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Tracking Gokada Founder’s Murder Case: An In-Depth Look at Haspil’s Trial Three Years After Saleh’s Death

July 27, 2023

In the heart of Manhattan, a chilling tale of betrayal and brutality unfolded, shaking the tech world to its core. The lifeless body of Fahim Saleh, the ingenious mind behind Gokada, the revolutionary motorbike ride-share company in Lagos, Nigeria, was found in his opulent Lower East Side condo. The date was etched in history — July 13, 2020 — a day forever tainted by the horror that transpired.

The scene that greeted Fahim’s sister was nightmarish; a grim tableau etched into her memory. Tyrese Haspil, once the trusted personal assistant, stood callously amidst the macabre scene, dismembering the lifeless form of his tech CEO boss. The cold, calculated brutality of the act sent shivers down the spine of those who learned of it, leaving a trail of fear and devastation in its wake. In a quick and harrowing escape, Haspil vanished, leaving authorities and loved ones grappling for answers.

Four days of relentless pursuit eventually led to the capture of Tyrese Haspil. His alleged reckless spending spree, fueled by Fahim Saleh’s credit cards, proved to be the trail that law enforcement followed to apprehend him. The arrest brought a semblance of relief to those left haunted by the heinous crime, yet justice seemed elusive in the wake of such a ghastly tragedy.

The subsequent court appearances were filled with gripping tension, drawing the public’s eyes to the unfolding drama. Tyrese Haspil’s demeanor, chillingly void of emotion, added an unsettling aura to the proceedings within the hallowed halls of the Manhattan courtroom. As the defense and prosecution navigated the intricate discovery process, the truth of that fateful day began to surface, piece by haunting piece.

*In court on Thursday, July 20, Tyrese Haspil, a 24-year-old personal assistant accused of killing and dismembering his tech CEO boss, faced legal proceedings. Credits: The U.S. Sun*

The motive behind Fahim Saleh’s murder gradually emerged — a volatile dispute between the CEO and his once-loyal assistant, centered around financial grievances. The prosecution argued that an argument between Saleh and Haspil over an alleged embezzlement of $90,000 had preceded the murder. They painted a disturbing portrait of a premeditated plan; of Haspil meticulously plotting the cold-blooded murder. Allegedly employing a Taser to incapacitate Saleh, followed by the fatal blow dealt on the night of July 12, 2020, an unimaginable act of malevolence came to light. The evidence suggested that Haspil returned to the apartment to clean up the crime scene and dispose of Saleh’s body parts.

As the trial proceeded, the court heard unsettling details that hinted at the suspect’s infatuation with Saleh’s lavish lifestyle. Reports of Haspil audaciously masquerading in the CEO’s upscale apartment, inviting friends to bask in the illusion of a high-rolling life, sent shockwaves through the gallery. Evidence of an electric saw, purchased at a Manhattan Home Depot and left behind as a chilling reminder, served as a haunting testament to the crime’s brutality.

In the courtroom, the defense attorney, Sam Roberts, refrained from providing any comments on the case. However, other legal experts, like Florida defense attorney Mark NeJame, speculated that Haspil’s team might try to build a self-defense claim. Yet, NeJame pointed out the difficulties in such a defense, citing evidence of premeditation, including the possession of a Taser and a butcher knife.

Surveillance footage played a crucial role in the investigation, capturing Haspil with Saleh in the building’s elevator just before the murder. Identifying Haspil as the person in the video could be a critical factor in securing a conviction.

The protracted delays caused by the Covid pandemic further complicated an already intricate case. The pursuit of justice faced unforeseen hurdles, but the yearning for closure among Fahim Saleh’s loved ones remained steadfast, echoing in the chambers of justice.

The loss of Fahim Saleh transcended the boundaries of the tech industry, rippling through the lives of all who knew him intimately. Colleagues and friends were left mourning the passing of an ambitious entrepreneur whose future held boundless promise. His motorcycle ride-share company, Gokada, had been making significant strides in Lagos, Nigeria, and beyond.

