The leading African tech moves from October

TechCabal will be in South Africa next week [Read this online](=.W4Bgx-gZeEHMQWfKpp0Kyhx7HK21iEYxJhjFNRW_oos) [TC Daily Logo] 2 NOVEMBER, 2022 IN PARTNERSHIP WITH [Flutterwave Logo] Good morning ☀️ Over the years, payments in Africa have evolved tremendously; more people are embracing digital payments and leaning toward businesses that offer diverse digital payment methods. However, the process of making a payment is still not seamless due to myriad reasons, including fragmentation. It has become a problem that all stakeholders—fintechs, regulators, and other financial institutions (OFIs)—need to work hand in hand to solve. =.MvkRCXfKr4DakL0ROCM0BrEvDmgiwrIqykHP73Xtk4I In the latest whitepaper by TechCabal Insights in partnership with [Appzone](=.4V3y_Z2mSw34U1id-bW9hpxUykz0TjBxJB4BU1bwYIU), you get a bird's eye view into the state of payments in Africa today. The whitepaper also explores existing challenges within the space and what stakeholders need to do to address these challenges. [Sign up for early access here](=.XHn-VE7mriN7M_ogFbgAuD6Y28cCs5aeToUcfnFTBFk). In today's edition - [Crypto market](#Crypto) - [The leading tech moves from October](#Story1) - [Event: Africa Tech Festival](#Event) - [Opportunities](#Opportunities) CRYPTO MARKET =.zvZFmFVugUaDSD4qpAmtdZ6zuuE_j2_zuycKx8uiLEM Bitcoin $20,537 + 0.16% Ether $1,591 + 0.30% BNB $326 - 1.42% Solana $32.32 - 1.40% Cardano $0.40 - 1.68% Name of the coin Price of the coin 24-hour percentage change Source: CoinMarketCap * Data as of 04:30 AM WAT, November 4, 2022. [WhatsApp](=.jdW3bNWyL7R_Qj6qPpjvvBqwHsl47t1PzTvNJDEtBZs) [Twitter](=.rvIJnLgSt-ARUlk-xdkTk5rYyk-BNHB65xNyTIQgqj4) [LinkedIn](=.Ai6rOWl8k_i11R1yvacAMs5m6yERZZR64ABKKOirw0c) [Facebook](=.EfLYlC0LfRxqU5PyzKVX7CkSDmE6yi1_lgVx14oBaL8) [Email](mailto:info@example.com?&subject=&body= THE LEADING TECH MOVES FROM OCTOBER Here’s what happened in Africa's tech ecosystem in the first month of the last quarter of 2022. =.e3slso0JV2LSc-eFESMf2zMq-lxlMM8m2LroO88BmrQ 1. FUNDING: NORTH AFRICA LEADS IN OCTOBER In October 2022, African startups made 32 fully disclosed* raises totalling $186,460,000. So far, this total is the lowest amount raised in a month by African startups in 2022, a 51.4% reduction from [September’s $383,465,000](=.pQxAdkP1VC9OkpQYZsoLQvPSp6_EbhHY5jh9_V2rHrA). The top three sectors in September are fintech, e-commerce and mobility/logistics. Fintech startups raised $60 million (32.2%), e-commerce startups raised $50.6 million (27.2%), and mobility/logistics startups raised $23.3 million (12.5%). =.GgYcoj67xQk2RCp0VvN5Iuj6ac9iEIKtxsUo7t6y9BY Per region, North Africa takes the lead with $113.6 million of the funding, followed closely by West Africa with $46.2 million, East Africa with $21.3 million, and South Africa with $5.3 million in disclosed funding. =.4KYYCaBWoYfliFHdxVdP55WsWF_uI7MZQweC5XmnE3I The top five disclosed deals of October 2022 are - MaxAB’s [$40 million pre-Series B round](=.XoYhJ__N87xdrN_maZVFJ9GkDsLSJHg36tgWoDpfoSQ). - Egyptian fintech