Blog - Afrikan Heroes

Egypt’s Paymob Becomes First International Fintech Company to Obtain Full Payment License in Oman

January 19, 2024

In a pioneering move, Paymob, the leading financial services enabler in the Middle East, North Africa, and Pakistan (MENAP) region, has successfully obtained a Payment Service Provider (PSP) license from the Central Bank of Oman, becoming the first international fintech company to achieve this feat in the Sultanate.

The PSP license, acquired by Paymob after meeting all regulatory requirements stipulated by the Central Bank of Oman, grants the company the authority to accept and process payments both online and in physical stores throughout the Sultanate. This achievement is facilitated by local integration with the Central Bank of Oman Payments Network, known as Oman Net. The license also allows Paymob to offer a streamlined payment gateway, enabling merchants in the local market to accept a wide range of local and international payments.

Paymob’s CEO, Islam Shawqi, expressed pride in the company’s historic accomplishment, stating, “We are proud to be the first international fintech company to obtain a payment services provider license in the Sultanate of Oman. We appreciate the trust placed in our technology by the Central Bank of Oman, and we remain committed to enabling the growth of SMEs in the Sultanate.”

The Omani banking sector has been experiencing a notable shift towards digitization in recent years. The period from 2018 to 2022 witnessed a remarkable 300% increase in transactions processed through the Oman Net payments network, demonstrating the business sector’s commitment to digital transformation in line with Oman Vision 2040.

The issuance of the PSP license to Paymob aligns with the broader goals of Oman Vision 2040, emphasizing the importance of transitioning towards a digital economy. With electronic transactions soaring from 82.4 million to 252.9 million during this period, the Omani banking sector is clearly embracing digitization as a key driver of economic growth.

By obtaining the PSP license in Oman, Paymob continues to fulfill its mission of empowering SMEs in the MENAP region to thrive in the digital economy. The company offers a comprehensive range of innovative digital payment solutions, boasting forty payment methods — the most extensive selection in the region. These services contribute to increased sales, improved conversion rates, and enhanced customer retention, positioning Paymob as a crucial player in the evolving landscape of financial technology.

Founded in 2015, Paymob has rapidly emerged as one of the fastest-growing fintech companies in the MENAP region. With more than 250,000 merchants currently served, the company has garnered support from a distinguished group of regional and global investors, including PayPal Ventures, Kora Capital, Clay Point Capital, Global Ventures, FMO, A15, British International Investment, Helios Digital Ventures, and Nclude.

As Paymob paves the way for further fintech advancements in Oman, the company’s success highlights the ongoing transformation of the regional financial landscape and the increasing importance of digital payments in shaping the economic future of the Sultanate.

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

Egypt’s Zeal Raises $4 Million to Revolutionize Global Smart Payments Market

Cairo-based technology company Zeal has secured $4 million in a successful funding round led by Raed Ventures and Cur8 Capital, along with a consortium of strategic angel investors. The funds raised are earmarked for expanding Zeal’s groundbreaking technology solutions into the Europe, Middle East, and Africa (EMEA) regions, following the company’s recent triumph in the UK market.

At the core of Zeal’s product offering is the SmartPOS Plugin, a revolutionary technology reshaping the landscape of in-store payments and customer interactions in the smart payment solutions sector. This innovative solution empowers credit card readers to identify, classify, and re-target in-store customers, fundamentally transforming how retailers engage with their clientele and drive increased conversion rates.

Founder and CEO of Zeal, Omar Obaid, expressed his enthusiasm about the funding and the company’s vision. “This investment will accelerate our journey towards utilizing artificial intelligence to transform customer interactions in retail globally,” Obaid stated. “We are committed to expanding our impact, with a focus on connecting billions of customers to millions of retailers.”

The SmartPOS Plugin is positioned as a game-changer, offering retailers the ability to interact with customers in a more personalized and efficient manner. The technology not only enhances the overall shopping experience but also provides retailers with valuable insights into customer behavior, enabling them to tailor their offerings and marketing strategies.

