Kenya's M-KOPA Secures $250M in Debt and Equity, Nigeria's Sabi Raises $38M Series B Fund, Egypt's Axis Launches Digital Payments Platform, and More

What's Inside?

? M-KOPA secures ~$250M?in debt & equity capital

? Nigeria's Sabi raises $38M at $300M valuation

? axis launches after approval from CBE

? ex-IMF economist nominated as new CBK Governor

AND MORE!

Making the News

Ghana secures $3B USD loan from IMF after creditors agree to debt restructuring?

"The International Monetary Fund (IMF) Executive Board approved a $3bn three-year loan program for Ghana on Wednesday, marking a breakthrough in the country’s?long road to debt resolution.?The Extended Credit Facility loan will allow for an immediate disbursement of about $600m."?Learn more.?

Africa Data Centres acquires land in Accra to establish 10MW facility with expansion potential to 30MW

"Africa Data Centres (ADC) is set to begin work on a new data center in Accra, Ghana. The company this week announced that it will shortly start construction on its newly acquired land in the Central Business District of the capital city. The facility has been designed for an initial 10MW, which can expand to 30MW, and is?partially funded?by the United States government’s International Development Finance Corporation (DFC)."?Learn more.?

Banking Activity

• New CBK report shows?Rwanda as most profitable subsidiary market?for Kenyan banks, 31.26% of total profit - DRC comes second at 30.10% of total profit
• President Ruto?nominates ex-IMF economist to lead CBK?- some controversy surrounds the nomination and must be approved by Parliament?
• African Guarantee Fund?looks to unlock billions of investment in?SME's, focusing heavily on those run by women?

Startup Activity

Egypt?- Fintech startup,?axis, launches its?digital payments platform?after securing license from the Central Bank of Egypt

Kenya?- Asset finance platform,?M-KOPA,?secures $250M USD?in debt & equity which is expected to double the company's customer base

Kenya?- Blockchain-based fintech startup,?Jia,?raises $4.3M USD?seed round with an additional $1M USD for on-chain liquidity

Morocco?- B2B eCommerce startup,?Chari,?raises follow-on investment?from Plug & Play to help the company continue on its growth trajectory?

Nigeria?- B2B eCommerce startup,?Sabi,?raises $38M USD?Series B with participation from CommerzVentures, CRE Venture Capital, and Norrsken22 among others

Nigeria?- Cold-chain startup,?Figorr,?raises $1.5M USD?to help advance data-driven insurance for perishables in the agriculture and food industry

United States?- DeFi startup,?Fonbnk,?raises & partners with Adaverse?to enhance its marketplace and expand global reach

Featured Article

What African Fintech Startups Can Teach Silicon Valley About Longevity - Glory Enyinnaya & Olamitunji Dakare in Harvard Business Review?

"Statistics show that U.S.-based companies raise the most capital and experience the lowest longevity, whereas Africa-based companies raise the least capital and experience the highest longevity. In studying more than 200 senior-level executives in one of Africa’s fastest-growing industries — fintech — the authors found that Western entrepreneurs display three misplaced priorities that have a negative impact on their change-readiness and longevity."?Continue reading.?

AFTS Partners in the news

Adaverse announces investment in long-time AFTS partner, Fonbnk

"Adaverse, the Cardano official accelerator in Africa and Asia, has announced an investment in?Fonbnk, a DeFi company powering FX payments through prepaid airtime in emerging markets. Fonbnk is dedicated to promoting financial inclusion, and by integrating the secure and scalable Cardano blockchain, Fonbnk is taking a step further to enhance its marketplace and expand its global reach through strategic partnerships."?Continue reading.?

Winner of AFTS Excellence in Fintech: Finance/Lending 2023, M-KOPA, raises $250M USD in debt & equity funding

"The capital injection includes?$55 million in equity and over $200 million in debt, huge sums in both categories that testify to strong fundamentals and solid performance for any growth-stage company in this venture capital’s current contraction. Following the $75 million in equity the Kenyan-based fintech announced last March, M-KOPA has raised $245 million in equity funding since its inception in 2011."?Continue reading.?

GetFundedAfrica and Ogun State Government Partner to Organize Abeokuta Innovation & Tech Party (AITP)

"The Abeokuta Innovation & Tech Party (AITP) is set to take place on May 26th and 27th, 2023, at the Ogun State Technology Hub in Abeokuta, Ogun State, Nigeria. The event is co-organized by GetFundedAfrica and the Ogun State Government and is themed?"Innovation Knows No Bounds,"?highlighting the city's position as Africa's new technology hub." Continue reading.

AFTS in the headlines

AFTS co-founder, Zekarias Amsalu, moderates panel at AfroTech Executive conference in Washington, DC?titled “From Local to Global - How effective policies propel African talent to Global Stage.”?

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