Editor’s Note
- Week 03, 2023
- Read time: 5 minutes
In this week’s version of TC Weekender, the telcos take heart stage. From MTN Ghana combating a hefty effective from the federal government to MTN SA being embroiled in a three-way tussle in South Africa, to Africell buying a brand new momo license, the telcos are beginning the 12 months off sizzling, it appears.
Also, congratulations are in order for Kuda, as they’ve simply acquired a shiny new banking license. For extra tales from the tech trade all over the world, dive into this week’s version. Happy studying!
Pamela Tetteh Editor, TechCabal.
Editor’s Picks
Kuda receives banking license in PakistanOn Friday, Pakistan issued licenses to 5 digital banks to function in the nation, and Nigeria-born Kuda was certainly one of them. The license is Kuda’s first step in direction of changing into a full-fledged financial institution that gives all banking providers with none want for Pakistanis to go to the financial institution branches bodily. Learn extra. | |
Tanzania backtracks on ride-hailing chargesTanzanian ride-hailing drivers in all probability really feel like they’ve laboured in useless. Almost 9 months in the past, in response to their protests, the Land and Transport Regulatory Authority (LATRA) set a 15% ceiling on the commissions deducted by ride-hailing providers like Bolt and Uber. LATRA has now backtracked and adopted a 25% fee charge as a consequence of lobbying. Learn extra. | |
Tanzania slows down CBDC plansIn different information, Tanzania is slowing down on its Central Bank Digital foreign money (CBDC) adoption. Last 12 months, it joined 19 African international locations exploring CBDCs however will likely be taking a “phased, cautious and risk-based” strategy. Learn extra. | |
Kenya to start monitoring cellular cashYou’re not the one one making New Year’s resolutions. Kenya’s authorities has set income objectives for the 12 months, and they’re fairly excessive—Ksh3 trillion ($24.1 million). To obtain this, it has determined to hyperlink the Kenya Revenue Authority to cellular cash providers in order that it will possibly guarantee everybody pays taxes, such because the 16% VAT on gross sales, and 20% excise obligation on transactions. Learn extra. | |
Somalia redesigns its 1000 shillingsCan redesigning the foreign money restore the well being of an economic system? This week, the Central Bank of Somalia introduced that it is going to be redesigning its 1,000 shilling notes to curb inflation. This information comes two months after Nigeria additionally introduced the issuance of latest banknotes for its ₦200, ₦500, and ₦1,000 notes. Learn extra. | |
Big tech proceed huge chopsBefore Christmas, Amazon introduced that it will hearth 10,000 workers. It made contemporary layoffs this week, affecting 8,000 extra staff. Additionally, India’s GoMechanic fired 70% of its staff this week—greater than 800 individuals, Microsoft and Google have additionally began to put off workers, slicing 10,000 and 12,000 jobs, respectively. Learn extra. |
The State of Tech in Africa Report
TechCabal Insights’ State of Tech report for Q3 2022 continues to be accessible for obtain.
The report entails analyses of knowledge on acquisitions, expansions, and funding in Africa’s tech ecosystem. These insights are contexualised primarily based on discussions with stakeholders in the ecosystem.
It presents easy-to-digest perception and knowledge factors primarily based on evidence-based analysis that anybody from founders to buyers will discover helpful.
The report is accessible for obtain right here.
Ghana slaps MTN with $773 million effectiveA hefty effective—the type that’s normally thrown at huge tech firms like TikTook and Facebook—has landed near house. The Ghana Revenue Authority slammed MTN Ghana with a $773 million effective for excellent tax obligations from 2014–2018. MTN is contesting the effective prefer it efficiently did when the Nigerian authorities performed the identical hand in 2020. Learn extra. | |
Vodacom sues the SA policeMTN is embroiled in one other controversy in South Africa—a lawsuit involving one other telecommunications supplier, Vodacom, and the South African Police (SAPs). The SAPs awarded MTN its mobile contract, ending its 20-year take care of Vodacom. Now, Vodacom is suing SAPs to nullify the mobile contract which pays MTN R20 million ($1.2 million) monthly. Learn extra. | |
Africell gets MoMo licence in AngolaMobile cash (MoMo) isn’t slowing down, it appears. Africa-focused telecom providers supplier, Africell, has acquired a licence to function its cellular cash (MoMo) service, Afrimoney, in Angola. In truth, it acquired the license in October 2022 and is already in the center of a six-month testing section. It is scheduled to launch in April 2023. Learn extra. | |
Fincra obtains PSSP licenceSix months after issuing fintech startup Fincra an approval-in-principle, Nigeria’s central financial institution has awarded the fintech a PSSP license, enabling it to function as a fee options service supplier inside the nation. Learn extra. | |
Djibouti’s billion-dollar spaceportAfrica could possibly be getting its first orbital spaceport, as Djibouti has signed a take care of Hong Kong Aerospace Technology to construct one. So far, fourteen African international locations have launched 52 satellites into area. The worth of the continent’s area and satellite tv for pc trade will proceed to develop because it acquires more room infrastructure. Learn extra. | |
Starlink is coming to extra African international locationsLast 12 months, Starlink acquired approval to launch in Nigeria and Mozambique. This week, the web service supplier additionally introduced plans to arrange in Kenya and 20 extra African international locations, which curiously doesn’t embody CEO Elon Musk’s delivery nation, South Africa
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Apple’s new MacbooksApple has launched new MacEbook Pros they usually have the longest battery life ever in a Mac—as much as 22 hours. They are additionally extra environment friendly than their predecessors and have up to date customized applied sciences that considerably lengthen their capabilities. This is all because of the brand new Apple chips— the M2 Pro and M2 Max.
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Who introduced the cash this week?
- Carry1st, a South-African primarily based gaming firm, raised $27 million in an undisclosed spherical from Bitkraft Ventures and a16z.
- Kenyan fintech firm Kwara raised $3 million in seed funding from backers DOB Equity, Globivest, One Day Yes, Base Capital, and Mikko Salovaara.
- AgroEknor, a Nigerian meals and agricultural firm, raised an undisclosed quantity in funding from Aruwa Capital.
- Ethiopia-based Pan-African expertise market Gebeya acquired an undisclosed quantity in pre-Series A funding from Inclusion Japan.
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…. to be continued
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