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Editor’s Note

  • Week 14, 2023
  • Read time: 5 minutes

This week’s edition is all about the money. We have stories of money being swiped through hacks, loans and loan apps getting approvals, interest rates soaring like an eagle, Eskom taking a $10 million stroll into the VC scene, and more.


Pamela Tetteh Editor, TechCabal.

Editor’s Picks

Flutterwave denies being hacked again

Sources alleged that much like the first incident on February 5, fintech unicorn, Flutterwave, was breached a second and third time on March 1 and 14, 2023. The hackers transferred money from Flutterwave accounts to buy USDT on the crypto platform Binance.

Learn more.

Crypto firm Paxful shuts down

Paxful, a global Bitcoin marketplace with strong roots in Africa, is shutting down operations and returning funds to users. CEO Ray Youssef cited mass staff exits and increasing regulatory issues as reasons for the company’s closure.

Learn more.

Kenya to launch its first satellite

After two years of preparation, Kenya is ready for space. The country’s first operational satellite will blast off on April 10 from the Vandenberg Space Force Base in California.

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Spiro to deploy 140,000 electric motorcycles in Uganda

Spiro is really wheel-y serious about their green mission! The startup which designs vehicles and smart batteries, has partnered with the Ugandan government to roll out over 140,000 electric two-wheelers and 3,000 charge-and-swap stations.

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Kenya reverses 30% ownership rule

Kenya’s president William Ruto just pulled off a “reverse uno” card by flipping the rule that required foreign companies to have 30% Kenyan ownership. Now, they have the green light to operate without a Kenyan co-pilot.

Learn more.

What happens outside the Lion’s Den?

While it’s entertaining to watch business moguls battle it out for millions of naira in investments on the show, have you ever wondered what happens when the cameras stop rolling?

Learn more.

TC Insights: JICA Ecosystem Report

Get Insights on the Nigeria Tech ecosystem, the distribution of tech hubs/incubators nationwide, and the economic impact of selected sectors in the ecosystem.

Download the second edition of the Japan International Cooperation Agency (JICA) Nigeria ecosystem report here to know more about the evolution of the ecosystem.

Where are southern Africa’s YCombinator alumni?

While some YCombinator alumni from the region like JABU Logistics and GlobeDX are soaring high in different directions, others like Passerine Aircraft and Union54 seem to have trouble getting off the ground.

Learn more.

Eskom to enter the VC industry via a $10 billion fund

The Eskom Pension and Provident Fund are spark-plugging into venture capital. They want to reduce their reliance on traditional investments and are revved up to do so with a whopping R185 billion (~$10 billion) pension fund.

Learn more.

FCCPC approves 173 loan apps in Nigeria

Looks like the competition in the digital lending scene is heating up in Nigeria! The Federal Competition and Consumer Protection Commission (FCCPC) has given the nod to 173 digital lenders to run their show in the country, up from the 106 that made the cut in January.

Learn more.

Google stops loan apps from accessing user’s contact & media

Google is cracking down on pesky loan apps that abuse private user data. The tech giant has announced plans to restrict these apps on its Play Store from accessing sensitive information such as photos, videos, and contacts.

Read more.

Who brought the money this week?

  • This week, South African fintech Peach Payments raised $31 million in Series A funding from Apis Partners.
  • PayMeNow, a South African wage access company, received $14 million in debt funding in partnership with RMB.
  • Nigerian Mobility company Shuttlers raised $4 million in equity funding in a round led by Verod-Kepple Africa Ventures (VKAV), a leading pan-African-focused venture capital firm.

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Written by: Ngozi Chukwu

Edited by: Pamela Tetteh

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