Fahim Saleh held the position of CEO at Gokada, a thriving motorbike ride-share company. Credits: Instagram

As the world stands at the edge of its seat, awaiting the next court date — September 28, 2023 — , one thing remains unequivocal — the legacy of Fahim Saleh endures. The outcome of this trial stands as a solemn monument, commemorating the visionary founder of Gokada, and the pursuit of justice for the harrowing crime that forever have darkened the streets of Manhattan.

Gokada death Gokada death Gokada death

South Africa’s EPF Tech Fund Bolsters Portfolio with Fresh Investment in Acorn Fintech

Charles Rapulu Udoh

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

Nigeria’s Flutterwave Takes Flight: Battling Storms in a Kenyan Court

July 26, 2023

High above the bustling city of Nairobi, the African fintech giant, Flutterwave, finds itself entangled in a fierce legal struggle. The Kenyan Assets Recovery Agency (ARA) had cast its net over the fintech behemoth, aiming to seize its fortunes on grounds of money laundering and fraud. Like a thunderstorm on the horizon, this legal onslaught sent tremors through the financial landscape.

It all began in August of the previous year, when the ARA seized a staggering $3 million, believed to be associated with illicit activities, from Flutterwave, Hupesi Solutions, and Adguru Technology Limited. This move came just two months after an even larger sum of $52.5 million, including assets belonging to Flutterwave and six other companies, had been frozen. Legal challenges followed each seizure, with the first case being formally withdrawn in March of this year.

Recently, the ARA made an audacious attempt to withdraw its second case against Flutterwave, but the Kenyan High Court, standing tall and steadfast, thwarted their intentions. Judge Nixon Sifuna, demanded transparency and valid reasons for the withdrawal, dismissing the ARA’s vague request. He insisted on an affidavit sworn by the agency’s CEO or a high-ranking officer before any further proceedings could be considered.

Flutterwave, once a shining star in the African financial tech realm, has now been cloaked in shadows of uncertainty. This prolonged legal battle threatens to delay the company’s aspirations of acquiring a license to operate in Kenya, leaving investors and users alike nervously anticipating the outcome.

In the courtroom, a torrent of evidence cascaded forth, with the ARA presenting affidavits, bank statements, and other documents, all pointing fingers at Flutterwave’s alleged misdeeds. The agency contended that the fintech company’s bank accounts were conduits for nefarious money laundering activities disguised as merchant services. Yet, Flutterwave vehemently contested these claims, asserting that they were baseless and unsubstantiated.

The saga of Flutterwave dates back to its founding in 2016 by the visionary trio of Iyinoluwa Aboyeji, Olugbenga “GB” Agboola (CEO), and Adeleke Adekoya. The startup was conceived with the noble mission of facilitating seamless cross-border payments across Africa, bridging gaps and empowering businesses and individuals to thrive. Over time, Flutterwave spread its wings to include other innovative ventures — a remittance service enabling swift money transfers to and from the continent, the Flutterwave Store, an e-commerce platform akin to Shopify, and Tuition, a revolutionary education payments platform.

Like a phoenix rising from the ashes, Flutterwave soared to new heights last year, securing a staggering $350 million in funding at a breathtaking valuation of $3 billion. Such financial prowess cemented its position as one of Africa’s most valuable startups. However, amidst its ascent, the company was not impervious to adversity.

Controversy and hardship loomed over Flutterwave’s flight, with allegations of harassment, funds misappropriation, and mismanagement casting shadows on its once bright image. As the storm raged on, the company’s leaders struggled to navigate treacherous waters and restore their reputation.

In the Kenyan courtroom, the ARA’s case against Flutterwave was just one piece of a larger puzzle. With eyes cast far and wide, the agency targeted a total of seven companies, believing them to be complicit in the alleged money laundering web. Their actions culminated in the freezing of an astonishing Sh7 billion held in 56 bank accounts.

Among the companies ensnared in the ARA’s pursuit of justice were Boxtrip Travel and Tours Limited, Bagtrip Travel Limited, Elivalat Fintech Limited, Adguru Technology Limited, Hupesi Solutions, Cruz Ride Auto Limited, and one Simon Ngige. Each entity stood accused, and their financial affairs were painstakingly laid bare before the court’s discerning gaze.

