Fintech Association Of Kenya’s Post

𝗡𝗼𝗿𝗳𝘂𝗻𝗱 𝗘𝘅𝗽𝗮𝗻𝗱𝘀 𝗙𝗶𝗻𝗧𝗲𝗰𝗵 𝗜𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁𝘀 𝘁𝗼 𝗕𝗼𝗼𝘀𝘁 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗜𝗻𝗰𝗹𝘂𝘀𝗶𝗼𝗻. Norfund has announced a $20 million investment in the new Apis Growth Markets Fund III, managed by private equity firm Apis Partners LLP. This fund will focus on notable trends such as cashless payments, embedded finance, and financial inclusion, particularly in Africa and South/Southeast Asia Apis Partners' previous funds have collectively raised around $850 million, indicating a strong track record in delivering impactful and financial results. Norfund's investment aligns with its strategy to enhance financial inclusion through fintech, supporting digital lending, neobanking, insurtech, and payment solutions across sub-Saharan Africa and Southeast Asia. Norfund typically invests $5-20 million in high-quality fintech companies from Series A onwards and collaborates with fintech funds like Quona Capital and Integra Partners to extend its reach. The investment in Apis Growth Markets Fund III will diversify Norfund's portfolio, supporting mature and high-growth fintechs that provide accessible financial services in emerging markets. “We are impressed by Apis’ professionalism and expertise in guiding the growth of promising mature FinTechs through its active and invaluable mentorship," said Espen Froyn, Senior vice president for FI Africa in Norfund. "Apis and Norfund share a strong commitment to improving financial inclusion in emerging markets. This partnership enables Norfund to develop our internal fintech expertise and offers opportunities for direct investments through co-investing with the fund.” #Funding #Finance #Tech #Norfund #Apis

Huawei Presents Intelligent Network for Southern Africa. Huawei showcased its Xinghe Intelligent Network Solution at the Africa Connect 2024 event in Johannesburg, South Africa, under the theme "Accelerate Industrial Intelligence." The solution, based on the Net5.5G target architecture, aims to drive industrial intelligence and digital transformation across Southern Africa. Leon Wang, President of Huawei's Data Communication Product Line, emphasized the need for constant innovation in networking technologies to meet evolving business demands. The Xinghe Intelligent Network offerings encompass four key areas: Intelligent Campus, Intelligent Fabric, Intelligent WAN, and Intelligent Network Security. The Intelligent Campus solution features all-scenario Wi-Fi 7 products that enhance wireless signal strength and user capacity, along with advanced audio and video assurance capabilities. The Intelligent Fabric utilizes AI-driven algorithms for optimized network-wide load balancing and rapid switchovers. The Intelligent WAN offering provides intelligent scheduling of service flows and flexible bandwidth adjustment, while the Intelligent Network Security solution offers comprehensive protection across various network elements. Huawei also introduced Xinghe Intelligent Industry Network solutions tailored for sectors such as public services, finance, and electric power. Additionally, the company announced cost-effective distribution solutions for small and medium-sized enterprises. #Tech #Africa #Telecoms

𝗖𝗢𝗦𝗦𝗔 𝗣𝗿𝗼𝗴𝗿𝗮𝗺 𝗟𝗮𝘂𝗻𝗰𝗵𝗲𝗱 𝘁𝗼 𝗕𝗼𝗼𝘀𝘁 𝗔𝗳𝗿𝗶𝗰𝗮𝗻 𝗧𝗲𝗰𝗵 𝗦𝗰𝗮𝗹𝗲𝘂𝗽𝘀. Two Rivers International Finance & Innovation Centre SEZ has successfully launched the Chanzo OneSpace Startup and Scaleup Accelerator (COSSA) program in collaboration with Horizons Offices Limited's OneSpace and Chanzo Capital. The launch event was attended by Hon. Rebecca Miano,EGH, Kenyan Cabinet Secretary for the Ministry of Investment, Trade and Industry, along with Mr. Fred Muteti, Board Chair of the Special Economic Zones Authority, and Dr. Kenneth Chelule, CEO of the Special Economic Zones Authority. The COSSA program aims to empower innovative tech scaleups by providing them with Capital, Capacity, and Community support to facilitate their transformation into African multinational corporations. This initiative leverages the strategic incentives offered by TRIFIC SEZ, the high-end office spaces and services from OneSpace, and capital from Chanzo Capital's KINGS Fund. The program is expected to play a crucial role in positioning Kenya as an innovation and investment hub, while also contributing to job creation and economic development across the continent. #Kenya #VC #Funding #Tech #DigitalEconomy Photo Credits: Two Rivers International Finance & Innovation Centre SEZ

