How Kenyan police use phones to track, capture suspects.

Kenya's mobile network operators have for years provided the country's security agencies with nearly unrestricted access to their customers' sensitive call data and location records. This has enabled police and intelligence to track and apprehend suspects, but has also violated the privacy rights of innocent Kenyans and raised concerns about the data being used to facilitate the country's rampant abductions and extrajudicial killings by security forces. A months-long investigation uncovered that British software firm Neural Technologies helped embed a data management system in Safaricom's networks that allows real-time spying, and the two companies have explored even more invasive predictive profiling and tracking capabilities.

The probe also found irregularities and apparent falsification in call records Safaricom provided to courts in cases investigating enforced disappearances and murders allegedly involving police. Safaricom routinely hands over customer data to authorities without requiring court orders, and a police unit embedded at the telco's headquarters facilitates the nearly instantaneous provision of the data to security agencies. This unfettered access and lack of judicial oversight raises grave concerns about the safety of Kenyan citizens' personal data and the misuse of that information to enable human rights abuses by the state. Vodafone, the UK parent company that is Safaricom's largest shareholder, did not respond to requests for comment on the concerning practices and lack of safeguards at its Kenyan subsidiary.

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M-KOPA Kenya, a subsidiary of the UK-based fintech M-KOPA, has achieved major milestones in its mission to provide digital connectivity and financial inclusion to millions of Kenyans. The company's 2024 Impact Report reveals that M-KOPA Kenya has reached over 3 million customers, created more than 16,000 jobs, and contributed KES 17.2 billion in direct and indirect taxes to the Kenyan economy since its inception. The company's innovative approach includes offering affordable access to smartphones, digital loans, data, free hospital cover, and financing for e-motorbikes.

M-KOPA Kenya has also established a local smartphone assembly factory, producing over 1.5 million devices with a target of 10 million by 2027. The company's flexible repayment model has been particularly impactful for "Every Day Earners," such as boda boda riders and market vendors, who can now build credit history and access financial opportunities previously out of reach. With 92% of customers reporting that M-KOPA's financing made technology more affordable and 80% saying their quality of life improved, the company is positioning itself as a major contributor to Kenya's economic growth and digital transformation.

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Nigeria’s central bank and the International Finance Corporation (IFC) signed an agreement to expand local-currency financing in Nigeria, aiming to reduce exchange-rate risk for businesses and increase demand for naira loans.

The IFC plans to invest over $1 billion in Nigeria’s agriculture, housing, infrastructure, and energy sectors, according to a joint statement released on Monday. The partnership will help manage currency risks, enabling the IFC to channel more funds in naira to critical sectors.

Nigerian businesses were hit hard by the June 2023 devaluation of the naira, which has since weakened 71% to around 1,600 per dollar. The shift has increased foreign-currency loan costs for companies like Nigerian Breweries Plc, MTN Nigeria, and Ecobank Nigeria, prompting them to reduce dollar debt.

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Absa Bank Kenya has secured $150 million trade finance facility from British International Investment, marking a crucial development in addressing Africa's substantial $120 billion trade finance gap. This strategic partnership builds upon BII's previous collaborations with Absa, which have already channeled over $1 billion in trade finance since 2019 across key African markets including Ghana, Nigeria, and Kenya.

The new facility is specifically designed to extend credit to businesses across African markets, with a particular emphasis on supporting small and medium-sized enterprises (SMEs) engaged in regional and international trade. The timing is especially relevant as it aims to counteract the liquidity constraints experienced during the COVID-19 pandemic and aligns with Absa's broader sustainability objectives. While the African Continental Free Trade Area agreement has helped boost intra-regional trade, banks have faced challenges in meeting financing demands, particularly from smaller businesses. This initiative represents a targeted effort to maintain crucial trade finance liquidity in African markets while supporting underserved groups, including SMEs and women-led businesses.

