This week: Wave raises 90 million euros

Plus, hackers want ShopRite to pay for their customers’ data.

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Editor’s Notes

  • Week 27, 2022
  • Reading time: 5 minutes

Nigeria introduced eNaira last year; Ghana’s eCedi just entered the pilot phase this week. No funny joke here – I’m just giving you the news. 👍🏿

Enjoy the long weekend

Kelechi Njoku,
Senior Editor, TechCabal.

Editors Favorites

Flutterwave is accused of money laundering in Kenya

Following allegations of insider trading and abuse, fintech unicorn Flutterwave is now accused of laundering around $52.9 million in Kenya. Flutterwave said the claims were false.

Read the story on TechCabal

Wave secures 90 million euros

Senegalese fintech Wave welcomed the debt funding, securing a €90 million syndicated loan from the International Finance Corporation (IFC). The World Bank is the second time the World Bank has extended its investment arm towards the Wave.

Learn more on TechCabal

Equiano Cable lands in Namibia

The Namibian city of Swakopmund has received Google’s Equiano cable, an underwater internet cable that experts say will improve Namibia’s data transmission, internet speeds by 2.5 times, penetration by 7.5 times and about 21,000 indirects in three years will create jobs.

Read full details on TechCabal

Ghana is preparing to test the eCedi

Ghana has overtaken Nigeria in the race for “financial inclusion through digital currency”. Ghana’s digital currency – eCedi – is now in the pilot phase. The offline version of the eCedi is being tested in rural areas.

Read it on TechCabal

Autochek acquires CoinAfrique

Is Autocheck on Autocheck? It seems the Nigerian-born startup can’t stop writing checks. Autochek has now acquired CoinAfrique after purchasing North African automotive startup KIFAL. The acquisition will accelerate penetration of its auto financing services in the Francophone region.

More details are on TechCabal

Bolt opens Africa headquarters in Kenya

Kenya is fast becoming a home of firsts as several global companies set up their first African regional offices on its soil. Google, Microsoft and now Estonian-born ride-hailing startup Bolt have opened their regional office in the country’s capital – Nairobi.

Learn more about it on TechCabal

MTN and ETAP cooperate to reward good driving

MTN wants you to be safe wherever you go. It has partnered with Nigerian insurance company Etap to incentivize good driving by rewarding drivers who maintain good driving habits in Nigeria.

Learn more on TechCabal

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Union54 give Zambia tickets

Zambia is almost a cardless economy – only about 10% of its adults use a debit card. Their low deck excludes them from the internet economy. Zambia’s first YC-backed startup, Union54, is offering virtual debit and credit cards to turn things around.

Read the story on TechCabal

Gokada gets a new CEO

Nigerian logistics company Gokada has taken over from former CEO Nikhil Goel and appointed a new CEO. His name is Olutosin Onito and he was a former CEO of venture firm EchoVC.

Visit TechCabal for details

Vodacom is pulling the plug on the video streaming service

Maybe 7 isn’t such a lucky number. After nearly 7 years and 1 million downloads, South African mobile company Vodacom is retiring its on-demand video streaming service, Video Play.

Learn more on TechCabal

Torche Africa’s biometric payment solution

COVID-19 vaccines go on wheels in Kenya. The country’s health ministry is working with Amref Health Africa and AstraZeneca to send solar-powered mobile clinics to vaccinate people in hard-to-reach areas of the east African country.

Read about it on TechCabal

Kenya limits taxi commissions to 18%

This week, the Kenyan government passed a policy ensuring that digital taxi companies like Bolt, Uber, Little and others cannot charge over 18% of the earnings of taxi drivers who use their car to work.

Read about it on Nations Africa

Sudan surpasses 10% Covid-19 milestone

This week, Sudan announced it has vaccinated over 10% of its population against the Covid-19 virus. This is a big win against immunization equity, particularly in Africa where an average of 4% of the population is vaccinated.

Learn more at Auto Report Africa

Who brought the money this week?

  • Kenyan B2B startup Duhqa closed a $2 million seed round with participation from CrossFund, Roselake Ventures and Mo Angels, and also featured a number of existing investors including Techstars and Strategic Angels.
  • Tunisian fintech Paymee raised an undisclosed six-figure sum in a funding round led by P1 Ventures.

Puzzle: how many words can you find?

There are 57 words and we already gave you 1. How many words can you make out of “startups”?

Top tweets of the week

What else is there to read this weekend?

  • Next Wave: Can Nigeria’s Infrastructure Support Tech Talent?
  • Wimbart’s Jessica Hope on the role of PR in building a successful startup.
  • Rapid fire 🔥 with Tope Alabi.
  • How these founders aim to reduce bad debt in Africa.
  • Vodacom aims to digitize retail through SD-WAN technology.
  • How can African creators make more money?
  • South African fintech Stitch launches Stitch Payouts in South Africa
  • The leading African technology is moving from June 2022

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