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Visa has opened applications for the third cohort of its Accelerator Program in Africa. This initiative aims to support innovative startups by providing resources and guidance for scaling their solutions.
The Program offers mentorship, access to Visa’s network, and partnership opportunities to pilot solutions. It aims to help startups scale their operations and impact across Africa.
Applications close on August 11.
Innovate Africa has launched with an initial $2.5 million to support early-stage startups tackling Africa’s challenges.
The fund aims to back up to 20 startups in its first year, focusing on solving complex problems such as insecurity, unemployment, and poverty through purpose-driven technology.
Nala, a Tanzanian payments company headquartered in Kenya, has raised $40 million in Series A funding, Founder and CEO Benjamin Fernandes announced on July 9, on X. The fund will support the company’s global expansion and enhance its payment systems in Africa.
Nala allows users to transfer money from the UK, US, and EU to Kenya, Uganda, Tanzania, Rwanda, and Ghana.
The Offshore Lab, a Nigerian company focused on Project delivery, capacity building, education, technology and innovation, has announced the completion of the ICT and Innovation Centre at Sa’adu Zungur University in Bauchi State, Nigeria.
The project, funded by Shell Petroleum Development Company (SPDC) and NNPC Limited, was inaugurated on July 4. It aims to address both local and global challenges through advanced technology by bridging infrastructure gaps and equipping young people with digital skills.
The Agribusiness Innovation Challenge, co-created by the Nigeria Climate Innovation Center (NCIC) and the Global Alliance for Improved Nutrition (GAIN), invites young entrepreneurs aged 18-35 passionate about agriculture and technology to develop solutions to improve the food supply chain in Nigeria.
Winners will secure a 2,000,000 naira ($12,700) equity-free grant and other benefits, with applications closing on July 26th, 2024.
Glass House PR has partnered with the Fintech Association of South Africa (FINASA) to host the 3rd Africa Digital Finance Summit (ADFS) in Johannesburg.
The summit will discuss regulatory advancements, technological innovations, and fintech investment opportunities. It will take place from November 20th to 22nd.
Colombian fintech Minka has expanded into the East African market to facilitate global purchases for Africans by enabling global merchants to accept local payments, such as mobile money or cash.
Minka's model employs in-house financial protocols to accelerate money transfers between banks by creating a common language for different payment systems, simplifying the reconciliation process.
VezoPay has introduced Africa’s first smart ring, revolutionizing contactless payments across the continent.
This ring offers quick, secure payments in just a second, connecting seamlessly to any terminal using advanced NFC tokenization to encrypt data, approved by Visa and Mastercard.
On Monday, July 1, Senegalese Minister of Public Service and Public Service Reform (MFPRSP), Olivier Boucal, and the rector of Cheikh Hamidou Kane Digital University (UN-CHK), Moussa Lo, signed a partnership agreement. Under this partnership, UN-CHK will provide its digital expertise to the MFPRSP for transforming the public sector and digitizing public services. The partnership also includes training and capacity building for public service employees in the digital domain, among other initiatives.
On Wednesday, June 26, the West African Monetary Institute (WAMI) launched the Unique Banking Identifier and Digital Interoperability Project in Guinea, The Gambia, Sierra Leone, and Liberia. Financially supported by the African Development Bank, the project aims to develop the financial system of the West African Monetary Zone (WAMZ), promote economic growth, reduce poverty, and enhance financial inclusion for successful economic and financial integration in West Africa.
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On Thursday, June 27, Kalil Konate, the Ivorian Minister of Digital Transition and Digitalization, and Téte António, the Angolan Minister of Foreign Affairs, signed a cooperation agreement during Angolan President João Lourenço's visit to Côte d'Ivoire. The agreement aims to pool efforts to enhance the use of technological tools and improve public service delivery in both countries.
On Wednesday, May 29, the UK-based venture capital firm Leo Lion opened applications for its Future of Capitalism 2024-2025 contest. This global competition offers up to $1 million in investment to startups developing technologies aimed at improving business operations. Applications close on September 30, 2024. Eight finalists will be invited to London for Pitch Day, which will take place in February 2025.
In June 2024, Ecobank opened applications for the seventh edition of its Fintech Challenge. This competition invites both mature and startup fintech companies to collaborate with the bank for a chance to win a grand prize of $50,000. Finalists will have the opportunity to integrate their solutions into Ecobank’s network, which spans 35 African countries. Applications close on July 7, 2024.
On Thursday, June 20, Benin officially adhered to the Council of Europe Convention on Cybercrime, signed in Budapest, Hungary, in 2001. The goal is to strengthen its legal framework to enhance its cyberspace and combat cybercrime more effectively.