Focus Africa News Roundup- Issue #48
Every fortnight we compile a list of important news updates and events covering the East African FINTECH, MFGTECH, CLNTECH, and AGRTECH sectors.
Airtel, I&M tie-up set to offer mobile cash overdraft
Airtel Tanzania yesterday partnered with I&M Bank Tanzania to offer overdrafts through Airtel Money wallets. Dubbed Kamilisha, the loan facility will enable customers to complete their transactions when they don’t have sufficient funds in their mobile money wallets.
Baseer Mohammed is the CEO at I&M Bank
Sunil Colaso is the Managing Director at Airtel Tanzania
Airtel Money slashes charges imposed on its clients
Airtel Tanzania, through its Airtel Money transfer service, has announced that its customers are now allowed to send and receive money within the network free of charge. The decision aimed at supporting the government by encouraging more users to send and receive money from across the country at zero costs.
Isack Nchunda is the Director at Airtel Money Tanzania
Regulation Is Necessary As Ugandan Fintechs See Growth
For players in Uganda’s fast-expanding financial technology (fintech) ecosystem, it was something of a relief when the National Payments Systems Act 2020 was enacted. Previously, there was a sense of being in limbo and a mounting concern due to the minefield of potential problems that lay in wait for lack of regulation.
Chipper Cash launches with free P2P service in South Africa
Chipper, one of the fastest growing African FinTech start-up that facilitates free peer-to-peer (P2P) money transfers and instant cross-border payments in Africa, has officially launched Chipper Cash to offer domestic P2P money transfers in South Africa.
Ham Serunjogi is the Co-Founder & CEO at Chipper Cash
Mobile money uptake grows SMEs in Somalia
A new study on Somalia’s business environment says use of mobile money services could plug the hole of financial inclusion, and dodges most of the barriers in Somalia, because it aids transactions, boosts traders’ access to credit and enables seamless transactions, even for people with no bank accounts.
Nigeria’s eNaira website opens ahead of digital currency launch
This is coming days to its official launch on October 1 as earlier disclosed by the Central Bank of Nigeria governor. The site, on its welcome note said the eNaira is a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira.
Godwin Emefiele is the governor at Bank of Nigeria
Africa’s Fastest Growing Crypto Exchange, Yellow Card, Raises $15M Series A Funding
Pan-African cryptocurrency exchange, Yellow Card, has announced a $15M Series A, the largest ever by an African cryptocurrency exchange, to ramp up hiring and continue its expansion across the continent.
Chris Maurice is the CEO at Yellow Card Financial
African mobility fintech expands into Cape Town
The expansion into Cape Town marks the mobility fintech’s fourth launch in Africa and since its inception a mere 15 months ago. The announcement follows the mobility fintech’s $23-million Series A funding secured and will build off existing operations established in Johannesburg, Lagos and Accra.
Ugandan Fintech Startup Fin-e Innovations Raises USD 300 K Funding
Fin-e Innovations, a fintech start-up based in Uganda, has raised USD 300 K in pre-seed capital from an undisclosed US investor. The company intends to address the financial gap among local energy SMEs in Africa through an innovative platform connecting last-mile distributors (LMDs) directly with investors.
Fuliza processed 300 loans per second in 2021
Every second in 2021, Safaricom processed 300 overdraft requests to bail out its subscribers, according to its Business Sustainability Report released yesterday. The telco reports that it disbursed Sh351.2 billion for the period through its Fuliza service.
Peter Ndegwa is the CEO at Safaricom PLC
Uganda’s gnuGrid raises $612k seed round as it pivots into fintech space
Ugandan startup gnuGrid has increased the size of its seed funding round to US$612,500 as it pivots its product offering to move into the fintech space.
Airtel Rwanda Partners with Canal
Airtel Rwanda and Canal+ Rwanda have launched a partnership, enabling customers to easily make subscription payments. The partnership announced at a joint press conference today provides
clients of both CANAL+ and Airtel a simpler, instant and secure payments method using Airtel Money.
Airtel customers can receive money from 129 countries, free of charge
Airtel Money has partnered with World Remit to allow customers to receive money from 129 countries, free of charge. World Remit is an international money transfer service that allows people across the world, to send money directly to Airtel Money wallets in a fast, affordable, secure and easy way to use.
Ismail Ahmed is the Founder & Chairman at WorldRemit
AgriTech Startup CropIn Ties with Mucheki Consulting To Create Digital Ecosystem For Agriculture In African Continent
CropIn, a leading AI & data-led organization in line with its vision to help solve the food security issue in the world, has partnered with Mucheki Consulting to bring digitization in the African agricultural ecosystem.
Jitesh Shah is the CEO at CropIn Technology
$4.2mn in funding for Nigerian Agritech startup Releaf
Nigerian Agritech startup, Releaf, has received over $4mn in funding and grants. The team works with 2,000 smallholder’s farmers in the palm oil sector. Nigerian startup Releaf has secured $4.2mn in seed funding and grants, to help farmers and factory workers across Africa increase efficiency.
Ikenna Nzewi is the CEO & Co-Founder of Releaf
Kenyan, Nigerian firms secure Sh165m grant to boost farming
A Kenyan and Nigerian firm have won a Sh165 million ($1.5 million) grant to fund expansion plans for providing services to smallholder farmers. Heifer International picked Hello Tractor, a Kenyan firm, and Nigeria’s ColdHubs as winners of the inaugural Agriculture, Youth and Technology (AYuTe) Africa Challenge.
Micro Insurance Company and Lofte Kesho to partnerfor Digital Solutions
The two are partnering to offer digital solutions to livestock farmers to improve their economic well-being. Lofte Kesho, an integrated FinTech and AgriTech player, was created to help farmers collateralize animals as assets for financial benefits such as loans, working capital, cow replacement loans, and investment loans.
Wairimu Njoki is the Country manager at Micro Insurance
TMX’s online commodity trading boost prices of green grams, Sesame.
Online commodity trading introduced by Tanzania Mercantile Exchange has boosted prices of green grams and sesame which have almost doubled since last year, and enabled local commodities to get clients globally. The online trading and communication has also made it easier to get local farmers produce and supply global markets.
Nigerian agri-tech startup Zowasel raises $100k financing from Guinness, Promasidor
Nigerian agri-tech startup Zowasel has received US$100,000 financing from Guinness Nigeria and Promasidor Nigeria, a leading pan-African consumer packaged food manufacturer, at the UN World Food Programme Zero Hunger Sprint.
Jerry Oche is the Co-founder and CEO at Zowasel