Plans to launch Starlink in South Africa are facing delays due to Elon Musk’s attacks on the country’s Black Economic Empowerment (BEE) laws, The Financial Times reports. The policies, designed to mitigate racial inequalities formed under apartheid, require foreign investors in South Africa’s telecom sector to allocate 30% of a project’s equity to Black-owned businesses to qualify for a license. The policy is supported by the African National Congress Party (ANC), a political party in South Africa known for its opposition against apartheid. Elon Musk says the equality laws are
Moove, an Uber-backed mobility fintech company, has acquired Kovi, a Y Combinator-backed Brazilian urban mobility provider. “This transaction not only strengthens our footprint in Latin America and reinforces our position as a dominant player in global mobility, but it also underscores our commitment to contributing to the Brazilian economy,” Ladi Delano, Co-Founder and Co-CEO of Moove, said in a statement. Following the deal, Kovi will continue to operate under its existing brand with its executive and management teams remaining in place, Moove confirmed. Moove’s Growth and Expansion Founded in 2020 by Ladi Delano
Nigerian fintech unicorn Moniepoint has received a “strategic investment” from Visa, according to Techcrunch. The funding aims to propel financial inclusion and support the expansion of small and medium-sized enterprises (SMEs) across Africa. Moniepoint’s Series C Sources close to the deal say Moniepoint received over $10 million from Visa after securing a $110 million Series C round last October. Now, its Series C surpasses $120 million, and the company is allegedly speaking to other investors and could potentially attract more funding in the coming months while continuing its billion-dollar valuation.
Africa-focused venture capital firm Oui Capital returned its $4 million debut fund after the sale of some shares in Nigerian fintech unicorn Moniepoint, as Techcrunch reports. Oui Capital’s Investment in Moniepoint Last year, the Nigeria-based fintech company successfully raised $110 million in a Series C funding round. That raise gave the company a valuation of at least $1 billion for the first time, according to the Financial Times. When Moniepoint first launched its fund, Oui Capital invested $150,000 in the company, but it has now accumulated an $8 million return, which
Wini University, an AI-focused university, is set to open in Epe, Lagos, as first reported by Voice of Nigeria. As the first university of its kind in Nigeria, Wini University aims to equip Nigerian youth with hard-hitting skills in artificial intelligence and make Africa a hub in the global AI market. The university draws inspiration from Qatar’s AI university, which takes top talent worldwide; this Nigerian project has been in the pipeline since 2016. A group of people from Boston and Nigeria started establishing the foundation for the university. After
In 2024, African startups saw fewer investors financing deals of over $100,000. 850 startups received funding over $100,000 in 2021, but this number decreased to around 520 last year, according to findings from Africa: The Big Deal. The report also found that investors are less active than before, as 28 were involved in over ten $100,000 deals in 2022, but this number dropped to 8 in 2024. Who were the top investors in Africa in 2024? 54 Collective was the only investor participating in more than 20 $100,000 deals. The
Last year, Nigeria’s position on the Global Threat Index moved from the 35th position to the 13th position between May and December. Additionally, the country’s normalized risk index skyrocketed from 46.5% to 62.3% during the same time. These figures highlight an increase in cyberattacks in the country. The Global Threat Index is a monthly report collected by Check Point Securities. They are one of the leading cybersecurity solutions that examines the global cyber threat landscape based on reliable threat intelligence. Which other African countries were vulnerable to cyberattacks? The latest report found that
Waza, a Y Combinator-backed B2B payments startup, is using its $8 million funding to create Lync, a banking product that plans to transform international transactions for African businesses, Techpoint reports. Last year, the startup received $8 million in equity and debt funding to expand into markets beyond its current operations in Ghana and Nigeria and offer new trade finance solutions. The funding round was led by major investors, including Byld Ventures, Norrsken Africa, and Timon Capital, with the aim of empowering enterprises across the continent to navigate global markets more effectively. The
Ilara Health recently received a $1 million loan from the United States International Development Finance Corporation (DFC) to help improve private outpatient clinics in Kenya, according to TechPoint. What is Illara health? The company originally started by renting diagnostic equipment to clinics. Eventually, it expanded to offer health centres the choice to buy pharmaceuticals and items like hospital furniture on credit. The money will help underserved communities have better healthcare by investing in diagnostic devices, health tech, and pharmaceuticals. Last year, the company raised $4.2 million in debt-equity pre-Series A round
Dr Angela Tabiri is the first African to win The Big Internet Math Off competition and wants other African girls to follow in her footsteps. Tabiri, also known as the ‘Maths queen’ in Ghana, “finds joy in solving puzzles and mathematical questions,” she told the BBC. The Big Internet Math Off A blog titled The Aperiodical created The Big Internet Math Off in 2018. They invite Sixteen mathematicians to compete for the title of “the world’s most interesting mathematician.” A public vote decides the winner, “Take a look at both pitches
