Year 5 | Edition 63 | 3 November 2022
Kenya, Nigeria and South Africa lead fintech growth in Africa, Mastercard report reveals

A report by payment services company Mastercard has revealed that South Africa, Nigeria and Kenya are among the most vibrant fintech markets in the continent. The study conducted to evaluate and determine the state of fintechs in the African markets also said that fintechs in Africa grew by 81% in 2021.

The report titled ‘The Future of Fintech: Rapid Growth Attracts Smart Capital, further revealed that fintech startups took up 27% of all the record-breaking deals closed and 61% of the US$2.7 billion pumped into the startup ecosystem in 2021...

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MTN Group and Microsoft sign deal to accelerate digital and cloud investment

MTN Group and Microsoft have announced a strategic alliance agreement to accelerate digital and cloud transformation working towards a shared vision of driving Africa’s growth.

The agreement is in support of MTN’s strategic intent of leading digital solutions for Africa’s progress to support governments, businesses of all sizes and customers using the versatility of Microsoft platforms, solutions and capabilities to accelerate value creation. The agreement centres on transforming and modernising MTN’s communications and...

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[Nigeria] Amazon Web Services opens its second African office in Lagos

Amazon Web Services (AWS) has opened its second-largest office in Africa in Lagos, Nigeria five years after setting up a similar office in Johannesburg, South Africa.

The move demonstrates the company’s commitment to investing in Africa, bringing its core businesses to the continent. The new station will house account managers, partner managers, and solutions architects to grow and support businesses across the continent. “Lagos offers a highly skilled and creative talent pool, and the area is home to...

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MTN and Smart Africa partner to advance digital skills in Africa

Smart Africa and MTN have signed a Memorandum of Understanding to advance digital skills in Africa in an effort to develop capacity for Africans to utilise ICTs and be fully empowered participants of an ICT-driven economy and society.

The partnership establishes a digital skills ecosystem between the Smart Africa Digital Academy (SADA) and MTN Skills Academy to advance digital literacy, digital and financial skills training, and digital competencies. It seeks to unlock...

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YEGO ride-sharing platform from Rwanda launches in Kenya

YEGO Global, a ride-sharing platform from Rwanda has entered the Kenyan market to take on Uber and Bolt through its subsidiary – YEGO Mobility Kenya Limited.

The firm is entering the Kenyan market when Uber and Bolt drivers have been threatening to down their tools pushing the companies to lower their commissions. YEGO is offering drivers who sign up to the platform the lowest commissions in the industry at 12%, compared to the 18% offered by platforms like Uber. The firm says it is coming to Kenya to...

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MTN GlobalConnect expands its offering with new customer success centres

MTN GlobalConnect, a pan-African digital and infrastructure services company, launched its new Customer Success Centres in Ghana and Kenya. Through this initiative it will enhance better customer experience globally, by enabling all support requests to be managed more efficiently.

The Customer Success Centres will include the insourcing of their Network Operations Centre (NOC) and the establishment of a new Service Operations Centre (SOC). This is the first step of their phased investment which forms part of the...

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[South Africa] Teraco completes JB4, the latest hyperscale data centre expansion to the Bredell Campus

Teraco has announced the completion of the first phase of JB4, its new hyperscale data centre addition to the Bredell Campus, Ekurhuleni, east of Johannesburg, South Africa.

The new facility supports the growing demand by enterprises and cloud providers for data centre capacity. JB4 offers highly resilient and secure colocation facilities in line with Teraco’s long-term vision of enabling digital transformation across Africa. As one of Africa’s economic powerhouses, Gauteng (the greater Johannesburg Metropol) is a logical destination for...

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[Nigeria] CardinalStone Capital Advisers announces a $6m investment in healthtech startup AfyA Care

West African private equity fund manager, CardinalStone Capital Advisers (CCA), has announced a $6 million investment in Nigeria's healthtech startup AfyA Care as part of the company’s Series A capital raise.

AfyA Care provides integrated healthcare services including hospital care, health insurance and health technology services in Nigeria. The investment reflects CCA’s strategy of backing high-potential growth businesses with the ability to positively impact communities, and to deliver sustained attractive...

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Fintech innovator TSLC launches its neo-banking platform in Nigeria

The Social Loan Company (TSLC) announced that its transformative TSLC Platform Services, has gone live in Africa through two partnerships in Nigeria to improve financial inclusion in the region.

Deepak H. Saluja, Co-founder and Group CEO, TSLC: ''Financial exclusion negatively impacts the lives of over 50% of adults in Africa. Despite massive fintech usage, financial inclusion remains a concern for Africans. As a fintech innovator, we aim to provide affordable and transparent...

