This week: Africa’s first home card

Editor’s Observe

Week 04, 2023
Learn time: 5 minutes

Greetings, expensive readers, and welcome to a different version of TC Weekender. We’re thrilled to current to you probably the most important information from throughout the African continent. This week, South Africa, Kenya, and Nigeria are notably noteworthy.

South Africa has just lately welcomed the arrival of a brand new information middle, 2Africa’s submarine cable, and has established guidelines for the promoting of cryptocurrency. Nigeria has made historical past by launching the primary home card on the continent. Kenya, alternatively, has been inflicting disappointment to digital lenders and its residents by delaying the digital lenders licensing course of and reversing earlier rulings on cell cash.

Learn on to remain knowledgeable about these and different thrilling developments.

Pamela Tetteh Editor, TechCabal.

Editor’s Picks

	Nigeria launches a home card Nigeria has determined to faucet into its pulsating $18 billion funds and card market with its new home card, Afrigo. AfriGo works identical to Mastercard, Verve, or Visa playing cards, however in contrast to these, it won’t cost customers in international forex however in naira. This card is the primary of its type in Africa. Learn more.
	Kenyan excessive courtroom okays cell switch fees The Kenyan Excessive Court docket has dominated for banks within the nation to renew fees on transfers between financial institution accounts and cell cash operators. This ruling comes lower than two weeks after the identical courtroom ordered the suspension of such fees ending the two-year run of free transfers. Learn more.
	Kenya drafts new regulatory sandbox The Communications Authority of Kenya has printed a draft of the “Framework for Rising Applied sciences Regulatory Sandbox” and is in search of the general public’s suggestions by February 3, 2023. The sandbox is a managed surroundings wherein innovators can conduct reside checks of recent merchandise that the present rules don’t adequately cater to. Learn more.
	SA will get one other information centre Cape City has gotten one more information centre—a 20MW IT load facility that’s anticipated to be up and working by mid-2024. The nation is turning into the information hub of the continent regardless of the electrical energy troubles it has been experiencing. Learn more.
	Swvl tries to undo Volt acquisition Low on money and excessive on losses, the Cairo-born Nasdaq-listed bus operator Swvl desires to undo its 2022 acquisition of Turkish transportation-as-a-service operator Volt Traces. for $40 million because it searches for a technique to survive and turn out to be worthwhile this 12 months. Learn more.
	Swvl escapes Nasdaq delisting In different information, Swvl has narrowly escaped Nasdaq delisting by a reverse inventory cut up that granted every shareholder 25 shares for every share held. The corporate has regained compliance with Nasdaq, however it has to maintain the value from falling beneath $0.37 for 10 consecutive days between now and July 10, 2023. Learn more.

The State of Tech in Africa Report

Our State of Tech report for This autumn 2022 will likely be accessible for obtain quickly. Until then, download the Q3 report if you happen to nonetheless haven’t.

	Delayed CBK licence threatens digital lenders Because it authorized 10 digital lenders final 12 months, the Central Financial institution of Kenya has not issued contemporary licensing to any of the opposite 278 lenders which have been ready in line. Now Google is refusing to host their cell apps, and traders are hesitating to provide them cash as a consequence of their lack of licence. The digital lenders are dropping prospects and funding for loans. Learn more.
	New guidelines for crypto adverts in SA Final 12 months, South Africa labeled crypto belongings as monetary merchandise. Now, the nation’s Promoting Regulatory Board (ARB) has up to date its Code of Promoting Observe with a clause particularly focusing on the commercial of crypto belongings. Study extra.
	Cape City to pay residents for energy In response to the nation’s power disaster, Cape City will likely be paying residents and companies money for feeding extra electrical energy from their very own turbines into its energy system. Prior to now, energy sellers had their municipal payments credited for extra energy as a substitute of precise money funds. Learn more.
	2Africa’s submarine cable lands in South Africa 2Africa’s submarine cable has landed in South Africa, from the place it is going to journey to different touchdown factors in Africa to energy superior web infrastructure. It landed in a Vodacom facility in Gqeberha and is scheduled to start full operations in 2024. Learn more.
	Naspers plans to layoff 30% of workforce Practically 3 months after saying its shaky 2022H1 monetary outcomes, Africa’s most beneficial public firm, Naspers, and it subsidiary, Prosus, are planning a 30% workforce discount over the course of the 12 months. Read more.