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Zimbabwe's newly introduced currency, the Zimbabwe Gold (ZiG), is facing a weighty legal challenges just months after its launch. According to prominent lawyer Thabani Mpofu, the currency has lost its legal tender status due to the expiration of its enabling legislation. The ZiG, which became Zimbabwe's sixth currency attempt in 15 years, was initially introduced in April 2024 at a rate of 13.6 ZiG per US dollar but has since depreciated by approximately 80% on the black market. The legal issue stems from the Presidential Powers (Temporary Measures) regulations that established the ZiG, which expired on October 4, 2024, after the mandatory six-month period. This expiration creates a complex legal situation as the statutory instrument cannot be validated retroactively through legislation, nor can identical regulations be promulgated within six months of the lapse. The situation requires urgent attention from authorities as the currency's legal status remains in question, potentially creating significant implications for Zimbabwe's monetary system.

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Kenyan social enterprise Hewatele Limited is modernizing its technology systems to enhance production capabilities and scale the supply of life-saving medical oxygen across East Africa, as outlined in its strategic initiatives. Founded in 2014, Hewatele has expanded from a single production plant to five in Kenya and one in Uganda, now supplying over 150 medical facilities. CEO Dr. Dr.zulfiqar wali PhD identified the unsustainability of the existing PSA manufacturing model during the pandemic peak and initiated a shift to a more energy-efficient liquified medical oxygen ASU manufacturing model, supported by significant capital investment.

To address inefficiencies in inventory and financial management, Hewatele has migrated to SAP's S/4HANA Cloud in partnership with VC ERP Consulting, embarking on a two-phase implementation process that focuses first on financial and inventory processes and later on comprehensive business areas. This migration aims to provide real-time insights, streamline operations, and lay the foundation for future adoption of technologies like artificial intelligence, thereby improving decision-making and regulatory compliance. Through these advancements, Hewatele is positioning itself to significantly scale its production of medical oxygen, ultimately enhancing healthcare infrastructure and supporting economic growth in the region.

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Checkers Sixty60 , South Africa's dominant on-demand grocery delivery service launched in 2019, is encountering significant operational and regulatory challenges despite its market success in transforming middle-class shopping habits. The recent acquisition of Pingo Delivery by parent company Shoprite has brought increased scrutiny to the platform's labor practices, particularly concerning its workforce management model.

Critical issues include the classification of delivery riders as independent contractors rather than employees - a distinction that Democratic Alliance MP Michael Bagraim suggests may not withstand legal scrutiny - along with allegations of systematic oversupply of riders, removal of minimum daily fees (previously ZAR 350), and a controversial reliance on foreign workers, some reportedly lacking proper motorcycle licensing. These challenges are emerging as Shoprite aims to vertically integrate its logistics operations through the Pingo acquisition, with CEO Pieter Engelbrecht t emphasizing the strategic importance of controlling the entire value chain. The situation is further complicated by reports of riders earning as little as ZAR 2.8K monthly after expenses, arbitrary app blocks, and sudden dismissals, raising significant questions about the sustainability of the current business model amid growing regulatory and public scrutiny.

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The Saudi Company for Import & Export and Africa Finance Corporation have signed a Memorandum of Understanding (MOU) during the #2024IMF/WorldBank Annual Meetings in Washington D.C. This strategic partnership aims to enhance export capabilities between Saudi Arabia and AFC member countries while facilitating information exchange and technical expertise sharing between the institutions. The collaboration aligns with Saudi Vision 2030's goal of diversifying the kingdom's economy beyond oil exports and AFC's mission to deliver transformative infrastructure solutions across Africa. The partnership will focus on supporting joint projects between Saudi and African companies through credit solutions, enabling Saudi investors to access African market opportunities, and promoting non-oil Saudi exports to African markets. Notable AFC projects that could benefit from this partnership include the Red Sea Power Wind Farm in Djibouti, Arise IIP industrial zones, and the Lobito transport corridor.

