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Editor’s Note
- Week 13, 2023
- Read time: 5 minutes
This edition brings you stories from Kenya where Meta remains embattled, betting firms are trying to evade tax and the government is trying to build an electric BRT system. Then we cross the continent to Nigeria, where the CBN decided to keep open banking open.
Enjoy!
Pamela Tetteh Editor, TechCabal.
Editor’s Picks
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Microsoft lays off Kenyan staff
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Kenya Airways is still losing moneyKenya Airways’ books have not looked good for the past 10 years. This week, the airline reported its tenth consecutive loss with a record Ksh38.26 billion ($290 million) full-year loss, driven by debt and skyrocketing fuel prices. |
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Facebook rapist escapes prison by faking his deathThabo Bester, infamously known as the “Facebook Rapist”, was serving a life sentence passed in 2012. He was imprisoned for murder and a series of rapes, but he escaped prison by faking his death. |
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Betting firms are evading tax in Kenya
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Nigeria to keep open banking openNigeria’s central bank (CBN) initially wanted to make the national payment settlement mechanism, NIBSS, the mediator for open banking. But banking experts said it would take the “open” out of “open banking.” The CBN listened to their qualms and has changed its mind. |
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MTN is going off the grid in South Africa
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TC Insights: JICA Ecosystem Report
Get Insights on the Nigeria Tech ecosystem, the distribution of tech hubs/incubators nationwide, and the economic impact of selected sectors in the ecosystem.
Download the second edition of the Japan International Cooperation Agency (JICA) Nigeria ecosystem report here to know more about the evolution of the ecosystem.
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Kenya receives $378 million to electrify BRTs
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MoniePoint and PayDay deny $40-million acquisition deal
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Kenya licences more digital lendersAfter what feels like forever, the Central Bank of Kenya (CBK) has officially licensed an additional 10 digital lenders to operate in the country, bringing the total number of authorised digital credit providers (DCPs) to 32. |
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Meta can’t escape Kenya’s courtsMeta wants to play in Africa, but Zuck and his team are quickly learning that if they want to play in this pit, they have to play by the rules. A Kenyan court rejected Meta’s pleas to dismiss a lawsuit levied by 43 of its former content moderators in the country. |
Who brought the money this week?
- This week, PayDay, a Rwanda-based neobank, raised $3 million in an oversubscribed seed funding round led by Moniepoint Inc (formerly TeamApt Inc).
- Nigerian logistics startup, Fez Delivery, closed a $1 million seed round from Ventures Platform, with participation from Voltron Capital, Acasia Ventures, and other angel investors.
- Nigeria’s HouseAfrica, a prop-tech, received US$400,000 in funding from investors such as Future Africa, SSE Angel Network (SSEAN), ARM Labs, CV VC, StartupBootcamp AfriTech, Niche Capital, and Rebel Seed Capital.
What else to read this weekend?
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Written by: Ngozi Chukwu
Edited by: Pamela Tetteh
18, Nnobi Street, Surulere, Lagos, Nigeria
