- OpenAI has announced that its voice feature is now accessible to all users at no cost. In a recent post on X (formerly Twitter), the company revealed that users can simply tap the headphones icon in the mobile app to engage in voice-based conversations with ChatGPT and receive audible responses.…
- M-KOPA has initiated its pilot operations in South Africa, marking the commencement of its expansion across the continent. This move comes five months after the company secured a substantial $250 million in debt and equity funding. Known for pioneering the pay-as-you-go model for solar panels and…
- Stitch, a South African fintech firm, recently launched a unique payment solution based on cryptocurrency, “Pay with crypto.” This innovative service allows users to make payments directly from their cryptocurrency wallets. With this new payment method, Stitch is aligning with the growing trend of…
- InDrive, the ride-hailing service that has gained popularity in Latin America and Asia, recently introduced its new division, New Ventures. This branch is set to invest as much as $100 million in emerging market startups over the coming years. This strategic move comes just four months following…
- In the third quarter of 2023, Jumia reported a significant reduction in its adjusted EBITDA loss, reaching $15 million. This figure represents the company’s lowest loss since its initial public offering in 2019. It shows a marked improvement from the $27 million loss in the first quarter and the $…
- African non-profit DevCareer has partnered with Block’s TBD to bring Web3 technology to Africa through the continent’s first Web3 hackathon. TBD provides tools aiming to open decentralized finance to all developers. The DevCareer hackathon allows participants to explore Web3 and build autonomous…
- Nigerian online grocery startup Pricepally has secured $1.3 million in seed funding to expand its operations. Backers include returning investor Samurai Incubate and new investors SOSV, ELEA, Hi2 Global and Chui Ventures. Pricepally will use the capital to move beyond its current 3 cities and…
- Global technology company Zoho announced 50% growth in Nigeria in 2022. The company also partnered with StartupSouth, an organisation supporting startups in southern Nigeria, through Zoho’s startup program. Additionally, Zoho is offering its contract management solution, Zoho Contracts, free for…
- South African state-owned utility Eskom has switched on Africa’s biggest battery energy storage facility as it works to end the country’s ongoing electricity shortages. The utility said the Hex Battery Energy Storage System in Worcester, Western Cape can store enough energy to power a town of 100,…
- The African Export-Import Bank (Afreximbank) has announced plans for a $1 billion African Film Fund to support and finance the continent’s film sector. Kanayo Awani, Afreximbank’s Executive Vice President, revealed the fund at the 2023 CANEX Summit during the third Intra-African Trade Fair (…
- Togo-based startup Gozem, which offers on-demand transportation and delivery services via its app, has acquired Benin fintech company Moneex. The move aims to strengthen Gozem’s capabilities and support its plans to launch a mobile wallet service in Togo and Benin. Gozem did not disclose the value…
- Innovative Nigerian fintech Raenest has partnered with the Africa Tech Summit Nairobi as the headline sponsor for the 2024 event. Raenest will help promote African tech ecosystem growth, creativity and collaboration at the summit. The 6th Africa Tech Summit Nairobi, powered by Raenest, will occur…
- TikTok is nurturing Nigerian creators’ talents through its #LevelUpAfrica program, which unlocks creative potential and builds personal brands. Launched in 2021, the initiative provides educational workshops, mentorship, networking and financial support. “TikTok #LevelUpAfrica aims to be Nigeria’s…
- Nigerian home services startup Eden Life has rebranded and launched a new e-commerce marketplace to transform retail in the region. The new Eden Marketplace will offer categories like groceries, pharmaceuticals, electronics and beauty products. This expands on Eden Life offerings such as laundry,…
- Africa’s leading fintech, Flutterwave, continues its expansion across the continent with a new International Money Transfer Operator (IMTO) license in Malawi. Flutterwave will leverage the license to enable seamless cross-border money transfers via its Send app. “Helping Africans navigate global…
- Shekel Mobility, a fintech for auto dealers in Africa, has raised $7 million to boost car sales on the continent. The round includes $3.2 million in equity and over $4 million in debt financing. Investors like Ventures Platform, Y Combinator and PageOne participated. “This investment significantly…
- Nigerian edtech startup AltSchool Africa will receive support from Rwanda’s $30 million innovation fund for its next growth phase. The fund aims to position Rwanda as a tech leader in Africa. AltSchool, which provides online coding and skills training like US bootcamp BloomTech, will get strategic…
