Airtel Uganda Launches Vroomula Amajja Cashless Transactions Campaign
Airtel Uganda has introduced a new customer rewards campaign, 𝘝𝘳𝘰𝘰𝘮𝘶𝘭𝘢 𝘈𝘮𝘢𝘫𝘫𝘢 aimed at promoting cashless transactions and enhancing digital financial inclusion.
The three month campaign which started in July, will offer a chance for customers to win amazing prizes, including a Toyota RAV 4 Hybrid SUV, motorbikes, and e-money.
Today, we’re igniting a movement that will turn every transaction into an opportunity, every shilling into a stepping stone towards your dreams. 𝘝𝘳𝘰𝘰𝘮𝘶𝘭𝘢 𝘈𝘮𝘢𝘫𝘫𝘢 is not just about changing how Ugandans transact; it’s about changing lives. We’re fueling dreams, powering ambitions, and driving the nation towards a cashless future.
Read more here: https://www.techafricanews.com/2024/08/06/airtel-uganda-launches-vroomula-amajja-cashless-transactions-campaign/
Egypt’s Qardy gets pre-seed funding for digital lending platform
gypt-based fintech Qardy has raised an undisclosed seven-figure pre-seed round, with investments from White Field Ventures, Vastly Valuable Ventures, and other angel investors.
Founded in 2022, Qardy is a digital lending marketplace that provides micro, small, and medium-sized enterprises (MSMEs) with financing solutions to support their growth.
The new capital infusion will enable Qardy to further enhance its platform capabilities and expand its service offerings to other MENA countries.
Read more here: https://dabafinance.com/en/news/egypts-qardy-gets-pre-seed-funding-for-digital-lending-platform
Africa’s Share of Global Blockchain VC Hits New Record
In 2024, Africa’s participation in global blockchain deals has significantly grown, underscoring the continent’s emerging influence in the global blockchain industry.
In H1 2024, Africa recorded its highest-ever share of blockchain venture capital (VC) rounds, reaching 1.8% of the global deal count, an increase from 1.3% in 2023, according to a new report by CV VC, a Swiss blockchain VC firm.
The “African Blockchain Report 2024”, released on July 16, 2024 in partnership with the pan-African bank Absa Group, examines funding activity in Africa and highlights emerging investment trends. The report reveals that not only is Africa increasing in prominence in the global blockchain industry, but that the sector is also becoming increasingly prominent in the continent’s VC landscape.
Read more here: https://fintechnews.africa/44168/blockchain_bitcoin/africas-share-of-global-blockchain-vc-hits-new-record/
UK fintech investment nearly triples in H1 despite global decline
The global fintech sector has experienced a notable decline in investment, with total funding dropping from $62.3 billion in the second half of 2023 to $51.9 billion in the first half of 2024. This 17% decrease, as reported by KPMG, reflects a broader trend of cautious investor behaviour amid economic uncertainties and high interest rates.
Conversely, investment in the UK’s fintech sector nearly tripled in the same period, with several major deals helping the country retain its title as the centre of European fintech funding. Total UK fintech investment reached $7.3 billion (£5.7 billion) over the six months, up from $2.5 billion (£2 billion) during the same period in 2023, according to figures from KPMG.
However, investment remains subdued compared to record highs seen in 2021, with geopolitical uncertainty, elevated inflation, and higher interest rates dampening investor confidence.
Read more here: https://www.bobsguide.com/uk-fintech-investment-nearly-triples-in-h1-despite-global-decline/
HAVAÍC Announces First Close of $50 Million African Innovation Fund 3
HAVAÍC has secured $15 million in commitments for the first close of its $50 million African Innovation Fund 3, partnering with Universum Wealth, The SA SME Fund, and other local and international family offices. The fund aims to invest in 15 early-stage, high-growth, post-revenue African companies with regional and global potential, spanning seed stage to Series A and B rounds. This is HAVAÍC’s largest fund to date, building on the success of its previous funds launched in 2016 and 2020. The firm’s portfolio already serves over 20 million customers in 190 countries.
The SA SME Fund’s investment in HAVAÍC reflects a broader trend of institutional investors backing local VC firms, contributing to a robust startup ecosystem in key African markets like South Africa, Kenya, and Nigeria. Ian Lessem, Managing Partner at HAVAÍC, emphasized the importance of supporting African tech entrepreneurs to scale and generate diversified revenue for reinvestment into the continent, fostering economic growth and job creation.
Read more here: https://www.techafricanews.com/2024/08/06/havaic-announces-first-close-of-50-million-african-innovation-fund-3/
Breaking: Unity bank requested ₦700 billion support for CBN for Providus merger
To ensure the stability of Nigeria’s financial system, the Central Bank of Nigeria (CBN) has provided a facility to support the merger between Providus and Unity Bank, a bank that recorded losses of ₦38.8 billion during the first half of 2023.
While the CBN has not disclosed how much it provided in support, a source close to the situation told TechCabal that the amount was ₦700 billion.
According to a letter from Unity Bank’s managing director to the CBN seen by TechCabal, on July 22, the bank requested “merger approval and financial” support.
Read more here: https://techcabal.com/2024/08/06/cbn-provide-700-billion/
Europe’s most valuable fintech, and which startups became unicorns this year
Revolut reportedly told staff last week of plans to sell up to $500 million worth of existing shares at a $45 billion valuation, according to the Financial Times. This is notable because, if true, it would make the banking giant Europe’s most valuable startup. The valuation also marks a significant jump from the $33 billion Revolut was valued at in 2021. As the FT noted, the company is “one of the few fintechs to have increased its valuation since a slowdown in venture capital hit the sector in the past two years.” In late July, Revolut was granted a banking license from the Prudential Regulation Authority (PRA) in the U.K. — a significant milestone for the London-based fintech company, particularly since it had been trying to secure this license since 2021.
Read more here: https://techcrunch.com/2024/08/06/europes-most-valuable-fintech-and-which-startups-became-unicorns-this-year/
Microsoft and dLocal Integrate AI Solutions Increasing Digital Adoption and Financial Inclusion
Both Microsoft, the software provider, and dLocal, the payments platform, are on a mission to become more financial inclusive and drive digital transformation. Artificial intelligence (AI) has been identified as a key accelerator in the fintech sector and as such, Microsoft and dLocal have partnered, integrating AI solutions to help both firms meet their goals.
“Partnering with dLocal is an exciting opportunity for Microsoft to bring the power of AI to the fintech industry in all markets where dLocal operates. We are committed to driving digital transformation and enhancing financial inclusion through our innovative technologies,” said Roberto Icasuriaga, director of small, medium-sized companies and digital natives for Latin America at Microsoft.
Read more here: https://thefintechtimes.com/microsoft-and-dlocal-identify-ai-possibilities-to-increase-digital-transformation-and-financial-inclusion/
