AfricaWorks Insights

AfricaWorks Insights

5/20/2025, 2:32:28 PM

🚀 MaxAB-Wasoko has acquired Egypt’s Fatura from EFG Finance, accelerating its mission to unify Africa’s B2B commerce and fintech landscape. 🤝 The deal brings 626+ wholesalers, expands MaxAB-Wasoko’s reach to 5 new cities, and boosts its fintech capabilities, now financing 9%+ of e-commerce sales. 📈 With Fatura expected to drive 25% of Egypt revenue by 2025, this move cements MaxAB-Wasoko’s push to build a retail super app for African SMEs. 🌍 🚗 Egyptian startup Sylndr just raised $15.7M in Series A funding to scale its digital used-car marketplace — tackling Egypt’s fragmented auto market with transparency, financing, and servicing all in one platform. 💸 Founded in 2021, Sylndr has now raised over $30M and plans to expand inventory, tech, and brand reach as demand for affordable cars surges amid economic pressure. 🌍 The African Space Agency (AfSA) officially opened its doors in Cairo, marking a major step toward improving climate resilience, satellite infrastructure, and data-sharing across the region. With aims to launch satellites, expand climate monitoring, and unify fragmented space efforts, AfSA is set to boost Africa’s $19.5B space economy 📡. Backed by the AU and international collaborations, this move positions Africa as a serious player in global space innovation and sustainability. 🌌 📡 The state of Nigeria 🇳🇬 has secured $22M in foreign direct investment to expand its fibre optic network by 2,700km — pushing toward a total of 6,000km. Spearheaded by LASIMRA, the move boosts digital access, supports over 1M new internet users, and aligns with Governor Sanwo-Olu’s vision of making Lagos Africa’s top tech hub by 2025. 🚀

AfricaWorks Insights

5/19/2025, 2:30:42 PM

🇰🇪 M-PESA processed over $450.8B in transactions in FY2025, marking an 18.3% YoY increase and reinforcing its dominance in African fintech. Financial services now make up 11.6% of Vodacom Group's service revenue, with 87.7M+ users across 7 countries. As part of Vision 2030, Vodacom aims to reach 120M financial services users and grow revenue beyond mobile to 30% of total service income. 🇪🇬Egyptian investment platform Thndr has raised $15.7M in fresh funding led by Prosus Ventures, bringing its total to nearly $40M. Founded in 2020, Thndr is democratizing investing in MENA with commission-free trading, no minimums, and an education-first approach - onboarding over 1M users in 2024. As it eyes GCC expansion and access to U.S. stocks 📈, Thndr is reshaping fintech in emerging markets by unlocking retail investing for the underserved 🚀 🚀 South African edtech startup TTRO has expanded into Saudi Arabia, opening a Riyadh office to support the Kingdom’s Vision 2030 goals 📚. Known for delivering innovative, impact-driven digital learning solutions, TTRO partners with governments and businesses to build future-ready skills - now strengthening its global presence alongside offices in the UAE, UK, and New Zealand. 🌍 💸 Egypt’s fintech scene just hit a milestone: Catalyst Partners Middle East (CPME) has acquired digital lending startup Qardy in a $23M SPAC merger, marking the country’s first SPAC deal. This move boosts access to funding for MSMEs and signals Egypt’s growing role as a hub for innovative financial transactions in MENA.

AfricaWorks Insights

5/23/2025, 2:42:35 PM

💳 Cyprus-based fintech SPAYZ.io expands into South Africa, Egypt, and Cameroon targeting Africa's $1.5 trillion digital payments market by 2030 🌍 The company will launch EFT transfers in SA's $158B card market, enter Egypt's $104B digital space, and tap Cameroon's mobile money dominance (71% of CEMAC transactions) 🚀 💳 Kredete launches Africa's first stablecoin-backed credit card (built with Visa, Stellar, and Rain) for users across 41+ African countries to spend USDC globally at 150M+ merchants with real-time settlement 🌍 The card addresses high fees and limited access issues by combining US dollar-backed stablecoins with instant blockchain settlement, serving freelancers, families, businesses, and students across Africa 🚀 💰 Egyptian fintech ElGameya raises seven-figure funding led by AYADY for Investment and Development to modernize traditional Rotating Savings and Credit Association (ROSCA) model through mobile app 🇪🇬 Founded in 2020, the startup has achieved 50% month-on-month growth with 1M registered users and partnerships with 150+ companies/schools, offering customizable savings circles for education, marriage, and business goals 📱 🚢 Regional Maritime Development Bank (RMDB) officially launches operations in Nigeria after 16 years of development, aimed at boosting regional trade and maritime sector economic growth 🇳🇬 Marine and Blue Economy Minister Adegboyega Oyetola announced the milestone, emphasizing it ends institutional deadlock and reaffirms Nigeria's commitment to regional integration and economic cooperation ⚓