Wael Nafea of Raed Ventures shared his excitement about supporting Zeal’s mission. “We are very excited to support Omar and the Zeal team, which is based in Egypt and the Middle East. They are working to build a unique global product for the smart payments market, a market thirsty for innovators who provide value-added services.”

Nafea emphasized the belief that Zeal’s product is a key innovative solution for payment service providers and point-of-sale (POS) device manufacturers globally. As the smart payments market continues to evolve, the demand for cutting-edge solutions like Zeal’s SmartPOS Plugin is expected to rise, positioning the company as a key player in the industry.

Zeal’s successful funding round signifies not only a vote of confidence from investors but also a significant step forward in the company’s mission to transform the retail landscape globally. As Zeal expands its footprint into the EMEA regions, the technology is poised to redefine how businesses and customers interact, setting the stage for a new era in smart payments and customer engagement.

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Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

African Development Bank Invests $10.5 Million in Seedstars Africa Ventures to Boost Innovation and Economic Growth

January 18, 2024

The African Development Bank (AfDB) has taken a significant step in supporting the growth of innovative African businesses by agreeing to invest USD 10.50 million in Seedstars Africa Ventures S.L.P. (SAV), a venture capital fund targeting high-potential companies across Sub-Saharan Africa.

In a decision reached by the AfDB’s Board of Directors on Wednesday, the bank will contribute USD 7 million from its ordinary resources and an additional USD 3.5 million from the European Union Boost Africa programme. This strategic equity investment is aimed at enabling Seedstars Africa Ventures to expand its footprint, raise funds, and attract further investments for innovative startups with substantial growth potential.

Seedstars Africa Ventures is an early-stage venture capital fund with a focus on high-growth companies operating in Sub-Saharan Africa. The fund, with a capital of USD 75 million, specifically targets the startup and launch phases of businesses addressing key market constraints, particularly in French-speaking countries such as Senegal, Côte d’Ivoire, Benin, and Cameroon, as well as in Ghana, Uganda, and Tanzania.

The fund’s investment strategy aligns with its emphasis on financial inclusion and technology adoption in various sectors, including fintech, insurtech, retail sales, logistics platforms, health technologies, pre-paid off-grid energy, and technology adoption in the food-processing industry and value chains.

Seedstars Africa Ventures plans to make initial investments around the EUR 250,000 mark, followed by additional capital injections of €5 million to support the growth of the selected businesses. The fund estimates that this initiative will contribute to the creation of 9,000 full-time jobs, with 50% of them designated for women, thereby having a significant economic impact.

This move is in line with the objectives of the Boost Africa program, which seeks to invest in innovative startups with robust growth potential and positive social impact. Additionally, it supports the African Development Bank’s High 5 priorities by fostering entrepreneurship, encouraging investments, and promoting economic growth with a focus on critical sectors such as agriculture, health, industrialization, and off-grid energy.

By strengthening regional integration and improving the lives of people in Africa, these investments are poised to play a crucial role in achieving sustainable development goals, further solidifying the African Development Bank’s commitment to reducing poverty through entrepreneurship and investment in key sectors.

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

HOSTAFRICA Expands its African Footprint with Acquisition of Kenya’s Lenasi Hosting

In a strategic move to solidify its presence in the rapidly growing digital landscape of Africa, HOSTAFRICA, a leading South African provider of hosting solutions, has successfully acquired the web hosting business of Lenasi Hosting, a prominent player in the Kenyan web hosting market. The acquisition, effective from December 21, 2023, marks HOSTAFRICA’s commitment to expanding its reach across the continent and diversifying its product offerings.

This announcement follows HOSTAFRICA’s recent acquisitions in Kenya, including EAC Directory in December 2022 and Sasahost, demonstrating the company’s keen interest in establishing a strong foothold in one of Africa’s burgeoning technological hubs.

