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This Week: Wave raises €90 million

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Editor’s Notes

  • Week 27, 2022
  • Read time: 5 minutes

Nigeria launched the eNaira last year; Ghana’s eCedi just entered pilot phase this week. There’s no jollof joke to be made here—just giving you the news. 👍🏿

Enjoy the long weekend,

Kelechi Njoku,
Senior Editor, TechCabal.

Editor’s Picks

Flutterwave accused of money laundering in Kenya

After facing allegations of insider trading and abuse, fintech unicorn Flutterwave is now being accused of laundering about $52.9 million in Kenya. Flutterwave has said the claims are false.

Read the story on TechCabal

Wave secures €90 million 

Waving hello to 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 is stretching its investment arm towards Wave. 

Learn more on TechCabal

Equiano cable lands in Namibia

The Namibian city of Swakopmund has received Google’s Equiano cable, a subsea internet cable which experts say will improve Namibia’s data transmission, internet speed by 2.5 times and penetration by 7.5 times, and create about 21,000 indirect jobs in 3 years. 

Read the full details on TechCabal

Ghana prepares to test the eCedi

Ghana has outrun Nigeria in the “financial inclusion by digital currency” race. Ghana’s digital currency—eCedi—is now in the pilot phase. The offline version of the eCedi is undergoing testing in rural areas.

Read it on TechCabal

Autochek acquires CoinAfrique 

Is Autochek on Auto-cheque? It seems like the Nigerian-born startup can’t stop writing cheques. After buying the North African automotive startup KIFAL, Autochek has now acquired CoinAfrique. The acquisition will accelerate the penetration of its auto financing services in the francophone region.

More details are on TechCabal

Bolt opens Africa head office in Kenya

Kenya is fast becoming a home of firsts as several global companies are setting up their first African regional offices on its soil. Google, Microsoft, and now Estonia-born ride-hailing startup Bolt has opened its regional office in the country’s capital—Nairobi.

Learn more about it on TechCabal

MTN and ETAP partner to reward good driving

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

Find out more on TechCabal

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Union54 is giving Zambians cards

Zambia is almost a cardless economy—only about 10% of its adults use a debit card. Their low card game excludes them from the internet economy. Zambia’s first YC-backed startup, Union54, is offering virtual debit and credit cards to turn things around.

Read the story on TechCabal

Gokada gets 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 formerly managing principal at Venture firm EchoVC.

Full details are on TechCabal

Vodacom pulls the plug on video streaming service

Maybe 7 isn’t such a lucky number. After almost 7 years and 1 million downloads, South African mobile communications company Vodacom is pulling the plug on its on-demand video streaming service, Video Play.

Learn more on TechCabal

Torche Africa’s biometrics payment solution

COVID-19 vaccines are on wheels in Kenya. The country’s ministry of health is collaborating with Amref Health Africa and AstraZeneca to send solar-powered mobile clinics to vaccinate people in hard-to-reach areas in the East African country. 

Read about it on TechCabal

Kenya caps taxi commissions at 18%

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

Read about it on Nations Africa

Sudan surpasses 10% covid-19 milestone

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

Find out more on Auto Report Africa

Who brought the money this week?

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

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