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The Ethiopia-Kenya electricity highway, a 1,045 km power line connecting the two nations, is transforming energy connectivity in East Africa. Completed in 2023 after a decade of planning and construction, this HVDC transmission line enables the exchange of renewable energy resources, with Ethiopia providing hydropower and Kenya contributing geothermal and wind power. Funded by institutions like the African Development Bank and World Bank, the $1.26 billion project is generating significant economic benefits, including increased competitiveness, job creation, and local development. Furthermore, it promotes sustainability by facilitating the integration of renewable energy sources and supporting Kenya's goal of achieving 100% renewable energy by 2030. The highway serves as a model for regional cooperation and sustainable development, paving the way for a shared energy future in East Africa.

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EFT Corporation and Visa have forged a strategic five-year partnership aimed at transforming Africa’s digital payment landscape and enhancing financial inclusion across the continent. This collaboration will leverage EFTCorp’s local market expertise and comprehensive banking services with Visa’s global resources and commitment of $1 billion to accelerate digital transformation in Africa. By providing fintechs with tailored prepaid and debit card programs and efficient payment processing, the alliance seeks to support the projected addition of 250 million African consumers by 2030 and unlock $3 trillion in consumer spending.

Aida Diarra of Visa highlighted that the partnership will deliver innovative payment solutions, uplift economies, and improve customer experiences, while Clayton Hayward of EFTCorp emphasized the synergy in scaling fintech operations and enhancing financial access. Funded by EFTCorp’s newly formed EFT Ventures division, this initiative aligns with the company’s core value of financial inclusion and aims to establish EFTCorp as the foundational partner for banks, telcos, retailers, governments, and fintechs in Africa. As Africa’s population is set to double by 2050, this partnership positions both organizations to drive sustainable economic growth and digital advancement, reinforcing their roles as pivotal players in the continent’s financial ecosystem.

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National Insurance Commission, Ghana has approved the first group of five InsurTech firms—Figtech, Moovon Insure, Holland Insurance, ETAP Trade Guarantee (TGL), and Red Pear—to enter its regulatory sandbox, marking a significant step towards fostering innovation in the insurance sector. Announced during the 2nd Annual Tech and Innovation Forum for the Insurance Industry, this initiative is supported by FSD Africa and aligns with NIC’s strategic plan to integrate technology and stimulate sector growth. Acting Commissioner Michael Kofi Andoh highlighted the creation of digital databases, such as the Motor Insurance Database (MID) and the upcoming Marine and Aviation Insurance Database (MAID), which aim to enhance underwriting processes, ensure compliance with compulsory insurance requirements, and promote fair market practices.

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Kenya's Social Health Authority (SHA) has selected six major banks – KCB Bank Group, Sidian Bank , Co-operative Bank of Kenya, Equity Bank Limited, Absa Group , and Diamond Trust Bank– to handle employer contributions to the new Social Health Insurance Fund (SHIF). This decision comes after consultations with employers who expressed a preference for these institutions.

While individuals can contribute through M-Pesa using a dedicated paybill number, the SHA has opted not to utilize the government's single paybill system due to ongoing challenges. Starting October 1st, 2024, formal sector employees will contribute 2.75% of their gross pay to SHIF, with similar contributions expected from informal sector households. Those without income will be required to pay a minimum monthly amount.

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Airtel Kenya has secured a crucial two-year extension of its operating license from January 2025, despite carrying an outstanding bill of Sh1.7 billion, marking a significant shift in its regulatory relations following a seven-year legal dispute with the Communications Authority of Kenya (CA). The extension, confirmed on September 6, 2024, covers comprehensive services including Network Facility Provider, Application Service Provider, Content Service Provider, International Gateway Station, and spectrum rights in multiple frequencies (900 MHz, 1800 MHz, and 2100 MHz). This development follows a February 2022 out-of-court settlement where Airtel agreed to pay Sh2.3 billion over two years, of which Sh581 million has been paid, with the remaining Sh1.7 billion expected to be settled by December. The resolution comes at a strategic time for Airtel Kenya, the country's second-largest mobile operator with a 27.2% market share (16.2 million subscribers), as it coincides with potential International Finance Corporation (IFC) investment of $165 million across its operations in Kenya, Rwanda, and DRC, signaling growing institutional confidence in the company's regional operations despite its historical challenges competing with market leader Safaricom.

