Founded in 2021 by Alex Forsyth Thompson, Float is a payment method that encourages responsible credit card usage and, at the same time, helps merchants to grow their sales. The startup’s proprietary technology lets shoppers buy now and split their payments over up to 24 interest-free, fee-free monthly instalments using the available limit on their existing Visa or Mastercard credit card. Float aligns with Standard Bank’s strategy of driving sustainable growth and supporting fintech businesses which promote financial inclusion and digital transformation across Africa. 

The post Standard Bank Provides USD 10.5 M Growth Facility To Float Technologies appeared first on WeeTracker.

Founded in 2017 by Mounir Nakhla, MNT-Halan offers a diverse portfolio of financial and non-financial services ranging from lending, buy now pay later, e-commerce, payments, and mobility to on-demand logistics. On the other hand, Advans is a public limited company active in Pakistan’s microfinance banking landscape. Advans Pakistan is the Pakistan branch of Advans Group, a leading international microfinance group that operates in nine developing countries.

The post MNT-Halan Acquires Pakistan’s Advans Microfinance Bank appeared first on WeeTracker.

Moove embeds its alternative credit-scoring technology onto ride-hailing and e-logistics platforms, allowing mobility entrepreneurs access to proprietary performance and revenue analytics to underwrite loans. Its model is to provide loans to its customers by selling them new vehicles and financing up to 95 percent of the purchase within five days of signing up. The company operates in 13 cities across six markets, including Nigeria, South Africa, Ghana, the U.K., India and the UAE. The company says it plans to use the new capital to expand its revenue-based vehicle financing platform to 16 markets by the end of 2025.

The post African Mobility Fintech Moove Raises USD 100 M Series B Round appeared first on WeeTracker.

mTek, which offers a seamless and convenient avenue to access insurance products through its innovative platform connecting the overall insurance ecosystem, is leveraging technology to enhance transparency and efficiency to unlock insurance for everybody and increase insurance penetration in Africa.

The post Kenyan Digital Online Insurance Platform mTek Secures USD 1.25 M appeared first on WeeTracker.

Zone has developed a layer-one bockchain network that digitises fiat payments and enables the transition to digital currencies while connecting previously excluded financial institutions into an all-inclusive payment ecosystem. Zone’s blockchain network delivers reliable, frictionless and universally interoperable payment experiences at scale to financial service providers and their customers. 

The infusion of capital will enable Zone to further expand the coverage of its network domestically and connect more banks and financial services companies. A significant portion of the proceeds will also be allocated to conducting a comprehensive pilot programme to test the company’s cross-border capabilities, scheduled for 2025. 

The post Nigerian Fintech Zone Raises USD 8.5 M Seed To Scale appeared first on WeeTracker.

In the wake of ongoing connectivity challenges, voices across social media platforms are advocating for the adoption of Starlink in various African nations. Koffi Bentil, Senior Vice-President of policy think tank IMANI Africa, emphasised the need for Ghana to loosen its regulatory stance barring the service, stressing Starlink’s potential to provide uninterrupted internet access in the face of cable failures.

“Internet services are being gradually restored. I hope the authorities will not wait for another crippling problem. Please be proactive about getting Starlink into Ghana so we have options and never have to be crippled when a sea cable breaks,” he wrote on Facebook.

The current outage, caused by damage to at least three subsea cables including the West Africa Cable System, MainOne, and ACE sea cables, has triggered widespread outages and connectivity issues for mobile operators and internet service providers across the continent, leading to huge economic losses.

NetBlocks, Kentik, and Cloudflare have reported significant disruptions in eight West African countries, with Ivory Coast, Liberia, and Benin being the most affected. Ghana, Nigeria, and Cameroon are among other countries impacted, with several companies also reporting service disruptions in South Africa.

Africa’s biggest telcos MTN Group and Vodacom Group Ltd. said connectivity issues on undersea cable failures are affecting their services. Stopgap measures have since been implemented but service remains choppy and could take several weeks to fully correct.

Update on Submarine Cable Outage: West Africa Remains Open for Business pic.twitter.com/qdG8FFDAZB

— MainOne (an Equinix Company) (@Mainoneservice) March 18, 2024

Last December, Ghana’s National Communication Authority labelled Starlink illegal and the Elon Musk-backed service is also barred in South Africa and some other countries over regulatory disputes.

Tech and data management professional Mac Jordan raised questions regarding regulatory approvals for Starlink in Ghana, highlighting on X the need for legal redress amid the current subsea cable cuts affecting the region. The appeal for diversifying internet connectivity options to mitigate vulnerabilities has resonated widely.

