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Payfast Founder Jonathan Smit Acquires iVeri to Strengthen Africa’s Payment Infrastructure

Sodiq Ajala
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Payfast Founder Jonathan Smit Acquires iVeri to Strengthen Africa’s Payment Infrastructure

Jonathan Smit, founder and former Managing Director of Payfast, has acquired iVeri, one of Africa’s oldest and most established payment technology companies.

The deal brings together iVeri’s nearly 30 years of experience in payment infrastructure with Smit’s track record in building and scaling fintech businesses. It marks an important development in Africa’s growing digital payments sector.

Smit said his decision reflects a long-standing interest in payments, which he sees as a core part of any economy. He noted that while trends may change, the need to move money remains constant. He described iVeri as a trusted name in African payments and said his goal is to build on its strong reputation while introducing more flexible and modern technology.

Smit, who trained as an engineer, founded Payfast in 2007 and spent over a decade growing it into one of South Africa’s leading online payment platforms. He later exited the business between 2019 and 2021. Since then, he has invested in more than 30 companies and funds across different markets, gaining deeper insight into the future of financial technology.

The acquisition comes at a time when iVeri’s founding team is stepping back. Co-founders Barry Coetzee and Roland Elferink chose Smit as their successor, citing his experience and understanding of the African market. They said they are confident he will guide the company into its next phase of growth.

A key part of the transition is keeping iVeri’s operations, technology, and ownership within Africa. Smit stressed the importance of maintaining local control over financial systems and data, especially as global economic conditions become more complex. He said building solutions within Africa allows companies to better understand local markets and serve businesses more effectively.

For existing clients and partners, Smit said the immediate focus will be on maintaining stability and reliability. He added that innovation will be introduced carefully, ensuring that current services are not disrupted. At the same time, he plans to grow the company by building a strong team and encouraging new ideas.

With this acquisition, Smit aims to position iVeri as a stronger player in Africa’s evolving payments space, combining its long-standing reliability with new technology to support the next phase of digital commerce on the continent.

Duplo and Ozow Partner to Simplify Business Payments and Accounting in South Africa

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Duplo and Ozow Partner to Simplify Business Payments and Accounting in South Africa

Duplo has partnered with Ozow to help businesses in South Africa manage their finances more easily and efficiently.

Ozow is widely used by many companies, including major brands like Takealot, Mr D Food, and Superbalist, for fast and secure electronic funds transfer payments. With this new partnership, businesses can now do more than just receive payments. They can manage invoicing, track expenses, and handle financial records in one place.

By combining Ozow’s payment system with Duplo’s financial software, companies can automate many tasks that were once done manually. For example, when a payment is made through Ozow, it is instantly matched to the correct invoice inside Duplo’s system. This process, known as reconciliation, used to take time and effort, but can now happen in real time.

This change is expected to reduce manual data entry by as much as 90 percent. It also helps businesses avoid errors and save time, allowing finance teams to focus on planning and growth instead of routine tasks.

The platform also gives businesses a clearer view of their overall financial health. Companies can monitor spending, manage payments to suppliers, and track incoming revenue using a single system.

Several global and regional companies, including Maersk, Krones, DP World, Baobab, Miva Open University, Eat N’Go, IMG, and SMT already use Duplo to automate their financial operations.

Tunde Akinnuwa, Co-founder and Chief Operating Officer of Duplo, said the partnership aims to help businesses grow faster by removing the burden of manual accounting work. He explained that while payments in South Africa are already fast, back-office processes have not kept up. By connecting both systems, businesses can now handle payments and accounting at the same speed.

Catherine Korsten, Chief Growth Officer at Ozow, said the company remains focused on providing secure and reliable digital payment solutions. She added that working with Duplo will help businesses improve cash flow, manage collections better, and scale with greater confidence.

The partnership is expected to give businesses of all sizes in South Africa access to more advanced financial tools, helping them operate more efficiently and make better decisions.

Morocco Launches $270 Million Startup Fund as Nine Venture Capital Firms Take Charge

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Morocco Launches $270 Million Startup Fund as Nine Venture Capital Firms Take Charge

Morocco has set up a new $270 million fund to support startups, with nine venture capital firms selected to manage and invest the money across the country’s growing tech ecosystem.

The goal of the fund is to strengthen early-stage companies, attract private investment, and help more startups grow into larger regional and global businesses. It is part of Morocco’s wider effort to build a stronger innovation economy and create more jobs through entrepreneurship.

The government-backed program will be handled by a group of nine venture capital firms. These firms will decide how the money is invested in startups across different sectors such as fintech, digital services, health tech, and other emerging industries. Their role is to identify promising founders, support them with funding, and guide them through early growth stages.

