This week: Wave raises 90 million euros


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

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Editor’s Notes

  • Week 27, 2022
  • Reading time: 5 minutes

Nigeria launched eNaira last year; Ghana’s eCedi just entered the pilot phase this week. There’s no joking here, just giving you the news. 👍🏿

Enjoy the long weekend,

Kelechi Njoku,
Editor-in-Chief, TechCabal.

Editor’s Choice

Flutterwave accused of money laundering in Kenya

After facing 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

Welcoming the debt financing, Senegalese fintech Wave secured 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 to Wave.

Learn more about Tech Cabal

Equiano cable lands in Namibia

The Namibian city of Swakopmund has received Google’s Equiano Cable, an undersea internet cable that experts say will improve Namibia’s data transmission, internet speed by 2.5 times and penetration by 7, 5 times, and will create approximately 21,000 indirect jobs in 3 years.

Read full details on TechCabal

Ghana prepares to test eCedi

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

Read it on TechCabal

Autochek acquires CoinAfrique

Is Autochek self-checking? It looks like the Nigerian-born startup can’t help but write checks. After having acquired the North African automotive startup KIFAL, Autochek has just acquired CoinAfrique. The acquisition will accelerate the penetration of its automotive financing services in the French-speaking region.

More details are on TechCabal

Bolt opens its Africa headquarters in Kenya

Kenya is becoming the home of firsts as several global companies establish their first African regional offices on its soil. Google, Microsoft and now Estonian startup Bolt have opened their regional offices in the country’s capital, Nairobi.

Learn more about TechCabal

MTN and ETAP team up to reward good driving

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

Learn more about Tech Cabal

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Union54 gives cards to Zambians

Zambia is almost a cardless economy – only around 10% of its adults use a debit card. Their low card game keeps them out of the internet economy. Zambia’s first YC-backed startup, Union54, is offering virtual debit and credit cards to change things up.

Read the story on TechCabal

Gokada has a new CEO

Taking over from former CEO Nikhil Goel, Nigerian logistics company Gokada has appointed a new CEO. His name is Olutosin Onito, and he was previously managing director of venture capital firm EchoVC.

Full details are on TechCabal

Vodacom disconnects video streaming service

Maybe 7 is not a lucky number. After almost 7 years and 1 million downloads, South African mobile communications company Vodacom is disconnecting its video-on-demand streaming service, Video Play.

Learn more about Tech Cabal

Torche Africa’s biometric payment solution

COVID-19 vaccines are on wheels in Kenya. The country’s Ministry of Health 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 caps taxi fees at 18%

This week, the Kenyan government passed a policy that ensures digital taxi operators like Bolt, Uber, Little and others cannot charge a commission of more than 18% of earnings from taxi drivers who use their car to work.

Read about it on Nations Africa

Sudan exceeds 10% covid-19 milestone

This week, Sudan announced that it had vaccinated more than 10% of its population against the Covid-19 virus. This is a big victory against vaccine inequality, especially in Africa where an average of 4% of the population is vaccinated.

Learn more about Auto Report Africa

Who brought the money this week?

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

Puzzle: how many words can you find?

There are 57 words and we have already given you 1. How many words can you create from “startups”?

The best tweets of the week

What else 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.
  • Quick Fire 🔥 with Tope Alabi.
  • How these founders plan to reduce non-performing loans in Africa.
  • Vodacom wants to digitize the retail industry with SD-WAN technology.
  • How can African designers make more money?
  • South African fintech Stitch launches Stitch Payouts in South Africa
  • The main African technological movements as of June 2022

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