Author: Tapiwa Matthew Mutisi

Salesforce, the prominent provider of cloud-based software services, has recently implemented a reduction in its workforce, impacting approximately 300 employees as of July 2024. This move is part of the company’s larger strategy to refine its operations, enhance its organizational structure, and foster growth. Specific details regarding the roles or…

OKX, an international player in the cryptocurrency exchange and web3 service arena, has made a significant announcement regarding the cessation of its operations in Nigeria effective from August 16, 2024. The decision to halt services is attributed to the evolving legal and regulatory landscape in the country. The company communicated…

Cameroon has forged a financial partnership with South Korea, securing an agreement worth XAF 23.21 billion (approximately $38 million) to fund five developmental initiatives, with a strong emphasis on digital transformation within the nation. Alamine Ousmane Mey, the Minister of the Economy, Planning and Regional Development, has confirmed the allocation…

Logidoo, an emerging logistics enterprise with a focus on the Pan-African region, has recently been awarded a substantial grant of $50,000. This grant is specifically earmarked for the development and enhancement of artificial intelligence (AI) technologies tailored to revolutionize the logistics sector within Africa. The financial support comes from the…

Nigeria’s Access Bank Plc, which holds the title of the country’s largest bank in terms of assets, has been granted a $30 million loan from Swedfund, the Swedish development finance institution. The loan is aimed at bolstering small and medium-sized enterprises (SMEs) within Nigeria. This financial support is a segment…

LULA, a corporate commuter ride-hailing service, has successfully acquired the South African operations of Zeelo, a staff bus-sharing startup originally from the United States. The specifics of the cash-only acquisition have not been publicly disclosed by either company. With this acquisition, LULA aims to capitalize on Zeelo’s substantial local market…

Bio-Logical, a Kenyan startup dedicated to climate solutions, has successfully raised $1.3 million to enhance its biochar production facility located near Mount Kenya. The investment is aimed at boosting the facility’s output and supporting the company’s mission to improve the economic well-being of small-scale Kenyan farmers. The funding round was…

Dopay, an Egyptian fintech company specializing in digital payroll solutions for the unbanked and underbanked workforce in emerging markets, has successfully completed a $13.5 million Series A extension funding round. The round was led by Argentem Creek Partners, with additional contributions from existing investors. The company intends to use the…

TurnStay, a South African fintech startup with a focus on the travel sector, has successfully raised $300,000 to fuel its expansion across additional African markets and to further capitalize on the substantial progress it has already made. The company was established by seasoned entrepreneurs Alon Stern, who previously co-founded Slide…

Ride-hailing drivers in Kenya commenced a five-day strike action starting yesterday, with demands for better compensation and the elimination of value-added taxes on their earnings. On the first day of the strike, drivers gathered to demonstrate at the offices of the National Transport and Safety Authority (NTSA). Their protest follows…

Google has become one of the investors in Moving Tech, the company behind the open-source ride-sharing application Namma Yatri in India, which is challenging the dominance of Uber and Ola with its innovative commission-free model. Namma Yatri operates on the Open Network for Digital Commerce (ONDC), a government-supported framework designed…

The Nigerian Communications Satellite Limited (NIGCOMSAT) has initiated the process to replace its current communications satellite, NIGCOMSAT-1R, and is actively seeking international investors and partners to support the endeavor. The initiative, spearheaded by NIGCOMSAT’s Managing Director, Jane Nkechi Egerton-Idehen, is a response to the impending expiration of NIGCOMSAT-1R’s operational lifespan,…

Oasis Capital Ghana, a fund manager with a focus on West Africa, has successfully garnered $33.3 million in initial pledges towards its ambitious $100 million target for the newly established Oasis Africa Fund II (OAF II). The firm is set to continue its fundraising efforts with the goal of securing…

Sanari Capital, a private equity firm with a focus on nurturing growth-stage companies in Africa, has recently declared a substantial follow-on investment of R80 million, which is equivalent to approximately $4.4 million, into EduLife Group. EduLife Group operates a burgeoning network of independent educational institutions across South Africa. The primary…

Airtel Uganda, one of the leading telecommunications companies in Uganda, has announced its intention to offload the remaining shares from its previously undersubscribed initial public offering (IPO) in order to fulfill the country’s regulatory mandates. During the IPO in 2023, Airtel Uganda managed to sell only 54.45% of the available…

For the first time, the Cyber Security Authority (CSA) of Ghana has officially issued licenses and accreditations to a total of 51 entities operating within the cybersecurity sector. The accredited parties span a diverse range of cybersecurity stakeholders, including Cybersecurity Service Providers (CSPs) such as Virtual Infosec Africa, e-Crime Bureau,…

BasiGo Rwanda, an electric vehicle (EV) company, has been awarded a RWF 300 million ($225,000) recoverable grant by Ireme Invest, the investment arm of the Rwanda Green Fund, aimed at enhancing its electric charging infrastructure. This financial boost is intended to support the increasing number of electric public transport buses…

Hala, a pioneering e-hailing service headquartered in Dubai, is embarking on an international growth strategy by entering the Egyptian market through a strategic alliance with MwaslaTech, an Egyptian enterprise specializing in intelligent transportation and communal mobility solutions. The formalization of this partnership has been achieved through the signing of a…

The Ministry of Finance and Budget in the Central African Republic has taken decisive action against Telecel Central African Republic by closing its offices due to the company’s failure to settle a substantial tax debt of approximately $4.4 million. Reports have surfaced indicating that Telecel has not demonstrated a willingness…

NuRAN Wireless, a prominent player in the provision of mobile and broadband wireless infrastructure, has recently obtained a $5 million loan facility from Cygnum Capital’s Facility for Energy Inclusion (FEI). This financial boost is aimed at expediting the company’s network deployment initiatives across the African continent. Within the upcoming week,…