Author: Akin Naphtal

Three weeks after Kenya startup, Twiga, closed a funding round to address debts and pay suppliers, there has been news about the nature of the funding, with reports from TechCabal indicating that the agritech startup secured a $35 million convertible bond. The bond is a form of debt that pays interest but can also be converted into equity. The funds were raised from Creadev and Juven, two private equity investors who had previously invested in Twiga. Twiga, which connects farmers with food vendors, has previously faced some financial challenges and was even sued by cloud service vendor Incentro, which sought…

The government of Rwanda, disclosed this week it has signed a host agreement for the African Pharmaceutical Technology Foundation (APTF) –a pan-African agency aimed to promote technological use in the medical ecosystem of the continent. The institution set up and approved by the African Development Bank (AfDB) Board of Directors in June 2022, at the request of African Union member states comes as a dedicated institution to boost Africa’s access to technology for manufacturing the full range of pharmaceutical products. It will work to promote technology access and transfer, facilitate technological upgrading of relevance to the pharmaceutical sector for Africa,…

Milestone Technologies, an IT services and digital solutions industry leader, announced the unveiling of its new logo and brand identity. This significant transformation is a testament to Milestone’s journey from a recognized services partner to a trailblazing innovator in the technology services sector, underscoring a deep-rooted commitment to exceptional client service and technological advancement. “At Milestone, we are driven by a vision to redefine the boundaries of what’s possible and a goal to consistently exceed client expectations,” said Sameer Kishore, CEO of Milestone Technologies. “Our new brand is a bold step forward, reflecting our agility and progressive approach to service…

Chinese-owned mobile money platform, OPay, has been singled out Nigerian Central Bank (CBN) for its lax identity verification processes, due to concerns growing about the ease with which fraudsters can exploit the platform’s security vulnerabilities. OPay employs a tiered verification system, ranging from tier 1 to 4, with users gaining access to a broader range of services as they provide more information, including a National Identification Number (NIN), a bank account number, or a bank verification number (BVN). Real-time facial verification is also required to confirm user identity. However, recent tests have shown significant weaknesses in the tier-1 account verification…

MTN Nigeria Communications Plc has completed its series 10 commercial paper issuance under its upsized N250 billion commercial paper issuance programme, the company disclosed. The company sent this in a recent notice to the Nigerian Exchange Limited and the investing public as reported. According to the statement signed by UtoUkpanah, the Company Secretary, the telecom giant said it sought to raise N72.1 billion and the offer recorded 149 percent subscription with N72.1 billion issued. In the statement; “The 266-day commercial paper was issued on November 29, 2023, at a yield of 16 percent. The CP issuance aligns with MTN Nigeria’s…

French multinational integrated energy company TotalEnergies and its partners have unveiled the construction of a major hybrid renewables project in South Africa, comprising a 216 MW solar plant and a 500 MWh battery storage system to manage the intermittency of solar production. Located in the Northern Cape province, the site will supply dispatchable renewable electricity to the South African national grid for twenty years, equivalent to over 400 GWh per year. Under the terms of a Power Purchase Agreement signed in November, and thanks to the storage system, the project will supply 75 MW of dispatchable power to the national…

Yoco has joined forces with MediaTek to point of sale terminal machines for small businesses across Africa. The collaboration has resulted in the creation of the Yoco Neo Touch range, a series of user-friendly card machines powered by MediaTek’s Genio series of Internet of Things (IoT) chipsets. The Yoco Neo Touch card machine, priced at R899, is designed to connect to 4G networks, offering unparalleled speed and unlimited data. It can process tap, chip and pin, and mobile payments in less than three seconds. With an all-day battery life, an intuitive touchscreen, and the capability to accept payments immediately upon…

Zambia’s government has begun distributing Starlink kits to the country’s 150 constituencies, with each constituency getting one kit, just two months after Starlink launched its satellite internet service in the nation. This move is part of the government’s desire to address Zambia’s dire state of internet access. The southern African country faces a challenging internet landscape, with a mere 21% penetration rate, leaving over 20 million people, particularly in rural areas, with poor or no access. The high cost of maintaining internet infrastructure has deterred many traditional internet service providers from reaching these remote populations. Starlink’s founder, Elon Musk, has…

Kenya launched a national e-commerce strategy on 13 December to fortify its position as a digital frontrunner in Africa by fostering inclusive and widespread utilization of trusted and secure e-commerce services based in the country. Its Ministry of Information, Communications and The Digital Economy and the Ministry of Trade, Investments and Industry spearheaded the strategy, supported by UNCTAD. “Kenya’s e-commerce strategy lays the foundation for trust-building among businesses and consumers, making e-commerce more accessible and beneficial for all, including marginalized groups,” said Shamika N. Sirimanne, director of technology and logistics at UNCTAD. “I would like to commend the government on the strong…

Kenya’s M-PESA, a widely-used mobile money platform with 51 million users, has partnered global digital payments giant, Visa, in a collaboration that will see M-PESA being introduced to physical debit cards, marking a departure from its previous virtual-only offerings. Previously, M-PESA users were limited to virtual cards, such as the GlobalPay powered by Visa, which could only be used for online purchases. The new physical debit cards will extend M-PESA’s reach into the cash-centric retail sector, presenting a pivotal shift for the platform that has been a leader in Kenya’s digital payments landscape. Credit and debit card usage is relatively…