Year 5 | Edition 66 | 24 November 2022
 
Modus Africa launches $75M fund to support African AI and blockchain startups

African AI and blockchain startups are set to benefit from Modus Africa fund, an African –focused venture capital firm under the wings of New York-based venture platform, Modus. The fund is led by two General Partners – Vianney Mathonnet and Andre Jr. Ayotte, who are both veterans of the African startup ecosystem, with several years of experience in the continent.

Modus runs three outfits that seek to support entrepreneurs and startups in the MENA and GCC (Gulf Cooperation Council (GCC) countries through holistic funding opportunities. The businesses include Venture Builder, Corporate Innovation...

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GhanaWeb, Age Africa Agency sponsor YouTube Creators Festival in Ghana

Ghana’s leading online media platform, GhanaWeb, and Age Africa Agency, the foremost YouTube agency with a Multi-Channel Network (MCN) in Africa, are co-sponsoring the second edition of the YouTube Creators Festival to be held from November 24 to 26, 2022, in Accra, Ghana.

The festival is an independent convention of all content creators across the country to engage, educate and inspire the global YouTube community. Representatives of GhanaWeb and Age Africa Agency would speak at the event as sponsors and...

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Telcables enters Nigerian market to power connectivity and develop localised ICT solutions

The Telcables entity has been established to provide connectivity and digital solutions in Nigeria and West Africa.  The Telcables team will work with local network service providers, metro networks and operators to develop and deploy localised ICT solutions powered by the Angola Cables’ global network.  

Rui Faria, Commercial Director for Angola Cables said that the establishment of the Telcables entity is an important step in promoting agreements with metro and other network and data center providers in Nigeria to offer local solutions that have...

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ThetaRay AI Tech to monitor remittance transactions into Africa for Zeepay

ThetaRay, a provider of AI-powered transaction monitoring technology, has announced that Zeepay, a fast-growing Ghanian mobile financial services company, has selected ThetaRay’s advanced SONAR SaaS anti-money laundering solution to detect financial crime for its remittance transactions.

The agreement with Zeepay highlights ThetaRay’s expansion in the African payments market. Remittances are an important method of bringing money into low-income countries and unbanked communities. However, they can also be used as a...

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KenGen to install 30 electric vehicle charging stations across Kenya

The company has unveiled four electric vehicles, which include two SUVs and two double-cabin pickups that will primarily be used for data collection and policy development. 

KenGen also says it plans to install over 30 EV charging stations across the country in 2023. The announcement comes just months after Kenya Power also announced plans start the construction of electric charging centres for electric vehicles in the country. The company advertised an Expression of Interest (EOI), inviting relevant partners to assist in the...

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Nigerian money app Kuda launches in the UK

Nigerian money app Kuda, announced it is launching in the UK as part of a global expansion drive with a view to serving the cross-border transfer needs of UK-based Nigerians.

The company will charge a flat fee of £3 per transfer to a limit of £10,000. Kuda compares this to the average fee of 8% for remittances. Kuda said that over £3 billion ($3.4 billion) are sent from the UK to Nigeria every year, and that the new fixed-fee structure has the potential to save Nigerians living...

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[Kenya] Agri-tech startup Stable Foods raises $600k in funding

Stable Foods, a Kenyan agri-tech startup offering a host of solutions to small-scale farmers has raised $600k in funding. The startup’s services include an irrigation-as-a-Service package, where farmers pay a small fee to hire irrigation services. This package also includes inputs and regenerative agriculture practices.

The company also provides market and distribution channels to farmers as well as storage services, which helps to reduce wastage after harvest. “Stable Foods unlocks smallholders’ potential at scale to produce affordable food for a growing...

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$9.73 million grant to drive digital market development in Africa signed

The African Union Commission (AUC) and the African Development Bank have signed a grant agreement to implement Phase 1 of the Upstream Project for Digital Market Development in Africa.

The signing ceremony took place on November 17 at AUC Headquarters in Addis Ababa, Ethiopia. The AUC Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, Ambassador Albert M. Muchanga, and the African Development Bank’s Deputy Director General for the East Africa Region, Abul B. Kamara, signed the agreement on...

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Kenyan supply chain and logistics startup Leta secures $3m pre-seed funding to accelerate growth

Leta, the supply chain and logistics startup driving distribution optimization, announced the close of  $3 million Pre-Seed equity round that includes participation from 4Di Capital, Chandaria Capital, Chui Ventures, PANI, Samurai Incubate and Verdant Frontiers Fintech.

