This Week in African Tech 🌍

Hey, Maryann here 👋🏽 

First off, it’s been an eventful week. A Nigerian drone startup won a big security deal, IHS took a nine-figure exit out of Rwanda, and Egypt saw a flurry of deals. On the flipside, Tanzania has cut off citizens’ access to X after some hackers lied that the president had died.

There’s a lot to unpack, but before we get into it….we have a quick announcement.

Now, on to this week’s roundup….

Tech Roundup

• TerraHaptix, a Nigerian security startup, beat two other firms to win a $1.2 million contract to secure two hydroelectric plants in Nigeria. The startup, which is only two years old, makes AI-powered autonomous drones; this is its largest contract ever.

  

  Kainji Dam in Nigeria houses one of the country’s biggest hydroelectric plants.

• Ghana has given Starlink a one-month ultimatum to set up a local office and support centre, or cease operations in the country. It also wants the company to get licensed and start paying taxes like every other local business.

• IHS Towers has agreed to sell its entire Rwandan business to Paradigm Ventures for $274.5 million, eight times its current earnings in Rwanda. IHS still owns over 39,000 towers across other markets like Nigeria, Uganda and Tanzania.

• MTN South Africa has launched MoMo Pay to help spaza shops and hawkers accept digital payments via QR codes or USSD, and it’s charging only 0.5% per transaction.

• Safaricom has rolled out Fuliza Biashara (overdrafts) and Taasi Till (short-term loans) via the M-Pesa app, offering small businesses up to KES 400k ($3,000) in instant loans. The product is designed for merchants, and repayments are directly tied to cash inflows.

• A U.S. court has ordered Tingo founder Dozy Mmobuosi to pay a $250 million fine and barred him from running public companies. Dozy had ghosted the fraud proceedings, which exposed inflated financials at his company.

• Tanzania blocked access to X after hackers used the X account of the National Police to falsely “announce” President Samia Hassan’s death. This is the fourth time Tanzania has cut internet access since 2017, including during the 2020 elections.

Deal Roundup

• Sylndr raised a $15.7 million Series A round to digitise Egypt’s used-car market, in a round led by DPI Venture Capital, with participation from Egyptian Gulf Holding, Algebra Ventures, and Nuwa Capital.

• Carrot Credit raised a $4.2 million seed round from MaC Venture Capital to provide crypto and stock-backed lending to Africans. The company makes money off interests, has processed $2 million in loans so far, and has 10,000 users.

• MaxAB-Wasoko has acquired Egyptian marketplace startup Fatura to solidify its presence in North Africa. Fatura was previously owned by EFG Finance, a company that has now become a significant shareholder in MaxAb-Wasoko.

• Egyptian investment startup Thndr raised $15.7 million in a round led by Prosus Ventures to help Egyptians gain access to global stocks. Last year, the startup onboarded over 1 million users who placed more than 15 million investment orders worth EGP 170 billion ($3.4 billion).

• Egyptian fintech ElGameya has raised a seven-figure round to digitise trust-based savings groups, known in Egypt as Gameya. Through the app, users can join or form savings circles and customise them based on the rules they want. ElGameya is growing 50% each month and has over a million users.

Other Events and Opportunities

• Servercore wants to meet up. Next month, we’ll be hosting a meetup back in Kenya with Servercore. It’s happening on June 4th and the topic of the night is Cybersecurity. Come join us for night of real world insights with industry experts, networking with developers and product teams, light snacks, drinks, and great people. And security-focused content you can use right away. You can reserve yourself a spot here.

• IncludedVC just launched a fully-funded VC fellowship designed exclusively for aspiring investors focused on Africa. It’s a “VC MBA” with masterclasses, hands-on workshops, investment committee experience, and a lifelong community. If you’re a founder, VC, operator, or just curious about VC in Africa, apply here by May 29th.

• The Africa Cloud and Security Roadshow is coming to Kampala Serena Hotel on June 5, 2025, bringing together CIOs, cloud experts, and cybersecurity professionals for a focused day of insights and networking. With tailored sessions addressing regional tech challenges and keynote speakers from across Africa, the event is designed to spark high-level conversations that influence real technology decisions. Register here.

• The Africa Startup Festival is hosting its Nairobi Ecosystem Mixer on May 30, 2025. Join founders, investors, and corporate leaders at this exclusive event, in partnership with Antler, ALX Ventures, and sponsored by Cloudplexo. Limited spots available—secure yours now! Register here.

And that's a wrap!

That’s it for this week. See you on Wednesday 😃 

Cheers,

The Tech Safari Team

PS. refer five readers and you’ll get access to our private community. 👇🏾

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