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.
On a cost-cutting spree, Microsoft is set to lay off 10,000 employees. It has laid off about a quarter in Seattle. Now the firing squad has come to Kenya. If layoffs are truly contagious as an American professor once said, the Microsoft office in Lagos might be getting some soon.
Kenya 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.
Nigeria’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.
MTN SA is taking a watt-worthy step by reducing its reliance on the grid and amping up investments in alternative power sources. This is in a bid to avoid some shocking cases of theft and vandalism that have sparked up during load shedding.
Kenya is constructing Africa’s first-ever electric bus rapid transit (BRT) system with a whopping Ksh50 billion ($378 million) financing agreement with the European Commission. It’s definitely a bright idea to reduce emissions and save the environment.
After 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.
Meta 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.
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.