BD Insider: Binance's crypto education, Egypt's $50 million VC fund

BD Insider, Letter 102 covers Binance's crypto education in Nigerian universities, Egyptian $50 million venture capital fund for tech startups and Weaver Fintech's acquisition of PayJustNow

BD Insider: Binance's crypto education, Egypt's $50 million VC fund

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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

This letter is brought to you in partnership with Fincra.

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.

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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.

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Have a great week!
Written by: Johnstone. Edited by Daniel.

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