This Week in African Tech 🌍

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Let’s get into This Week in African Tech.

Tech Roundup

• Jumia's share price has surged by 55%, as investors regain confidence after a series of restructuring efforts by the company. The e-commerce company is focusing on reducing costs and growing its third-party seller base to improve profitability.

• Grey, a cross-border payments startup, is expanding its services to Latin America and Southeast Asia. The company aims to transform these markets with more open, digital, and inclusive financial products while introducing USDC payouts across its network.

• LULA, a South African ride-sharing platform for workers, has acquired Zeelo's South African subsidiary to expand its market presence. LULA aims to leverage Zeelo's existing user base of 18,000 riders and become profitable through revenue generated from the acquisition.

• Nokia has partnered with Telecom Egypt to introduce 5G technology in Egypt and will deploy AirScale portfolio equipment in major cities later in 2024. This collaboration will transform Egypt's telecom landscape, which will enhance capacity and connectivity to customers.

• Flutterwave, Kuda, MTN, Bank Zero, Palmpay, Yoco, and Piggyvest have been listed on Statista and CNBC’s 2024 list of the top 250 global fintech companies. They were selected based on their revenue, growth, and employee count.

• Nigeria wants to launch two new satellites, NIGCOMSAT-2 and NIGCOMSAT-3 to improve regional and global connectivity. The Nigerian Communications Satellite Limited is looking for international investors and collaborators, to replace the ageing satellite before it reaches its end of life in 2026.

• South Sudan's National Communications Authority has granted SpaceX's Starlink a license to operate in the country - the ninth in Africa - aiming to boost internet penetration. Starlink will offer four pricing plans and appoint local distributors.

• Nigerian authorities will put Binance on trial on the 11th of October, 2024, while dropping charges against its executives. Meanwhile, US Congress members have urged Nigeria to release detained Binance executive Tigran Gambaryan over concerns about his health.

• South Africa's financial regulator, the Financial Sector Conduct Authority (FSCA), will monitor social media activities of financial influencers to protect consumers from misinformation and scams. The FSCA are concerned that people are making financial decisions based on social media content instead of consulting qualified advisors.

• Ghana's Cybersecurity Authority has licensed 51 cybersecurity firms and professionals to fight a rise in data breaches. Ghana becomes the first African country with a full cybersecurity regulatory framework.

• Last week, the Women Who Build Africa community teamed up with Uncover Skincare and Madica VC to release a YouTube documentary spotlighting female entrepreneurs and investors in Africa’s business ecosystem. The documentary features female leaders across companies like Partech Africa, BuuPass, Mosmos, Delta40, Founders Factory Africa, and many more. You can watch the documentary here on YouTube.

Deal Roundup

• d.light, a provider of solar products for low-income households, secured a $176 million securitisation deal to expand its solar financing program in Kenya, Tanzania, and Uganda. This will bring access to clean energy to an estimated six million people over the next three years.

  

• TerraPay, a digital payment company focused on Africa, has secured a $95 million loan to expand remittance services, reduce costs, and improve transfer speed across the continent. They plan to partner with more money transfer operators and leverage this funding to increase transaction volume.

• Bio-Logical, a Kenyan climate startup, has secured $1.3 million to expand its biochar production facility and establish three new sites across Kenya. This funding will help the company sequester carbon and develop affordable fertilisers to improve the livelihoods of smallholder farmers.

• Cameroon has secured a $38 million grant from South Korea to fund five development projects, including upgrading the civil registration system and digitising public services. This aims to improve transparency and efficiency in government services.

• Dopay, an Egyptian fintech, has secured an additional $13.5 million, topping up its $18 million Series A round raised in 2021, to accelerate its expansion in existing markets and launch new financial services. This funding will also allow them to create a self-financing lending model for their platform.

• Uncover, a tech-enabled beauty brand, secured $1.4 million to develop its tech platform, launch new products, and enter new markets. They focus on data-driven, personalised skincare for women with melanin-rich skin.

Events and Opportunities

• The second Women Who Build Africa (WWBA) Assembly will take place in Nairobi, on the 5th-6th of September, with the full conference day on the 6th. The event is hosted in partnership with Delta40 and the African Fintech Summit. If you’re a startup who’d love to participate in a workshop day, applications are open here.

• Startup Club ZA will be hosting its first Founder Day of 2024 in Cape Town on the 25th of July. The event will feature 250 founders and eight masterclasses designed to help founders scale their startups. Early-bird tickets are sold out, but you can get regular tickets here at 20% off using Tech Safari’s discount code Safari20. Hurry, it’s only valid till the 22nd of July.

  

• The eleventh edition of the Angel Fair Africa event will take place in Nairobi, Kenya on the 7th-8th of November, bringing together selected African entrepreneurs and investors to do deals.

  Held for the first time in September 2013, Angel Fair Africa has been held in Johannesburg, Lagos, Accra, Nairobi, Abidjan, Maputo, Dar es Salaam, Mauritius, and, last year, Cape Town. Find out more here.

And that's a wrap for this week!

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