The main African tech strikes from October 2022

The main African tech strikes from October 2022
african tech moves
Picture supply: TechCabal/Timi Odueso

Right here’s what occurred in Africa’s tech ecosystem within the first month of the final quarter of 2022.

1. FUNDING: NORTH AFRICA LEADS IN OCTOBER

In October 2022, African startups made 32 totally disclosed* raises totalling $186,460,000. To this point, this whole is the bottom quantity raised in a month by African startups in 2022, a 51.4% discount from September’s $383,465,000

The highest three sectors in September are fintech, e-commerce and mobility/logistics. Fintech startups raised $60 million (32.2%), e-commerce startups raised $50.6 million (27.2%), and mobility/logistics startups raised $23.3 million (12.5%).

african tech moves
Picture supply: TechCabal/Timi Odueso

Per area, North Africa takes the lead with $113.6 million of the funding, adopted carefully by West Africa with $46.2 million, East Africa with $21.3 million, and South Africa with $5.3 million in disclosed funding. 

african tech moves
Picture supply: TechCabal/Timi Odueso

The highest 5 disclosed offers of October 2022 are

  1. MaxAB’s $40 million pre-Series B round.
  2. Egyptian fintech MoneyFellows’ $31 million raise.
  3. Egyptian fintech Telda’s $20 million seed round.
  4. Moove Africa’s £15 million raise
  5. Kenya’s Sistema.bio’s $10 million raise

Notice: This knowledge compiles solely funding offers introduced in October 2022. Raises are sometimes introduced later than when the offers are literally made. 

This knowledge is unique of estimated grants from accelerators like Techstars or Y Combinator.

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2. NIGERIA PASSED ITS STARTUP BILL

October dropped at an finish a year-long journey between leaders of Nigeria’s tech ecosystem and the Nigerian authorities.

Final month, President Muhammadu Buhari signed the Nigeria Startup Bill, passing it into legislation. All that’s left now’s enforcement.

3. UGANDA’S COMPUTER MISUSE BILL COMES INTO LAW

Whereas Nigeria celebrates its new legislation, activists in Uganda raised alarm over the passing of the Computer Misuse (Amendment) Bill.

Early final month, President Yoweri Museveni permitted the brand new legislation which has been described as “a blow to on-line civil liberties.” The Act prescribes fines as much as UGX 15 million ($3,900), and imprisonment of as much as 10 years for offences resembling on-line harassment.

4. CELLULANT CO-FOUNDER CLEARED OF CHARGES

Two years after being pressured to resign below accusations of mismanagement, Cellulant co-founder Bolaji Akinboro discovered justice final August.

After two years of litigation, Cellulant arrived at an out-of-court settlement with Akinboro and cleared him of all allegations of economic misconduct and private improprieties.

5. SAFARICOM PILOTS 5G COMMERCIALLY IN KENYA

In October, Safaricom grew to become the first telco to provide 5G commercially in East Africa.

Safaricom’s trials for 5G in Kenya began in March 2021, piloting in choose Kenyan cities, together with Nairobi and Kakamega. Final month, it lastly made 5G commercially accessible in Kenya, beginning with WiFi providers solely. 

6. KENYA LICENCES FOUR RIDE-HAILING APPS

Proper on the heels of Uber slashing its fee charges from 25% to 18% for its Kenyan drivers, Kenya’s Nationwide Transport and Security Authority (NTSA) started licensing ride-hailing apps in the country.

In October, the regulator thought-about security complaints from riders in Kenya and requested all ride-hailing operators to submit paperwork for licensing. Of the six who complied, solely 4—Uber, Bolt, Little and Yego Mobility—made the minimize.

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7. MTN WALKS FROM TELKOM MERGER TALKS

MTN mentioned no to the speaking stage in October.

After months of negotiating a merger with Telkom South Africa, the telco walked away after data-only telco Rain proposed its personal merger with Telkom. In accordance with Telkom, MTN’s exit got here after it—Telkom—couldn’t guarantee MTN of exclusivity.

8. ZIMBABWE AND NAMIBIA ANNOUNCE CBDC PLANS

A 12 months after one African nation—Nigeria—formally launched its central financial institution digital foreign money (CBDC), at the very least 9 extra are creating theirs.

In October, Namibia and Zimbabwe joined the fold. Zimbabwe introduced that it’s working with the Harare Institute of Know-how (HIT) to bring its CDBC to life, whereas the Financial institution of Namibia will develop the Namibian dollar CBDC.

9. NIGERIA SUES META

The Promoting Regulatory Council of Nigeria (ARCON) additionally sued Meta in October.

The regulator is seeking ₦30 billion ($69 million) in damages for Meta’s violation of its promoting legal guidelines, which led to a lack of income.

10. KENYA WILL AUDIT DIGITAL LENDERS

Weeks after Kenya’s apex financial institution licensed solely 10 digital lenders from a pool of 288 candidates, the Workplace of the Knowledge Safety Fee (ODPC)—in October—introduced a planned audit on 40 digital lenders who had been reported by Kenyans for knowledge abuse.

The ODPC acquired 1,030 complaints and accepted 555, out of which 299 had been directed in opposition to digital lenders who had misappropriated clients’ private knowledge.

11. GOOGLE TO DEVELOP FIRST AFRICAN DATA CENTRE IN SOUTH AFRICA

In October Google introduced that it might deploy Africa’s first cloud data centre in South Africa

The corporate additionally introduced that it might construct cloud interconnect websites and hyperlink them to Johannesburg, Cape City, Lagos and Nairobi by means of Equiano.

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