Daphne Kabeberi will drive Glovo's sustainability agenda, ensuring the company's operations and initiatives contribute meaningfully to social and environmental well-being across the continent. Ms. Kabeberi brings over 20 years of experience in community welfare, having previously served as the Program Lead and Partnership Manager at Tunapanda Institute, where she designed and fundraised for training programs for digital workers from underprivileged communities. She also worked as the Lead Sustainability Engineer at Endustrial Support - Chi Yang Systems, successfully implementing eco-label standards that optimized energy and water utilization, significantly reducing the carbon footprint of a leading hotel. Sébastien Pellion, Global Head of Impact & Sustainability at Glovo, expressed confidence in Kabeberi's ability to elevate the company's sustainability initiatives in Africa. "I am immensely excited to be on this team, in such a vibrant organization. It’s a privilege to lead efforts that will see Glovo take its place as an Impact & Sustainability pioneer and trendsetter on the African continent." said Kabeberi. Ms. Kabeberi's diverse expertise and steadfast commitment to sustainability and community development position her as a valuable addition to the Glovo team. Her appointment will strengthen the company's efforts to enhance its impact and sustainability strategies across Africa.

𝗣𝘂𝗺𝗽𝗸𝗻 𝗦𝗲𝗰𝘂𝗿𝗲𝘀 𝗜𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁 𝘁𝗼 𝗧𝗿𝗮𝗻𝘀𝗳𝗼𝗿𝗺 𝗔𝗴𝗿𝗶𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗻𝗴 𝗶𝗻 𝗔𝗳𝗿𝗶𝗰𝗮. South African startup pumpkn.io has secured investment from Renew Capital to address the significant funding gap in Africa's agricultural sector. Despite agriculture contributing about 35% to the continent's GDP and supporting nearly half of Africa's 1.4 billion population, many agribusinesses struggle to access necessary financing. Pumpkn aims to revolutionize agribusiness funding by leveraging data for credit assessments and facilitating connections between lenders and bankable agricultural small and medium-sized enterprises (agri-SMEs). The platform offers fast loan approvals, paperless processes, and seamless accessibility by directly linking to agri-SMEs' bank accounts. Zaheer Dindar, co-founder & CEO of Pumpkn, emphasized the company's mission: "Pumpkn is committed to working closely with agribusinesses to enable their growth, with a direct impact on job creation. We seek to fill the financing gap for agribusinesses by providing farmers and entrepreneurs with the financial resources they need to thrive." This investment marks Renew Capital's first venture in South Africa. Adam Abate, principal of investment at Renew Capital, expressed enthusiasm for the partnership: "We are witnessing an important shift in Africa, with technology playing a major role in boosting sectors including agriculture. We are thrilled to support Pumpkn on its mission and proud to have them as our first-ever investment in South Africa." #Agritech #Investment #Agribusiness #Fintech #Africa

Meta Adapts AI Labeling to User Expectations. Meta has recently updated its approach to labeling AI-generated content on its platforms, including Instagram and Facebook. On July 1, 2024, the company announced a shift from using the label "Made with AI" to a broader term, "AI Info". This change was implemented in response to user feedback and confusion about the meaning and scope of the previous label. The tech giant explained that it had been using "industry standard indicators" to identify AI-generated content, but found that these labels didn't always meet user expectations or provide sufficient context. The decision to adopt the new "AI Info" label aims to better encompass the various ways AI is utilized in creating photos and videos shared on Meta's platforms. Meta's recent shift in labeling AI-generated content from "Made with AI" to "AI Info" underscores a broader trend in the digital landscape where the line between reality and artificial creation is becoming increasingly blurred. This change reflects the growing complexity of AI's role in content creation and the challenges in accurately conveying its involvement to users. As AI technologies continue to advance, producing increasingly realistic images, videos, and even voice clones, the distinction between authentic and synthetic content becomes more nebulous. #Tech #ArtificialIntelligence #Meta #AI

