Author: Tapiwa Matthew Mutisi

Just one month after its US launch, backed by Uber, the Nigerian fintech startup Moove has broadened its horizons by entering the Mexican market. This move comes with the company’s forecast of achieving profitability by the year 2025. The venture into Mexico is a significant achievement for the African startup…

An extensive data breach at BestFin Nigeria, a Nigerian fintech company, has led to the exposure of highly sensitive personal information of approximately 846,000 customers who use its loan application service. This information was reported by Cybernews to have included private communications among other personal details. The discovery of the…

Rabbit Mobility, a pioneering micromobility enterprise based in Egypt, has successfully secured $1.3 million in a recent funding round aimed at bolstering its expansion initiatives throughout Egypt and into the broader North African markets. The investment round was spearheaded by 500 Global, a prominent venture capital firm, and Untapped Global,…

The Nigerian Federal Government has successfully retrieved a total of ₦160 million from two domestic cryptocurrency enterprises, namely Paparaxy Global Ventures Limited and Lemskin Technologies Limited, following charges that they operated financial services without the requisite authorization. The allegations against these companies included the execution of transactions involving the exchange…

The Kenya Revenue Authority (KRA) is set to implement a new real-time tax system designed to integrate with cryptocurrency exchanges, enabling the authority to track crypto transactions and enforce tax collection. Kenya, with an estimated four million cryptocurrency users—one of the highest user bases in Africa—is looking to capitalize on…

Entlaq, an Egyptian entrepreneurial think tank, has joined forces with Savannah, a Sudanese incubator, to empower Sudanese migrant and refugee entrepreneurs in Egypt. Entlaq is dedicated to transforming Egypt’s entrepreneurial landscape, while Savannah stands out as a key incubator and consultancy firm with a mission to unleash the potential of…

DOB Equity, a family-supported impact investment firm with roots in Kenya and the Netherlands, is undergoing a strategic transformation with the induction of Karen Serem Waithaka as its new CEO. The redefined investment direction is a response to the urgent sustainability issues in East Africa and mirrors Waithaka’s intent to…

The World Bank has announced a $2 million grant to support the groundbreaking of Liberia’s inaugural utility-scale solar power plant. Georgia Wallen, the World Bank’s Country Manager for Liberia, revealed that the funds will be allocated towards hiring a transaction advisor to assist in the competitive bidding process for solar…

The Uganda Revenue Authority (URA) has issued a tax demand to MTN Uganda, the prominent telecommunications company, for the payment of Shs 260 billion ($70.9 million) in outstanding taxes. This sum represents unremitted excise duty and Value Added Tax (VAT) that MTN Uganda collected on the government’s behalf over a…

The International Finance Corporation (IFC) has committed up to $25 million to support Acumen’s Hardest-to-Reach (H2R) Fund, a significant $200 million initiative aimed at enhancing energy access in the most underserved regions of Sub-Saharan Africa. This commitment by the IFC to the fund’s senior tranche aligns with its broader strategy…

The Central Bank of Kenya (CBK) has recently granted an operational license to the American financial behemoth JP Morgan Chase Bank, which boasts a staggering asset base exceeding $4.1 trillion. This significant development precedes the anticipated visit of the bank’s CEO, Jamie Dimon, to the country. In an official communiqué,…

Italy’s Minister of Enterprises and Made in Italy, Adolfo Urso, has announced an initiative to rejuvenate the Luigi Broglio Space Centre, an Italian-operated launch site situated near Malindi, Kenya. This revival is part of a collaborative effort between Italy and Kenya, aligning with the objectives of the Mattei Plan—an Italian…

Safaricom has broadened the reach of its M-PESA Global money transfer service by introducing it to Ethiopia, enabling customers of M-PESA Kenya to execute mobile money transfers to their counterparts in M-PESA Ethiopia through the M-PESA International Remittance feature. This strategic move is designed to boost the adoption and usage…

M-KOPA Holding, an innovative Kenyan startup known for providing financing solutions for smartphones and solar systems, has announced the appointment of Rajeev Suri, the former CEO of Nokia, as its new chairman of the board. Suri is set to take over the role on December 1, 2024, succeeding Elizabeth Littlefield.…

One year since its debut in Kenya, Starlink has ascended to become the nation’s tenth-largest internet service provider. According to the latest figures from the Communications Authority of Kenya (CA), the company has successfully acquired over 8,000 subscribers. The CA reported that as of June 30, 2024, Starlink Internet Services…

Lendsqr, a pioneering startup that equips companies with the necessary software to launch a lending operation, has announced an innovative service for its clientele. Starting now, Lendsqr will extend lines of credit to its clients, enabling them to issue more loans and thereby accelerate the growth of their businesses. Since…

The Nigerian federal government has introduced a new legislative proposal that mandates individuals working in sectors such as banking, insurance, stockbroking, and other financial services to present a Tax Identification Number (TIN) before they can open or operate a bank account. The proposed legislation, officially titled “A Bill for an…

South Africa has launched the Information, Communication Technologies and Media Regulators Forum, a new initiative designed to unify four key regulatory authorities within the ICT and media sectors. The forum includes the Independent Communications Authority of South Africa (ICASA), the Information Regulator, the Domain Name Authority (ZADNA), and the Film…

The Kenya Electricity Transmission Company Limited (KETRACO) has entered into a partnership with Adani Energy Solutions, a subsidiary of the Indian conglomerate Adani Group, to construct transmission lines and substations in Kenya. This collaboration represents Kenya’s inaugural power project to be financed through a public-private partnership model. Adani Energy Solutions…

Endeavor South Africa has recently achieved a significant milestone by completing the first close of its Harvest Fund III, amassing ZAR190 million (approximately US$11 million) towards its ambitious ZAR500 million (around US$28.8 million) goal. This fund is dedicated to fostering the expansion of tech-oriented businesses with high growth potential throughout…