- Google has expanded its artificial intelligence-powered search experience, Search Generative Experience (SGE), to over 120 countries including Kenya, Nigeria, South Africa, Brazil and Mexico. SGE aims to make searching the internet easier by providing AI-generated overviews like summaries and…
- Networks (AMN), has made significant strides in enhancing telecommunication services across Africa. They have installed over 3,000 rural satellite base antennas, positively impacting over 8 million people with new telecommunication services. AMN, a group of companies specializing in building,…
- The resurgence of The Beatles through a newly AI-produced song has sparked excitement in the music world. This innovative AI technique merges parts of old recordings and enhances their sound quality. However, there’s a flip side to this technological advancement. The same AI capabilities could be…
- South African proptech firm Neighbourgood announced the acquisition of Cape Town-based travel tech startup Local Knowledge. The deal, a combination of cash and equity, is valued at $1.5 million. Neighbourgood’s statement, as reported by Bendada.com, emphasizes the synergy of this acquisition: “…
- Nigeria’s communication, innovation, and digital economy minister, Bosun Tijani, has launched an ambitious project to train 3 million technical professionals within the next four years. This initiative, unveiled on Wednesday, aligns with President Bola Tinubu’s objective to create a million tech…
- Uber South Africa aims to reach zero emissions by 2040. The company took a step towards this goal by announcing the addition of electric scooters, known as e-scooters, to its delivery service Uber Package. The announcement came during an event in Johannesburg celebrating Uber’s 10 years in South…
- AFEX, a commodities platform based in Nigeria, has successfully secured a $26.5 million investment from British International Investment (BII), which is the UK’s development finance institution and an impact investor. Operating as a commercial platform, AFEX specializes in enhancing the trade of…
- Inclusivity Solutions, an innovative insurtech company based in South Africa, has recently achieved a significant milestone by raising an additional US$1.5 million in its Series A funding. This extension round, crucial for their ambition to expand across the African continent, was spearheaded by…
- Norrsken22, headquartered in Kigali, has successfully secured US$205 million, surpassing its initial target of US$200 million, for its inaugural African tech growth fund. Niklas Adalberth, one of the co-founders of the renowned Swedish fintech company Klarna, launched Norrsken in 2016. The…
- MNT-Halan, Egypt’s first unicorn, and a rapidly expanding fintech firm, announced the completion of five securitised bond issuances in 2023, executed by its consumer finance and microfinance subsidiaries. This recent funding round, led by CI Capital, adds to the four previous tranches secured from…
- Novastar Ventures, a venture capital firm focused on Africa, has successfully secured $80 million from SBI Holdings, a Japanese firm. This collaboration aims to attract investments from Japanese institutional investors, matching the funds raised for Novastar’s ventures. In a strategic move to…
- The African Development Bank (AfDB) has finalized plans to release $618 million for Nigeria’s digital and creative enterprise (i-DICE) initiative. Lamin Barrow, the AfDB’s Director-General for Nigeria, shared this update in a recent interview with NAN in Marrakesh, Morocco. He revealed that the…
- Flutterwave, a fintech company, has recently received authorization from the Reserve Bank of Malawi to function as an International Money Transfer Operator (IMTO) in Malawi. This development allows Flutterwave to handle remittances to Malawi from Malawians living abroad and other Africans through…
- President Dr. Lazarus McCarthy Chakwera was greeted with significant news during his recent arrival in Riyadh, Saudi Arabia. Through its Finance Minister Mohammed Al-Jadaan, the Saudi government announced a commitment to support various development projects in Africa at the opening of the Saudi-…
- Flutterwave, an African fintech company, has been cleared in Kenya following the decision of the high court to allow the country’s Asset Recovery Agency (ARA) to drop the remaining case against the payment firm. This decision significantly relieves Flutterwave, seeking a license for payment service…
- Ventures Platform and MaC VC have recently led a $7 million funding round for Shekel Mobility, an African B2B marketplace for auto dealers. Africa’s burgeoning automotive market, as highlighted by the World Economic Forum, sees a yearly demand of 2.4 million cars and 300,000 commercial vehicles.…