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Moniepoint Group has successfully raised $110 million in its latest Series C equity financing, propelling the Nigerian fintech to unicorn status with a valuation of $1 billion. Led by Development Partners International’s African Development Partners (ADP) III fund, the funding round also attracted investments from Google’s Africa Investment Fund, Verod Capital, and existing investor Lightrock. This substantial capital injection will accelerate Moniepoint’s expansion across Africa, enhancing its all-in-one platform designed for businesses of all sizes. The company currently processes over 800 million transactions monthly, valued at more than $17 billion, and has seen its annualized revenues grow to over $100 million despite challenges like naira devaluation. Recognized as the second-fastest-growing company in Africa by the Financial Times in 2023, Moniepoint continues to lead Nigeria’s agent banking space, demonstrating significant growth with a 205% increase in transaction value and processing over $150 billion in 2023 alone.

This funding round, which follows a previous $55 million investment, included a secondary sale with a discounted valuation that attracted various investors. Moniepoint, recognized as one of Africa's fastest-growing companies by the Financial Times in 2023, has established itself as a market leader in Nigeria's agent banking space while providing retail banking services and catering to small and medium businesses.

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SEACOM LTD , an African telecommunications provider, has announced that it will now offer colocation and IP transit services through the JN1 International Business Exchange (IBX) data centre in Johannesburg, owned and operated by Equinix, a US-based data centre and colocation provider. This marks the first time SEACOM will provide colocation services using Equinix infrastructure, despite their long-standing working relationship. The partnership comes at a time when South Africa's colocation landscape is evolving, with an increasing number of highly connected data centers, vendors, and hyperscalers entering the market. SEACOM's colocation services will provide enterprise customers with a reliable operating environment for their IT infrastructure, featuring robust power supply, cooling solutions, integrated security, and industry-leading service-level agreements. Additionally, SEACOM will offer IP transit and scalable bandwidth services of up to 4Gbps from South Africa to Lisbon, Portugal, enabling low-latency Internet connectivity and connecting customers to Europe and other global points of presence.

Leveraging Equinix's newly opened JN1 International Business Exchange (IBX) data center in Johannesburg, SEACOM will offer secure and reliable colocation services with robust power, cooling, and security features. Additionally, SEACOM will provide IP transit services with up to 4Gbps bandwidth from South Africa to Lisbon, enabling low-latency connectivity to Europe and other global points of presence. This strategic move aligns with the increasing demand for cloud computing and colocation services in Africa, driven by factors such as digital transformation initiatives and power supply challenges.

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Herotel , a prominent South African telecommunications company, has connected more than 250,000 homes and businesses across the country to fixed broadband, effectively providing internet access to over 1.2 million people. The company has solidified its position as a leading broadband provider in South Africa, boasting impressive statistics in various sectors of the industry.

Herotel is now the third-largest fibre network operator, with more than 585,000 homes and businesses passed, and the sixth-largest FTTH (Fibre to the Home) ISP, serving over 190,000 fibre customers. Herotel also operates the largest fixed-wireless network in the country, with more than 2,500 masts and towers and over 60,000 wireless customers. The company emphasizes that its impact goes beyond mere numbers, as it is dedicated to empowering more than a million South Africans by providing access to the opportunities that the internet offers. Herotel takes pride in its significant role in bridging the digital divide, particularly in underserved areas and townships (Kasi) throughout South Africa.

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American Tower, a global digital communications infrastructure leader, and Profuturo, a digital education program supported by the Telefónica and "la Caixa" Foundations, have expanded their partnership to Nigeria, aiming to enhance digital inclusion by establishing Digital Communities in African schools. Following a successful launch in Kenya, the program now extends its mission to transform children's education through technology and reduce the global educational gap. The collaboration is set to positively impact nearly 30,000 children from vulnerable communities in Kenya, Nigeria, and parts of Latin America by providing quality digital education through educational innovation projects with technology.

