This Week in African Tech 🌍

African founders are struggling with mental health 💔

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Tech Safari Events This Month

Hey 👋🏽, Caleb here!

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

📆 Thursday 28th @ ASK Dome, Nairobi

Come wrap up the year with 1,500 of East Africa’s top tech players on a fun day of networking, workshops, great food, lively conversations and…

… an epic afterparty!

📆 Friday, Nov 29th | 11:00 AM - 4:00 PM

Sling Money is hosting an exclusive session for devs, designers, and founders to connect, share ideas, and shape the future of cross-border payments.

Come around for a fireside chat with Simon Amor (Sling’s Co-founder), networking sessions, and dev and design support for your projects. ⚙️

The best part? It’s free to attend.

Just download the Sling App on the App Store or Google Play Store as your pass and enjoy a $2 coffee on us. ☕  

Tickets are selling fast!

Now… Let’s get into this week’s edition.

Tech Roundup

  • A new report from Flourish Ventures reveals that over 80% of founders in 13 African countries struggle with their mental well-being, with 70% of "thriving" founders also reporting anxiety, stress, and exhaustion.

  • Moniepoint is in talks with Nigeria’s central bank to secure a commercial banking license. This move is a key step for MoniePoint to grow its retail business and take a bigger share of the financial services market.

  • Google has announced its 2024 cohort for the Google for Startups Accelerator Africa. Startups like Aveade and Breaze Delivery will get access to Google’s network to help them grow and make an impact.

  • TikTok removed over 360,000 videos from Kenyan creators for guideline violations in Q1 2024. Across nine African countries, including Egypt, Nigeria, and South Africa, 11.88 million videos were also taken down.

  • Africhange, the cross-border payment startup, has scored an IMTO license in Nigeria, allowing it to handle foreign currency transfers into the country. But there’s a catch - the license covers only inbound transactions.

  • Nigerian fintech ETAP has secured Ghana’s first insurtech operational license, which enables it to process claims, collect premiums, and provide other innovative auto insurance products and services.

  • Egypt's ITIDA and Flat6Labs have launched the InvestIT program to support seed and pre-Series A tech startups with consultancy, tools, and investor connections to help them grow.

  • Carbon, the Nigerian neobank, is back to issuing cards after a six-month pause. The relaunch comes after upgrades to its card delivery system and a rise in customer demand.

  • MDaaS, a Nigerian health tech company, has expanded to Cameroon. MDaaS chose Douala (the capital city) for its bilingual population and high demand for healthcare.

Deal Roundup

  • Access Bank UK plans to acquire a majority stake in AfrAsia Bank, Mauritius’ fourth-largest bank. This move aligns with Access Bank’s strategy to grow its presence in Africa through key acquisitions.

  • Moroccan retail-tech startup Chari has teamed up with Orange Maroc to provide neighborhood retailers with custom digital solutions. Last year, Chari raised $1 million from Orange Ventures.

  • Egyptian startup Tafweela is T-Vencubator’s first venture-building project. T-Vencubator aims to invest in four more startups by the end of the year.

  • Bootstrap Europe, a European debt fund, is launching an African franchise to boost debt funding for early-stage startups. So far, it has provided over $1 billion in loans to 300 businesses.

  • Egyptian e-procurement startup Teradix has received a $140,000 grant from the TAQADAM Accelerator program to help drive its expansion into Saudi Arabia.

  • Efreshli has raised seed funding from Algebra Ventures to digitize Egypt's food supply chain. The investment will help grow the business and improve efficiency in Egypt’s agricultural sector.

  • Visa has announced strategic investments in four African startups from its Africa Fintech Accelerator program: Ghana’s Oze, Nigeria’s Orda, and Kenya’s WorkPay and OkHi.

 Other Events and Opportunities

  • Payd is hosting a Founders' Game Night in Nairobi on Friday, November 29th. The event promises a night of fun, games, vibes, and networking, open to all founders, investors, young professionals, and aspiring builders. Get your tickets here.

  • Applications are open for the Growth4Her Accelerator in Nigeria. The program helps female entrepreneurs grow their businesses and become investment-ready. It’s open to women with businesses of 5 to 300 employees and sales between $35,000 and $15 million. Apply by November 22nd.

  • Oxfounders Global, Oxford University’s founder community, is teaming up with the South African tech ecosystem to host a pitch contest in Cape Town on the 26th of November. The event will select ten early-stage startups to pitch in front of 100+ investors and entrepreneurs from SA, the UK, and across Africa. Apply here by November 22nd for a shot.

And that's a wrap!

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