AfricaWorks Insights

5/21/2025, 2:28:56 PM

🚲 Ghana’s Wahu Mobility has secured a landmark carbon credit deal with Switzerland, becoming the second global e-mobility project approved under Article 6 of the Paris Agreement. 🌍 The startup will deploy 117,000 e-bikes to avoid over 752,000 tons of CO₂ by 2030, positioning Ghana as a rising player in the carbon finance space. 💰 This marks a key step in Africa’s clean tech and carbon market evolution. 🤝 South African ICT distribution company, Axiz has partnered with global AV leader Jabra to bring advanced audio and video solutions to South Africa, boosting its portfolio for hybrid and remote work needs. 🎧 The alliance enables professionals to stay connected and productive with tools like noise-cancelling headsets and smart video conferencing tech. 🌍 Both companies aim to expand their regional footprint and meet growing demand for high-performance collaboration tools. 🍲 Nigerian food vendor Amoke Oge has achieved a major milestone with N2.3 billion in revenue from 500,000 deliveries on Chowdeck, becoming the first woman-led business on the platform to do so. 🚀 Powered by digital growth and improved logistics, this success highlights the rising impact of food tech in Nigeria.📦 🚌 Kenyan startup BuuPass has been named “Most Innovative Online Travel Booking Solution in Africa” by International Explorer, recognizing its impact on digitising transport across the continent. 🌍 Since 2016, BuuPass has sold over 16 million tickets and generated $100M+ in value, making travel more accessible via web, app, and USSD while empowering bus operators with powerful SaaS tools. 🏆

AfricaWorks Insights

5/15/2025, 2:30:07 PM

AfricaWorks has been recognized for the 4th consecutive year as one of Africa's Fastest Growing Companies 2025 by the Financial Times and Statista 🚀🏅Ranking 5th overall, alongside esteemed companies like Moniepoint Inc, MKopa , TymeBank , Gozem Pte Ltd, and Aldelia 🇰🇪 Kenyan edtech Craydel has expanded to Rwanda 🇷🇼 and is growing its Nigerian 🇳🇬 team, marking its presence in five African countries. The startup connects students with counselors and overseas universities through its platform 📲, aiming to simplify study-abroad choices across Africa. Backed by $2.5M+ in funding, Craydel is scaling fast to meet rising demand in a $30B edtech market 📈. 🇿🇦South African startup AURA just secured $14.5M (R275 million) in Series B funding to take its emergency response platform global. Already active in 🇿🇦 🇬🇧 🇰🇪, AURA plans to launch in the U.S. with a universal emergency dispatch API - aiming to make life-saving help borderless. Backed by Partech and Cathay AfricInvest, it now supports 1.2M + users. 🌍📲 💸 Payments platform Cross Switch just landed in Kenya through a partnership with local player Pesawise. The move plugs Cross Switch directly into East Africa’s booming digital payments scene — with backing from Pesawise’s licenses and local know-how.They’re pushing financial inclusion + social impact, already helping merchants like Glovo Kenya.

AfricaWorks Insights

5/22/2025, 2:37:20 PM

💸 Nigerian fintech Carrot Credit raised $4.2M seed funding led by MaC Venture Capital to grow its asset-backed lending platform across Africa 🌍. Founded in 2023, it lets users borrow by pledging digital investments like stocks or bonds 📈 as collateral—offering flexible terms, low rates, and a seamless B2B2C model integrated into fintech platforms 🤝. 📈 Egyptian fintech Valu got EGX approval to go public, with EFG Holding set to distribute 20.5% of Valu shares to shareholders instead of cash dividends 💸. It raised $27M from Saudi investors to boost capital and scale digital services post-listing, while retaining strategic backing from EFG 🏦. 🏭 Dangote Refinery has partnered exclusively with Vinmar’s Premier Product Marketing to export its polypropylene globally 🌍, following the recent launch of its $2B Lekki plant producing 900,000 mt/year using INEOS tech ⚙️. This move positions Dangote as Africa’s top polypropylene producer, set to shake up global markets across packaging, textiles, and construction 📦👗🚧. 💰 Seeds & Pennies, Liberty Assured’s retail lending arm, raised $1.1M to expand inclusive credit access in Nigeria, focusing on women-led microbusinesses and launching BNPL products for MSMEs, mobile devices 📱, and rent 🏠. With 40 branches (80% female workforce) and plans to double reach by 2026, the funding will boost lending, scale AI-driven collections, and deepen community impact 💼.

AfricaWorks Insights

5/27/2025, 2:29:54 PM

📈 Pepkor saw a 12.4% rise in earnings and 12.8% revenue growth in H1, driven by strong retail, 17% growth in handset sales, and a 34.5% surge in fintech revenue. 🛍️📱FinTech and cellular units are booming, now powering 8 out of 10 prepaid handset sales in SA, while brands like PEP and Ackermans continue to gain market share. 🇿🇦🚀 The group plans to open up to 300 new stores in 2025, banking on lower inflation, easing load shedding, and rising consumer relief. 💸 The African Development Bank's capital soared by 241.9%, growing from $93B in 2015 to $318B in 2025, under President Adesina’s leadership. 🌍 As he exits after a decade of impact, reaching 500M+ Africans, a new leader will be elected at the 2025 Annual Meetings in Abidjan, with 5 candidates vying to shape the Bank’s next chapter. 🔁👥 🌍 Blockchain.com is expanding into Ghana, Kenya, and South Africa, with plans to open a physical office in Nigeria by Q2 2025, marking it the first foreign crypto firm to do so. 🇳🇬 With Africa’s crypto market projected to hit $2.9B in 2025, this move underscores growing regulatory clarity and foreign confidence in Africa’s digital asset future. 🪙 📈 Ghana’s exports hit $9.33B in April 2025, driven by gold ($5.24B) and cocoa (€1.84B), boosting the trade surplus to $4.14B (4.7% of GDP) 🌍. Gold surged on rising global prices, while strong exports lifted reserves to $10.67B, enough for 4.7 months of imports, though risks from global shocks remain. 🌐