Google Translate now supports Luo Omera! Wotis😁

Building Bytes and MEST Africa Catalyze Growth in Ghana's Tech Community with Demo Fridays. Building Bytes is a tech podcast hosted by three Ghanaian software entrepreneurs, Caleb Lamptey, Poga Kuofie, and Yaw Antwi Owusu. Launched in July 2023, the podcast aims to facilitate conversations within the Ghanaian tech ecosystem to drive growth and innovation. MEST Africa, on the other hand, is an Africa-wide technology entrepreneur training program, internal seed fund, and network of hubs offering incubation for technology startups across the continent. Organized by the Building Bytes and supported by MEST Africa, the Demo Fridays event event brings together startups, tech teams, early adopters, and professionals in a vibrant showcase of innovation. Inspired by the historic Homebrew Computer Club meeting, Demo Fridays aims to create a platform for sharing insights, igniting collaborations, and sparking innovation. Ghana's fintech scene has seen remarkable growth, driven by a combination of innovative startups and supportive regulatory frameworks. The Bank of Ghana's FinTech Sector Report for Q1 2024 highlights significant milestones, including the successful completion of cross-border trade using digital credentials. Startups like Zeepay Company Limited have secured substantial funding to expand their operations across Africa and the Caribbean, demonstrating the sector's potential. The 3i Africa Summit held in Accra further emphasized the importance of breaking down policy barriers to foster fintech innovation and investment, in Ghana. The event featured impressive demos from startups like Grey Parrot IO's USSDhub, Uzurispace, Bareconnect, and Worklyn, showcasing a range of innovative products from a drag-and-drop platform for building USSD apps to a virtual reality startup for artists. #Fintech #Africa #Tech #Ghana Photo Credits: Worklyn

Red Ribbon Communications and DocFox's Initiative Enhances Understanding of FICA Compliance. This initiative was particularly crucial following South Africa's placement on the Financial Action Task Force's grey list in February 2024, which highlighted deficiencies in the country's anti-money laundering and counter-terrorist financing measures. The campaign, a collaboration between Red Ribbon Communications and DocFox Africa, aims to educate the public and financial institutions on the importance of FICA compliance. This effort has already been instrumental in addressing the challenges posed by the greylisting and in promoting accountability within the financial sector. Hawken McEwan, Director of Risk and Compliance at DocFox, expressed satisfaction with the campaign's outcomes, noting that it has successfully positioned DocFox as a leading voice in the fight against financial crime in South Africa. #Africa #Compliance #Regulations

𝗣𝗲𝗹𝗲𝘇𝗮 𝗮𝗻𝗱 𝗣𝗿𝗲𝗺𝗯𝗹𝘆 𝗨𝗻𝗶𝘁𝗲 𝘁𝗼 𝗙𝗼𝗿𝗺 𝗚𝗹𝗼𝗯𝗮𝗹 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝗣𝗼𝘄𝗲𝗿𝗵𝗼𝘂𝘀𝗲 𝗣𝗿𝗲𝗺𝗯𝗹𝘆 𝗚𝗿𝗼𝘂𝗽. Peleza International, a background checks and KYB solutions platform in East Africa, has merged with Prembly, a digital security and compliance infrastructure company. The resulting entity is Prembly Group which aims to become a powerhouse in Global Data Infrastructure and Compliance Solutions. The merger marks the end of a successful partnership between Peleza and Prembly, which began as a collaborative effort and evolved into a strategic alliance. This union leverages Peleza's expertise in background checks and KYB solutions in East Africa, alongside Prembly's comprehensive compliance operations and product suite. The combined strengths of both entities will enable Prembly Group to serve international corporations more efficiently and effectively. Prembly Group aims to deliver enhanced value to customers by providing a more comprehensive suite of services, including identity verification, security, and compliance tools. The merger is expected to accelerate speed to market, expand geographical footprint, and improve competitiveness across multiple sectors such as finance, telecommunications, and e-commerce. Shareholders and investors can anticipate significant cost synergies, operating margin expansion, and enhanced growth opportunities. #Fintech #Africa #Tech #Cybersecurity #Peleza #Prembly