The intricate web of transactions and purported money laundering activities captured the attention of the court, leading to orders to freeze vast sums in various currencies, including USD, British Pound Sterling, EURO, and Kenya Shillings. The ARA argued that Flutterwave’s accounts, among others, served as vessels for concealing the true nature and origins of the funds, cleverly masking their trail. The agency pointed to suspicious deposits and lack of evidence to validate legitimate retail transactions, further fueling their case.

Yet, amidst this tempest of legal battles and accusations, Flutterwave’s leaders stood firm, maintaining their innocence and pledging to cooperate fully with the investigations. Their vision of fostering a robust and inclusive financial ecosystem for Africa remained unwavering, as they braced themselves against the headwinds.

As the story unfolds, the fate of Flutterwave remains uncertain. Will the fintech giant be able to weather the storm and soar to even greater heights, or will it find itself cast adrift in the turbulent seas of litigation? Only time will tell, as the courts continue their deliberations and the winds of justice blow in all directions.

Flutterwave Kenyan Flutterwave Kenyan

How Angel Investors Are Building Cameroon’s Startup Dreams: Bohikor Joins The List

Charles Rapulu Udoh

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

Key Reasons Why Bundle Africa Ceased Exchange Operations

July 22, 2023

In a significant shift of focus, Bundle Africa, the prominent social payments app for cash and cryptocurrency, recently announced the closure of its exchange services after three years of operation. This decision, made by the company’s shareholders, comes as part of a strategic effort to restructure the business and adapt to the evolving needs of the crypto ecosystem. Instead of its exchange services, Bundle Africa will now concentrate on its peer-to-peer platform, Cashlink. This move reflects the growing influence of Web3 and the blockchain community, prompting the company to align its services with the demands of the dynamic digital landscape. In this article, we delve into the key reasons behind Bundle Africa’s decision to shut down its exchange operations and explore the broader context of Africa’s rapidly expanding crypto market.

Restructuring for Focus on Cashlink: After three years of operations, Bundle Africa decided to shut down its exchange services. The company’s shareholders made this decision to restructure the business. Instead of continuing its exchange services, Bundle will now concentrate on its peer-to-peer platform called Cashlink.
Emphasis on Web3 and Blockchain: The company cited the growth of the Web3 and blockchain community as a key factor in its decision to focus on payment solutions that meet the ecosystem’s needs. Cashlink, as a peer-to-peer platform, aligns better with the evolving requirements of the blockchain community.
Shifting User Base and Volume: Bundle Africa reported a significant milestone with 50,000 monthly active users and a $50 million monthly volume on its exchange services. This indicates a growing interest in crypto and digital assets within Africa.
Closure of Exchange Operations in African Crypto Industry: Bundle’s cessation of operations reflects a broader trend in the African crypto industry, where some startups faced challenges and had to make difficult decisions. For instance, Nestcoin, a Nigerian crypto startup, faced issues related to the collapse of FTX, leading to layoffs. Fluidcoins, another Nigerian crypto startup, was acquired by Bitfinex after failing to raise sufficient funds to continue operations. Lazerpay, a web3 and crypto payment company, also shut down due to funding difficulties.
Leadership Changes: In 2021, Yele Bademosi, the founder of Bundle Africa, stepped down as CEO to explore other opportunities and areas that required support within the African crypto community. Emmanuel Babalola, the current director of Binance Africa, took over as the interim CEO of Bundle. This could have also influenced or frustrated the vision and mission of the company.
Regulatory Challenges: Despite the crypto market’s growth in Africa, there have been regulatory challenges. For example, Nigeria’s markets regulator ordered Binance to halt operations in the country, and there were ongoing discussions about regulating digital assets.

