This Week in African Tech 🌍

Meta has a bigger bag for African creators💰

Caleb Maru
August 11, 2024

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Now, let’s get into This Week in African Tech.

Meta has launched two new ways for Kenyan creators to make money on Facebook: ads in regular videos and ads in Reels. Creators can earn cash by making original content and building a following using these features.
Medium has allowed writers from 20 African countries into its Partner Program, letting them share their ideas and get paid for it. Some of the newly included countries are Algeria, Botswana, Côte d’Ivoire, Ethiopia, Ghana, Kenya, Madagascar, Namibia, Nigeria, Rwanda, Senegal, and South Africa.
Founders Factory Africa has rebranded as 54 Collective, launching a $40 million fund to back early-stage African startups. They plan to invest in 105 startups over five years, offering up to $250,000 in funding plus operational support to help keep capital flowing in Africa's startup scene.

Bongani Sithole, CEO of 54 Collective

NeoNomad, a South African startup, has launched Africa's first hybrid exchange platform to help South Africans use crypto more easily. Their app offers a South African stablecoin called ZARcoin and lets users make quick, cheap payments for everyday purchases using crypto.
Kuda, a Nigerian neobank, has revealed some of its financials. In 2022, it earned $22 million, tripling its revenue from the previous year. The company doubled its user base to 4.9 million and saw deposits hit $100 million, but it's still working on turning a profit as losses grew to $32 million.
Kenyan banks are rolling out new tracking for big money moves, following a central bank order to fight money laundering. They plan to use special codes to label transactions over a million Kenyan shillings, making it easier to spot them and report suspicious activity.
AliExpress is coming to Ethiopia. After years of planning, the Chinese e-commerce giant is finally setting up shop in the East African country. This is expected to create jobs, boost local businesses, and make it easier for Ethiopians to buy online.
Xbox hosted a gaming event in Africa called Xbox Game Camp Africa. It brought experts and newbies together to boost the continent's growing gaming industry. The event, held in three cities, taught folks about game design and marketing, and plans to help Africa's gaming market hit $1 billion in revenue this year.

AfriLabs, a network of African tech hubs, has joined the United Nations' tech agency, the International Telecommunication Union (ITU). This partnership will help AfriLabs work with other countries to improve technology in Africa.
JEMLA, an Ethiopian startup, is helping small shops and stores buy products more easily. They've signed up over 12,000 shops since starting in 2021. JEMLA makes it easier for these shops to get the products they need — like food and drinks — and helps them run their businesses better.
Uber's electric bike service in Kenya, called "Electric Boda," has taken off since launching last year. They've seen more drivers sign up, more trips taken, and are helping Kenya go green while giving people a cheaper ride option.

Meta has launched a $2 million grant program for companies using their Llama AI to tackle social issues. The tech giant is interested in ideas from Africa, the Middle East, and Turkey that focus on economic growth, science, and public services.

Sendsprint, a two-year-old remittance startup, has acquired Nobel Financial, a US-based payments company, to grow its business in the US. With this acquisition, Sendsprint can now help customers in 16 US states send money and gifts to various African countries.

Sendsprint Founder, Damisi Busari

Lucky ONE, an Egyptian fintech, has raised $3 million to grow its business. They plan to use the money to help more people get loans and expand to other countries. The consumer credit company wants to make it easier for people to borrow money, especially those without bank accounts.
African startups had a record-breaking month in July 2024. They raised a whopping $420 million, the most in over a year. A total of 47 ventures secured at least $100,000 in funding last month. This makes July the second-best month of the year for the amount of deals closed.
Egyptian fintech Qardy has raised a seven-figure pre-seed investment to accelerate its growth. The startup, founded in 2022, wants to streamline the lending process for small and medium-sized enterprises (SMEs) by connecting them with financial institutions.

Abdelaziz Nabi (left) and Tamer Manasterly (right), Qardy Co-Founders.

Maliyo Games is looking for the next generation of African game developers. Their GameUp Africa program is now accepting applications for its fourth year. This five-month training program helps people learn how to make games and gives them the skills to succeed in the global gaming industry. If you're interested in making games, apply here before the 11th of August!

The SAB Foundation is looking for ambitious South African business owners to join their Tholoana Enterprise Programme. This 18-month program will help entrepreneurs grow their businesses with training, mentorship, and networking opportunities. Applications are open here.
React Africa, the first International React conference in Africa takes place on the 29th of November, in Casablanca, Morocco. The conference brings together developers, team leads and consultants. Find out more here.
The Africa Digital Finance Summit takes place on the 20th of November and will feature governments, central banks across Africa, and executives representing global fintech operators, start-ups, professionals and decision-makers. Book your spot here.

And that's a wrap for this week!

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