Latest News
African tech startups surpass 2021 funding total in H1 of 2022; $2.3bn raised
July 18, 2022African tech startups raised more funding in the first six months of 2022 than they did across the entirety of 2021, with total investment hitting US$2.275 billion.
Kenya’s digital insurer mTek hits 65k registered users since launching in 2020
July 18, 2022The level of insurance penetration in Kenya is way below the global average. According to a 2020 report by the Central Bank of Kenya (CBK) insurance uptake in Kenya is only at 2.4%, while the global average is 7.2%.
Celo Announces New Web3 Fund for African Startups Adopting Crypto Strategies
July 18, 2022Celo has launched a new programme to support African startups across payments, remittances, virtual assets, savings, and related financial services.
Africa-focused fintech startup Fido raises $30M round from Fortissimo Capital and Yard Ventures, Harvard alumni venture capital fund
July 14, 2022With $150M worth of loans already disbursed, Fintech startup Fido’s series-A funding round accelerates the company’s growth ahead of Africa expansion. Fido will also use the funds to establish an R&D center and tech hub in Ghana.
T40 Technologies Raises Pre-Seed Funding
July 14, 2022T40 Technologies, a Lagos, Nigeria-based Inter-City Transportation and Logistics tech startup, raised an undisclosed amount in Pre-Seed funding.
Kenyan Startup, Duhqa, Closes $2 Million Seed round
July 14, 2022Founded in 2021 Duhqa is a B2B retail tech platform that empowers informal African merchants to digitally source and pay for inventory, get delivery conveniently, and access short-term financing.
UN: Over 4 million Kenyans own crypto, highest share in Africa
July 14, 2022Kenya has the largest share of its population with cryptocurrencies in Africa, says the United Nations, pointing to the country’s exposure to the ongoing meltdown in the crypto market.
Visa Partners with Flocash to Promote Digital Capabilities for African SMEs
July 14, 2022Visa, a world leader in digital payments, announced that it is partnering with Flocash, FT Africa’s fastest Capabilities growing fintech 2022, to promote digital capabilities for African SMEs through digital payments, supplier solutions and access to financial services.
The African Mobile Money Tax Experiment
July 14, 2022After years of sustained growth, the mobile money sector in Africa is changing. Up until recently, mobile money has been seen as a substitute for cash and a convenient way to transfer money without the need for a bank account.
The battle for a share of Zimbabwe’s billion-dollar remittance industry
July 14, 2022The scramble is on for Zimbabwe’s billion-dollar remittance industry with local and international fintech institutions vying for a share of the pie against legacy banks and traditional money transfer agencies.
IFC Invests in Mobile Money Firm Wave to Boost Access to Digital Financial Services in West Africa
July 14, 2022To spur financial inclusion and support economic growth in Senegal and Côte d’Ivoire, global development institution, IFC has announced an investment in Wave Mobile Money S.A. (Senegal) and Wave Côte d’Ivoire S.A., mobile money firms that are helping lower prices and expand services in the region.
Ride-hailing firm Bolt opens Africa hub in Nairobi
July 14, 2022Ride-hailing firm Bolt has launched its African hub in Nairobi, joining a growing list of tech companies that have set their eyes on Kenya to expand in the region.