Why Investors Backed Rwandan Startup Kasha with $21 Million in Series B Funding to Transform Women’s Health

Charles Rapulu Udoh

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 Payment Provider Fawry Partners with Smart Schools for Secure Tuition Fee Solutions

July 21, 2023

Fawry, a prominent company specializing in banking technology and digital payments, has recently announced a collaboration with the smart schools organization, Smart Schools. The primary objective of this partnership is to establish an electronic payment gateway and provide advanced digital technology solutions for collecting tuition fees in a secure manner.

By joining forces with Smart Schools, Fawry aims to foster a greater reliance on digital payments within the education sector, ultimately benefiting students and parents. Through Fawry’s platform, Smart Schools will enable students and parents to conveniently pay all tuition fees using digital payments, eliminating the need for traditional payment methods.

Under this partnership, Fawry is taking significant strides towards digitizing the education sector and schools. Their cutting-edge electronic payment solutions will be implemented in more than 625 smart schools, catering to nearly 2.4 million students. These solutions will be accessible through various Fawry channels, including Fawry POS machines that cover all regions of Egypt, “Fawry Plus” branches spread across all governorates, and the “myFawry” mobile application.

Hossam Ezz, the Chief Commercial Officer of Fawry, expressed his satisfaction with the partnership with Smart Schools, recognizing it as a reflection of Fawry’s strategic direction to collaborate with diverse institutions and companies in various sectors. Furthermore, Fawry is committed to digitizing payment processes for the education sector and transitioning from cash-based solutions to secure and advanced digital payment options.

Ahmed El-Laithi, CEO of Smart Schools, expressed pride in the partnership with Fawry, acknowledging the company’s efforts in implementing Egypt’s state strategies for digital transformation, in line with Egypt’s Vision 2030. This collaboration is expected to enhance the experience of students and parents while promoting digital payment solutions that align with Smart Schools’ vision of providing safe and easy services tailored to the needs of their stakeholders through Fawry’s latest electronic payment solutions.

MyCover.ai Raises $1.25M in Pre-Seed Funding to Transform Africa’s Insurance Market

Charles Rapulu Udoh

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

Kuda Surpasses Six Million Customer Milestone, Pioneering Financial Inclusion in Africa

Kuda chief executive officer (CEO) and co-founder Babs Ogundeyi

In a groundbreaking achievement, Kuda, the innovative money app designed for Africans, has surpassed six million customers in Nigeria. The milestone reflects the company’s unwavering dedication to making financial services more accessible, affordable, and rewarding for all Africans.

Since its inception, this fintech company has experienced consistent growth, revolutionizing the Nigerian Fintech landscape through disruptive marketing and continuous improvements to its banking app. The app now offers a wide range of services, including savings, payments, and credit facilities, catering to both retail and business customers.

Mr. Babs Ogundeyi, the Group Chief Executive Officer (GCEO) of Kuda Technologies Limited, expressed his excitement and pride in reaching this significant milestone. He attributed the achievement to the relentless commitment and resilience of the entire Kuda team in developing sustainable and innovative financial solutions that benefit Africans across the continent.

Highlighting Nigeria as a key market for Kuda, Ogundeyi affirmed the company’s commitment to expanding its footprint in other African markets, leveraging the momentum of its customer acquisition success. He emphasized that Kuda’s growth from a digitally-driven startup to an industry leader was a testament to their vision of providing accessible, affordable, and rewarding financial services.

With an eye toward the future, Kuda is motivated to extend its success story beyond Nigeria and reach out to other parts of the world. Their mission is to provide a better alternative to traditional finance by offering services such as free money transfers, business banking, and instant credit access through digital devices.

In the four years of its operations in Nigeria, Kuda has achieved several significant milestones. The recent six millionth customer sign-up marks yet another noteworthy achievement for the fintech company. Back in August 2019, Kuda launched its beta app and received substantial support, raising over $90 million from esteemed institutional investors, including Valar Ventures and Target Global.

Kenya’s FaidiHR Launches New Platform to Facilitate Casual Worker Payments

Charles Rapulu Udoh

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

Rensource Raises $15 Million to Accelerate Solar Energy Adoption in Africa

July 18, 2023

In recent months, Africa has witnessed several fundraising efforts by renewable energy investment platforms catering to the commercial and industrial sectors. Latest to join the list is Rensource Energy, a solar energy provider in Africa, which has announced the successful conclusion of a $15 million agreement with Afrigreen Debt Impact Fund SLP.

