16 NOVEMBER, 2022
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Good morning ☀️
We’ve got something new for you.
The State of Tech in Africa report is a bird’s eye view of technology trends in Africa for Q3 2022. It captures data around acquisitions, funding, startup expansion and regulations on the continent.
What’s inside?
- Total funding on the continent for Q3 is about $675.5 million, bringing the year’s total as of Q3 to $3.6 billion
- Despite the downturn, the average seed round remained stable at $2.5 million in Q2 and $2.7 million in Q3
- Acquisitions increased by 41% Q-on-Q.
- Two in three acquisition deals were between startups operating in the same country
- One hundred and five new startups launched this year, as of Q3
- About four African startups have shut down this year, as of Q3.
Ready for more insights? Click here to download.
CRYPTO MARKET
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|
|
|---|---|---|
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Bitcoin |
$16,832 |
+ 2.99% |
|
Ether |
$1,247 |
+ 1.88% |
|
BNB |
$275 |
+ 0.19% |
|
FTX Token |
$1.83 |
+ 44.17% |
|
Binance Coin |
$1.00 |
0% |
|
|
Source:
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* Data as of 22:45 PM WAT, November 15, 2022.
PALMPAY OBTAINS COMPLIANCE IN DATA PROTECTION IN NIGERIA
Fintech PalmPay has obtained compliance with the Nigeria Data Protection Regulation (NDPR) in data protection.
This means that the fintech firm, which has 10 million users and a mobile money agent network of 200,000 in Nigeria and Ghana, has been found to meet information security requirements.
The National Information Technology Development Agency (NITDA) gave this seal of approval, which reflects its assessment of the fintech’s data security and data protection strategy.
However, this news comes three weeks after a viral Twitter post accused PalmPay of being a hub for scammers. According to the post, a scammer used the legal name of her friend, who had emigrated, to open a PalmPay account and solicit funds from their friends in Nigeria. Hundreds of Nigerians commented on the post, saying that they had had similar experiences.
This viral accusation came weeks after PalmPay launched the Wallet Safe Workshop, where the fintech used both online and offline channels to publicise and expose examples of social media and telecom fraud, as well as how to recognise fraudulent behaviour.
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MODUS LAUNCHES ITS $75 MILLION AFRICA-FOCUSED FUND
Modus, a US-based VC firm with a focus on the MENA region, has expanded into Africa with its new $75 million fund dubbed Modus Africa. The fund will focus on businesses that leverage AI and blockchain technology to create sustainable solutions.
Led by general partners, Vianney Mathonnet and Andre Jr Ayotte, Modus Africa will nurture the growth and development of Africa’s early-stage impact-driven businesses.
A pro-web3 fund
Modus Africa’s focus on blockchain puts them in the category of funds powering Web3 startups. Funds of this nature are becoming more popular on the continent, perhaps sparked by Africa’s strong blockchain adoption rate.
Within the next four years, Africa could unlock over 200 million new blockchain users, thanks to its booming youthful demography and tech-savviness.
According to TechMoran, Modus Africa will source, invest, and support startups that are leapfrogging ahead by merging traditional Web2 businesses with Web3 technologies.
The trinity of solutions
According to Modus, its focus on AI and blockchain-powered startups will yield three core solutions which are: yielding high profits, impacting and delivering sustainable development, and accelerating the African Fourth Industrial Revolution.
The fund—which will close in Q1 2023—will invest in 45 startups at the seed stage plus a follow-on investment allocation.
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ORANGE LAUNCHES 5G IN BOTSWANA
Orange Botswana has become the first Orange affiliate in Africa to launch 5G commercially. The 5G network will cover 30% of the population in the capital Gaborone and second city Francistown.
The 5G network, which, according to Orange, will enable new health, education and security services will also be used to launch other services including connected vehicles, connected cities, real-time gaming, smart homes, and learning through VR and augmented reality.
Orange Botswana has also partnered with MRI Botswana to use the 5G network capabilities to create a “Connected Ambulance” telemedicine project that will allow doctors to guide paramedics through life-saving procedures on their way to hospitals.
Speaking on the launch, Orange Botswana CEO Nene Maiga said, “At Orange Botswana, we are excited to be bringing in a new technology that will allow economic players to discover new possibilities enabled by 5G, and the way it could positively transform their daily activities. 5G connectivity is an incredible opportunity for businesses and the government, who are eager to take their operations to the next level. It is going to change how customers experience connectivity.”
Orange Botswana also introduced new 5G fixed broadband services and mobile data bundles for residential customers and small and medium enterprises. The fixed offers will be available from 15Mbps for prepaid and 20Mbps for postpaid with a monthly rental from P699.00.
The Orange CEO, Jerome Henique, stated that the Botswana launch of a 5G commercial network is a gateway to launching in other countries in Africa.
EVENT: Z! FEST
2022 has been a lot. From crypto crashes to inflation, and even regulation scares, our heart rates and hairs have been up all year.
Our junior sister publication, Zikoko, wants to bring that all down to the dance floor with the second edition of its festival, Z! Fest.
Z! Fest’s Class of ‘22 offers techies the chance to break away from their screens in a party designed for stress relief. If you like food, drinks, loud music, and the sheer threat of meeting new cool people, then Z! Fest is the place to be.
Register now to join Ayra Starr and other artistes at Z! Fest.
IN OTHER NEWS FROM TECHCABAL
Kenya is set to reduce its 4.5 million loan defaulters with its Credit Repair Framework.
OPPORTUNITIES
- TechPR is open for applications to its Be Seen with TechPR programme.Two startups will get media coverage on two relevant media platforms, introductions to key journalists covering their sectors, media relations training, and media assessment worth $5,000. Apply by November 18.
- Applications are open for the UK Research and Innovation African Research Leaders’ Programme. Talented researchers in sub-Saharan Africa leading quality health research in the region can apply to get up to £750,000 in funding. Apply by December 1.
- The Fondation Maison des sciences de l’homme and the Institut Français de Recherche en Afrique of Nairobi are offering a three-month-long fellowship in France for postdoc researchers from Kenya, Tanzania, Uganda, Burundi, Rwanda, and Eastern Congo (Kivu) who have presented their thesis from 2017. Laureates will receive a monthly stipend of €1,600 at the start of each month. Apply by December 9.
- If your startup or innovation is focused on climate-smart agriculture practices, apply to the THRIVE|Shell Climate-Smart Agriculture Challenge for a chance to win $100,000, a spot in a prestigious accelerator, publicity and more. Apply by December 11.
- Applications are now open for Apple’s Entrepreneur Camp. The immersive virtual camp will give founders and developers from underrepresented communities mentorship, technical support and access to the alumni network. Apply by December 5.
- If you have a business in the agricultural sector, apply to the African Development Bank’s AgriPitch competition—a 2-week virtual program—-to get business mentorship and win access to a grant pool of $140,000. Apply by November 4th.
What else is happening in tech?
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