This Week in African Tech 🌍

Ethiopia's state-owned telco is going public 📈

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Happy Sunday.

First, some news.

The Latitude59 Pitch Competition is coming back to Kenya, and this is your shot to pitch in front of 2,000 people from the global tech scene!

If your startup is B2B, has proven traction, and is based in Africa, come show the world what you’ve got.

The prize? A trip to Estonia for the Latitude59 2025 finals, $20K in Infobip credits, and a €1 million prize pool to share in.

Apply here by 1st of November.

Now, let’s get into This Week in African Tech!

Tech Roundup

  • Starlink snagged a one-year license in Liberia to expand internet coverage. The Liberia Telecommunications Authority issued the license to up the internet penetration rate from 30% to 100%.

  • Egyptian online lending marketplace Qardy has partnered with consumer finance company Waseela to launch a lending product to help people buy their dream homes.

  • The Ethiopian government plans to list 10% of its state-owned telecoms company, Ethio Telecom, on the newly formed stock exchange. This listing will make Ethio Telecom the first company on Ethiopia’s stock exchange, aligning with the prime minister’s push for more private-sector activity.

  • Carry1st has partnered with Audiomack, a music streaming platform, to let Audiomack users buy subscriptions through Carry1st. The partnership rests on Pay1st, Carry1st’s payment solution which allows mobile money, digital wallets and bank transfers.

  • The Kenya Revenue Authority wants to use AI to analyze large data sets and detect tax evasion patterns. The agency argues that this will boost revenues by improving efficiency and accuracy and ensuring compliance.

  • South African fintech, Peach Payments, has integrated with Kenya's CRM platform, Sukhiba, to offer its South African merchants a new sales channel for facilitating WhatsApp-based sales.

Deal Roundup

  • South Africa’s Mustek has acquired a 70% stake in CyberAntix, a cybersecurity-as-a-service provider for $1.1 million. The deal will allow Mustek to expand its newly formed cloud and security service divisions.

  • Nigerian ed-tech startup, Dexude, has raised grant funding from the Finland Business Tempo to increase access to quality education in Nigeria. While the funding amount was undisclosed, the grant has a maximum limit of $66,000.

  • AfricInvest, a private equity firm, has closed its $111 million Transform Health Fund to invest in more health tech startups in Africa. The fund will be managed together with the Health Finance Coalition to support innovative business models in African healthcare.

  • LittleFish, a South African fintech that helps banks better serve SMEs, has raised an undisclosed amount to scale its operations. The funding round was led by TLcom Capital, making its first investment in South Africa, with participation from Flourish Ventures.

  • Ivorian insurtech startup WiASSUR has secured investment from AXIAN Group to expand its offerings. This deal makes AXIAN Group the second-largest shareholder in WiASSUR and gives it a governance role.

  • The British International Investment (BII) has signed a $25 million risk-sharing deal with Ecobank Sierra Leone to lend more to ambitious businesses. The facility will grow the bank’s loan portfolio and extend loan terms to up to five years.

     

Events and Opportunities

  • The Africa Digital Finance Summit (ADFS) is happening in South Africa from November 20th to 23rd, 2024. The summit will gather governments, central banks, and fintech leaders to discuss the future of finance on the continent. Sign up here to learn more.

And that's a wrap!

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