The project will also train more than 1,000 teachers who will facilitate the roll-out of the training to children in Africa and Latin America, creating a large international network of educators who teach, learn, and share knowledge to achieve better education worldwide. Mneesha Nahata, SVP, Legal & Chief Sustainability Officer of American Tower Corporation, expressed pride in strengthening the partnership with ProFuturo, reflecting their dedication to bridging the digital divide and empowering thousands of students and teachers with tools that will transform their futures.

Magdalena Brier, Directora at Fundacion Telefonica, highlighted the enormous potential of these alliances in favor of digital inclusion and how they contribute to strengthening the positive impact of educational projects on the ground. Suzette Victor, Director, Sustainability, ATC Africa, emphasized the importance of closing the digital divide in Africa to ensure that no one is left behind, and the partnership with ProFuturo will strengthen their resolve to reach individuals in underserved communities with the transformative power of technology in education.

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Huawei Morocco and Hassan II University of Casablanca (UH2C) have launched "Code 212," a digital skills center aimed at developing Morocco's next generation of tech leaders. The center offers hybrid learning in high-demand fields including artificial intelligence, cloud computing, big data, and IoT, combining classroom instruction with practical application. The initiative aligns with Morocco's Higher Education Transformation Action Plan and builds upon Huawei's existing programs like "Digitech Talent." Since establishing its presence in Morocco in 2002, Huawei has created 8,000 direct and indirect jobs, invested over $40 million in local procurement, and operates various educational initiatives including the "Huawei ICT Academy" and "Seeds for the Future" programs to develop young Moroccan talent in the ICT sector.

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Google has announced a $5.8 million investment to accelerate AI skills development across Sub-Saharan Africa, aiming to prepare individuals and organizations for an AI-driven future. The initiative comes after Google's digital opportunity report projected that AI could contribute $30 billion to Sub-Saharan Africa's economy by 2030. The funding will support various programs including worker empowerment with AI skills, teen education on AI safety and ethics, non-profit leader training, and public sector AI development. The investment aligns with Google's broader $1 billion commitment to Africa announced in 2021, and includes support for research centers in Accra and Nairobi, as well as specific initiatives in Nigeria such as contributing to the government's 3 million technical talents (3MTT) program and backing an equity-free accelerator fund for AI startups.

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John Tanui, the Principal Secretary of Kenya's State Department for Information and Communications Technology and Digital Economy, has advised Kenyan content creators to maintain a clean profile in the digital space to benefit from Meta's move to monetize local content. Tanui revealed that some local creators were not benefitting from the program because they were non-compliant and in breach of policies set by the American-headquartered technology conglomerate. He emphasized the importance of being responsible and maintaining a profile that is acceptable to the policies of the platforms, warning that using the platforms for abusive purposes or posting non-compliant pictures would sabotage creators' own brands.

Tanui explained that when Meta announced monetization on Facebook, some people complained about not monetizing as quickly as others or being unable to monetize at all. Upon checking with Meta, it was found that these accounts had issues and were not compliant with the platform's policies. Kenya is currently rolling out digital labs across the country to enable youth access to digital jobs, and in August, the country introduced tools to allow eligible content creators to earn money through in-stream ads and Facebook ads on reels. Tanui urged content creators to be responsible in the digital space and maintain a clean digital journey to benefit from these opportunities.

Following the enforcement of the SIM-NIN linkage mandate in Nigeria, the country's active mobile subscriber base has significantly decreased by 30.09%, dropping to 153.32 million in September 2024. This decline, representing a loss of 65.98 million subscribers, is attributed to the deactivation of SIM cards not linked to a verified National Identification Number (NIN) by the deadline. The initiative, driven by security concerns, mandates that all SIM users must have a verified NIN and be over 18 years old, emphasizing the legal nature of SIM registration. Despite the drop, over 153 million SIMs are now successfully linked, achieving a 96% compliance rate. The Nigerian Communications Commission (NCC), in collaboration with relevant authorities, is actively working to eliminate the sale of pre-registered SIMs and maintain the integrity of the mobile network.

