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10 African fintechs secure $5k grant from World Bank

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The World Bank has given intervention grants of $5,000 to ten African fintech startups to enable them bridge the gap in financial access for underserved communities as part of a Fintech Challenge supported by the global bank.

According to World Bank Country Director for Botswana, Eswatini, Lesotho, Namibia, and South Africa, Marie Francoise Marie-Nellie, the “Fintech Challenge was part of the ecosystem development initiatives under the Southern Africa Innovation Bridge Portal supported by the World Bank to crowd-source new and impactful ways to utilise the latest innovations in fintech.”

Marie-Nellie said the initiative was aimed at providing low-cost and appropriate savings and de-risking products for the low- and middle-income market and lending solutions for SMEs.

“In all, 10 Southern African startups were each awarded $5,000 to get their businesses investment-ready at a recent awards event,” she said.

“The region’s most innovative and impactful fintech companies unveiled their solutions to enable greater financial access to the poor, after an eight-week investment readiness program which included masterclasses and mentoring,” said Marie-Nellie.

“Of the 15 participating startups, 10 were awarded financing. These businesses are investment ready and now eager to engage further with interested investors.”

The beneficiaries of the grant include six fintechs from South Africa, namely abela, Bento Technologies, Fintr, Moya Money, Sum1 Investments, and Thumeza.

Two of the fintech startups, Chaperone and Prime Capital are from Lesotho, while one startup each are from Botswana— Ipachi Capital— and Namibia— FundRoof.

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DR Congo sues tech giant Apple over illegal mineral exploitation

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The Democratic Republic of Congo (DRC), has filed a criminal case against the European subsidiaries of tech giant, Apple, accusing them of illegal mineral exploitation and allegedly using “blood minerals” in its supply chain.

In the suit filed on Tuesday, the DRC alleges that Apple has bought contraband supplies from the country’s conflict-ladden east and Rwanda, zones in which it allege the materials are mined illegally and then integrated into global supply chains before ending up in tech devices.

The DRC suit specifically mentioned Apple subsidiaries in France and Belgium, accusing the tech giant of using conflict minerals in its supply chain.

The DRC is a major source of tin, tantalum, and tungsten which are used in electronic devices, with some mines controlled by armed groups responsible for human rights violations.

International lawyers representing the African country’s government have accused Apple’s local subsidiaries of taking these minerals from conflict areas and laundering them through international supply chains, with one lawyer telling journalists that Belgium had a moral duty to act given its history of exploiting the country’s resources under colonial rule.

However, in its response, Apple claims it conducts supplier audits and does not directly source primary minerals.

https://www.thenews.com.pk/print/1262670-dr-congo-sues-apple-over-alleged-illegal-mineral-exploitation

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Moroccan retail-tech startup Z raises $1.5m to drive intense growth

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Morocco-based B2B retail-tech marketplace, ZSystems, has announced closing a $1.5 million seed funding round which will see it carry out its ambitious expansion dreams.

In a statement by co-founder and CEO, Meriem Benabad, the funding round was led by Morocco-based Venture Capital firms, MNF Ventures (through its MNF II fund), Witamax (through Fund II and III), Cash Plus Ventures, and Kalys Ventures.

“This funding marks a pivotal moment for Z, as we aim to scale operations and bring cutting-edge solutions to traditional retail.

“Our vision is to empower small businesses and unlock growth across Morocco and Africa,” Benabad said.

According to Benabad, the newly acquired capital will support Z’s technology development, product catalogue expansion, and preparation for its next growth phase.

“Z is reshaping the retail landscape by integrating technology and innovation across the value chain. Its scalable platform empowers traditional retailers and brands with direct access to consumers, reviving competitiveness in traditional trade (hanouts), which accounts for 85% of the FMCG market,” he added.

Founded in 2022 by the trio of Benabad, Samer Choumar and Youssef Ait-Haddouch, Z’s platform empowers traditional retailers and brands with direct access to consumers, reviving competitiveness in traditional trade (hanouts), which accounts for 85% of the FMCG market.

Since launch, the startup has helped over 15,000 active retailers, and seen more than 800,000 orders placed.

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