MoneyFellows’ [$31 million raise](=.5bgSoZRRMfbwhZjOqya7XcM3v8BhCN5KvkcxtMPiexM). - Egyptian fintech Telda’s [$20 million seed round](=.3AhwzLZBJIjDzC1zYGWxeMeWIzgVF3U5G0RSsEqPgyU). - Moove Africa’s [£15 million raise](=.Q8QzMM46_jFWCWdbzDUQc5_fcU_aIvF0KlJWIXkO8mI). - Kenya’s Sistema.bio’s [$10 million raise](=.7Weho2dlUKRrUfH8217qdHXg22EFqblu86VNgZd4BJM). Note: This data compiles only funding deals announced in October 2022. Raises are often announced later than when the deals are actually made. This data is exclusive of estimated grants from accelerators like Techstars or Y Combinator. [WhatsApp](=.Hh1MXE2KgQ276sbITrXnhRZbrtWgzAKHVYFNhwXp8GY) [Twitter](=.3V6XtWsivY61iJfHzoxDqUIZCspTjhSBPG3uvmA8ztI) [LinkedIn](=.Uq46QbQbKZg2Px0rNcvxeWOLevipJx091LOEaqCTJ48) [Facebook](=.tg4enyKblCgVgTa7_jW4IwcIzbHZXDmJXKjsLZ0m67I) [Email](mailto:info@example.com?&subject=&body= SEND BY FLUTTERWAVE =.oREMXr9LTjIFG0SY6_8uKFCC7mXIsiOwwL8ZfdVQRI8 Don't just send money, send money fast. Send and receive money directly to mobile wallets, bank accounts, Barter or through cash pickup with $end. Visit [send.flutterwave.com](=._0Ng9xSpkXxiS3AyZ6tyXvfW94-gV0JdpFjZ1JUevDg) and do it now! This is partner content. 2. NIGERIA PASSED ITS STARTUP BILL October brought to an end a year-long journey between leaders of Nigeria’s tech ecosystem and the Nigerian government. Last month, President Muhammadu Buhari [signed the Nigeria Startup Bill](=.xB9jXoD9Fwp0-goe7YDU4t2deDDcrpVjGTvGtJIRfPI), passing it into law. All that’s left now is enforcement. 3. UGANDA’S COMPUTER MISUSE BILL COMES INTO LAW While Nigeria celebrates its new law, activists in Uganda raised alarm over the [passing of the Computer Misuse (Amendment) Bill](=.jwHw9iJQIr3jMO3QHqml4VwKaxc7ziTjJ7jg1cZVy90). Early last month, President Yoweri Museveni approved the new law which has been described as “a blow to online civil liberties.” The Act prescribes fines up to UGX 15 million ($3,900), and imprisonment of up to 10 years for offences such as online harassment. 4. CELLULANT CO-FOUNDER CLEARED OF CHARGES Two years after being forced to resign under accusations of mismanagement, Cellulant co-founder Bolaji Akinboro found justice last August. After two years of litigation, Cellulant arrived at an out-of-court settlement with Akinboro and [cleared him of all allegations](=.A0dwUb3VnXKErebHBa7awinnNohQNQA1ci1Y54QJpUE) of financial misconduct and personal improprieties. 5. SAFARICOM PILOTS 5G COMMERCIALLY IN KENYA In October, Safaricom became the [first telco to provide 5G commercially](=.Z_Z1semNcVEQuStGVaBv30mzXIuxVn7BuV9hbJ8Kf7M) in East Africa. Safaricom’s trials for 5G in Kenya started in March 2021, piloting in select Kenyan cities, including Nairobi and Kakamega. Last month, it finally made 5G commercially available in Kenya, starting with WiFi services only. 6. KENYA LICENCES FOUR RIDE-HAILING APPS Right on the heels of Uber slashing its commission fees from 25% to 18% for its Kenyan drivers, Kenya’s National Transport and Safety Authority (NTSA) [started licensing ride-hailing apps in the