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Ericsson on has entered into a partnership agreement with e& Egypt at GITEX Global 2024 to roll out 5G across Egypt, ushering in high-speed connectivity throughout the country. As part of the agreement, Ericsson will supply its latest energy-efficient 5G portfolio to build the network, providing the benefits of fast and reliable 5G connectivity. The portfolio is designed to manage all site types and traffic scenarios, delivering high performance even as networks grow in technology and capacity across mobile generations. Ericsson's latest 5G Radio Access Network (5G RAN) portfolio will be deployed with the Ericsson Radio System products and solutions. The introduction of 5G in Egypt is expected to benefit both consumers and enterprises with faster speeds, lower latency, and greater network resilience, contributing to the advancement of societies, the transformation of industries, and the enhancement of day-to-day experiences.

Amr Fathy, Chief Technology and Information Officer at e& Egypt, expressed excitement about bringing 5G to Egypt in partnership with Ericsson, stating that the company will be able to provide faster connectivity speeds, larger bandwidth, and lag-free user experiences to its customers, unlocking many opportunities for consumers and enterprises. Ekow Nelson, Vice President and Head of Global Customer Unit, e& at Ericsson Middle East and Africa, highlighted the long-standing partnership between Ericsson and e& Egypt, spanning nearly two decades and two generational shifts in mobile technology. Ericsson has had successful partnerships with e& Egypt over many years in network evolution, enhancing customer experience, and achieving sustainability objectives.

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IFC - International Finance Corporation, a member of The World Bank Group up, has announced a strategic partnership with C2FO, a leading global supply chain finance platform, to increase the availability of affordable finance and strengthen local enterprises and supply chains across Africa. The partnership aims to develop, test, and deploy a specialized, web-based multinational working capital platform for micro, small, and medium enterprises (MSMEs) in Africa, marking IFC's first dedicated supply chain financing facility for smaller businesses on the continent. MSMEs account for up to 90 percent of businesses and 80 percent of jobs across Africa, yet they struggle to obtain working capital through traditional financial systems, constraining their growth. The program will utilize C2FO's patented technology and dynamic discounting model to connect MSME suppliers and their anchor buyers with global and local financial institutions, enabling the institutions to extend affordable receivables financing to suppliers through the funding of discounted invoices accepted for payment by buyers.

African MSME suppliers will be able to improve their access to working capital by converting sales receivables into immediate cash, leveraging the better credit risk of buyers without requiring collateral or facing other barriers of traditional lending. The program will begin in Nigeria, where C2FO estimates that a national supply chain finance platform could unlock around US$25 billion in annual financing for MSMEs. IFC Managing Director Makhtar Diop expressed IFC's commitment to addressing the financing challenges faced by SMEs in Africa, while C2FO founder and CEO Alexander "Sandy" Kemper highlighted the potential impact of this innovative approach in providing much-needed liquidity to MSMEs, helping them grow and succeed.

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A consortium of 13 Egyptian banks has provided Telecom Egypt with a landmark seven-year loan worth EGP 18 billion, marking the largest financing package ever extended to a telecommunications company in Egypt. The Commercial International Bank (CIB) and Banque Misr are serving as joint lead arrangers and underwriters, each contributing EGP 4.875 billion, while the National Bank of Egypt (NBE) contributed EGP 2.5 billion as a lead arranger and underwriter. The loan aims to strengthen Telecom Egypt's financial position, enable restructuring of short-term obligations, and support the growth of Egypt's telecommunications sector.

CIB and Banque Misr acted as joint lead arrangers and underwriters, while NBE also served as a lead arranger and underwriter.  The telecommunications and information technology sector is one of the fastest-growing sectors globally, especially in Egypt, which is undergoing significant digital transformations. This financing is expected to contribute to strengthening Telecom Egypt's infrastructure and technological capabilities, while also having a wider impact on the entire economy by creating new job opportunities and enhancing Egypt's competitive advantage in the region.

