This Week in African Tech 🌍

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Before we dive in, we’ve got some exciting Tech Safari Events coming up! 🥳 

Now, let’s get into this week’s roundup.

Tech Roundup

• PAIX Data Centres is building a cutting-edge facility in Dakar, Senegal, to expand across Africa. The new site will offer scalable, secure, and energy-efficient solutions for businesses and networks.

• Safaricom has applied to Kenya’s Communications Authority for rights to land a submarine cable. If approved, it will be the first telecom-owned undersea Internet cable in the country.

• Nigerian fintech Lemfi has acquired Irish currency exchange platform Bureau Buttercrane. The deal grants Lemfi an Irish license, enabling expansion across the European Economic Area (EEA).

• South Sudan has lifted its five-day ban on social media, including Facebook and TikTok. The suspension sparked debate over government control and free expression while disrupting businesses and digital entrepreneurs.

• Nigerian web hosting company GO54, formerly WhoGoHost, has been acquired by South African HOSTAFRICA. The deal will combine GO54’s local expertise with HOSTAFRICA’s broader network, offering customers better hosting services.

• South African fintech Stitch has acquired Exipay, marking its entry into the in-person payments market. Exapay’s platform has been integrated and rebranded as "Stitch In-Person Payments" to expand Stitch’s services across Africa.

• Airtel Money grew its market share in Kenya from 2.9% to 7.6% between June and Septembr 2024, while M-PESA’s share fell from 97.0% to 92.3%, as Airtel Money steadily chipped away at its dominance.

• Nigerian mobility startup Moove has acquired Brazilian car rental startup Kovi in an all-share deal, boosting its Latin American expansion. Moove entered Mexico in October 2024.

• Kenyan fintech M-KOPA has won a trademark case against a former agent who registered a business with a similar name and logo. The High Court ruled in M-KOPA’s favor, citing trademark infringement and consumer deception.

• Waza — a B2B cross-border payments startup — just launched Lync, a multi-currency platform that lets startups in emerging markets (like Africa) bank, trade, and move money globally without the usual compliance roadblocks. It can hold currencies in USD, GBP, EUR, NGN, and stablecoins, and pay to 100+ countries.

Deal Roundup

• South African climate-tech Insight Terra has raised $5.7 million in a Series A extension round led by E3 Capital. The funds will accelerate the growth of its AI-powered platform.

• Egyptian fintech Fincart has raised a pre-seed round led by Plus VC. The funds will strengthen its platform, expand its courier network, and fuel e-commerce growth in Africa and the Middle East.

• Kenyan fin-tech Sevi has secured an undisclosed investment from Renew Capital to enhance its platform, expand its supplier and retailer network, and drive financial inclusion.

• Egyptian ed-tech Eyouth has partnered with global education consultancy EDT&Partners in a $6 million deal to equip one million young people across Africa and the Middle East with essential digital skills.

• South African fintech NjiaPay has closed an oversubscribed $1 million pre-seed round led by HAVAÍC. The funding will scale the team and enhance the platform's capabilities.

Other Events and Opportunities

• The African Tech Summit Nairobi has announced 10 startups to showcase their products at the event on February 12th & 13th. Some of the selected startups include Heala Health, PricePally, Dojah, Duhqa, and Flow Global. If you haven’t registered for the event, you can do that here.

• Applications for the 4th Visa Fintech Accelerator are now open. It gives fintechs access to tools, network, and mentorship to scale their products, and four startups that got in last year went on to raise funding from Visa. Apply here by March 15th.

  

• Applications are open for the Timbuktoo MineTech Hub Accelerator — a program for youth-led mining startups. Get mentorship, funding, and a global network to scale faster. Apply by February 13th.

And that's a wrap!

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