- Verto SA is excited to announce its strategic partnership with Investec, a distinguished provider of financial services. This collaboration is a significant step in transforming the landscape of B2B cross-border payments for South African companies globally. Boasting over $6 billion in transaction…
- Nedbank has launched cutting-edge solar financing solutions on its Avo Solar platform, designed to make solar energy systems and backup batteries both affordable and accessible for households and businesses in South Africa. These packages stand out for their compe titive pricing, comprehensive…
- Uganda, affectionately known as the Pearl of Africa, is making strides to become East Africa’s premier tech hub. A significant investor summit was held, led by Dr. Monica Musenero, the Minister of Science, Technology and Innovation. President Yoweri Museveni’s presence and announcement of a $150…
- The leading ride-hailing and instant delivery company recently announced that its Bolt Food service will cease operations in South Africa on December 8, 2023, and Nigeria on December 7, 2023. This move is part of the company’s larger strategy and comes despite a substantial increase in turnover,…
- Global tech giant Yango has marked its debut in the flourishing Ethiopian ride-hailing market, with a specific launch in Addis Ababa as part of its broader African expansion agenda. This initiative sees Yango partner with ShuuFare, an Ethiopian tech powerhouse G2G IT Group branch, to lead its foray…
- Wicrypt pushes ahead with its peaq integration as it links the first devices with peaq’s sister chain krest and modifies the devices’ operating system to enable off-the-shelf compatibility. November 9, 2023 — Wicrypt Network, a decentralized mobile Internet sharing and monetization network,…
- PRESS STATEMENT BY MICHAEL MYNHARDT BUSINESS STRATEGIST FOR MANUFACTURING & INVESTMENT IN AFRICA Industry experts at the World Local Production Forum (WLPF) in The Hague today confirmed the urgent need to develop intellectual property rights in the SADC region to effectively grow the…
- Recent reports from The Big Deal indicate a sharp decrease in funding for African startups, with a more than 50% drop over the last three quarters compared to the same period in the previous year. Currently, the funding secured by these startups ranges between $2.5 billion and $3.4 billion,…
- In a notable financial development, MNT-Halan, a prominent Egyptian microfinance lending and payments firm, has recently announced the successful raising of $130 million through securitized bond issuance. This achievement adds to the $400 million the company has secured through securitization this…
- Despite Nigeria’s economic challenges, its startup ecosystem remains a thriving center of innovation and a catalyst for economic growth, promising a brighter future for the nation. With investments totaling over $967 million, Nigerian startups consistently attract local and international investors…
- Japanese financial conglomerate SBI Holdings has made a landmark $40 million multi-fund commitment to Novastar Ventures, a leading Pan-African VC firm. This marks SBI’s first direct investment into an African VC, expanding its presence in the continent’s startup ecosystem. As part of the deal, SBI…
- The vibrant African fashion industry, valued at over $31 billion, is gaining global attention thanks to innovative startups leveraging technology. Although Africa boasts a rich cultural heritage and diverse design talent, the sector has lagged in infrastructure, funding, skills development and…
- Pan-African venture firm Norrsken22 has achieved the final close of its debut fund at $205 million, exceeding the original goal despite a funding slowdown. The Norrsken22 Africa Tech Growth Fund, aims to back startups in their critical growth stage across the continent. Launched in January 2022,…
- Leading Nigerian last-mile delivery platform Fez Delivery has launched a new line of electric motorcycles, called FEZ ECO, to provide eco-friendly and efficient transportation services. This rollout aligns with Fez Delivery’s commitment to sustainability as e-commerce booms across Nigeria. Fez…
- African fintech unicorn Chipper Cash has expanded its collaboration with Visa to accelerate strategic initiatives around card issuance, marketing, licensing and more. Since first partnering in 2021 on the Chipper Card rollout across Africa, the two companies have continuously built on their…
- Kenya’s massive $20 billion crypto market is moving closer to regulation. The country’s parliament has directed the Blockchain Association of Kenya (BAK) to prepare the initial draft of a Virtual Asset Service Provider’s Bill to govern cryptocurrencies. This landmark development comes after BAK’s…
- Following Kenya’s recent launch of a smartphone assembly plant, Zambia has unveiled plans to establish its own local smartphone manufacturing facility. Slated to begin operations in June 2024, Zambia’s plant aims to enhance nationwide connectivity through more accessible and affordable devices. The…
