This Week in African Tech 🌍

Temu bets big on Nigeria 🇳🇬

December 01, 2024

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Tech Roundup

  • Kenya's parliament has introduced a bill to regulate outsourcing and IT-enabled services companies with new labour laws. The bill follows a recent court ruling allowing local lawsuits against outsourcing firms, after former Sama employees claimed they were paid $2 per hour, below the proposed $12 rate.

  • Nigerian fintech Payaza has received an investment-grade rating from the Global Credit Rating (GCR) agency. This means Payaza is among a select group of companies with a strong financial profile - deemed stable and attractive to investors.

Payaza team

  • Femi Hanson is Palmpay's new Head of Marketing and Public Relations for its Nigerian subsidiary. Palmpay, a Nigerian fintech company, has tapped Hanson, who previously led marketing teams at OPay and Moni.

  • Kenya’s Capital Markets Authority (CMA) has approved Safaricom’s second money market product, Ziidi. The product will compete with banks, insurers, and fintechs by investing deposits in low-risk options such as government bonds and T-bills.

  • Bitmama, a crypto company, has paused its card services to safeguard users after unexpected issues with its MasterCard provider. All card balances will be refunded to users' Bitmama wallets.

Bitmama founders and team

  • Fintech startup DigMo has launched in Zambia, offering a secure, free digital money account. The platform features a unique "financial planning game" that encourages users to start saving for the future by offering incentives.

  • Chinese e-commerce company Temu, has gone live in Nigeria with a marketing blitz, banking on Africa's largest population of over 200 million people. The app hit No. 1 on the app store in its first few days of being live.

 

Deal Roundup

  • Socium, a Senegal-based HRtech startup, has raised $3 million in seed funding from Breega, Partech, Orange Ventures, Chui Ventures, and other investors. Socium plans to double down on francophone Africa and is eyeing expansion into Morocco and the Democratic Republic of Congo (DRC).

  • Spouts International, a Ugandan manufacturer of ceramic water filters has raised $3 million from Incofin, through its Water Access Acceleration Fund (W2AF).

  • Stima, a Kenyan cleantech company has raised an undisclosed amount of funding from Renew Capital. Stima will use the funds to support the transition of 15 million motorbike drivers to electric two-wheelers.

  • Access Bank, Nigeria’s largest bank by assets has acquired Standard Chartered Bank’s operations in Angola and Sierra Leone. This is part of Access Bank’s goal to expand its footprint across Africa.

  • Senegal-based e-mobility and energy solutions startup Solarbox Africa has raised $1 million in pre-seed funding. The company plans to scale production, strengthen its presence in Senegal, and explore opportunities in neighbouring countries.

Tijan Watt - founder of Solarbox

A Hydrobox power station

  • Egyptian e-commerce platform Ariika has raised $3 million in a Series A extension round. The investment will fuel its growth locally and regionally, with plans to expand into Saudi Arabia by January 2025, following its recent launch in Iraq.

  • Egyptian e-commerce platform Sylndr has secured a $7.45 million working capital facility to offer better car loans to its customers.

Other Events and Opportunities

  • Are you a growth-stage, edtech startup working to improve education in South Africa? Applications for the 2025 Mastercard Foundation Fellowship are currently open. The six-month fellowship comes with business support, networking opportunities, and equity-free funding of up to R1 million. Apply here by December 8th.

  • The 2024 Africa Bitcoin Conference is coming to Nairobi from December 9th - 11th, 2024, at the JW Marriott Hotel! This three-day event is all about driving Bitcoin adoption across Africa and building stronger international connections. Don’t miss out – grab your tickets here!

And that's a wrap!

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