The debt financing provided by Afrigreen will consist of a combination of US dollars and Naira, aimed at funding the construction of over 30 MW of solar projects within Rensource’s commercial and industrial client portfolio over the next three years.

“Since its establishment, Rensource has continuously strengthened its position, a feat that can undoubtedly be attributed to strategic partnerships such as the one with Afrigreen. We are pleased to have secured a $15 million fundraising round with Afrigreen, a significant contribution to the development of Africa’s commercial and industrial sectors,” stated Prince Ojeabulu, CEO of Rensource.

Indeed, since its inception, Rensource has successfully developed and constructed approximately 10 MWp of solar energy capacity and 3 MWh of storage capacity. Currently, the company boasts a construction pipeline of over 17 MW and an additional 120 MW in development, spread across East and West Africa.

Rensource Africa

Egyptian Fintech Startup Flash Raises $6 Million to Drive Cashless Payments

Charles Rapulu Udoh

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

Morocco’s Ride-Hailing Graveyard Welcomes Its Newest Newcomer: Yango

In the Casablanca-Settat region of Morocco, the ride-hailing industry has become a battleground for foreign transportation companies seeking to penetrate the market without obtaining proper permits and approvals. The most recent entrant, Yango, finds itself at the center of controversy as it faces accusations of violating local laws. The clash between formal taxi drivers and informal ride-hailing providers adds further complexity to the situation, leading to protests, calls for government intervention, and an increasingly challenging environment for all parties involved.

The regional wilaya of Casablanca-Settat has firmly accused Yango, a foreign transportation company, of flouting local laws and regulations. According to a recent statement, Yango has been operating its transportation services through the “Yango” mobile app in Casablanca without acquiring the necessary permits or official approval. This transgression extends not only to Yango but also to other companies offering similar services, as none of them have been granted licenses to utilize private vehicles for public transportation purposes.

The controversy surrounding Yango’s entry into the local market stems from its employment of unlicensed vehicles and unprofessional drivers. Moroccan authorities have expressed concerns regarding these practices, emphasizing that they violate the country’s Highway Code, which governs professional driving standards and regulations for public road transport. The rise of ride-sharing apps like Yango has intensified tensions between traditional taxi drivers and informal ride-hailing providers. The taxi drivers argue that these services require stricter government oversight to protect their customer base and maintain fair competition.

The clash between formal and informal transportation providers has resulted in a flurry of complaints, with ride-share app users reporting incidents of harassment and even violence in extreme cases. In response to these challenges, the National Union of Taxi Professionals in Morocco called for a protest in front of the Ministry of Interior, urging the government to address the issues arising from the ride-hailing industry.

Regional authorities have been quick to caution citizens against engaging with unauthorized transportation providers, emphasizing the potential risks involved. Furthermore, they have warned drivers associated with these companies about the administrative and legal repercussions tied to public transport regulations and control. These measures aim to deter both passengers and drivers from participating in activities that violate Moroccan law.

Yango’s legal challenges in Morocco echo the struggles faced by other ride-hailing startups in the region. Yassir, an Algerian ride-hailing startup, also encountered difficulties when the Casablanca-Settat region declared its operations in Casablanca illegal due to a lack of authorization. Yassir had launched its transport service delivery offer in Casablanca through a mobile application and website, but the authorities deemed these activities to be in violation of the law.

Ride-hailing Morocco Yango — *A Yango ride-hailing car in Windhoek, Nambia. Image credits: Matthew Dlamini*

The regulatory framework in Morocco requires ride-hailing companies to operate exclusively through registered taxi unions. Uber, for instance, faced legal issues in 2015 when authorities deemed its activities in Casablanca illegal. The authorities emphasized the importance of partnering with local tourist transportation unions and focusing on serving tourists rather than primarily targeting local customers. In contrast, Heetch, a French ride-hailing startup, positioned itself as the only legal ride-sharing app in Morocco by collaborating with major driver unions before entering the market.

