This Week in Tech: Flutterwave expands to Egypt, 633 startups raised over US$3bn in 2022, and the cost of food franchise in South Africa
This Week in Tech: Flutterwave expands to Egypt, 633 startups raised over US$3bn in 2022, and the cost of food franchise in South Africa
Disrupt-Africa released its 2022 funding report: 633 startups raised a combined US$3,333,071,000 in 2022.
Hi,
Since Flutterwave has been hot in the news this year for really good things - acquisition and expansion, as against 2022 bans and accusations. The African unicorn got Egypt's payment licenses and it’s expanding to North Africa. Disrupt-Africa released its 2022 funding report: 633 startups raised a combined US$3,333,071,000 in 2022. Ecommerce and BNPL cannot be separated at this time, especially with consumers buying power dwindling with economic realities. (What are economic realities?) and Eunice Ayim is set to fund African startups with her VC fund: $10 Million.
Enjoy This Week in Tech.
AXA Mansard reports N3.63 billion pre-tax profit for FY 2022
AXA Mansard Insurance Plc has released its unaudited financial statement for the full-year 2022. The company reported N3.629 billion as profit before tax for the year, representing a 37.3% decline from the N5.784 billion pre-tax profit reported in 2021. See the key details of the financial report »»» Nairametrics
Flutterwave expands into North Africa with new Egypt payments licenses
The licenses will enable Flutterwave to act as an official payment service provider in the country, collect payments on behalf of its customers and settle payments locally and globally. These licences will allow Flutterwave to deploy Flutterwave for a Business suite of products including store, payment links, invoices, and checkout in Egypt. Nairametrics
Microsoft launches AI-powered search engine and browser, using ChatGPT’s Open AI
It came just a day after Google announced Bard, its ChatGPT rival. According to Microsoft, this version of Bing will provide better search, more complete answers, a new chat experience, and the ability to generate content. It allows users to type queries in conversational language and receive both traditional search results and answers to questions on the same page. Techpoint
[Report] African tech startup funding passes $3bn mark in 2022
The report tells the story of an impressive 2022 in which more startups raised more funding than ever before, in spite of a global downturn in investments, especially in riskier asset classes such as venture capital. In all, 633 startups raised a combined US$3,333,071,000 in 2022. This represented incredible growth. The number of funded startups increased by 12.2 per cent on 564 in 2021, while the total secured funding jumped 55.1 per cent on US$2,148,517,500 in 2021. Disrupt-Africa
The third wave of ecommerce in Africa
The optimism about ecommerce in Africa clouded some obvious challenges operators faced on the continent. They had to deal with the reality of a small addressable middle-class market, a lack of functional addressing systems, poor road networks, a general preference for cash payments, the lack of payment rails and logistics networks, worries about fake products, and escalating security concerns—uphill battles African ecommerce companies are still fighting to this day. TechCabal
Buy-now-pay-later in South Africa: A farce or the next big thing?
In South Africa, the BNPL industry first saw a boom during the peak of the COVID-19 pandemic, as South Africans who had lost their jobs and were surviving on savings were attracted by the extra credit line provided by the BNPL services. Because BNPL products do not fall under the scope of South Africa’s National Credit Act and hence are not regulated by the National Credit Regulator, the BNPL industry is self-regulating. TechCabal
Egyptian health tech Yodawy raises $16M, backed by Delivery Hero Ventures
Here’s one instance that highlights the problem every Yodawy stakeholder faces. More than 90% of Egypt’s prescriptions and insurance claims are recorded with paper. As trivial as that might sound, this affects every player in that value chain, from issues ranging from prescription errors to long processing times and queues at pharmacies and hospitals. Techcrunch
How technology can help close Nigeria’s gender gap
The information and communication technology (ICT) sector contributed 18.44% to Nigeria’s gross domestic product (GDP) in the second quarter of 2022 and the industry is projected to experience more leaps in the future. With Nigeria ranking 139 out of 153 countries in the 2021 Global Gender Gap Report, these figures simply paint the uneven picture that while men are actively shaping Nigeria’s technology ecosystem, women are largely passive users. WeForum
How much it costs to own a top fast food franchise in South Africa
The success and popularity of fast food franchises in South Africa are well known, and to hop on the gravy train will cost you millions at the least. According to Nando’s estimates, the total investment to own a branch includes the following: Application fee – R35,000, Franchise fee – R250,000, Average investment required – Drive-Thru: R6.8 million | Inline: R5 million, 50% unencumbered cash contribution – Drive-Thru: R3.5 million | Inline: R2.6 million. Business Tech
[Video] Eunice Ajim: Building a $10 Million VC Fund to Empower Africa’s Tech Startups
Eunice Ajim is the founder of Ajim Capital, an Austin, TX-based venture capital firm that provides pre-seed and seed funding to early-stage startups in Africa. Shoppe Black
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