Nigeria and Binance Consider Blockchain-Focused Economic Zone, Zanzibar Plans to Establish Tech Hub, Google Funds 60 African Startups, and more
Africa Fintech Summit
The global initiative dedicated to building an ecosystem of investors, pioneers, industry leaders in African Fintech.
What's inside?
? Zanzibar has big plans to establish tech hub - Wasoko announces relocation
? Nigerian Authorities & Binance explore creation of digital economic zone?
? Google for Startups BFF announces 60 startups part of its 2nd?Africa cohort
? PayGo solar startup, PEG Africa, is acquired by Bboxx
AND MORE!
Making the news
Zanzibar has big plans for Africa's startup industry?
Last week, Kenya's Wasoko announced that it would be relocating the company from Nairobi to Zanzibar and opening the Wasoko Innovation Hub. This move is part of the 'Silicon Zanzibar' initiative by the local government to transform the East African island into a vibrant tech hub. Wasoko's move is the first public-private partnership between the island's government and a continentally-renowned startup.?Learn more.?
Nigerian authorities and Binance explore potential collaboration to develop digital city focused on blockchain & crypto development?
The conversations between NG authorities and Binance leadership explored the creation of a digital economic zone to help entrepreneurs fast-track crypto development. The plans are to build a digital hub 'similar to Dubai's virtual free zone.' While no confirmed plans have been announced yet, authorities are looking to enable alternative routes for industry development to help diversify beyond crude oil.?Learn more.?
Google for Startups' Black Founders Fund Africa splits $4M USD between 60 startups with its 2nd cohort?
"Each of the selected startups will receive support in the form of a six-month training program that includes access to a network of mentors to assist in tackling challenges that are unique to them. They will also be part of tailored workshops, support networks, and community-building sessions. The 60 grantees will also get non-dilutive awards of between US$50,000 and US$100,000, and up to US$200,000 in Google Cloud credit."?Learn more.?
Startup & Funding Activity
?Egypt?- Enterprise eCommerce startup,?el-dokan, raises $550K USD?pre-seed funding round as the company makes plans to strengthen its market share?
?Egypt?- AutoTech startup,?Carzami, raises undisclosed?pre-seed equity and debt funding round to scale used car and vehicle financing marketplace?
?Ghana?- PayGo solar startup,?PEG Africa, is acquired by?Bboxx?for an undisclosed amount to help the East African company expand operations in West Africa?
?Metaverse?- Nestcoin's?Metaverse Magna?raises $3.2M USD?to build the largest African gaming DAO
Nigeria?- Fintech startup,?NowNow, raises $13M USD?seed round to expand its toolkit of financial inclusion services across Africa
Nigeria?- Banking-as-a-service startup,?Anchor, raises $1M USD?pre-seed round as the company announces the launch of its public beta
Investor Activity
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Quote of the Week
"The unique aspects of venture debt are that it is persistent and designed to ensure every deal works. In contrast, venture equity is aiming for one or two equity positions to make up for losses. The rise?of venture debt in Africa is good for entrepreneurs because the success rate of business?increases,?and it gives innovators a powerful tool in managing their balance sheet."?
SAAD SHEIKH?(Partner - Head of Private Credit, Enko Capital)?
AFTS partners in the news
Long-time AFTS partner, Chris Maurice (Yellow Card), speaks with CNBC Africa about the growing potential of cryptocurrency for financial freedom?
"On Focus-On today, we speak to the CEO of a company that wants to provide financial freedom for Africans through cryptocurrency and education on the market. For quite some time, African policymakers struggled on how to reconcile cryptocurrencies with their financial systems. But it seems the tide is changing."?Watch the complete session.?
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 holds 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!?