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I’m sure you’ve been following up on the chaos in Ukraine. Experts have said that Russia’s invasion of Ukraine on February 24 is casting a long shadow across Africa.
Despite the geographical distance, there are important ties between Ukraine and Africa, including more than 8,000 Moroccans and 4,000 Nigerians studying in Ukraine and over $4 billion in exports from Ukraine to Africa, according to Brookings.
What’s inside this letter?:
- Egypt launches $50 million VC programme to support tech startups
- Weaver Fintech acquires South Africa’s fintech startup PayJustNow
- Binance commences crypto education in Nigerian tertiary institutions
Let's dive in!
Egypt launches $50 million VC programme to support tech startups
In collaboration with the World Bank, the Egyptian government has launched a $50 million venture capital programme to finance new and existing investment funds. The programme aims to support young innovators, help them establish tech-focused projects and apps that will solve challenges in the society.
Nevine Gamea, Egypt’s Minister of Trade and Industry and Executive Director of the Micro, Small and Medium Enterprise Development Agency (MSMEDA) said that the fund is part of the country’s commitment to supporting young innovators and providing technical and financial support to help them transform their ideas into projects that meet the various needs of people.
Gamea added that the most prominent feature of the venture capital program is that it allows investment in funds that wish to expand in the African market. This helps increase trade exchange and exchange experiences with neighbouring countries in Africa.
Fincra provides easy-to-integrate payment APIs to receive local & international payments and make local & international transfers in EUR, GBP & NGN. The APIs are designed to fit into any existing payments application allowing fintechs to offer more solutions like virtual bank accounts in multiple currencies to customers and scale their services across Africa. Sign up for a quick demo on Fincra here.
Weaver Fintech acquires South Africa’s fintech startup PayJustNow
Mauritian-based Weaver Fintech has acquired an 85% stake in South Africa’s fintech startup PayJustNow. With a focus on personal lending, insurance, and value-added services, the investment in PayJustNow signals Weaver Fintech’s entry into the payments space while giving PayJustNow access to capital to further its growth strategy.
Launched in August 2019, PayJustNow is a buy now, pay later (BNPL) with more than 180,000 customers signed up and over 1,000 retailers offering its product. BNPL is one of the fastest-growing segments in the booming payments space, with significant consumer appeal and adoption, and the ability to drive improved conversion and higher sales for merchants.
“PayJustNow is a key strategic fintech investment for us, with its innovative, purpose-built platform and high customer adoption rates which have been delivered in a short space of time.” Shirley Maltz, HiL’s chairperson (Weaver Fintech's parent company) stated.
Binance commences crypto education in Nigerian tertiary institutions
Binance has kicked off a Campus Masterclass Series across Nigerian tertiary institutions. The Series is aimed at empowering students by exposing them to practical ways to gain financial freedom in a post-pandemic world plagued by economic downturn and rising inflation.
“Blockchain education is at the heart of our focus in the global market. As a blockchain infrastructure provider, we are committed to ensuring that more and more people have access to the right information about the workings of the ecosystem.” Emmanuel Babalola, Director at Binance Africa said.
Commenced in February, the offline training has been held at Federal University of Technology, Owerri, Federal University of Technology, Minna and Federal University of Lafia, Nasarawa.
Here are some of the interesting stories that we've come across in the past week:
- Nigerian users generated 1.3 million playlists on Spotify in one year
- Hausa readers can now understand the African tech ecosystem. How?
- What's Flutterwave 3.0 about? Find out!
- "African startups poised to raise more billions in 2022"
- 2022 trends and projections in Africa's fintech ecosystem.
💼 Job Opportunities
Check out these openings. Share them with your network.
- Autochek - Senior Marketing Lead [Kenya] and other roles
- Flutterwave - Social Media and Community Manager and other roles [Lagos]
- Eden Life - Community Manager and Growth Analyst
- Binance - Growth Marketer [Lagos]
Product & Design:
- Paystack - Expansion Product Manager [Côte d’Ivoire & Egpyt]
- Reliance Health - Design Lead and other roles
- Mono - Senior UI Designer [Lagos]
- 54gene - Senior Full Stack Developer [Lagos]
- Moove - Senior Frontend Engineer [Lagos]
- Eden Life - Junior Backend Engineer
- Stears - DevOps Engineer