“Kenya is a growing technological hub within Africa, and Lenasi Hosting has shown that it is a performer in Kenya’s thriving digital sector. This acquisition is a strategic step for us as we look to amplify our global performance while enhancing the local Twende Kazi (‘let’s work’) spirit in our offerings. We believe this union will marry our technological prowess with the local specifics to bring even greater returns for our clients,” explained HOSTAFRICA CEO Michael Osterloh.

Lenasi Hosting, a key player in the Kenyan web hosting market for seven years, has built a strong reputation for providing exceptional domain registration and web hosting services. The company’s dedication to customer satisfaction and innovative solutions has made it a reliable partner for businesses striving to thrive in the digital space.

“This acquisition is a strategic move that will benefit both Lenasi and HOSTAFRICA. Lenasi has built a strong reputation and loyal customer base in the web hosting market, while HOSTAFRICA has the scale, reach, and innovation to take it to the next level,” said Newton Mwaniki, CEO of Lenasi Hosting.

Under the HOSTAFRICA brand, Lenasi Hosting will be fully integrated, bringing forth several key changes to enhance the customer experience. These changes include an upgraded customer support system and an improved selection of products and services. The integration aims to combine Lenasi Hosting’s local expertise with HOSTAFRICA’s global resources, providing clients with an even more robust and diverse range of hosting solutions.

HOSTAFRICA’s latest acquisition reinforces its commitment to meeting the evolving needs of businesses in Africa’s dynamic digital landscape. As the company continues to expand its footprint, clients can expect enhanced services and unparalleled support, reflecting HOSTAFRICA’s dedication to delivering cutting-edge hosting solutions across the continent.

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard

What Is the Newly Launched UNDP-Backed Timbuktoo Initiative for African Startups, and Why Does It Matter?

January 17, 2024

In a groundbreaking move, the United Nations Development Programme (UNDP) unveiled the ambitious “timbuktoo” initiative at the 24th Annual Meeting of the World Economic Forum in Davos, Switzerland. The initiative, presented by H.E. President Paul Kagame of Rwanda, H.E. President Nana Akufo-Addo of Ghana, the Secretary General of the African Continental Free Trade Area Secretariat, HE Wamkele Mene, and UNDP Administrator Mr Achim Steiner, aims to be the world’s largest financing facility, bringing catalytic and commercial capital together to bolster Africa’s startup ecosystem.

The launch ceremony, attended by global corporate leaders and African financial institutions, marked a pivotal moment in what is now considered the African Startup Revolution. The initiative seeks to leverage the momentum of Africa’s substantial youth demographic and abundance of innovative talent.

H.E. Paul Kagame expressed the urgency of providing tools for African youth to reach their full potential and announced an immediate contribution of US$3 million to kickstart the timbuktoo Africa Innovation Fund. This fund will be hosted in Kigali and aligns with timbuktoo’s billion-dollar target to create more opportunities for Africa’s youth.

“For many African countries, our foremost challenge now is to ensure we put in place the right structures to enable young Africans to create innovative and compelling businesses,” emphasized H.E. Nana Akufo-Addo. “I’m excited about the future of our continent. I look forward to seeing us create a future where innovation is encouraged, ingenuity is supported, and prosperity is shared.”

Promoted by the UNDP, timbuktoo aims to fill critical gaps in the African startup ecosystem by collaborating with governments, investors, corporates, and universities. UNDP Administrator Mr Achim Steiner stressed that timbuktoo represents a new model of development, simultaneously pushing for startup-friendly legislation, global-class startup building, de-risking capital, and introducing University Innovation Pods (UniPods) across Africa.

Currently, Africa’s share of the global startup value is only 0.2 percent, compared to 2 percent of global trade value. The majority of venture capital flowing into Africa is foreign, with 83 percent concentrated in four countries: Nigeria, Kenya, South Africa, and Egypt, and over 60 percent directed to the fintech sector.

“timbuktoo will turn ideas and nascent innovations into meaningful scaling and disruptive pan-African enterprises,” highlighted UNDP Africa Chief Innovation Officer Dr Eleni Gabre-Madhin. “This initiative will generate wealth and well-being for millions of people in Africa and beyond, focusing on innovative solutions for people and the planet.”

