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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.

Computer Vision: The Game Changer for Modernizing African Finance

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Computer Vision: The Game Changer for Modernizing African Finance

With about 350 million unbanked adults in Sub-Saharan Africa, which accounts for 17% of the global total, the proper adoption and utilization of AI and computer vision in Africa’s finance sector can have immense future potential.

The integration of these advanced technologies can revolutionize the sector, improve efficiency, and provide new opportunities. The KYC process and National ID verification can significantly benefit from computer vision technology, including facial recognition and OCR.

Computer vision technology has the potential to significantly increase financial inclusion and expand access to financial services for the previously underserved unbanked population in Sub-Saharan Africa.

By enabling mobile-based identity verification, individuals can easily onboard themselves by taking a picture of their ID cards or a selfie, which can be used to verify their identity.

Computer vision can use facial recognition algorithms to match the image captured with the ID card, reducing onboarding time and eliminating the need for physical verification.

Here are eight potential ways that computer vision technology can be implemented in the finance sector in Sub-Saharan Africa to improve KYC and National ID verification, as well as provide customers with self-serve options:

1. National ID Verification: Financial institutions can use computer vision to verify the authenticity of the National ID card presented by a customer during the KYC process. The system can match the biometric data on the card with the customer’s physical features to ensure a reliable match.

2. Loan Application: Computer vision can be used to analyze customer documents and information submitted through online loan applications. The system can quickly verify the customer’s identity, income, and credit history, making it easier for financial institutions to approve or deny loans without the need for manual processing.

3. Facial Recognition: Computer vision can be used to capture and analyze the facial features of customers during the KYC process. This can be linked to the National ID system for enhanced accuracy in verifying customer identities.

4. Document Scanning: OCR technology, banks, and other financial institutions can automate the process of reading and processing these documents presented by customers, such as passports or driver’s licenses, during the KYC process. This can ensure the document is genuine and accurate.

5. Check Deposit: Computer vision can be used to scan and process check deposits made by customers through mobile apps or ATMs. The system can analyze the check for authenticity and deposit the funds into the customer’s account without the need for a physical visit to a bank branch.

6. Fraud Detection: Computer vision can be used to monitor customer transactions and behavior for potential fraud or suspicious activity. The system can flag suspicious transactions for further investigation by financial institution staff.

7. Personal Finance Management: Computer vision can be used to provide customers with personalized finance management tools, such as budgeting and spending tracking. The system can analyze the customer’s account history and transactions to provide tailored financial advice and recommendations.

8. Chatbots: Chatbots powered by computer vision can provide customers with quick and accurate responses to their queries, reducing the need for customers to visit bank branches or call customer service centers. The chatbots can also be programmed to provide personalized services based on the customer’s account history and preferences.

While the adoption of computer vision technology in the finance sector in Africa may be slow at first, financial institutions can gradually introduce self-service options and provide customers with tutorials and training materials to increase adoption rates.

Overall, computer vision technology has the potential to revolutionize the finance sector in Africa, particularly in relation to KYC and National ID verification. By modernizing the sector, financial institutions can improve efficiency and provide a better customer experience for Africans.

 

 

About the Author: Tesfaye Mengistu is a Seasoned Business Developer with 14 years of diverse experience working with multinational firms in Technology Business Development, Technical Sales, Business Intelligence, Analytics, Contract Negotiation, and Administration, International Sales and Logistics, and Product Development. Mr.Tesfaye holds a Bachelor of Science in Electrical Engineering, a Master in Business Administration, and a Master of Science in Artificial Intelligence.

Brainstack Academy Launches Content Marketing Fellowship for African Youths

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Brainstack Academy Launches Content Marketing Fellowship for African Youths

[Ilorin, Nigeria, May 8th, 2023]

Brainstack Academy, an online digital marketing school has announced the launch of the first cohort of its content marketing fellowship for African youths.

The content marketing fellowship, scheduled to begin on June 5th, 2023 is a 3-months cohort and hands-on practical program that helps African youths build profitable careers in content marketing.

The application is open to any young person in any African country who has access to a smartphone and internet connection.

“We’re excited to launch the maiden edition of the content marketing fellowship,” said AbdulGaniy Shehu, the Co-founder, and CEO of the Edtech startup. “Our goal with this fellowship is to equip the next generation of African Content Marketers who will compete globally in the $584 billion content marketing industry.”

“This fellowship marks the beginning of the future we envision for the digital marketing industry in Africa” reiterated Sodiq Ajala, the Co-founder and COO of the company. “This is not just an online course, where you get a series of videos and don’t know what to do with them. It’s a cohort-based training program with mentorship and hands-on practical included.”