country](=.TzVDOzn4AvNiS6_0pvHUhpwf3Yle8q7MGmQdR_vdw4A). In October, the regulator considered safety complaints from riders in Kenya and asked all ride-hailing operators to submit documents for licensing. Of the six who complied, only four—Uber, Bolt, Little and Yego Mobility—made the cut. [WhatsApp](=.26jzIJGtrj4jL2swj54kTdGVQZku90u5W_xdgSQ3EcM) [Twitter](=.WGcn94c7TX6ZjjK8QUAqcicu3oW-eLBsqE4vdG55XdI) [LinkedIn](=.8rOuzFMqBUCwoqfzEJoKP9VsAoRSLp0cjHpT6fxLX8I) [Facebook](=.ZMQRB002s_7HHKNHbz4L4imTmC0HbehSgYa8GTDGlQw) [Email](mailto:info@example.com?&subject=&body= SELL MORE WITH PAYSTACK [Paystack](=.NP7DcwAwO4oEp5jvuya7yDMPcKyYGWMnj-QesaCzxlE) Increase your online sales with a Paystack Storefront - a free, beautiful seller page that helps you bring creative ideas to life. 👉🏾 Learn more at [paystack.com/storefront](=.oNCJKrpkn6Hlzge8lBE7zNUO59iVYPvY7A1A7ITMJHc). This is partner content. 7. MTN WALKS FROM TELKOM MERGER TALKS MTN said no to the talking stage in October. After months of negotiating a merger with Telkom South Africa, [the telco walked away](=.pMfA1UHjyamLXemyoZiIyjyevHGM43vBYjkHsQlabN4) after data-only telco Rain proposed its own merger with Telkom. According to Telkom, MTN’s exit came after it—Telkom—could not assure MTN of exclusivity. 8. ZIMBABWE AND NAMIBIA ANNOUNCE CBDC PLANS A year after one African country—Nigeria—officially launched its central bank digital currency (CBDC), at least nine more are developing theirs. In October, Namibia and Zimbabwe joined the fold. Zimbabwe announced that it's working with the Harare Institute of Technology (HIT) to [bring its CDBC to life](=.xtpJ5gUScmnFmxEyMZvLHq47qDbQ_V1QIpSpt36Ba-M), while the Bank of Namibia will [develop the Namibian dollar CBDC](=.LDkX3BGQdVjXxfomHCxSZ-ceoGCdRsuG4Te4xGAQ-vY). 9. NIGERIA SUES META The Advertising Regulatory Council of Nigeria (ARCON) also sued Meta in October. The regulator is [seeking ₦30 billion ($69 million) in damages](=.QbP7DqNxXVMsanCJQ4niM-KHL-TSajuoo3k4SpaNYHA) for Meta’s violation of its advertising laws, which led to a loss of revenue. 10. KENYA WILL AUDIT DIGITAL LENDERS Weeks after Kenya’s apex bank licensed only 10 digital lenders from a pool of 288 applicants, the Office of the Data Protection Commission (ODPC)—in October—announced a [planned audit on 40 digital lenders](=.aI44x9KdcT_DlIQdDX4TpQOV7vN8fUY5XHAtig24pvI) who were reported by Kenyans for data abuse. The ODPC received 1,030 complaints and accepted 555, out of which 299 were directed against digital lenders who had misappropriated customers’ personal data. 11. GOOGLE TO DEVELOP FIRST AFRICAN DATA CENTRE IN SOUTH AFRICA In October Google announced that it would deploy Africa’s [first cloud data centre in South Africa](=.uGSdyVJjIjvUd32eWpwOMNyaXyyqYm150cpgQ5tazZk). The company also announced that it would build cloud interconnect sites and link it to Johannesburg, Cape Town, Lagos and Nairobi through Equiano. Note: This list is in no particular order. [WhatsApp](=.uOKmiW4vmy6T3QgC1ksRlBjYKtSlt20TJrB_Qul7OK4) [Twitter](=.UzL9s1WbhstueDcVZTAjx4WaAheSj20XksVg9uqmaTg) [LinkedIn](=.Rl_Ecr6yHO8jzkJ4nCHcCmmeedtEdRXSNQ1V-L6LPiE) [Facebook](=.Gc7Sr6hgepZQJhH6s4Yij88mVHiu6pAr-g_rWVptXCM) [Email](mailto:info@example.com?