The initiative is designed to reduce one of the biggest challenges for startups in Morocco, which is access to early funding. Many young companies in the country struggle to move beyond the idea stage because they cannot secure enough investment to build products or reach customers.

Officials behind the program say the new structure will also help connect Moroccan startups to global investors and improve the overall quality of local venture capital activity. By involving experienced fund managers, the program aims to bring stronger investment discipline and better support systems for founders.

The $270 million fund is expected to be deployed over several years. Each of the nine venture capital firms will work within set targets to support startups at different stages, from early development to scaling.

The move comes as Morocco continues to position itself as a regional hub for innovation in North Africa. Policymakers believe that better access to funding, combined with stronger private sector participation, will help more startups survive and grow in a competitive market.

Over time, the program is expected to increase the number of successful Moroccan startups and strengthen the country’s role in Africa’s wider technology ecosystem.

African Startups Raise $711 Million in Early 2026 as Deals Pick Up Across Key Sectors

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African Startups Raise $711 Million in Early 2026 as Deals Pick Up Across Key Sectors

African startups raised a total of $711 million in the first quarter of 2026, showing renewed investor interest across the continent. The funding activity was driven mainly by growth in fintech, energy, and merger and acquisition (M&A) deals.

According to a market update reported by TTY Brand Africa, investors are becoming more active again in African tech and business ecosystems after a slower funding period in previous years.

Fintech companies continued to attract the largest share of investment. Many of these startups are focused on improving digital payments, lending, and access to banking services for people who are not fully served by traditional banks. These solutions are growing quickly as more Africans adopt mobile and online financial tools.

The energy sector also saw strong interest. Startups working on clean energy, power distribution, and off-grid solutions received funding as demand rises for reliable electricity and sustainable energy systems across many countries.

At the same time, merger and acquisition deals increased. Larger companies are buying or merging with smaller startups to expand their services, enter new markets, or strengthen their technology systems. This trend suggests that Africa’s startup ecosystem is becoming more mature and competitive.

Analysts say the rise in funding shows growing confidence in African innovation. Investors are now focusing more on companies with clear business models, strong customer growth, and the ability to scale across multiple countries.

While the $711 million figure is a positive sign, experts also note that funding is not evenly spread. A few strong markets and sectors continue to attract most of the capital, while others still struggle to access investment.

Overall, the first quarter of 2026 shows a stronger and more active startup environment in Africa, especially in fintech and energy, with increasing deal-making activity shaping the future of the ecosystem.

Egypt’s Lucky Raises $23 Million to Expand Digital Finance Across North Africa

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Egypt’s Lucky Raises $23 Million to Expand Digital Finance Across North Africa

Lucky, a financial technology company based in Egypt, has raised $23 million in a Series B funding round to grow its services and expand into North Africa.

The funding includes both equity and debt, with support from investors such as Disruptech Ventures, Development Partners International through its Nclude platform, and Suez Canal Bank. The company plans to use the money to expand its credit products, improve its technology systems, and enter new markets across the region.

This move aligns with efforts by the Central Bank of Egypt to build a stronger digital economy and improve access to financial services for more people. Lucky aims to support this goal by making it easier for individuals to access credit and use digital payment tools.

The funding round also included participation from OneStop, led by investor Mohamed Farouk, who has now been appointed Chairman of Lucky’s board. He said the company has shown steady growth, a strong understanding of its market, and a clear plan to expand digital finance services. He believes Lucky could become a major player in consumer credit and digital banking across the region.

Ayman Essawy, the company’s Chief Executive Officer, said access to financial services is key to economic progress. He explained that the new funding will help Lucky grow in a careful and responsible way, improve its systems, and reach more users as digital banking rules continue to develop in Egypt and nearby markets.

Essawy added that Lucky is working to make credit simpler and more widely available by using advanced technology and artificial intelligence. The company offers a payment card that can be used anywhere, helping users manage their spending with ease.

Recent changes in Egypt’s financial sector, including the introduction of payment service provider licensing, are creating new opportunities for fintech companies. Lucky has already started working toward obtaining this license, which will allow it to offer a wider range of digital financial services in the future.

With this investment, Lucky is positioning itself for growth beyond Egypt, aiming to play a key role in shaping the future of digital finance in North Africa.

African Countries Turn to AI to Grow Tourism and Improve Travel Experience

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Several African countries, including Ghana, Tanzania, Rwanda, South Africa, Kenya, Uganda, and Zambia, are using artificial intelligence to improve their tourism sectors and attract more visitors from around the world.

Governments and tourism agencies across these countries are adopting AI tools to make travel easier, faster, and more enjoyable. These technologies are helping with tasks such as managing bookings, answering visitor questions, improving airport services, and studying travel patterns. The goal is to better understand what tourists need and offer them smoother experiences from arrival to departure.

