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Bundle Africa shuts down its exchange platform

By Ngozi Chukwu Jul 22, 2023

Bundle Africa CEO, Emmanuel Babalola. Image Source: Billionaire Tomorrow.

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Editor’s Note

Week 30, 2023
Read time: 5 minutes

Hello 👋🏾

In this week’s edition, we cover major updates in the tech and business landscape, including Bundle Africa’s restructuring, Nigerian ride-hailing drivers’ demand for reduced commissions, smartphone shortage in Kenya, and more.

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Pamela Tetteh Editor, TechCabal.

Editor’s Picks

	Bundle Africa shuts down its exchange platform In a significant restructuring move, web3 startup Bundle Africa has shut down its exchange services after three years of operation. The company will shift its focus entirely to its peer-to-peer service Cashlink. Learn more.
	Nigerian ride-hailing drivers demand 10% commission The hike in fuel prices in Nigeria has left ride-hailing drivers grappling with increased expenses. So they want to reduce the commisions of ride-hailing app companies to 10%. Learn more.
	Ethiopia lifts social media ban Great news hit Ethiopia on Wednesday. The country finally lifted its ban on social media platforms like Facebook, TikTok, Telegram, and Youtube. Learn more.
	Netflix blocks password sharing in SA South Africans’ days of freely sharing their Netflix passwords with friends outside their household are officially over. Learn more.
	Shortage of smartphones in Kenya The Kenya Revenue Authority (KRA) has had enough of tax evasion and is cracking down on more businesses. Unfortunately, this crackdown is causing supply shortages for phone vendors and increasing the prices of available phones. Learn more.

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	Starlink launches in Kenya Starlink is now available in Kenya. Kenyans can get the broadband internet service for Ksh6,500/month ($45.9) with a one-time hardware cost of Ksh92,000 ($649.72). Learn more.
	Safaricom to launch Starlink rival Elon Musk’s Starlink will face a new rival in Kenya’s satellite space. Kenya’s top communications company, Safaricom, has partnered with AST SpaceMobile to launch satellite internet services. Learn more.
	Canal+ is smelling blood The French broadcasting giant, Canal+, has just upped its stake in the Multichoice to 31.7%! That’s a power move because according to South African law, once a shareholder crosses the 35% threshold in a listed entity, they’re obliged to make a takeover offer. Learn more.
	A $966.8 million thumbs up The International Monetary Fund (IMF) has given Kenya’s new taxes a $966.8 million (Ksh136.7 billion) thumbs up 👍 . But the president’s opposition party and numerous Kenyan citizens are taking to the streets to protest these taxes vehemently. Learn why.
	Telkom plans to sell its tower portfolio South Africa’s biggest Internet Service Provider (ISP), Telkom, has plans to sell its Swiftnet tower within the next two months. Read more.

Who brought the money this week?

Egyptian fintech company Flash raised $6 million in a seed round. The round was led by Addition other participating investors, including Flourish Ventures and angel investors.
Nigerian Health tech company Pharmarun received $10,000 in equity-free funding from the Pitch2Win competition.
Mycover.ai, a Nigerian-based insurtech company, raised $1.25 million in a pre-seed round. The round was led by Ventures Platform. Other participating investors included Founders Factory Africa and Techstars.
Tunisian mobility company, Kaco secured undisclosed funding from UGFS North Africa.