African-focused fintech, Zazuu shuts down

Zazuu, a U.K.-based and Africa-focused fintech startup has shuttered due to its inability to raise additional funding.

Nigerian banks’ USSD debt soars to ₦200 billion

From May 2023 until now, the USSD debt of Nigerian banks has surged by 66.67%, reaching a total of ₦200 billion, according to ALTON.

Paystack downsizes workforce outside Africa to localise cost

Nigerian fintech startup, Paystack is downsizing its team outside Africa, starting with the layoff of 33 employees in Europe and the UAE, where it has an engineering hub.

Showmax sets sights on becoming #1 streaming service in Africa with bold relaunch

The streaming service reveals fresh new brand identity and plans in the build-up to its February 2024 relaunch.

Breaking: Techstars-backed Chimoney acquires Scrim

Nigerian fintech startup, Chimoney has acquired Scrim App in an undisclosed deal. As a result of this acquisition, the Scrim App will be relaunched in December 2023.

Nigerian Web3 startup, WiCrypt expands to China

Enugu-based blockchain startup, Wicrypt has expanded its WiFi-sharing network to China, naming Onega Ventures as the sole distributor.

South Africa’s Neighbourgood buys Local Knowledge for $1.5M

South African proptech startup, Neighbourgood has acquired Local Knowledge, a Cape Town-based traveltech startup in a cash and equity deal worth $1.5 million.

Pineapple secures record-breaking funding in South Africa’s insurtech sector

South African insurtech startup, Pineapple has raised $21.3 million Series B in a round led by Futuregrowth, Talent10 and MIC, with participation from Old Mutual ESD, Lireas Holdings, ASISA ESD Fund and E4E Africa.

Qore hosts Nexus Customer Experience event; charts the future of financial services delivery in Africa

The event provided invaluable insights to craft strategies for growth and expansion in the evolving digital landscape.

Exclusive: Patricia to repay users in Naira instead of Patricia Tokens

In October, Nigerian SEC-licensed trust company, DLM Trust announced that it temporarily paused its appointment as an escrow trustee with Patricia to oversee the repayment of $2 million in customers’ assets lost in a hack last year.

Shekel Mobility secures $7M to drive vehicle financing in Africa

Shekel Mobility, a B2B trading platform catering to car dealers in Africa, secured a $7 million seed in a round led by Ventures Platform and MaC VC.

BD Insider 211: Kenya to lead the dollar-dominance cut in Africa

Bolt Food has exited South Africa and Nigeria. We covered this and the Fixtbit shutdown in South Africa and the Pan-African Payment and Settlement System.