The round also included participation from angel investors Ken Njoroge, Founder of Cellulant and Charles Murito, Google Regional Director, SSA, Government Affairs and Public Policy. Leta uses artificial intelligence to enable the efficient...

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USTDA, Zipline partner to expand West African healthcare access through drone technology

The U.S. Trade and Development Agency (USTDA) announced it has awarded a grant to Fly Zipline Ghana, for a feasibility study to expand healthcare access in Ghana and Nigeria using unmanned aerial vehicles.

The study will facilitate Zipline’s goal of expanding its logistics services to make healthcare more accessible and affordable. Enoh T. Ebong, Director, USTDA: ''Increasing access to healthcare is critical for West Africa. Our partnership with Zipline demonstrates the role that non-traditional models of...

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[Tanzania] Retail-tech startup Ramani announces $32M Series A funding

Ramanisoftware company building a cloud network of micro-distribution centres for Africa's $1 Trillion consumer-packaged goods supply chain, has closed its $32million series A round of equity & debt.

The round was led by renowned global technology investors Flexcap Ventures and revered founder/CEO of Infoscout, Jared Schreiber. Ramani also raised an undisclosed seed funding in 2021 that included participation from Village GlobalGoat CapitalMusha VenturesHustle FundFuture...

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Liquid C2 launches Cyber Security Fusion Centre for Kenyan businesses

Liquid C2, a business of Cassava Technologies, a pan-African technology group, opened the doors of its first Cyber Security Fusion Centre (CSFC) in Nairobi, Kenya, making this the second centre of its kind in Africa.

"Kenyan businesses have seen increased digital adoption, and the country's connected population in early 2021 was nearly 22 million. The increased number of digitally transformed businesses and individuals means that the target pool for malicious entities is also becoming wider. As a result, we...

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Autochek's new k Financial Services arm to accelerate seamless access to vehicle financing across Africa

Autochek, the automotive technology startup making car ownership more accessible and affordable across Africa, has announced the launch of Autochek Financial Services.

The new arm of the business will focus on providing a range of vehicle financing solutions for consumers and businesses across the continent. Autochek Financial Services will continue to support Autochek’s Marketplace platform, which partners with car dealers and other service providers to make it easier for consumers and businesses to finance their vehicles...

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Copia Global partners with Cellulant to enable payments for its diaspora and urban customers

Copia Global, the B2C e-commerce platform providing e-commerce solutions for the rapidly growing 800 million middle to low-income African consumers, has announced a partnership with Cellulant a Pan-African Payments technology company to simplify payments for its diaspora and urban customers.

The partnership enables Copia's diaspora and urban customers to conveniently initiate transactions and purchases for their loved ones in rural areas in Kenya using the Cellulant network. This provides greater choice, affordability, and convenience...

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Kenya to start taxing citizen trading on cryptocurrencies

The Kenya Revenue Authority (KRA) is seeking to introduce taxation on cryptocurrencies and digital wallets. Through the Capital Markets (Amendment) Bill, 2022, the tax collector aims to introduce income tax for digital currencies held for a period not exceeding twelve months and capital tax for those who have held digital currency for a period beyond twelve months.

This is the first time that the government is making an attempt at drawing revenue from more than 4 million Kenyans who hold cryptocurrencies. The Bill was sponsored in...

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Cloud in South Africa to increase by up to 50% in 2023

As most of the working world vacated their premises early in 2020, the cloud market boomed. And it continues to do so today, expanding at around 30% per quarter.

In fact, analysts estimate that half of all servers currently being shipped worldwide are being bought by just the top seven cloud providers. But as the market grows, so do the costs. Public cloud prices are expected to increase by a third in Europe next year as lending rates increase and energy prices soar. While it initially seemed like public cloud would become...

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African startups are weathering the funding storm with acquisitions, report

A new report from Africa’s foremost digital economy consultancy, TechCabal Insights has revealed that acquisitions have become more frequent in Africa’s tech ecosystem, showing signs of a maturing market.

According to the report, 2021 saw 32 acquisition deals on the continent. At the end of Q3 2022, there were about 43 acquisition deals, signaling a consolidation trend. After two years of continuous growth in VC investment, funding announcements have hit a plateau. Startups have resorted...