In response to the escalating demand for reliable internet services, local businesses are leveraging Starlink to address the pressing needs of remote workers and businesses. In Cameroon, co-working spaces equipped with Starlink internet are offering an alternative to those grappling with connectivity issues at work.

As major internet outages continue to plague the continent, Starlink’s rollout in the African market marks a significant shift in the region’s quest for universal internet access. With its innovative approach, Starlink has been gaining traction, offering a lifeline to users in areas plagued by infrastructure challenges and unreliable terrestrial networks.

Driven by a constellation of thousands of Low-Earth Orbit satellites positioned just 550 kilometres above the Earth’s surface, Starlink offers broadband internet access with competitive speed and reliability. This constellation architecture allows Starlink to bypass the limitations of traditional geostationary satellites, resulting in faster data transmission and lower latency.

⚠ Confirmed: Live network data show a major disruption to internet connectivity in and around West and Central #Africa; the incident affects networks supplying telecoms via subsea cables to multiple countries and operators 📉 pic.twitter.com/KOfGpjL7jz

— NetBlocks (@netblocks) March 14, 2024

In Nigeria, Rwanda, and other African countries where Starlink has been deployed, users are experiencing steady internet connectivity amid the outages. Remote communities, previously underserved by traditional providers due to cost and logistical challenges, are able to gain access to high-speed internet via the service.

Despite initial concerns about affordability, Starlink’s long-term cost-effectiveness compared to traditional fibre optic and mobile internet providers is garnering attention. While the upfront costs may be higher for some users, the reliability and performance offered by Starlink justify the investment, especially in regions where internet downtime can have significant economic repercussions.

As the demand for reliable internet connectivity continues to rise across Africa, Starlink’s expansion plans are poised to address the continent’s connectivity gaps head-on, with commitments to roll out services in additional countries such as the Democratic Republic of Congo, Kenya, and Tanzania.

The post Elon Musk’s Starlink Is Having A Moment Amid Major Internet Outages In Africa appeared first on WeeTracker.

This programme also comes at a pivotal moment, coinciding with ongoing discussions of Uber’s potential investment in Moove, indicating a significant stride in the company’s trajectory. Global ride-hailing giant Uber is reportedly in discussions to invest up to USD 100 M in Moove, a significant development considering the tech giant’s recent partnership with the African vehicle-financing startup.

Founded by British-born Nigerian entrepreneurs Ladi Delano and Jide Odunsi, Moove uses a credit-scoring system to finance drivers across 9 markets to buy new vehicles for ride-hailing, logistics and deliveries using a percentage of their weekly income. The startup, valued at USD 550 M following a debt round last year that brought its total raise to ~USD 335 M, says 30 million trips have been completed in Moove-financed vehicles since launching in 2020.

However, recent complaints from drivers raise concerns about the fairness of Moove’s financing arrangements. Some drivers have faced vehicle seizures due to struggles in meeting loan instalments, shedding light on the broader issues within the partnership.

As talk swirls regarding Uber’s potential backing of Moove, the broader context of driver welfare issues adds nuance to the unfolding narrative. Recent grievances raised by drivers underscore the complexities inherent in the partnership between technology platforms and driver communities.

However, the ‘Moove Cares’ program, a NGN 500 M (~USD 320 K) initiative designed to support both businesses and households, offers fuel subsidies and comprehensive care packages to mitigate the impact of rising fuel and food prices.

Moove has committed to distributing free-of-charge ‘Moove Cares’ packages worth over NGN 150 K (~USD 100.00) to each of its customers. This initiative signals Moove’s commitment to addressing socio-economic challenges amidst Nigeria’s economic landscape.

While Moove’s potential partnership with Uber signifies growth opportunities, it underscores the importance of addressing welfare concerns raised by drivers. The success of ‘Moove Cares’ hinges on its ability to provide tangible support to affected stakeholders and foster sustainable solutions to ongoing challenges.

Moove’s proactive approach to corporate social responsibility reflects a step in the right direction, but ongoing discussions with Uber and driver grievances highlight the need for continued scrutiny and improvement within the mobility fintech sector.

The post Spiralling Living Costs Prompt Moove Intervention Amid Driver Welfare Debate appeared first on WeeTracker.

ORA Technologies is committed to democratizing access to e-commerce and digital payment solutions for customers, vendors, and service providers across Morocco. The startup’s app offers multiple features, including P2P transactions, an e-commerce platform, on-demand services, chat functionality, social networking, and a digital wallet.

The post Morocco’s ORA Technologies Closes USD 1.5 M Seed Round appeared first on WeeTracker.