&subject=&body= EVENT: AFRICA TECH FESTIVAL =.k_JGGu93AzantpJhrIUFAay1gnfjxkLPH5BRN1pItOw From November 7–11, TechCabal will be at the Africa Tech Festival holding in Cape Town, South Africa. The five-day in-person event will cover the topics shaping Africa’s present and future, including our awards ceremony and famous Afest, “Africa’s best party.” Attendees will get to interact with leaders of the tech ecosystem including CEO of MainOne Fuke Opeke, managing director for Google SSA Nitin Gajria, and Big Cabal Media CEO Tomiwa Aladekomo. [Register for free here](=.Svqexv_GmVIXYg7gR9wZ-yb9gwlTPnBv4TmNn8BDDc0). IN OTHER NEWS FROM TECHCABAL Years after opening its first African office in Johannesburg, Amazon Web Services has picked [Lagos for its second African office](=.J2bCA6vmMqhZ7L5OIfr_XZpUiqlEnEqIo0zQByJ3CYw). South African data startup[Omnisient receives investment from Shoprite Group](=.89FPU63Zu3f9k2GzUf-UZTamMKGxhfyRzuJP6mheTnY). Nigerian digital lender [Payhippo acquires microfinance bank](=.a-bbsbcJJxkw2Obum3Z0U4jUaMearPvAXs-O0c-ubBQ). OPPORTUNITIES - The Mindcapital Startup Bootcamp is open to early-stage tech startups who want to go from idea to problem–solution fit in one weekend. Selected startups will get a free three-day remote workshop where they will design value propositions and business models, and test business ideas. [Apply now](=.P-P-Gdjc32FqvND2MorI90YgM8pV6X6azuj2LB3kZtA). - Applications are open for the UK Research and Innovation African Research Leaders’ Programme. Talented researchers in sub-Saharan Africa leading quality health research in the region can apply to get up to £750,000 in funding. [Apply by December 1](=.zLh8x_ygLs_CnJCd4Rl7waTxjswdTbSqfLBEsdeCfco). - The Fondation Maison des sciences de l’homme and the Institut Français de Recherche en Afrique of Nairobi are offering a three-month long fellowship in France for postdoc researchers from Kenya, Tanzania, Uganda, Burundi, Rwanda, and Eastern Congo (Kivu) who have presented their thesis from 2017. Laureates will receive a monthly stipend of €1,600 at the start of each month. [Apply by December 9](=.1KDXL7BLKByfS8Arem9VLhCVBi9RsNt-ln-a3KU4gno). - If your startup or innovation is focused on climate-smart agriculture practices, apply to the THRIVE|Shell Climate-Smart Agriculture Challenge for a chance to win $100,000, a spot in a prestigious accelerator, publicity and more. [Apply by December 11](=.Qa6qdVMoLoVt8qoq4_glNHvFNfAZzDnk2LqPMDsDVQs). - Telecel Group’s African Startup Initiative Program is now open for applications. The 10 selected startups will receive €15,000 in cash each and benefits valued at more than €500,000, including credits from AWS, Google Cloud Services, Hubspot, and more. [Apply by November 11](=.qoVB7udMKb1HXsaJpaiyJACflm4-hYf7VjK0rNGqL0c). - Applications are now open for Apple’s Entrepreneur Camp. The immersive virtual camp will give founders and developers