For Yassir and other ride-hailing startups, operating within the confines of Morocco’s regulatory framework remains crucial. Despite setbacks and legal challenges, Yassir continues to operate in multiple Moroccan cities such as Tangier, Marrakech, and Agadir. However, losing the opportunity to operate in Casablanca, Morocco’s business and economic capital, significantly impacts Yassir’s operations. Casablanca is home to millions of residents, including a significant number of expatriate workers. Moreover, it houses the Port of Casablanca, one of the largest artificial ports globally and the second-largest in North Africa after Tanger-Med.

In all, the ride-hailing industry in Morocco’s Casablanca-Settat region remains a challenging and contentious environment. Yango’s entry into the market has only added fuel to the fire, with accusations of violating local laws and regulations. The clash between formal taxi drivers and informal ride-hailing providers intensifies, prompting protests and calls for government intervention. As the ride-hailing graveyard in Morocco continues to grow, Yango joins the list of companies facing legal scrutiny in their quest to establish a foothold in the country’s transportation market. The resolution of these conflicts remains uncertain, leaving the future of ride-hailing services in Morocco’s Casablanca-Settat region hanging in the balance.

Ride-hailing Morocco Yango Ride-hailing Morocco Yango

Casablanca Operations Of Algerian Ride-hailing Startup Yassir Declared Illegal, A Year After Launch

Charles Rapulu Udoh

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 Now Has 177 FinTech Startups with a Total Funding of $800M: New Report

In a significant development for Egypt’s financial technology sector, Rami Aboul Naga, the Deputy Governor of the Central Bank of Egypt, announced the release of the annual Financial Technology Report for 2022 under the “FinTech Egypt” initiative. Speaking at the Seamless North Africa Conference, Aboul Naga shed light on the comprehensive insights provided in the report, showcasing the remarkable progress and advancements in the Egyptian market’s financial technology landscape.

The report revealed a multitude of positive indicators that highlighted the sector’s growth throughout 2022. Most notably, the number of startups operating in the field skyrocketed to an impressive 177 companies, a fivefold increase compared to previous years. This surge in startups was accompanied by investments exceeding a staggering $800 million, signifying a robust influx of funding and confidence in the sector’s potential.

During his speech, Aboul Naga emphasized the Central Bank’s unwavering commitment to supporting and encouraging digital transformation within Egypt’s banking sector. Recognizing the importance of meeting consumer needs and achieving sustainable development, he stressed the secure and effective utilization of financial technology. With the Central Bank’s backing, the goal was to foster an environment conducive to innovation, ensuring that technological advancements align with the nation’s banking requirements.

At the Seamless North Africa 2023 conference, Aboul Naga underscored Egypt’s readiness to embrace financial technology, attributing it to the collective efforts of various institutions working harmoniously. The country possessed the necessary supporting factors and capabilities to drive financial technology adoption across different segments of society. Aboul Naga commended Egypt’s utilization of all available resources and capabilities, a testament to the nation’s commitment to technological transformation under the leadership of President Abdel Fattah El-Sisi.

Recognizing the importance of infrastructure development in the banking sector, Aboul Naga emphasized the Central Bank’s keen focus on enhancing the digital landscape. Strengthening financial technology and creating a legislative environment that nurtures innovation in digital banking services were identified as key priorities. The Central Bank also aimed to protect consumer rights, ensuring transparency in banking operations to foster trust and confidence in the sector.

With the issuance of the Financial Technology Report for 2022 and the remarkable growth of startups in the sector, Egypt’s financial technology landscape was poised for continued advancement. The concerted efforts of the Central Bank and other institutions indicated a clear commitment to harnessing the potential of technology, driving sustainable development, and meeting the evolving needs of Egypt’s banking sector and its consumers.

fintech Egypt fintech Egypt

Crypto Shows Signs Boom After Winter

Egyptian Fintech Startup Flash Raises $6 Million to Drive Cashless Payments

Charles Rapulu Udoh

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

Backed with $1.5M, Accelab is Changing the Gaming Landscape in Morocco

July 15, 2023

Accelab, the innovative entrepreneurial incubator, is making waves in the African gaming industry. The incubator which has accumulated over $1.5 million in funding since it was founded in 2020, is set to revolutionize the gaming landscape in Morocco and pave the way for groundbreaking developments in the sector.