The launch of Brainstack Academy’s Content Marketing Fellowship is a step towards the Edtech startup’s mission of providing high-quality digital marketing training for Africans. At the end of the program, participants will understand the rudiments of content marketing. They’ll also be equipped with the strategies, frameworks, mental models, and tactics they can use to create content that ranks high on Google, gets read, and drives business results.

About Brainstack Academy

Brainstack Academy is an online institute that equips Africans with in-demand digital marketing skills. We make it easy for Africans to learn, become certified, and kickstart profitable careers in digital marketing.

 

Sendmarc secures $7m Series A funding to enhance email and domain security

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Sendmarc secures $7m Series A funding to enhance email and domain security

South African email and domain security leader Sendmarc has secured a US$7 million Series A funding round to advance its product development and expand its market enablement strategy. Sendmarc offers clients access to an array of tools for securing email domains, ensuring compliance with global email and domain security best practices, and monitoring for attempted abuse.

The company has an impressive client roster, which includes banks, law enforcement agencies, retailers, insurance companies, and tech companies, among others. The funding will be used to build on Sendmarc’s successful track record, with a focus on enhancing email and domain security.

Atlantica Ventures led the funding round, with Allan Gray E-Squared Ventures, Fireball Capital, Endeavor Catalyst, 4Di Capital, Kalon Venture Partners, Endeavor Harvest, and Alpha Private Capital also participating.

The funding will be used to expand Sendmarc’s market enablement strategy and further develop its product. The company plans to focus on being the best in email and domain security while expanding its reach and maintaining its reputation as a leader in the industry.

Sendmarc CEO and founder Sam Hutchinson said that the funding will help the company to continue improving its product and expand its market enablement strategy, adding that they are proud to have protected over 10 billion emails from impersonation last year.

Aniko Szigetvari, Atlantica principal, and co-founder stated that cybercrime has become a major disruptor of economic activity worldwide, costing companies and governments billions of dollars annually in financial loss and reputational impact.

The Sendmarc team’s focus on email and domain security protection is a crucial area of cybersecurity that addresses a growing issue or pain point. The company’s founding team is exceptional, and they are excited to support the growth of their product and geographic expansion.

Foodtech Startup Terraa Secures $1.5M Pre-Seed Funding to Build Sustainable Food Supply Ecosystem in Africa

Sodiq Ajala
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Foodtech Startup Terraa Secures $1.5M Pre-Seed Funding to Build Sustainable Food Supply Ecosystem in Africa

Terraa, a Moroccan foodtech startup, has secured $1.5 million in pre-seed funding from investors led by FoodLabs, along with UM6P Ventures, Outlierz Ventures, Musha Ventures, and DFS Lab. The startup will use the funding to expand its team, enhance its technology infrastructure, and expand to major cities in Morocco.

Terraa’s B2B platform and logistics infrastructure aim to make food supply chains more sustainable and equitable in Africa. The platform enables farmers to earn higher incomes, and retailers to have access to high-quality goods at competitive prices. Terraa purchases directly from farmers and delivers to fruit and vegetable vendors, hotels, and restaurants, creating a transparent and efficient food supply ecosystem that aims to address the operational inefficiencies and lack of technology and data in Africa’s food supply chain.

Terraa’s vision is to create a more sustainable and equitable food supply ecosystem that benefits all stakeholders, including farmers, retailers, and consumers. In many African countries, the food supply chain is riddled with intermediaries, which leads to inflated prices, poor quality of food, and significant waste.

Terraa’s tech-enabled platform and logistics infrastructure aim to address these challenges by creating a transparent and efficient food supply ecosystem. The platform’s direct-to-farmer approach eliminates intermediaries, enabling farmers to earn higher incomes and access stable markets at better prices. Retailers, on the other hand, benefit from competitive prices and a consistent supply of high-quality goods.

The pre-seed funding will help Terraa expand its reach to major cities in Morocco and enhance its technology infrastructure. By building a more efficient and sustainable food supply ecosystem, Terraa aims to make food more affordable and accessible to everyone, while also ensuring secure income for farmers.

The startup’s innovative approach has gained the support of investors who share its mission of leveraging technology to drive quicker and more efficient transactions. The backing of renowned investors like FoodLabs, UM6P Ventures, Outlierz Ventures, Musha Ventures, and DFS Lab is a testament to Terraa’s potential to transform the food supply chain in Africa.

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