The Competition Authority of Kenya (CAK) has officially approved Moniepoint Inc.’s acquisition of a 78% stake in Sumac Microfinance Bank Limited. Sumac is a well-established Kenyan microfinance institution that offers a range of services, including lending, deposit-taking, insurance, and foreign exchange trading. This move will enable the Nigerian fintech to expand into East Africa. Moniepoint expanding in East Africa This acquisition is Moniepoint’s first official entry into Kenya’s financial services scene. “The transaction is unlikely to negatively impact competition in the market for provision of microfinance banking services in Kenya, nor
Ghana has signed a $1 billion deal with the United Arab Emirates to build an innovation hub in Accra. The hub, which will span 25 square kilometers in Ningo Prampram, Greater Accra, is fully funded by the Ports, Customs, and Free Zone Corporation (PCFC), as stated by Impact News. Ghana will provide the land, while PCFC will bring the capital, technology, and global partnerships. Construction is scheduled to begin in 2026 and is expected to be completed by the end of 2027. Transforming Ghana into Africa’s next artificial intelligence nerve
The Independent Communications Authority of South Africa (ICASA) has begun seizing Starlink equipment from local resellers as part of a crackdown aimed at reducing the illegal use of Starlink in the country. “Icasa has taken note, with serious concern, of recent reports alleging that Starlink may be offering its services within the Republic of South Africa without the requisite authorization,” the sector regulator said. Cracking down on the illegal use of Starlink The internet satellite company does not have a license to operate in South Africa as it refuses to
The Independent Communications Authority of South Africa (ICASA) is investigating the alleged illegal use of Starlink in the country. On Wednesday, Icasa stated that it has formally engaged with SpaceX and is currently awaiting a response, according to Bloomberg. “Icasa has taken note, with serious concern, of recent reports alleging that Starlink may be offering its services within the Republic of South Africa without the requisite authorization,” the sector regulator said. It adds: “To this end, Icasa has published a general notice reiterating that all entities offering electronic communications services
Construction tech startup Litehaus has raised €1.46 million ($1.58 million) in a pre-seed round co-led by Cornerstone VC and Explorer Fund. Claster Group and angel investor Pascal Levy also participated in the pre-seed round. The fund will help simplify the home-building process in Europe. Husband-and-wife duo Thibault and Simi Launay set out to buy a house in Portugal nearly five years ago. However, they faced a 14-month delay, 20% budget overruns, and mismanagement involving over 10 subcontractors. “We realized if we’re struggling with this, so are millions of others,” Thibault told
Nigerian fintech startup, Carrot Credit, has raised $4.2 million in seed funding to expand its credit platform across Africa. The startup offers users loans backed by digital investment assets, including stocks, exchange-traded funds (ETFs), and cryptocurrencies. The funding round was led by US-based MaC Venture Capital, with participation from Authentic Ventures, as reported by TechCabal. What does Carrot Credit do? Carrot Credit is a digital lending platform that enables individuals to borrow money without selling their investment portfolios, including ETFs, bonds, or cryptocurrencies. It was founded by Bolu Aiki-Raji in
Brazil’s Social Security Institute, INSS, introduced AI to its app in 2018 to speed up welfare claims and reduce red tape. However, the tool has been wrongly rejecting claims, Rest of World reports. The office had a bad reputation due to its long lines and wait times, which accumulated nearly 2 million pending requests. Even though the AI-powered tool has helped process thousands of basic claims, it also rejected claims from those who suffer from digital literacy and live in remote areas. The INSS adding AI to its app While
Lagos-based health tech company Platos Health raised $1.4 million in a pre-seed round to scale its AI-driven metabolic health platform, Platos Monitor. The startup allows people to monitor their body fat and other health metrics from their homes, according to TechCrunch. Google led the round for Startups with help from Invest International and a group of angel investors from Google, Tesla, and Unicredit. The company will use the funding to roll out its hardware medical-grade device, Plato’s Body Monitor, in Nigeria. What is Platos Health? Platos Health is a preventive
The US House of Representatives bill, which has imposed a 5% tax on remittances sent abroad by non-citizens, could significantly impact African countries, according to Techpoint Africa. “The One Big Beautiful Bill” was passed on May 22, 2025, by the US House of Representatives, backed by President Donald Trump, which includes a provision imposing a 5% excise tax on remittances sent abroad by non-citizens. The bill intends to create revenue and highlight immigration concerns by targeting outbound money transfers from non-citizens, including people with green cards and temporary visas. How the
Tanzania has blocked access to X following an online hack of the Tanzania Police Force on Tuesday, May 21, 2025. The hack resulted in pornographic posts, which have since been deleted. It also falsely announced the death of President Samia Suluhu Hassan, leading to mass concern before the post was taken down. X blocked in Tanzania Following the hack, the Tanzania Communications Regulatory Authority instructed Internet service providers to limit access to X. The government backed the shutdown to ensure cybersecurity measures to reduce misinformation and maintain public order. The