Africa’s tech landscape is on the rise, with private venture capital investments growing six times faster than the global average in 2022. With a vibrant youthful population and expanding tech startups, Africa is poised to become a future tech powerhouse. timbuktoo aims to mobilize and invest US$1 billion of catalytic and commercial capital to transform 100 million livelihoods and create 10 million dignified new jobs.

What sets timbuktoo apart is its unique design, blending commercial and catalytic capital to de-risk private investment. The initiative adopts a pan-African approach, engaging with the entire ecosystem, including government policy, universities, corporates, development partners, catalytic partners, and commercial investors. As timbuktoo unfolds, it promises to be a catalyst for positive change, propelling Africa’s startup landscape to new heights.

UNDP Timbuktoo Startup Initiative UNDP Timbuktoo Startup Initiative

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

Tunisia Awards 14 New Startup Labels in December 2023, Total Reaches 988

In a ceremony held yesterday, Tunisia’s Ministry of Communication Technologies celebrated the issuance of 14 new labels to startups, marking a significant stride in the country’s commitment to fostering innovation and entrepreneurship. The event, overseen by the Minister of Communication Technologies, Nizar Ben Neji, also highlighted the accomplishments of two notable entrepreneurs, Rym Ben Dhief Akremi and Rym Bedoui Ayari.

According to an official statement released during the ceremony, these 14 labels were part of the December 2023 session, bringing the total number of labels granted in 2023 to 34. The same source revealed that an additional 20 labels had been awarded in the preceding months of October and November. The overall tally for labels awarded to Tunisian startups now stands at an impressive 988.

Among the distinguished recipients is Rym Ben Dhief Akremi, the former CEO of Topnet, who, after accumulating 27 years of professional experience, has ventured into entrepreneurship with the RSE Time project, securing the coveted startup Act label. Another notable awardee is Rym Bedoui Ayari, the CEO of WeFranchiz.

This recent achievement builds upon the foundation laid by Tunisia’s startup support project, initiated in 2018 with the implementation of the startup law. The legal framework, established through government decree no. 840 of 2018 on October 11, outlined the conditions, procedures, and deadlines for the awarding and withdrawal of startup labels. It also delineated the benefits associated with the startup designation and established the organization, prerogatives, and operational methods of the startup label award commission.

The Ministry of Communication Technologies had previously reported in 2022 that the cumulative number of labels granted reached 773 since the inception of the support project for startups and innovative SMEs. The startup law, enacted in April 2018, has played a pivotal role in providing a conducive legal environment for the management of innovative projects, enabling numerous young entrepreneurs to bring their innovative ideas to fruition.

With this latest round of label allocations, Tunisia continues to showcase its dedication to nurturing a thriving startup ecosystem, providing crucial support to those driving innovation and economic growth in the country. The success stories of Rym Ben Dhief Akremi and Rym Bedoui Ayari stand as testimony to the tangible impact of these initiatives on the entrepreneurial landscape of Tunisia.

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Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

Showmax Hopes For Huge Breakthrough With Mobile Sports

The MultiChoice streaming service subsidiary Showmax which hopes to put up strong competition to global brands like Netflix and Disney+, has differentiated itself from its competitors by adding a low-cost sports package to its product offering across the African continent.

The new Premier League subscription costs R69/month as a standalone offer that can be bundled with a R39 general entertainment subscription for R99/month – both offerings are geared towards mobile devices. Although a lean-back television experience is available through the general entertainment plan – R89/month – the Premier League games can only be viewed on mobile.

“The future of video entertainment is on mobile. Currently, about 70% of video entertainment on the African continent is viewed via a mobile device. There are 45 million mobile devices on the continent. Combine that with the most watched sporting property in the world, the Premier League, and we believe we have a winning product,” said MultiChoice South Africa and Showmax CEO Marc Jury at a post-launch media round-table event this week.

