This Week in African Tech 🌍

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

Tech Roundup

• Starlink has created a new plan allowing users in Kenya to rent its satellite kits for KSh 1,950 ($15) per month with a one-time activation fee of KSh 2,700 ($21).

• Zone, a Nigerian payment infrastructure startup, has teamed up with the Nigeria Inter-Bank Settlement System Plc (NIBSS) to introduce blockchain technology into POS terminal payments. This will speed up transaction settlements, and reduce disputes and chargebacks.

• Liquid Intelligent Technologies and Globalstar have partnered to provide advanced 5G solutions in Africa and the Middle East. The partnership comes with exclusive distribution rights for Globalstar's proprietary 5G solution in these markets.

• TymeBank, a South African digital bank, will launch in Indonesia by the end of 2024. The company plans to focus on offering its merchant lending product to SMEs in Indonesia, similar to its strategy in Vietnam.

• Nigerian corporate mobility startup, Treepz, became the first mobility startup to complete a cross-border rental trip – between Nigeria and the Benin Republic. The company sees this milestone as proof of its ability to meet the growing demand for cross-border transport in Africa.

• After recent protests by ride-hailing drivers in Kenya, Uber has increased its fares in Kenya to improve driver earnings. Following meetings with the drivers, the company set a new pricing scheme with a higher minimum fare and per-kilometre rate.

• Binance has expanded its services in Africa, allowing users in Ghana, Tanzania, Uganda, and Zambia to buy and sell crypto assets using mobile money. This new feature called One Click Buy and Sell makes it easier for users to access and trade cryptocurrencies.

Deal Roundup

• Waza, a cross-border B2B payments startup for Africa, raised $8 million in seed funding from Blyd Ventures, Y Combinator, Norrsken Africa, and Timon Capital. The round included $3 million in equity and $5 million in debt, and the funds will help Waza expand its operations and pilot trade financing for its clients.

• French pay-TV giant Canal+ upped its stake in MC Vision to 75%, strengthening its presence in the African media space. MC Vision is the biggest cable TV company in Mauritius, and this deal is part of Canal+’s broader strategy to expand its reach across Africa.

• Jumia raised $99.6 million 10 days after announcing a secondary sale of 20 million shares. The funds will be used to acquire more customers, expand its supplier base and logistics network, and improve the technology it offers vendors.

• Fido, a consumer-lending startup, has raised $10 million in Series B funding from FMO, a Dutch development bank. This funding will support its growth in Ghana and Uganda and its expansion into new African markets.

  

• Liquid Telecom plans to raise $225 million in equity to expand broadband access across Africa. The International Development Finance Corporation is set to be one of the major investors, and their support will help Liquid Telecom straighten its finances and achieve its goal of bridging Africa’s digital divide.

Events and Opportunities

• Founders need support to accelerate the growth of AI in Africa. That’s why Tech Safari has teamed up with Resilience17, an AI venture studio, to explore how African founders can “Build AI Startups in Africa”. It’s happening on Wednesday, the 28th of August at 4pm WAT. Save yourself a seat here.

• Open Startup has launched the second cohort of its GROW investment readiness program. It’s designed to help African startups scale and raise funding, and offers a range of resources and support services. Applications are open here until the 31st of August.

• Women Who Build Africa is hosting a Happy Hour Mixer in partnership with Tech Safari and CloudPlexo. This mixer is for attendees of the WWBA Assembly 2024, founders, investors and tech workers in Nairobi. It’s happening on the 6th of September. Sign up here.

• Applications for Baobab Network's October Accelerator cohort are open. Selected companies will receive a $100k first cheque, join a transformative 12-week accelerator program, and get hands-on venture support. The promise is no board seats, fast decisions, no fees, and lifetime access to Baobab’s networks. Apply here.

• MentorPitch, a 12-week mentoring program, is open to Zambian tech startups. The program will help startups prepare for angel investment by mentoring them on business plans, pitch decks, and other due diligence requirements.

And that's a wrap for this week!

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