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[South Africa] Absa selects nCino to optimize its relationship banking debt management business

nCino, a pioneer in cloud banking and digital transformation solutions for the global financial services industry, announced that Absa Bank (Absa), has selected the nCino Bank Operating System, to deliver a single platform solution to automate its debt case management and portfolio reporting processes in its Relationship Banking Business.

Kate Jane Johnsen, Regional Vice President, nCino: ''The introduction of nCino will provide Absa with a single centralized workflow solution, which will streamline its internal processes. I am eager to see the results of this partnership...

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[Ethiopia] Ethio Telecom selects Subex to deploy its HyperSense Fraud Management solution

Subex, a pioneer in driving AI-led Digital Trust, announced it has been selected by Ethio Telecom to deploy its Fraud Management solution.

The solution, which is built on Subex's AI orchestration platform, HyperSense, will replace Ethio Telecom's existing legacy fraud management system, thereby enabling them to move from a traditional rules-based approach to an AI-first approach. This approach will, in-turn, enable them to detect new and unknown threats in real-time. Ethio Telecom...

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Trive South Africa begins client onboarding

Trive South Africa announced it has begun onboarding clients. Based in Bryanston, Johannesburg, Trive South Africa is a new multi-asset investment firm, providing digitally advanced competitive offerings and products, bringing to clients a seamless trading experience.

Trive South Africa offers a wide selection of diverse investment products to suit client's investment needs. The initial line up of core products comprises local and international cash equities, as well as South African and international derivatives, Tax...

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AfriLabs joins the Smart Africa Alliance

AfriLabs, the largest Pan-African network of technology and innovation hubs has joined the Smart Africa Alliance in a partnership aimed at guiding and advancing the basic framework to develop the startup ecosystems across the continent.

As an international non-profit organization with the Alliance, AfriLabs will closely support the Smart Africa startup and innovation ecosystem initiatives. ICTs, especially startups, can be a considerable lever of action for African States as they...

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CMC Networks launches its Dedicated Internet Access (DIA) Across 51 African countries

CMC Networks has launched IP Premier, a high-performance dedicated internet access (DIA) solution designed to accelerate the adoption of SD-WAN across Africa.

IP Premier provides strict service level agreements (SLAs) related to jitter, packet loss and round-trip delay (RTD), in addition to the standard availability. It provides a trusted foundation for rolling out SD-WAN services and delivering optimised user experience in some of the most challenging markets in the world. The firm says IP Premier delivers...

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African Business Roundtable sends one message to the African Youth: Welcome to the Board

The African Business Roundtable (ABR), set up in 1990 by the African Development Bank has long since become and remained the foremost institution promoting the interests of the African private sector.

The champion of the local industry, both large and small, the ABR has not slowed down its efforts in bringing to the international stage the impressive potential that lies in African zeal and diligence. Thirty-two years on, the ABR is keeping with the times in every way possible. It's latest move in this...

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[Column] Wiehann Olivier: Embrace cryptocurrencies but understand the risks

Any physical, intangible, financial or non-financial investment has an element of risk associated with it and an investor can either accept the risk, try to mitigate it or avoid it entirely. However, to do any of these, the risks must first be understood.

The same applies to the investment of digital assets such as cryptocurrencies, where investors have been able to generate significant returns through various revenue streams including trading, decentralised finance (DeFi) and arbitrage...

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[Column] Eylem Oruc: Rethinking the data age

Data is the foundation of an intelligent business. But data, data consumers and the business expectations of data have changed. The shifting realities call for a higher level of data maturity and the right technologies to achieve outcomes.

It’s time for businesses to rethink and modernize data management strategies to ensure they’re set up to achieve better outcomes and digitally differentiate.  As every organization races to transform, here are some key shifts...

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[Column] Bruno Fleisch: Cut your data centre’s energy appetite and boost sustainability

Organisations around the world are on high alert for rapid and effective ways to boost their sustainability through cutting their carbon emissions – but are they missing the obvious?

Notoriously energy hungry data centres are an issue that every enterprise can tackle. Using edge computing to move the processing of data closer to where it’s created can reduce the amount of data centre capacity you need. Added to this, edge computing can support Artificial Intelligence (AI)...

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[Column] Mia Pieterse: Further fintech innovation requires regulation

Traditional banks have monopolised the banking industry for a long time – not just in South Africa, but globally. We have trusted banks as intermediaries with our money and paid their fees – not because we were happy about it, but because there was no real alternative.

