Connect with us

Tech

Kenyan money transfer startup, Kyanda, makes incursion into South Africa

Published

on

Foremost Kenyan money transfer startup, Kyanda, has made a bold incursion into the southern African fintech market by launching its operations in South Africa.

The launching of the money transfer app which aims at helping users make all sorts of transactions at as low a cost as possible, according to its founder, Collins Kathuli, will help “users make cheap and fast money transfers, purchase airtime, and pay bills, among other things.”

Launched in February 2020, the fintech startup has processed over three million transactions since its formation, and Kathuli says Kyanda’s its goal is to build a payment ecosystem that serves both Kenya and Africa as a whole.

“We have other markets in our pipeline. This would be achieved best once we establish the market fit for our products, and of course after we’ve built firm roots in the current locations we’re present,” said Kathuli.

With over US$10 billion being moved within South Africa each year, and over 24 million South Africans sending money to each other daily, South Africa is the first stop on a broader expansion journey, according to Disrupt Africa.

Tech

Mastercard Foundation launches $200 million fund to support female-centric African SMEs

Published

on

The Mastercard Foundation Africa Growth Fund (MFAGF), has announced the launching of a $200 million funding initiative for female-centric Small and Medium Enterprises (SMEs) in Africa.

The MFAGF, in a statement on Thursday, said the funding scheme will work through African investment vehicles to support early-stage, growth-oriented SMEs on the continent, and beside providing capital for investment vehicles, “The Fund of Funds” will offer a business development facility for its portfolio companies.

The initiative, it said, will use gender lens investing principles to help advance the Mastercard Foundation’s Young Africa Works strategy, which aims to enable 30 million young people in Africa, particularly young women, to access dignified and fulfilling work by 2030.

“The program has so far identified two investment vehicles, one in East Africa and another in West Africa to help in supporting entrepreneurial growth,” the MFAGF said.

“The Mastercard Foundation Africa Growth Fund’s goal is to provide dignified and fulfilling work for young people, particularly young women.

“The Fund of Funds is catalytic, helping to bring in additional capital for African entrepreneurs, particularly female entrepreneurs. It strengthens and de-risks African investment funds committed to advancing gender equity in entrepreneurship.

“Mastercard has a vision of enabling 30 million young people in Africa to access dignified and fulfilling work by 2030. Eligible enterprises are those owned and led by African entrepreneurs and located on the African continent are often considered high-risk,” it added.

Continue Reading

Tech

South African venture capital firm, 4Di Capital, announces new $25 million seed funding

Published

on

South African early-stage venture capital fund firm, 4Di Capital, has announced a new $25 million seed funding few months after the company raised $8 million funds from the South African SME Fund.

Founded in 2009, 4Di Capital principal partner, Justin Stanford, said the outfit has since then played a key role in uplifting startups across different parts of the continent with the startups reaping from its hands-on experience and approach in growing and scaling new businesses in Africa.

“Having spent the past 13 years refining our investment strategy and expanding our footprint past South Africa into the East African market and beyond, we look forward to collaborating hand-in-hand with our new partners,” Stanford said in a statement on Wednesday while announcing the funding.

The new fund which was created in partnership with DotEXe Ventures in Mauritius, Stanford said, will help 4Di Capital invest in more viable startups in Africa.

“Unlike other markets globally which have become saturated, the African market still represents an opportunity for investors.

“The investment landscape is less competitive, resulting in more favourable valuations and terms, and thus the opportunity to potentially achieve higher returns,” Stanford added.

Continue Reading

EDITOR’S PICK

Culture3 hours ago

Restaurant owned by Nigerian named among top 200 in South Africa

A restaurant owned by a Nigerian entrepreneur, Ken Ayere, in South Africa, Hombaze African Cuisine, has been named in the...

Tech4 hours ago

Mastercard Foundation launches $200 million fund to support female-centric African SMEs

The Mastercard Foundation Africa Growth Fund (MFAGF), has announced the launching of a $200 million funding initiative for female-centric Small...

Sports4 hours ago

Cameroon keeper Onana throws more jibes after World Cup controversy

Cameroon’s first choice goalkeeper, André Onana, has thrown more jibes on the country’s football authorities following a controversy that rocked...

Musings From Abroad23 hours ago

25 far-right group supporters arrested as Germany foils coup attempt

Germany on Wednesday foiled a violent overthrow of the state to install as national leader a prince who had sought backing from...

Politics1 day ago

South Sudan’s ruling party endorses President Salva Kiir for next election

The ruling party in South Sudan has endorsed President Salva Kiir as its candidate in the country’s delayed election scheduled...

Metro1 day ago

Ex-Mozambique President’s son bags 12 years imprisonment for $2 billion fraud

The son of former Mozambican President Armando Guebuza, Armando Ndambi Guebuza, has been sentenced to 12 years imprisonment on Wednesday...

Strictly Personal1 day ago

We are in a leadership crisis by Abraham Simpamba

Zambia is not personal to the holder, it is a sovereign state hence there is no monopoly of wisdom and...

VenturesNow1 day ago

Ghana’s economic recovery threatened as IMF team’s staff-level agreement delays

Ghana’s Finance ministry has revealed that the country’s economic recovery efforts could set for delay and complications. An official the...

Metro1 day ago

Rwanda accuses US of inflaming crisis in eastern DRC

The government of Rwanda on Tuesday, accused the United States as well as the international community of ‘exacerbating and inflaming’...

Musings From Abroad1 day ago

Russia/Ukraine war not ending soon – Russian President, Vladimir Putin

The Russia/Ukraine war might not be ending soon as Russian President Vladimir Putin said on Wednesday that his army could...

Trending