In a recent partnership, Accelab joined forces with the Moroccan Games and Sports organization, creating a dynamic alliance dedicated to fostering innovation and entrepreneurship. The collaboration was celebrated during a momentous meeting held at the headquarters of Moroccan Games and Sports, where the winners of the highly anticipated “Morocco Sportech Summit” competition convened on June 9th, 2023.

The triumphant startups, Adaptmove, Sportym, and Lgame, emerged victorious from the competition and are poised to transform the gaming industry in Morocco. Specializing in sports and e-sports, these visionary companies will soon embark on an acceleration program designed to propel their innovative projects to new heights. Supported by the Moroccan Games and Sports and spearheaded by Accelab, this program is tailored to meet the unique needs of the sports industry.

The “Morocco Sports Technology Summit” served as the perfect platform to unite professionals from the realms of innovation, investment, and sports. The forum’s primary objective was to highlight the multitude of opportunities in the sports sector, with a particular focus on the rapidly expanding global e-sports industry. Distinguished experts, investors, contractors, and influential figures gathered for the inaugural session, engaging in thought-provoking discussions and exploring the endless possibilities that lie within the sports and gaming realms. The climax of the event was the startup competition, where pioneering entrepreneurs presented their cutting-edge projects to a panel of industry experts.

Out of the fierce competition, three exceptional startups emerged victorious:

Adaptmove: This innovative startup is revolutionizing sports facilities by catering to individuals with limited mobility. Led by Aziza Gnoun, who draws inspiration from her personal experience with multiple sclerosis, Adaptmove offers state-of-the-art equipment and personalized support. With an integrated social vision, the company holds immense potential for making a positive impact.
Sportym: Co-founded by Majd Bensouda and Yacine Benamour, Sportym introduces an innovative application that simplifies the process of booking tennis and football courts. Through their user-friendly platform, athletes can effortlessly connect with each other and reserve sports facilities. Sportym also aims to expand its services across the entire nation and broaden its offerings to include a diverse range of sports disciplines.
Lgame: Stepping into the world of e-sports, Lgame has developed a dynamic video game platform that organizes tournaments and leagues for players at all skill levels. By providing an immersive and competitive gaming experience, Lgame has quickly gained recognition in the industry. Their collaboration with Accelab promises to enhance their services and provide additional value to professional partners.

The expert jury was captivated by the impressive growth potential, innovative nature, and positive societal impact of these three startups. As a result of their triumph, they have secured their place in Accelab’s acceleration program, which enjoys generous support and funding from the Moroccan Games and Sports. Through this program, the startups will receive customized support, gain access to a network of esteemed mentors and experts, and be presented with opportunities for financing from both local and international investment funds.

Mr. Othman bin Ghazaleh, the General Manager of Accelab, expressed his satisfaction, stating, “In the past three years, we have supported and nurtured 68 startups, raising a total of 15 million dirhams ($1.5M). However, our primary goal has always been to promote sports entrepreneurship and draw investor attention to the brilliant minds within the sports industry. The success of the Morocco Summit Competition for Sports Technology, which took place on June 9, 2023, would not have been possible without the unwavering support of Al-Maghrabia for Games and Sports.”

Mr. Younes Mechrafi, the General Manager of Al-Maghrabia for Games and Sports, echoed these sentiments, emphasizing their unwavering commitment to supporting and financing the incubation program led by Accelab. Their shared vision aims to empower startups in the sports and e-commerce sectors, providing them with the necessary tools to unlock their true potential and achieve resounding success. Through tailored support and access to a professional ecosystem, the winning startups will be equipped to implement their projects effectively and make a lasting impact.