AfricaWorks Insights

5/26/2025, 2:22:36 PM

🇳🇬 Terrahaptix, a Nigerian autonomous systems startup, clinched a $1.2M deal 🤑 over an Israeli rival to deploy AI-powered drones and sentry towers at two hydroelectric plants, securing stable annual revenue through software subscriptions. 🔐 Their Artemis OS, which detects threats like bandits and ammo levels, was key to winning the contract, boosting their expansion across Africa with 75% of sales now outside Nigeria. 🌍 🇳🇬 Nigeria launched an AfCFTA air corridor via Uganda Airlines to boost exports to Kenya, Uganda & South Africa, slashing logistics costs by 50–75% ✈️📦. It supports trade in textiles, cosmetics, and agro-products, with new tariff cuts and digital protocols enhancing market access and competitiveness across Africa 🌍📉. 🇳🇬 Nigeria will commission two lithium processing plants in 2025, a $600M facility near Kaduna and a $200M refinery near Abuja shifting from raw exports to local value-add 💎🏭. Backed 80% by Chinese investors, the move aims to boost jobs, tech, and manufacturing, as part of mining sector reforms and rising global demand for high-grade lithium ⚡🔋. 📡 Zambia commissioned a new communication tower in Kalunkumya village to boost mobile access for 10,000+ people across MTN, Airtel & Zamtel (2G–4G) 📶. It’s part of a 51-Tower Project aiming for 80 towers by 2025 to bridge the digital divide and expand access to mobile banking, e-payments, and emergency services in rural areas 🇿🇲💻.

AfricaWorks Insights

5/16/2025, 2:28:12 PM

🌱 Moroccan agrotech startup, Sand to Green won a $50K grant at the DeepTech Summit 2025 to scale its model of turning arid land into productive farmland using solar desalination, satellite mapping, and regenerative agroforestry. 🌍 The win boosts its expansion across Africa, MENA, and Southern Europe, amid rising investor interest in climate-smart agriculture and food security solutions. 💰Backed by $1M in seed funding, the startup taps into Morocco’s $12.39B agri-market. Cape Town startup Impulse Biomedical has secured new funding from E Squared Investments and ANZA Capital 💰 to commercialise its breakthrough emergency care products and expand globally 🌍. Known for the Easy Squeezy asthma inhaler and the reloadable ZiBiPen auto-injector, the company aims to scale its life-saving healthcare tech while prepping for a Series A raise 🚀. Liquid Intelligent Technologies teamed up with Zambia National Commercial Bank (Zanaco) to boost mobile banking and connectivity by placing Zanaco agents in Liquid Home stores across major malls in Zambia 🏦📱. This move makes it easier for customers to manage finances and access internet services simultaneously, supporting Zambia’s digital transformation goals 🌐🚀. 📡 Safaricom has partnered with Quickmart to make 4G and 5G home internet more accessible, offering routers in-store nationwide. 🛒 Customers can now self-activate via QR codes for instant setup, boosting convenience and connectivity. 🔗 This move supports Safaricom’s 25th anniversary push to deepen digital inclusion across Kenya. 🇰🇪

AfricaWorks Insights

5/14/2025, 2:32:21 PM

📦 Nigerian logistics firm Cargoplug has launched its first self-managed UK hub, streamlining 🇬🇧↔️🇳🇬 shipping as UK-Nigeria trade surpasses £7B. Founded in 2013, the company, known for serving SMEs and diaspora clients—aims to deepen trust and control in cross-border delivery while competing with enterprise-focused rivals. 🌍📈 🍽️ Nigerian food delivery startup Chowdeck has launched in Ghana, marking its first international expansion. The move includes rider training, rewards, and referral programs as it begins operations in key Accra areas, tapping into a booming digital economy and Ghana’s growing mobile-first consumer base. 🇬🇭📱 💸 Opera-backed Pera Limited, an early investor in OPay, is launching MiniPay, a standalone stablecoin wallet app now live across Africa. Already gaining traction in Nigeria and Kenya, the app enables fast, ultra-low-cost transfers using USDT, USDC, and cUSD, targeting mass adoption of crypto for everyday transactions. 🌍📲 🚀 PalmPay has been named Africa’s fastest-growing fintech by The Financial Times, with $63.9M in 2023 revenue and over 35M users transacting 50 times monthly. Active in Nigeria, Ghana, and Kenya, it plans to expand to four more countries by 2025, solidifying its role in everyday digital finance across Africa. 📱🌍