Over the last decade, banking customers have switched to digital channels in both their personal and professional capacities – in many cases, demanding that their suppliers follow suit. This has compelled merchants to digitalise the...

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[Column] Benjamin Coetzer: The cloud conversation has changed, it’s faster, smarter and better for business

At the start of the pandemic, anything that could facilitate remote work for scattered business teams, flourished overnight. Microsoft saw two years’ worth of digital transformation in two months.

Video calling company Zoom’s sales went up 370%. And communication platform Discord’s value more than doubled. And cloud is no different. In 2020, 87% of global IT decision-makers concurred that the pandemic would accelerate the shift to cloud. And it has, says Benjamin Coetzer, Director of...

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News Headlines

08-12-2022 | 13:44:40
African fintech startup Chipper Cash lays off 13% of its workforce
Many employees from various departments took to their LinkedIn accounts to announce the developments which were later confirmed by VP of Engineering Erin Furaso in a social media post.

08-12-2022 | 12:07:00
Beko rolls out mobile commerce platform for Kenyan consumers
Beko, one of the top 3 large home appliance brands in Europe with a strong footprint in Africa has announced its entry into the mobile commerce space with the rollout of a WhatsApp-powered service

08-12-2022 | 12:00:00
Nigerian mobility fintech Moove raises $30 million for UAE expansion
Nigeria’s mobility fintech startup Moove has raised $30 million to expand its electric vehicle fleet in the MENA region. The funding was raised from a debut sukuk issuance arranged by Franklin Templeton Investments (ME) Ltd.

08-12-2022 | 11:59:00
ONEWEB and Q-KON Africa sign five-year agreement to distribute Low Earth Orbit satellite connectivity services in Africa
Q-KON Africa will be a provider of OneWeb’s high-speed, low-latency satellite internet connectivity in key African countries to benefit schools, hospitals, businesses and governments.

08-12-2022 | 11:21:00
Secteur privé pourrait permettre de stimuler la croissance et créer plus d’emplois au Cameroun,Banque Mondiale
Selon un nouveau rapport publié par la Banque mondiale, le Cameroun pourrait créer de nouvelles sources de croissance économique et stimuler son développement en renforçant la participation du secteur privé dans son économie.

08-12-2022 | 11:11:00
IFC, Airtel partner to support mobile internet connectivity expansion across Africa
To support universal and affordable broadband access in Africa, and the opportunities that come with increased connectivity, IFC announced a loan to Airtel Africa to help connect millions of new subscribers to mobile internet in six African countries.

08-12-2022 | 10:47:54
Clickatell launches chat commerce solutions for travel industry
Added benefits of the Platform include reduced costs for businesses to conduct chat conversations and engagement in real-time or any time communications.

08-12-2022 | 09:44:00
Jumia has announced leadership changes to support its journey towards profitability
New leadership appointed with a plan focused on path to profitability and e-commerce fundamentals.

08-12-2022 | 09:41:25
[Column] Thabiso Foto: Can Africa's startup sector keep up its record funding run amidst global turmoil?
In recent years, amid global economic volatility and uncertainty, Africa's startup ecosystem has shown continued growth, attracting record amounts of funding.

08-12-2022 | 09:16:00
Microsoft’s global digital skills program launched in Kenya
The Skills for Jobs Learning Pathways program has been introduced locally as a build-up to the success of Microsoft's Global Skills Initiative which was launched in June 2020

08-12-2022 | 08:56:00
The cloud is a growing target for cyberattacks, new Sophos survey finds
Among Infrastructure as a Service [IaaS] Users, 56% Experienced an Increase in the Volume of Attacks and 67% Were Hit by Ransomware

08-12-2022 | 06:32:53
[South Africa] Equity crowdfunding platform raises over R6m for two businesses in 6 weeks
The fundraise was facilitated by GoGetta, a newly launched equity-based crowdfunding platform focused exclusively on African businesses.

08-12-2022 | 06:24:00
[Kenya] iColo expects demand for colocation centres to increase
iColo CEO Ranjith Cherickel while speaking during a recent media tour of the firm’s recently opened Mombasa (MBA2) data centre said this increased demand is expected to be in line with the country’s GDP.

08-12-2022 | 06:20:00
[South Africa] VC firm 4Di Capital announces the second close of a new $25 million seed fund
South African- based early-stage technology venture capital fund manager 4Di Capital has announced a close of a new US$25 million seed fund.

08-12-2022 | 06:17:00
MTN named the most compliant listed company on the Nigerian Exchange
The award recognises the listed company with the highest levels of compliance with the Rules of The Exchange and other applicable laws and regulations.


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