Based in Rabat, Accelab stands as an esteemed innovation and investment incubator, established in 2020 by a network of visionary entrepreneurs. The organization provides mentoring programs, an enabling work environment, and a vibrant community of like-minded individuals. Its mission is to offer specialized expertise, engineering support, and suitable facilities to nurture progress and catalyze success. Over the course of three years, Accelab has supported 68 startups and successfully raised funding totaling 15 million dirhams.

As the partnership between Accelab and the Moroccan Games and Sports organization gains momentum, coupled with the unwavering support and funding from Al-Maghrabia for Games and Sports, a new era dawns upon the gaming landscape in Morocco. With tailored support and expert guidance, these innovative startups are poised to usher in a new era of gaming, forever changing the face of the industry.

Accelab Morocco Accelab Morocco Accelab Morocco

President Ruto of Kenya Promises to Protect Investors

Charles Rapulu Udoh

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 Does the 500 Global and ITIDA Scale Up Program Offer Egyptian Startups?

July 14, 2023

The collaboration between 500 Global, one of the world’s most active multi-stage venture capital firms, and the Egyptian Information Technology Industry Development Authority (ITIDA) has given birth to an extraordinary opportunity for Egyptian startups — the Scale Up program, the first cohort of which has just been announced. This program, led by 500 Global, is specifically designed to empower and support Pre-Series A startups in Egypt, offering them a plethora of advantages.

Amal Annan, a partner at 500 Global, recognizes Egypt’s abundant pool of promising founders and dynamic technology brands in the Middle East and Africa. The primary goal of the Scale Up program is to provide these startups with the best resources, support, and tools, enabling them to thrive locally and achieve global success. Annan stresses the significance of talent development within the region, fostering an environment where local startups can achieve remarkable growth, expand their operations regionally and globally, and introduce their unique concepts and technologies to a broad audience. The partnership with ITIDA plays a vital role in developing this essential startup ecosystem.

The Scale Up Program by 500 Global in Egypt is a seven-week hybrid program exclusively designed for startups at the Pre-Series A or Series A stages. It offers a comprehensive curriculum that encompasses proven strategies and experimentation methodologies to accelerate the growth of these startups. By focusing on personalized mentorship and customer expansion frameworks, the program equips entrepreneurs with the necessary skills and knowledge to amplify their market presence, streamline operations, and scale their businesses effectively. Moreover, participants gain access to the extensive network of partners, stakeholders, and other program participants within the 500 Global ecosystem, opening doors to potential collaborations and partnerships.

In 2022, 500 Global partnered with ITIDA to introduce a suite of programs aimed at strengthening Egypt’s cutting-edge startup ecosystem. These programs cater to the diverse needs of local startups and innovators, offering both local and global opportunities. The suite includes bootcamps specifically designed for early-stage companies, the Scale Up program for startups at the Pre-Series A and beyond stages, accelerator manager bootcamps, and strategic events and partnerships. These initiatives are crucial in fostering innovation-driven entrepreneurship and accelerating the growth of the local startup community.

Dr. Hossam Othman, Vice President at ITIDA, emphasizes the importance of programs like Scale Up in accelerating the growth of the local startup ecosystem and fostering innovation-based entrepreneurship. By bringing together global experts, ecosystem players, stakeholders, mentors, founders, and innovators, these programs create a vibrant startup community that propels the economy and drives progress.

Throughout the seven weeks of the Scale Up Program, founders have the opportunity to gain invaluable knowledge through a structured curriculum focused on growth techniques and fundraising strategies. Additionally, dedicated mentors provide personalized guidance, helping participants develop actionable tools and solutions that can be immediately applied to their business challenges. Payment companies accepted into the program also receive the added benefit of one year of free access to desktop space at Creativa’s Giza centers, both during and after the program, ensuring a conducive working environment.

The 500 Global and ITIDA Scale Up Program unlocks unparalleled opportunities for Egyptian startups, empowering them to reach new heights. By providing top-notch resources, unwavering support, and global exposure, this program aims to revolutionize Egypt’s startup ecosystem, creating a thriving environment where entrepreneurial dreams can flourish.

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Charles Rapulu Udoh

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