Sport has long been one of DStv’s main drawcards. MultiChoice hopes that its football package on Showmax will help the platform scale rapidly across its markets in sub-Saharan Africa. From a technical point of view, Showmax leveraged its partnership with NBCUniversal owner Comcast to scale the platform and add features that improve the user experience. The new platform is faster when browsing, searching and viewing content. One of the newest features specific to its football subscription, however, required the expertise of a US-based Israeli artificial intelligence firm to implement.

“With AI-generated highlights, subscribers can get quick updates without having to watch all the games. The AI watches the game and selects key moments to edit out. It then strings them together into a highlights package, which is loaded onto the platform. The tech is from WSC Sports,” said Showmax chief product officer Stephen Featham.

Another new Showmax feature unique to its football subscription is something Featham described as “a first for a streaming service on the African continent”. Football fans sometimes need keep up to date with multiple concurrent broadcasts of live matches without having to switch streams. On certain matchdays, four or six matches are broadcast live at the same time, usually at 3pm on a Saturday. Premier League content producers, Premier League Productions, have added a Goal Rush feature that switches the video feed to a different match whenever a goal is scored. The commentary team stays the same throughout the broadcast window.

“Viewers can choose to watch a single stream and switch to other matches manually if they want to – this is just for fans who want to watch every goal as it goes in,” said Featham.

The addition of Premier League football to the Showmax platform, Jury said, did not require any new deal between MultiChoice and the English football rights holder. “The right that MultiChoice has already allows it to broadcast the Premier League on any of its platforms,” he said.

Jury also explained that the Showmax team is deciding what kind of content will be used to keep users engaged during the league’s off-season. The choice to add a football package first, he said, was influenced by the belief that it would help the revamped Showmax scale the fastest. The addition of other sporting codes and how to package them is still under discussion.

“When you have discussions with other rightsholders, a lot of them start to ask, ‘What about us?’. Interestingly, as much as we put pressure on ourselves to offer fresh content on the platform, some of that will come through discussions with sports federations. That will help us better package our offerings across the board, whether linear or OTT (streaming). Rugby? Perhaps, but that’s very much a South African product. It might be difficult for us to scale it across Africa, which will be led by football,” Jury said.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

OpenAI Allays Fears Over Possible Election Meddling

Artificial intelligence lab OpenAI has published a blog post seeking to address fears that its technology will meddle with elections, as more than a third of the globe, including South Africa, prepares to head to the polls this year.

The use of AI to interfere with election integrity has been a concern since the Microsoft-backed company released two products: ChatGPT, which can mimic human writing convincingly, and Dall-E, whose technology can be used to create “deepfakes”, or realistic-looking images that are fabricated.

Those worried include OpenAI’s own CEO Sam Altman, who testified to US lawmakers in May that he was “nervous” about generative AI’s ability to compromise election integrity through “one-on-one interactive disinformation”.

The San Francisco-based company said that in the US, which will hold presidential elections this year, it is working with the National Association of Secretaries of State, an organisation that focuses on promoting effective democratic processes such as elections. ChatGPT will direct users to CanIVote.org when asked certain election-related questions, it added.

The company also said it is working on making it more obvious when images are AI-generated using Dall-E, and is planning to put a “cr” icon on images to indicate it was AI-generated, following a protocol created by the Coalition for Content Provenance and Authenticity.

It is also working on ways to identify Dall-E-generated content even after images have been modified.

In its blog post, OpenAI emphasised that its policies prohibit its technology from being used in ways it has identified as potentially abusive, such as creating chatbots pretending to be real people, or discouraging voting. It also prohibits Dall-E from creating images of real people, including political candidates, it said.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Ezdehar Invests $10 Million in Egyptian Healthtech Yodawy to Boost Digital Healthcare

In a significant move into the healthtech sector, Egypt-based investment fund management company Ezdehar has acquired a minority stake in Yodawy, a pioneering medical technology company, for a substantial $10 million. The investment represents a strategic initiative by Ezdehar to venture into the healthtech domain, aligning with its commitment to support startups through its Mid-Cap Fund II.