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Orange Middle East and Africa (OMEA) and Mastercard have announced a strategic partnership to expand access to mobile financial services across Sub-Saharan Africa. The collaboration, one of the largest of its kind in the region, aims to enable millions of Orange Money wallet holders to access digital payments through Mastercard's global network of merchants by 2025. The partnership will be rolled out in seven countries, including Cameroon, Central African Republic, Guinea-Bissau, Liberia, Mali, Senegal, and Sierra Leone. With only 48% of the adult population in Africa banked, according to the African Digital Banking Transformation Report, this collaboration is designed to accelerate financial access and contribute to the financial empowerment of underserved communities.

Orange Money customers will be able to instantly obtain a virtual or physical debit card linked directly to their Orange Money wallets, allowing seamless payments both locally and internationally. Customers can easily request their virtual debit card via Max it—Orange's Super App—and collect a physical card at a designated Orange Money Mastercard point of sale. The partnership leverages Orange's extensive reach, with more than 160 million customers and 37 million active Orange Money accounts in 17 countries in Africa and the Middle East, and Mastercard's position as a trusted technology partner for telecommunications companies in Africa. The collaboration supports Orange's broader strategy to offer more efficient and seamless payment solutions to its customers, further boosting financial inclusion and supporting Africa's digital transformation.

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FUNDING UPDATES:

• Rwandan e-mobility provider IZI, has received a $222,000 grant from the Rwanda Green Fund. The funding will help expand its fleet and set up a battery maintenance and repair facility in Kigali.

• IHS Towers has secured a $439 million loan to manage currency risks and support its operations. About half of the loan is in South African Rand, and the other half is $255 million in USD.

• Nigerian climate tech startup Earthbond has secured $200,000 in pre-seed funding from early-stage investment firm Madica. The funds will help Earthbond onboard more small and medium-sized businesses (SMBs).

• Ghanaian AI startup Aya Data has raised $900,000 in a seed funding round led by 54Collective. This funding includes both debt and equity, bringing the startup’s total to $1.15 million after a previous $300,000 pre-seed investment.

• Moroccan logistics startup Colis.ma has secured $300,000 in pre-seed funding from private-backed VC Witamax. Colis will use this funding to grow in Morocco’s biggest regions and expand into Europe and West Africa.

• Still in Morocco, prop-tech startup Agenz has secured an undisclosed investment from Renew Capital, which will support its growth in Morocco and across Africa.

• South African eCommerce platform Pargo is expanding to Egypt after raising $4 million in a funding round led by 3Capital Ventures, Endeavor, SAAD Investment Holdings, and UW Venture.

• The African Export-Import Bank (Afreximbank) has signed a $3 million term loan agreement with Tunisia's Mediwood Studios to help grow its operations and make Tunisia a top filmmaking spot in the Middle East and North Africa (MENA) region.

• Klasha is on a roll! The Nigerian fintech has secured $2 million to expand its B2B cross-border payment services in China, bringing its total funding to $6.5 million. They’re also teaming up with Singapore's EasyTransfer to help international students in Africa pay tuition in local currencies. Smart move!

• Kenyan e-mobility startup BasiGo has raised $24 million in Series A equity and $17.5 million in debt funding to expand its electric bus fleet in Kenya and Rwanda over the next three years. The round was led by Africa50, British International Investment (BII), and the U.S. Development Finance Corporation (DFC).

Mergers & Acquisitions

USA - Stripe, which acquired African Fintech success story Paystack in 2020, has this week completed yet another significant move by acquiring stablecoin platform Bridge at $1.1B, the biggest M&A for the stablecoin universe to date - Cointelegraph.

Nigeria - OmniRetail, a Nigeria-based B2B e-commerce platform, has acquired Traction Apps, a payment solutions provider to enhance financial services and trade solutions for SMEs - Business Day.

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