Tage Kene-Okafor
Jumia’s revenue and gross merchandise volume showed growth despite a decrease in quarterly active customers, according to its Q1 2024 report. Revenue increased by 19% year-over-year (57% in constant currency) to $48.9 million, while GMV surged by 5% year-over-year (39% in constant currency) to $181 million.
The quarterly active customers...
Two years after announcing plans, Amazon’s highly awaited e-commerce entry into Africa has finally come to pass. On Tuesday, the tech giant launched its marketplace in South Africa. South Africa is the e-commerce giant’s first market on the continent, and it will be going head-to-head with local players like...
Cards are gaining ground in Egypt, with over 30 million in circulation (prepaid cards, particularly, are seeing more use than debit and credit cards combined). This surge in card usage, about 14% in the last four years, is primarily due to the incentives introduced by fintech companies and banks,...
African financial institutions typically scale their solutions using a mix of local and foreign tech. Appzone is one of the standout local fintech software providers for banks and fintechs, providing better pricing and flexibility.
For over a decade, the Nigeria-based Appzone has functioned as an enabler (at payment rails and...
Nigeria is actively seeking information from Binance regarding its top 100 users in the country and all transaction history spanning the past six months, according to a Financial Times report.
This news overlaps with the revelation of the names of the two executives from the cryptocurrency exchange who were detained...
MDaaS Global, a Nigerian health tech company that operates a network of tech-enabled diagnostic centers across the country, has secured $3 million in pre-Series A funding.
The round was led by Aruwa Capital and Newton Partners, the latter of which was the lead investor in the health tech’s $2.3 million...
As remote work becomes increasingly prevalent, organizations globally are adapting, especially regarding onboarding procedures for new employees and navigating cross-border payment complexities. This new age of work has led to a surge in demand for startups that provide human resources (HR), payroll and compliance tools to help businesses hire remotely....
Dubai-based early-stage venture capital firm COTU Ventures is announcing that it has raised $54 million for its inaugural fund to support startups in the Middle East from pre-seed to seed stages.
With a final close achieved last year, COTU Ventures, which identifies and backs founders from the inception to post-product...
The Qatar Investment Authority (QIA) is launching a $1 billion venture capital fund of funds for international and regional venture capital funds, the sovereign wealth fund announced on Monday.
The program, according to QIA, seeks to attract international VC funds and startups to Qatar and the wider Gulf Cooperation Council...
Some cryptocurrency exchanges in Nigeria faced accessibility issues for users, prompting speculation of imposed restrictions on crypto sites, the Financial Times reported.
On Wednesday, local media reported that Nigeria’s telecom regulator, the Nigerian Communications Commission (NCC), received instructions from the country’s apex bank to suspend access to crypto websites, including...
