Author: Akin Naphtal

Nigerian on-demand delivery startup ShapShap has secured a seed extension investment from V8 Capital Partners as it bids to expand its capabilities and move into more markets. Founded in 2019, ShapShap is an on-demand motorbike delivery service that utilises data and mobile technology to formalise the fragmented and highly inefficient same-day delivery service. So far, the startup has completed over 40,000 deliveries in Lagos and Abuja. Disrupt Africa reported late last year ShapShap had raised seed funding from the Germany-based GreenTec Capital Partners, and it has now announced an extension to that round, secured from V8 Capital Partners through its…

According to a report from Bloomberg, tech giant Apple is planning to build its own in-house technology and financial services infrastructure in a bid to lessen its reliance on third parties. The report states Apple’s plans include bringing in-house services such as payment processing, risk assessments for lending, fraud analysis, credit checks and additional customer service functions such as handling of disputes. The US firm has been busy in the fintech space of late, having acquired Credit Kudos, a UK open banking start-up, at a reported value of $150 million last month. In February, Apple announced plans to allow US…

Unfazed by the demise of its doomed digital currency Diem, Facebook is concocting another virtual token for the metaverse – Zuck Bucks. Intended for spending only on Meta’s network of sites, the digital token is aimed at keeping users from straying to rival networks like TikTok. Quoting people familiar with the project,the FT reports that Zuck Bucks would be controlled by Meta directly — much like the in-game currencies used on games such as Fortnite and Roblox. A spokesperson for Meta says the firm is “focused on building for the metaverse and that includes what payments and financial services might…

The Communications Regulatory Authority of Namibia (CRAN) says it will temporarily suspend the awarding of new telecommunications and broadcasting service licences from 1 October 2022 until 30 September 2023. CRAN said it wants to use this period to conduct a market research study on fixed data sets linked to licences currently in the market. It added that the objective behind the study is to determine the current level of competition, market saturation and any existing barriers to entry. CRAN CEO Emilia Nghikembua said during the suspension period, the organisation will only consider applications for amendment, withdrawal, transfer and cession of…

Visa has opened a new Innovation Studio in Nairobi, its first dedicated innovation site in Sub-Saharan Africa (SSA). According to the multinational financial services corporation the facility will serve the SSA region and joins a network of innovation centres operated by Visa since 2016, in cities including Dubai, San Francisco and Singapore. The company said the new facility supports its commitment to promote innovation and to “creating opportunities for clients and Fintech partners to co-create market-relevant payment and commerce solutions throughout the region.” The facility is designed to replicate the success of Visa’s flagship innovation centre, One Market in San…

Kenyan social commerce startup Tushop, which enables communities in Nairobi to buy groceries more cheaply with free delivery, has secured US$3 million in pre-seed funding to expand its team and platform, and roll out across Kenya. Founded in 2021, Tushop aims to make access to groceries more affordable and more convenient for Kenyans, and eventually all Africans. Community group-buying saves consumers up to 60 per cent on groceries compared to buying in supermarkets, Dukas, or at “mama mbogas”, while providing the added convenience of free delivery. Tushop works with “community leaders” who collate orders from their neighbours and manage door-to-door…

Nigerian peer-to-peer (P2P) lending startup Sycamore has closed an undisclosed seed funding round as it looks to expand its operations. Founded in 2019 by Babatunde Akin-Moses, Onyinye Okonji and Mayowa Adeosun, Sycamore uses proprietary risk assessment tools to disburse business loans on the same day via its web and newly-released mobile app. The startup has already disbursed millions of dollars to thousands of small businesses in Nigeria, and has also released a feature allowing users to manage loans given to loved ones. The Sycamore app’s “Loan Friends”’ feature enables people to make a loan request from a friend or family…

Egyptian e-grocery marketplace ON Market has raised US$215,000 in pre-seed funding to further expand its operations in Cairo, Alexandria, Tanta, Mansoura, and multiple other cities across the country. Founded in June 2020 in Tanta by Moatasem Marzouk, Seif Yasser, Ahmed Najjar, and Moataz Marzouk, ON Market empowers grocery retailers with tech solutions to build and sustain online commerce. The startup, which graduated from the AUC Venture Lab’s acceleration programme in 2021, also connects customers through their app with nearby grocery retailers, enabling them to order from multiple retailers in a single order. The pre-seed funding comes from a host of…

Telecom Egypt has signed an agreement with the European Investment Bank (EIB) to secure a loan of €150-million to expand its 4G broadband network. According to EIB, the operator plans to use the money to open a new development facility that will be used to deploy 2, 000 new mobile sites to upgrade coverage and installing additional capacity layers to its existing portfolio of mobile towers. It added that the partnership, currently the EIB’s largest mobile network loan in Africa, will expand the network to cover less densely populated areas , enhance competition and make services more affordable. Telecom Egypt…

Global digital infrastructure company Equinix has acquired West African datacentre and connectivity solutions provider MainOne for an enterprise value of US$320-million, and effectively marks the beginning of its expansion into Africa. In a statement released to the media, Equinix said the completion of this acquisition augments its long-term strategy to become a leading African carrier-neutral d igital infrastructure company by being able to bring a full range of transformative technologies and connectivity to Cote d’Ivoire, Ghana and Nigeria. An excerpt from the statement reads: “This acquisition will extend Platform Equinix into West Africa, giving organisations based inside and outside Africa…