In Ghana, officials are working to modernise tourism services by using AI to improve airport systems, customer service, and travel planning. This includes better data collection to track visitor numbers and preferences, which can help the country plan and grow its tourism industry more effectively.

Rwanda and Kenya are also making strong progress. They are using AI to support eco-tourism, protect wildlife, and manage national parks. These systems can track animal movements, prevent illegal activities like poaching, and ensure that tourism does not harm the environment.

Tanzania and South Africa are focusing on improving visitor experiences. AI is being used to manage large numbers of tourists, reduce waiting times, and improve safety in popular travel destinations. It also helps businesses such as hotels and tour operators offer more personalised services to visitors.

Uganda and Zambia are using similar tools to support conservation and make travel more efficient. AI helps park authorities monitor wildlife and manage tourist access to sensitive areas, ensuring that natural resources are protected while still allowing visitors to enjoy them.

Experts say that using AI in tourism can bring many benefits. It can increase revenue, create jobs, and help countries compete globally. At the same time, it supports sustainable tourism by protecting the environment and local communities.

However, there are still challenges. Some countries face issues such as limited funding, lack of skilled workers, and weak digital infrastructure. To fully benefit from AI, governments will need to invest in training, technology, and strong policies.

Overall, the move toward AI-driven tourism marks a major shift in how African countries manage travel and hospitality. By combining technology with natural and cultural attractions, these nations are working to build a stronger and more sustainable tourism industry for the future.

Musk Says Starlink Still Blocked in South Africa Over Licensing Rules

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Musk Says Starlink Still Blocked in South Africa Over Licensing Rules

Elon Musk, the chief executive of Tesla, has said that his satellite internet service, Starlink, is still not allowed to operate in South Africa.

Speaking online, Musk said Starlink has not received the licence it needs to begin work in the country. He claimed that one of the reasons is linked to his race. Musk, who was born in South Africa, said the rules are unfair to him because he is not Black.

The issue is tied to South Africa’s business laws. The country has policies that require companies, especially foreign ones, to meet certain ownership rules before they can operate in key sectors like telecommunications. These rules are part of a system known as Black Economic Empowerment. It was created to correct the deep inequality left behind by apartheid, when most Black South Africans were excluded from owning businesses or taking part in the economy.

Under these rules, companies may need to include Black South Africans in ownership or leadership roles. Musk said that Starlink was told it could move forward if it followed such requirements. He said this could include giving a share of the business to Black investors or placing a Black partner in a leading position.

Musk said he does not agree with this approach. He argued that business decisions should not be based on race. Because of this, Starlink has not yet met the conditions needed to get approval.

The South African government has not fully accepted Musk’s claims. Officials have pointed out that the rules apply to all companies, not just his. They say the goal is to make sure more people benefit from business opportunities in the country.

This disagreement has drawn attention online. Some people agree with Musk and say the rules make it harder for companies to invest. Others support the government’s position and say the policies are needed to fix past injustice.

For now, Starlink is still not operating in South Africa, and there is no clear timeline for when that might change.

South Africa Mandates Licensing for Crypto Exchanges in Regulatory Overhaul

Hafiz Akinde
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South Africa Mandates Licensing for Crypto Exchanges in Regulatory Overhaul

South Africa to Mandate Crypto Exchange Licenses by Year-End; Enforcement Action Planned for Non-Compliance

South Africa’s financial regulator, the Financial Sector Conduct Authority (FSCA), has announced that all crypto exchanges in the country must obtain licenses by the end of the year.

Since opening license applications a few weeks ago, the FSCA has already received approximately 20 applications, with more expected before the November 30 deadline. FSCA Commissioner Unathi Kamlana stated that enforcement action, including potential closure or fines, will be taken against firms that continue to operate without a license after the deadline.

The move aims to address potential harm to financial customers and establish a regulatory framework. Kamlana expressed the intention to collaborate with the industry for continuous improvement.

South Africa, the continent’s most developed economy, becomes the first African country to mandate licenses for digital asset exchanges. Notable exchanges originating from South Africa, such as Luno and VALR, will be required to obtain licenses. Even global platforms like Binance, operating in the country, will need to comply. Luno’s local unit manager, Christo de Wit, confirmed the submission of their license application and awaits feedback from the FSCA.

In recent years, South Africa has witnessed several major crypto scams resulting in the loss of billions of dollars. Notable cases include the disappearance of 70,000 Bitcoins from Africrypt, run by the Cajee brothers, and the fraudulent scheme Mirror Trading International Proprietary.

In response, the FSCA has actively engaged in crypto and fintech regulations, collaborating with the country’s major financial sector regulators and policymakers through an intergovernmental fintech working group.

While many South African lenders have refrained from providing banking services to crypto platforms due to associated risks, the central bank has urged them to reconsider, aiming to gain better visibility into the sector.