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[Incentro - Google Webinar] Discover how financial institutions are exploiting the performance and cost benefits of Google Cloud in Africa

When: Wednesday, 30 November 2022

Time: 10.00 - 11.00 (GMT+3)

Location: Online 

Financial institutions are utilising Google Cloud for security, speed, reliability and scalability. This webinar is aimed at CTOs, CIOs, IT Managers & IT admins in the financial industry that are in need of scaling up their infrastructure through application mordernization. We will discuss on how...

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[Incentro-monday.com Webinar] Learn how to plan, manage and collaborate on any project or portfolio

When: Wednesday, 30 November 2022

Time: 15.00 - 16.00 (GMT+3)

Location: Online 

Ready to empower your teams to run projects and workflows with confidence? Join monday.com partner, Incentro for a free live webinar and uncover how to optimize your company’s processes and operations with monday.com Work OS and monday projects. Looking forward to seeing you there...

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[Interview] Jennifer Feaster, Speaker, YouTube Creators Festival

Jennifer Feaster is a Managing Partner at Age Africa, an agency that combines data and creativity to develop performance driven YouTube channels, with unique content optimized for success. The agency works with the next generation creators, brands, publishers and artists in Africa.

Jennifer is one of the speakers at The YouTube Creators Festival, a three-day convention that will bring all content creators across the region to engage, educate and inspire in the global YouTube community. The conference will be...

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[Interview] Ismail Akwei, Speaker, YouTube Creators Festival

Ismail Akwei is the editor in chief at AfricaWeb, a company that democratizes news and information through its online news platforms in Sub-Saharan Africa including GhanaWeb.com, CamerounWeb.com, MyNigeria.com and TanzaniaWeb.com.

Ismail is among the speakers at The YouTube Creators Festival, a three-day convention that will bring all content creators across the region to engage, educate and inspire in the global YouTube community. The conference will be...

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[Column] Imane Charioui: The global benefits of online transfers in Cameroon

A combination of rapidly evolving technology and the restrictions imposed by the COVID -19 pandemic has resulted in what is nothing short of a revolution in the online money transfer sector in Cameroon. 

Globally, there have been drastic shifts in how people pay for goods and services, with electronic payments increasingly displacing traditional cash and more recently, cryptocurrency and digital currencies emerging in the market . As of 2020, internet penetration in Cameroon was at 30% from less than...

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[Column] Cameron Beveridge: How tech is enhancing life-saving blood transfusion value chain

New technologies are reshaping the blood transfusion value chain to bring greater efficiency, traceability and consistency to this life-saving procedure.

Blood transfusions are commonly used to provide blood or blood components to a patient who has either lost blood due to an accident or suffer from a medical condition that affects their blood. Typically, blood is donated anonymously and then stored by hospitals or blood banks until needed. Due to the critical nature of the procedure, donated blood must be...

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[Column] Alison Palmer: Fighting South Africa's tech skills gap with solutions that deliver value

The global IT skills shortage is real and not going away. According to a May 2022 McKinsey report, an overwhelming majority of companies worldwide (87%) are aware that they either already have a skills gap or will have one within a few years.

Closer to home, horrifying unemployment figures and international research that shows skills shortages are among the most significant business risks facing South African organisations today.  It is clear more needs to be done to...

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[Column] Gbenga Okejimi: With cyber fraud on the rise in Ghana, customer security remains essential

Across Ghana, online financial transactions have become increasingly popular as many Ghanaians have become connected digitally and are using mobile wallets and online banking services are a growing rate.

While the ease that digital payments offer is unparalleled, making transactions and receiving payments online has also come with the risk of cybercrime. According to data from The Cybercrime Unit of the Criminal Investigation Department (CID) of Ghana, Ghanaians lost over USD $19 million to...

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Demand for seamless, convenient way of shopping increase growth of e-Commerce in Africa

The electronic commerce (e-Commerce) transaction of goods and services between business-to-consumer (B2C), business-to-business (B2B), consumer-to-consumer, and consumer-to-business, has become rampant in this digital age. Innovations in digital payments has transitioned the retail industry in Africa and across the world.

A recent report by Visa showed that the top market contributors to e-Commerce in Sub-Saharan Africa over the last 3 years were South Africa, Nigeria, and Kenya, with Ghana also showing growth, having replaced Kenya in the top three...

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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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