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Uganda’s advance salary fintech, Zofi Cash secures $1m funding

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Ugandan payment fintech startup, Zofi Cash has announced securing $1 million in pre-seed funding in its effort to scale up its expansion plans.

According to a release by the instant salary advance fintech, the pre-seed funding round was raised from a single investor, Advancly, a business-to-business financing company with a presence in six African countries, while investment into Zofi Cash is its first entry into the Ugandan market.

Co-founder and CEO of Advancly, Lotanna Julian said on Wednesday that the funds would help Zofi Cash “to double down on its commitment to ensuring that every day is a payday for salaried workers.”

“We believe that for people and businesses to experience progress, the flow of money needs to be innovated continually,” Julian said.

“Cash flow management is as important as earning money itself. The work that Zofi Cash is doing connects to our ultimate goal of building the rail tracks for a more robust financial ecosystem that delivers prosperity for all.”

Zofi Cash offers Ugandan employees, both in government and private employment, early access to wages, ensuring that people have the financial resources they need to take care of immediate needs without waiting until the end of the month.

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Airtel Africa activates subsea cable connecting Kenya, Tanzania, South Africa

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Airtel Africa has announced the successful activation of the 2Africa submarine cable system that will connect Kenya, Tanzania, and South Africa.

In a statement by the telecom giant on Monday, the 2Africa cable system, which is one of the largest subsea projects globally, is designed to interconnect Africa, Europe, and Asia.

The statement added that the
activation 2Africa cable system is “part of a broader initiative to deliver faster and more resilient internet services, supporting the digital transformation across Africa.”

While speaking on the activation, CEO of Airtel Telesonic, PD Sarma, said the company, through its wholesale arm of Airtel Telesonic, achieved the milestone with their partnership with Alcatel Submarine Networks, which is an industry leader in optical submarine networks deployed worldwide, with the ability to offer turn-key solutions utilizing the latest technology, both in subsea infrastructure and transmission capacity.

“The activation of the 2Africa submarine cable is a monumental step in our mission to bridge the digital divide in Africa,” he said.

“Airtel is proud to launch the first phase of 2Africa cable system powered by the latest SLTE equipment from our partner.

“This project not only underscores our commitment to investing in advanced infrastructure, but also our dedication to empowering communities with the tools they need to thrive in the digital age.

“This is a significant milestone underscoring the power of collaboration and innovation to bring the world’s longest Submarine cable system to Africa,” he added.

He added that the 2Africa submarine cable is set to transform the digital landscape in Africa, providing unprecedented opportunities for connectivity and growth.

“As Airtel Africa continues to expand its network, we remain committed to delivering innovative solutions that meet the evolving needs of its customers,” Sarma added.

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Airtel Kenya expands 5G network to 39 counties, 285 wards

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Airtel Kenya has announced an expansion of its 5G network to 39 counties and 285 wards in the country.

The expansion, according to the giant telco company, has now doubled its 5G footprint, up from 16 counties and 180 wards in July 2023.

The company also revealed that it has increased the number of its 5G sites to 690, up from 372 when the network went live, with further plans to launch an additional 1000 sites by the end of this year, which will bring the total number of 5G sites to 1690.

While addressing journalists at a breakfast media briefing, Ashish Malhotra, Managing Director, Airtel Kenya said the rollout which is the biggest ever in Airtel Kenya’s operations, will improve indoor coverage in towns and connect rural areas and will specially focus on enhancing and deepening Airtel’s network coverage in the northeastern region of the country.

“Aw Airtel Kenya, we are steadfast in our dedication to supporting digital inclusion, and we are encouraged by the market’s response to our offerings,” Malhotra said.

“We are confident that our ongoing network expansion will enable us to extend connectivity to more communities nationwide, ensuring that no one is left behind in the digital revolution.

“In marking this milestone Airtel Kenya has rolled out the unlimited home broadband 5G plans, structured across three tiers: 10 Mbps at Kes 3,500 monthly, 20 Mbps at Kes 5,000 monthly, and 30 Mbps at Kes 6,500 monthly,” he said.

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