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29 - 10 - 2018

Good morning and welcome to today's edition of TC Daily. Did a friend or colleague forward this to you? Do take a minute to subscribe so you don't miss out on future editions.

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Econet has launched a ride-hailing service, Vaya Lift, in Zimbabwe through its subsidiary Cassava. The platform already has 500 active drivers and is looking to onboard more by offering free fuel and airtime worth $5. Econet has plans to add more on-demand services in the future through its new subsidiary, Cassava On-demand Services. 

Liquid Telecom and Kenya Electricity Transmission Company (Ketraco) have signed a 15-year agreement to provide internet access in Somalia, Ethiopia and Uganda. Liquid Telecom will lease Ketraco's electricity transmission lines to provide the service. The telco will invest at least $7m to commercialize the transmission lines which will provide internet access to villages and local businesses.

Naspers has announced plans to invest $314m in SA startups over the next three years. About 29% of the investment will go to Naspers Foundry, a startup fund for tech businesses while the rest of the money will go to its portfolio companies. While Naspers' investment outside Africa have largely paid off, it has not yet seen similar success at home.

Zimbabwe's second largest mobile phone network, Telecel, is having some troubles. According to a report by TechZim, the company made losses of about $18.2m between January - September. The government is considering selling its stake in the telco and it has also been receiving summons and letters of demand from its creditors.

The European Investment Bank has revealed its intentions to contribute €15m to AfricInvest, a Tunisia-based startup fund. The fund is looking to raise a total of €120m and will participate in Series A rounds and beyond for startups across the African continent.

Accenture and the UNDP are calling for applications in the YAS! (Youth for Africa & SDGs) 2018 Hackathon. Find out more and apply here before November 5.

Paga has reached 10m unique users about 2 months after it celebrated 9m users. The fintech startup has also announced that its sister company, a cloud payroll business will be launching soon. Paga launched in 2012 and raised a $10m Series B2 funding in September to grow its development team and fund its expansion outside Nigeria.

In more fintech news, South Africa's Yoco, has now reached 30,000 businesses across the country. Yoco raised a $16 billion Series B funding in September to build up its users and add more features. 

Quartz takes a look at Africa's gig economy, its importance and how companies like Uber, Airbnb etc. are shaping it. Learn more here.

MEST Africa is hosting a Soapbox session with Dave Emnett, Cofounder/COO - OZE at its Accra incubator. The event holds on November 1 by 5:30pm. Register here.


On LocalCoinExchange, buyers trade directly with sellers that have flexible rates and mode of payments. Many of the sellers trade via bank transfers, Paypal, credit and debit cards, cash, and a range of other crypto exchanges. In a further commitment to its goal of making cryptocurrency trade easier, LocalCoinExchange would like to know what major problems you've faced with currently available crypto exchanges?

From TechCabal

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- Olanrewaju.
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