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“Building in Africa”- Webinar

 This Friday, August 28th, for the 8th episode of "Building in Africa" we are interviewing, Carina Rumberger, CEO, Beyonic. It’s the second in our series of interviews about exits and acquisitions in African tech titled How big deals get done.The Ugandan-based digital payment company, Beyonic was acquired 100% by MFS Africa in a deal that was paid for in cash and shares. MFS Africa is a mobile money gateway in Africa, which connects mobile network operators in 34 countries across the continent through a single API.The deal which was announced in June 2020 is considered a major win and milestone for the African tech industry...

Dr. Akinwumi Adesina re-elected as President of the African Development Bank Group

Dr. Akinwumi A. Adesina has been re-elected to serve a second five- year term as President of the African Development Bank Group on Thursday, August 27, 2020 by the Board of Governors of the Bank. A globally renowned development economist and a World Food Prize Laureate and Sunhak Peace Prize Laureate, Dr. Adesina has distinguished himself in driving a bold agenda to reform the Bank and accelerate Africa’s development. He was first elected as President of the Bank on May 28, 2015.As newly re-elected President, Dr Adesina, a former Nigerian Minister of Agriculture, will begin his new term on September 1, 2020.The election result, which gave...

Daily Digest Thursday 27 August 2020

11 Startups To Participate In First Africa Artificial Intelligence Accelerator Cohort The selected AI startups will participate in a structured five-month Accelerator program and work closely with technical mentors from IBM and business development consultants, to help build their AI ideas into feasible solutions. Read more WorldRemit has accepted to acquire Sendwave For a Fee of $500 Million In a statement by the company, the acquisition will enable customers and users to send instant payments to relatives and friends from North Africa to other parts of Africa which includes West and East Africa. Read more Standard Bank bags’ 35% stake in South African fintech, TradeSafe the merger will help curb...

Standard Bank bags’ 35% stake in South African fintech, TradeSafe

Standard Bank has acquired a 35% stake in South African fintech, TradeSafe. According to, Jethro O’Brien, the CEO TradeSafe, the merger will help curb fraud, scam, & unpaid invoice payments in South African commerce, and the fees that both the online platform and Bank will be charging is less than what a reputable Bank or law firm would charge in a transaction. “Both TradeSafe and Standard Bank realised the necessity for a fast, secure, and affordable escrow solution in the wake of the increasing volume of scams, fraud and unpaid invoice payments in South African commerce. Our fees come in at a fifth of what a reputable law...

11 STARTUPS TO PARTICIPATE IN FIRST AFRICA ARTIFICIAL INTELLIGENCE ACCELERATOR COHORT

After a rigorous and competitive process, 11 innovation-driven Artificial Intelligence (AI) startups from Ghana, South Africa, Rwanda, and Uganda have been selected to take part in this edition of the ‘Africa AI accelerator program‘, hosted by Ghana Tech Lab in partnership with the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH and IBM. The selected AI startups will participate in a structured five-month Accelerator program and work closely with technical mentors from IBM and business development consultants, to help build their AI ideas into feasible solutions. These ventures are currently leveraging on Artificial Intelligence and Machine Learning in their operations to help solve problems ranging from financial freedom,...

Apply: NISRF (Nigeria Impact Startup Relief Facility)

About NISRF Helping Early-Stage Impact Startups Survive the COVID-19 Crisis Nigeria Impact Startup Relief Facility (NISRF) is an emergency facility designed by a consortium of funding partners to disburse grants to a significant number of existing post-MVP stage high-growth startups who create impact so they remain viable during the COVID-19 crisis. NISRF is designed to support grant applicants whose businesses/activities are either being adversely affected by or modified in response to COVID-19. In order to qualify for this funding, the following criteria have to be met: 1Be a company operating in Nigeria 2The company is tackling an urgent social problem 3The company is post-MVP, revenue-generating, registered with CAC 4Can demonstrate solid financial...

WorldRemit has accepted to acquire Sendwave For a Fee of $500 Million

WorldRemit Ltd., has agreed to buy Africa-focused, app-based remittance firm Sendwave. According to the CEO, WorldRemit, Breon Corcoran, the ongoing pandemic has made digital banking a main stay and has multiplied the usage tremendously. “What we saw immediately after lockdown orders is a real acceleration toward digital,” “This is a fast-growing part of the broader payments space and increasingly our businesses will be viewed as more akin to Venmo or Paypal,” In a statement by the company, the acquisition will enable customers and users to send instant payments to relatives and friends from North Africa to other parts of Africa which includes West and East Africa. The acquisition...

NOKWARY WINS 1ST PRIZE OF $10,000 IN THE ECOBANK FINTECH CHALLENGE 2020

Ghana’s Nokwary Technologies beat nine other competitors to win first prize of $10,000 in the just concluded Ecobank Fintech Challenge 2020. The first and second runner up spots were taken by Ukheshe Payment and Solutions Growth Factor Technologies, winning $7,000 and US$5,000 respectively. Nokwary is a fintech that uses Artificial Intelligence (AI) to promote financial inclusion. Its AI Powered banking solution offers an opportunity for users to carry out transactions in a language to which they are familiar to using popular social media channels like Whatsapp. South Africa based Ukheshe, which came in second, provides a bridge between the card and the cash economy. It has created the...

Daily Digest Wednesday 26 August 2020

Funding In Southern Africa Cape Town-based tech startup secures $6-million funding The $6-million in funding was achieved from a Series-A funding round with Knife Capital joined by the Industrial Development Corporation of South Africa (IDC) and Norican Group, a leading foundry engineering and equipment company. Read more Funding In East Africa DOB Equity makes follow-on investment in Tanga Fresh DOB Equity, a Dutch family-backed impact investor in East Africa, has made a further investment in Tanga Fresh, a dairy processor in Tanzania. Read more Call For Applications & Other Web-events Top startup web events in South Africa this week Not all the events are free and some will require booking in advance. Please click on the...

DOB Equity makes follow-on investment in Tanga Fresh

DOB Equity, a Dutch family-backed impact investor in East Africa, has made a further investment in Tanga Fresh, a dairy processor in Tanzania. This additional investment from DOB will help Tanga Fresh expand its production in the long-life milk market. DOB Equity’s investment will also allow Tanga Fresh to expand its overall production capacity, providing access to a fair and reliable market for dairy farmers in the Tanga region. Founded in 1996 in Tanga on the Northern coast of Tanzania, Tanga Fresh’s partnership with DOB Equity began in 2007. Tanga Fresh produces a wide range of products such as mtindi (sour milk), yoghurt, ghee, fresh and long-life milk. Its...

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