform's credit services?
Investor Activity
Founder Resources
Featured Read ?
Liberalization of Ethiopia's Foreign Exchange Market - Mekdes & Associates Law Offices
"Most notably, the New FX Directive liberalizes Ethiopia’s foreign exchange regime by introducing a competitive, market-based exchange system. Banks and foreign exchange dealers can now freely buy and sell foreign currencies at negotiated market rates. The directive also addresses a wide range of foreign exchange-related activities, including exchange rate determination, foreign exchange retention, exports, imports, services, remittances, payment instruments, foreign currency accounts, capital account transactions, repatriation of profits and dividends, and other miscellaneous items." Continue reading.?
2024 Startup Funding to Date - WeeTracker
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AFTS community in the news
Long-time AFTS partner Founders Factory Africa rebrands as 54 Collective, alters business model
"54 Collective will evolve from an accelerator to a full-fledged Venture Capital (VC) firm with 70 specialists tasked with collaborating with startup founders in mounting obstacles such as currency devaluation and unfavorable regulation, immanent in the African ecosystem." The Kenyan Wall Street.?
AFTS in the headlines
AFTSNairobi tickets are NOW AVAILABLE in Kenyan Shillings?
With only 50 tickets available in Kenyan Shillings, get yours before its too late!?Get your ticket today!?
Last Chance to Nominate Winners for the 2024 Excellence in Fintech Awards ?
Nominate your favorite companies &?entrepreneurs before the August 15th deadline?-?https://forms.gle/oVYGi51BgZdJ7g3e6?
24 Days left to AFTSNairobi 2024 VERY limited availability | Tickets available in KES, USD or Crypto?via Coinpay
Behind the Venue - JW Marriott Nairobi?
Nairobi's newest 5-star hotel, the esteemed JW Marriott in the Westlands neighborhood is hosting AFTSNairobi. The hotel has only been open for less than 6 months and includes world-class amenities such as a heated pool, several restaurants, and high-tech conference facilities. Fortunately, AFTSNairobi delegates can get discounted stay at the JW through our many year's long partnership with Marriott Hotels. Unlock your discounted stay TODAY!?
Travelling to Kenya for AFTSNairobi!?
Nice to see seed funding for tech startups