Kamlana emphasized that being part of the formal sector and under the regulation of a tightly regulated entity like a bank offers enhanced transparency and reassurance.

Additionally, measures are being implemented to protect consumers, including financial education and raising public awareness about cryptocurrency products.

Zuvy Secures $4.5M Funding to Amplify Invoice Financing Across Nigeria

Hafiz Akinde
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Zuvy Secures $4.5M Funding to Amplify Invoice Financing Across Nigeria

Zuvy, a Lagos-based startup, has emerged as a much-needed solution to address the financial underservice faced by small and medium enterprises (SMEs) in Africa. Led by founder and CEO Angel Onuoha-Onyekuru, Zuvy aims to provide accessible and affordable capital to African SMEs through its user-centric platform. The recent funding round of $4.5 million, led by TLG Capital, positions Zuvy to revolutionize invoice financing across Nigeria.

The funding round, led by TLG Capital, attracted diverse investors, including Next Chymia Consulting HK, Dunbar Capital, Vicus Ventures, and notable angel investors like David Mussafer, Chairman & Managing Director of Advent International. This capital infusion will cater to the increasing demand from vendors on the Zuvy platform and expand their loan book.

Angel Onuoha-Onyekuru, the CEO and co-founder of Zuvy, brings a strong background in finance, accounting, and entrepreneurship. He also heads Next Chymia Consulting HK, which participated in the funding round.

Angel passionately expressed the company’s mission and the recent funding round, emphasizing their dedication to facilitating access to liquidity for African SMEs. He believes credit availability is crucial for early-stage businesses and aims to be a leading provider of accessible and tailored credit solutions for Africa’s SME sector.

Aside from invoice financing, Zuvy offers free invoice management software, empowering businesses to instantly create, manage, and send invoices to customers. This software streamlines the invoicing process, enhancing efficiency and accuracy for SMEs. Additionally, Zuvy provides a WhatsApp Assistant, enabling users to generate, manage, and send invoices through the popular messaging app, offering convenience and accessibility to vendors and buyers.

In an official press release on July 3rd, 2023, Zuvy expressed its readiness to impact the financial inclusion of African SMEs substantially. With its user-centric platform, innovative software solutions, and significant funding, Zuvy is well-positioned to amplify invoice financing across Nigeria, providing SMEs with the necessary capital to thrive and contribute to the continent’s economic growth.

Kenya’s e-health Startup MyDawa Secures $20 Million Funding

Hafiz Akinde
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Kenya’s e-health Startup MyDawa Secures $20 Million Funding

Kenyan e-health startup MyDawa has secured $20 million in funding from private equity investor Alta Semper Capital. The investment will fuel the company’s expansion plans to broaden its regional presence and enhance its product offerings, aiming to establish itself as a comprehensive health platform.

Since its establishment in 2016, MyDawa has evolved from being solely an e-pharmacy to offering diverse services such as online and in-person consultations, laboratory services, and an expanding network of walk-in pharmacies and health centers.

In addition to its existing ventures, MyDawa has introduced its own branded products and intends to leverage its technology infrastructure, extending beyond telehealth to fulfillment services. This move aims to support other businesses in the health sector and facilitate their growth. MyDawa has already secured partnerships with prominent clinic chains in Kenya that are seeking to expand their reach.

Furthermore, MyDawa has made its first strategic acquisition, obtaining Uganda’s Guardian Health. This acquisition marks the initial step in MyDawa’s ambition to expand beyond Kenya. The company’s growth trajectory will be guided by its newly appointed CEO, Priscilla Muhiu, previously associated with Glovo Kenya.

Co-founder Neil O’Leary expressed enthusiasm about the funding and the recent acquisition, highlighting the alignment of Alta Semper’s ambition with that of MyDawa. O’Leary emphasized the positive impact of these developments on the company’s secure foundation and expansion opportunities, leading to improved health outcomes.

The investment from Alta Semper follows a previous $3 million funding from AAIC’s Africa Healthcare Fund in 2019. Additionally, MyDawa has received a $1.2 million grant from the Bill & Melinda Gates Foundation to enhance access to Pre-Exposure Prophylaxis (PrEP) medication for combating the spread of HIV/AIDS.

Alta Semper CEO Afsane Jetha described the investment as the company’s first foray into digital healthcare in Africa, recognizing the sector’s substantial growth potential. Jetha explained that MyDawa was the logical choice due to its innovative technology, scalable business model, regulatory expertise, and market entry experience.

The investment aligns with Alta Semper’s mission to democratize access to health and well-being throughout the African continent by increasing access to reliable advice and affordable medication. With Africa’s consumer spending projected to reach $2.1 trillion by 2025, the investment in MyDawa represents a significant opportunity to meet the growing demand and invest in locally produced and value-priced consumer goods and services.

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