from underrepresented communities mentorship, technical support and access to the alumni network. [Apply by December 5](=.t6Tex-i71UoszZqYiscmdQys2t4AaAAPh06KgzBFaiM). - If you have a business in the agricultural sector, apply to the African Development Bank's AgriPitch competition—a 2-week virtual program—-to get business mentorship and win access to a grant pool of $140,000. [Apply by November 4th.](=.GfeQIGDiBlAlzm7YsysKIxp-ZIeFbcVfwCqj3vuV3-Y) - Applications are open for the Association of Commonwealth Universities Emerging Career Conference Grants. There are about 25-40 grants available to emerging researchers and university teachers who need funding to attend virtual or physical conferences. [Apply by November 28](=.zLHtzuX_woiEuRbdxx3jTsjt5CeiYohc8OCR3UyJTJs). - African Research Leaders 2023 is calling for funding applications from African medical researchers who have completed a PhD and need the support of £750,000 over the course of five years. [Apply by December 1st.](=.Lx56CTj0ikKknopeuHFXyaHLnpnjWjxYGLk9IhNW0Wg) What else is happening in tech? - Kenyan ride-hailing apps receive a new rival as [Yego launches with 12% commission rates](=.wH-_neF7a29MYFFUcnP11V_S2C68qCFmiCURyWPClbs) for drivers. - Vodacom Tanzania is set to [expand M-PESA services to eight SADC countries](=.LZ5f9N5tLyzWa1jb4cKYVWlqVGdBUWinvcvfzm_kZqI). - Musk says Twitter will [charge $8/month](=.p6TuwxlFp42hDMcEab7S7Ih-OianvaNKpUV0rih2vgU) for blue check mark. REFER A FRIEND [Refer and win](=.kpAFXDvqf-jK8JUOXMGmv2kZ6GiLYJ-JU2TdhS6lnEA) [Click to share](=.dtDD5Pse3z1mIgjHpMEYEZ8jI1jpftQSQlBDpE7JxK4) Share your unique link [ Share on social =.0dngxfEpzh2yLVkwFI5iTLpDDbphBEENjTIhGL-52cE =.0i951fwdiIKnRoGuNOJHAITYCybbSM_nBw5Cpc4VY6w =.jE0iNEQGfoB8peCDbdJSt0FR0oKHBKPZHh2PBlGmzaE =.l4gjO8XILETpG6itMasqG3AUiKN78Qn5bBWNnW1-POw Powered by Viral Loops SHARE THIS NEWSLETTER - =.8YtdnGYSgMFsnuBVeLiJFZ85ecnfPi4ndcnZHRfBCRY - =.w6GOlbYgxKJPzxHI-I_YABAwzSOPOfo41QBf1W_Zd6A - =.gU5DSA1KwClEM2k5XySXo7XMcUSU2-HUHO84l8XtiXY - =.vq3BPcqLu0SCa1cRWAQE4HwClCa1yIHkforE8uXBJC8 - mailto:info@example.com?&subject=&body= Written by - [Timi Odueso](=.-SlWUfCjhO8y08UNCdnbwUq4AIxIrRW7W5kK4cUBbkk) & [Boluwatife Sanwo](=.NzDbHpJL1LnnxX40nSKbG35XTMHgn7IqmpVuEwKAoxU) Edited by - [Koromone Koroye](=.NjbeWMfUPsovgcYbdBgfQ7SODW1d20vBawzqeNotq3k) Want more of TechCabal? Sign up for our insightful newsletters on the business and economy of tech in Africa. - =.Cgl3WoGxEF-PtHuWtr9Ofg0V_8x6zpF8T4KzIXg7nCs[The Next Wave](=.2iAvq3CgQEBsfaApqDATwqQe4Bpx312WOdxVXCpqYB0): futuristic analysis of the business of tech in Africa. - [TC Weekender](=.sAErVqMJWnO9e_eKwFI4cFXdjnEklP11fH-28Xu-PxM) : weekly roundup of the most important tech news out of Africa. - [Entering Tech](=.FGkLqDHBJXZtWCP0MNg7hwFZ_ahS9nh9F8OVITgJ6hk): tech career insights and opportunities in your inbox every Wednesday at 12 PM WAT. Advertise To advertise with us, send an email to [ads@bigcabal.com](=.CXVeUbbx4qFH5z8m8fGEclhdoHregCfj2Z3iJjRsLnQ) [Unsubscribe from TC Daily](=.cLUJC7EzWULTuPxCMOMF8rBb6ngI5J2RhgfXJKeJDcQ)