Yodawy, founded in 2018 by Karim Khashaba, Yasser Abdel Gawad, and Sherief El-Feky, has made a mark in the industry with its innovative healthcare platform. The company offers a comprehensive marketplace where patients can seamlessly process prescriptions and place online orders for medicines. Additionally, Yodawy plays a crucial role in connecting patients with medical labs and insurance companies, thereby streamlining the healthcare experience.

This investment, facilitated by Ezdehar’s Ezdehar 2 mid-cap fund, is anticipated to be a game-changer for Yodawy. The funds will be instrumental in supporting the company’s ambitious growth plans, including expanding its customer base and enhancing its technology-enabled prescription fulfillment capabilities. The overarching goal is to create more value in the healthcare services market and solidify Yodawy’s position as a key player in the digital health landscape in Egypt.

CEO of Yodawy, Karim Khashaba, expressed his enthusiasm for the collaboration, stating that the company aims to address the main challenges in the healthcare sector and fortify its standing in the digital health field in Egypt. Khashaba highlighted Yodawy’s collaborations with insurance companies and healthcare service providers, emphasizing the commitment to improving patient access and experience.

Yodawy currently serves approximately 35 health insurance and healthcare service companies, with contracts spanning over 800 companies, 20 hospitals, and 30 clinics in the market. The company has forged partnerships with 3,000 pharmacies, providing services for both chronic and non-chronic conditions across Egypt. Since its establishment, Yodawy has successfully delivered more than 6 million prescriptions, showcasing its significant impact on the healthcare landscape.

Amir El-Sharqy, General Manager of Ezdehar, commended Yodawy for identifying and seizing an untapped opportunity in the prescription and delivery sector. He acknowledged the effectiveness of Yodawy’s model in serving both patients and healthcare providers in the market.

Ezdehar’s investors include esteemed international institutions such as the European Bank for Reconstruction and Development, the European Investment Bank, the BAE Group, the Netherlands Development Bank, the International Finance Corporation, the Egyptian-American Enterprise Fund, and the Belgian Investment Company for Developing Countries. Additionally, a group of Egyptian investors from banks and other investment entities contribute to Ezdehar’s robust investment portfolio.

The collaboration between Ezdehar and Yodawy is poised to make significant strides in the digital healthcare space, reflecting the continued evolution of the Egyptian healthtech landscape.

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

TymeBank Turned its First Profit

January 16, 2024

TymeBank, the digital bank in which Patrice Motsepe’s African Rainbow Capital (ARC) is majority shareholder, said it reached its first month of profitability in December 2023. The milestone comes four years after its 2019 launch.

“We are extremely proud of our achievement, particularly when you consider that globally, less than half of the top 100 digital banks are profitable. In fact, a recent study stated that less than 5% of all neo-banks worldwide had reached profitability. And of those that are in the black, most have taken a lot longer to become profitable,” said Coen Jonker, CEO of TymeBank, in statement on Tuesday.

This milestone comes only two months after TymeBank announced the acquisition of its eight millionth client in October 2023, making it the fourth-largest bank by customer numbers in South Africa. “We believe that we are now perfectly aligned with our goal of becoming one of the top three retail banks in the country,” said Jonker.

TymeBank attributes its rapid growth trajectory and its fast turn towards profitability to a number of factors, including the bank’s digital channels being supported by in-store kiosks at major retailers including Pick n Pay, Boxer, Sportscene and other TFG outlets, a strategy it says helps acquire about 150 000 customers each month. TymeBank also has a lending portfolio growing at about 30% annually, driven mostly by its small business lending product called Merchant Cash Advance.

Although the low-cost digital offering TymeBank offers to the market is mainly aimed at low-income earners and the unbanked portion of the population, its appeal is growing among more sophisticated segments of the market, too, it said. “As the business evolves, we are seeing it gradually appeal to more affluent consumers who appreciate its unrelenting innovation, customer-centric transparency and accessibility,” said ARC’s Motsepe.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry