Zimbabwe's Bourse Begins Trading in New Currency, Verod-Kepple Closes First Fund at $60M, Ghanaian Fintech ZeePay Raises Equity Funding, and More
Africa Fintech Summit
The global initiative dedicated to building an ecosystem of investors, pioneers, industry leaders in African Fintech.
What's inside?
? Zimbabwe's bourse begins trading in new currency
? SA's WeSellCars lists on JSE
? Zeepay raises funding for continued expansion
? Verod Kepple closes $60M first fund
AND MORE!
Making the news
Zimbabwe's stock exchange begins trading in new gold-backed currency?
"The Zimbabwe Stock Exchange (ZSE) has begun trading in the country’s new gold-backed currency, after the country’s central bank demonetised the Zimbabwean dollar in a raft of monetary policy measures announced on April 5th. The new currency, known as Zimbabwe Gold (ZiG) has replaced the Zimbabwean dollar (ZW$).?The ZiG has denominations between 1 and 200.?The Zimbabwean Stock Exchange adjusted trading on the bourse at the exchange rate of ZiG1 to ZW$2498.7242." The Kenyan Wall Street.?
South Africa's WeBuyCars debuts on JSE
"WeBuyCars made its market debut on Thursday, giving the South African secondhand vehicle trader a market capitalisation of 8.3 billion rand ($441 million) on the Johannesburg Stock Exchange... WeBuyCars marks the second JSE listing of 2024, with others including Pick n Pay's?(PIKJ.J), opens new tab?discount grocery retailer Boxer, and food producer RCL's?(RCLJ.J), opens new tab?Rainbow Chicken?expressing interest to list at some point." Reuters.?
Canal+ makes $1.9B offer for Multichoice?
"Canal+ first made an offer for MultiChoice in February 2024, offering a 40 percent premium on the share price. MultiChoice’s board declined, saying that it ‘significantly undervalued’ the company. At a valuation of R125 per share, the new offer is $400mn more than the February offer, and 66.66% higher than the closing price before Canal+’s first offer." The Kenyan Wall Street.?
Banking & Telecom Activity
Startup Activity ?
Ghana - Fintech startup Affinity Ghana raises funding from Renew Capital to scale its digital banking infrastructure and welcome new customers? ?
Ghana - Fintech startup Zeepay raises equity funding to fuel ongoing expansion across Africa and the Caribbean? ?
Kenya - Solar irrigation startup SunCulture raises $27M equity round co-led by Netflix's Reed Hastings and Alphabet's Eric Schmidt? ?
Uganda - AgriTech startup Inputi LTD raises funding from the US Development Finance Corporation to drive growth
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Investor Activity
Featured Read
20% Excise Tax on Digital Lenders is Financially Excluding Millions in Kenya - The Kenyan Wall Street?
"The excise duty has significantly raised the cost of business for digital lenders and microfinance institutions.?Financial institutions such as banks are not required to pay the excise tax, giving them an unfair competitive advantage.?While bank loans are often unattainable for many Kenyans, the higher rates digital lenders must charge under this excise duty is financially excluding many in the lower and middle class." Continue reading.?
2024 Startup Funding to Date - WeeTracker
Partners in the news
Baobab Network acquires marketing company to boost the support it provides to its portfolio?
"Baobab Network, an early-stage investor that backs startups across Africa, has announced the acquisition of Reflector Marketing, a strategy and branding agency headquartered in South Africa." Learn more.?
AFTS in the headlines
AFTS gears up for AFTS @ IMF/WB this April 17, 2024
In partnership with Halcyon, AFTS is coming to Washington, DC, for the IMF/World Bank Spring Meetings to lead the global conversation around fintech and fintech regulation across Africa. This invite-only event is AFTS' first roadshow event ahead of the 11th Africa Fintech Summit in Nairobi, Kenya, this September 4-6, 2024.?