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Fresh regulations are often met with skepticism from startup founders, but digital lenders in Kenya largely seem to be upbeat about the new Digital Credit Providers law, saying it will bring order to the sector.
Note from Beth: Lately, a question on my mind is whether or not the concept of Networked Nonprofits is a global one as I’ve had the opportunity to share some of the ideas beyond the US borders in Kenya and UK. I think Pratham Books , an NGO in India, is a networked nonprofit. Creative Commons to the rescue.
Digital lenders that share personal data of loan defaulters, with third parties, risk license withdrawal in Kenya after lawmakers added a clause – granting the banking regulator the mandate to revoke permits of operators who breach customer confidentiality – to the new law passed by the country’s National Assembly. .
The ABC would wrap together efforts such as TIGAR as a sharing portal, capacity building efforts for countries trying to create accessible book services and looking at issues like licensing. So, in the meanwhile, we will need to rely on licenses: permissions agreements. So, the publishers weren’t against all licensing.
In the past decade, numerous mobile lending apps have been launched in Kenya, riding on the growing need for quick loans. Under the new legislation, lenders are required to apply for licenses from the CBK, as compared to previously, when they only had to register to set up operations in the East African country. and PayPal-backed Tala.
Two years before that, Boampong traveled to Kenya and was fascinated by how unbanked Kenyans sent and received money while paying bills with mobile money, a system of payments pioneered by Safaricom’s M-Pesa, which has close to 30 million customers. Dash claimed to process over $300 million in TPV in January, up 300% monthly from Q4 2021.
Kwara has over the last year entered South Africa and Philippines, as the demand for its services grew beyond Kenya. Wandia said that from the onset, it was clear that Kwara would expand beyond Kenya as they quickly discovered that most credit unions, especially those in emerging markets, had not caught the wave of technology.
Salient surveyed over 80 companies across Ghana, Kenya, Nigeria, and Uganda, 25% more than the number it tracked in its last report in 2021. Online pharmacy regulations have been launched in Nigeria and Ghana and are in development in Kenya and Uganda. As such, their growth has been rapid, Salient says.
The company claims to be handling over 10 million transactions on its rails per week, with beta operations in 10 African countries — Cameroon, DRC, Ghana, Kenya, Mozambique, Nigeria, Rwanda, Tanzania, Uganda, and Zambia. “W e’ve gone in and decided we want to be completely regulated. PawaPay isn’t far off.
Last year, the company also said it acquired an international money transfer license with a WorldRemit partnership also in the works. None of its plans to expand to South Africa and Kenya (countries it expressed interest in during its Series B) has come to fruition yet. OPay plays in an extremely competitive fintech market.
Kwara says the Kuscco deal comes at the right time in its plan to double down on Kenya. “We Kenya’s fintech Kwara lands $4 Million in seed round from Breega, SoftBank to build neobank for credit unions. In Kenya, only 175 deposit-taking saccos are licensed, as a vast majority remain unregulated.
to East African countries (Kenya, Uganda and Tanzania), thus ushering the Tanzanian fintech into the remittance business. to Tanzania, Kenya, Uganda, Rwanda and Ghana. We also got our license approvals to go live in the U.S. We’re scaling that up, not just being in Tanzania and Kenya and Uganda as a consumer-facing product.
On the platform, Raise customers can also automate due diligence, set valuations, track employee stock vesting and make routine documentation for licenses and government documents in Nigeria and Kenya. . pre-seed after bagging country’s first SEC license. The company is active in Nigeria and Kenya.
Nigeria leads the way again with five startups, while Egypt has four, Morocco has two, and Kenya, Ghana, Zambia and South Africa each have one. Amenli, founded by Shady El Tohfa and Adham Nauman in 2020, is addressing an untapped $2 billion market, being the first licensed online insurance broker in the country. Fingo (Kenya).
Kenya-based agritech Apollo raises $40 million in Softbank-led round, joined by Chan Zuckerberg Initiative, CDC. Kenya’s Twiga raises $50M to scale food solutions across Africa. Debt lenders included DEG, Rabobank, Ceniarth, Rippleworks, Mulago Foundation, Whole Planet Foundation, the Netri Foundation and Kiva.
The startup recently received its lending license from the Bank of Tanzania, and has already introduced a 30-day inventory financing product in the market. By leveraging Ramani’s technology, the MDCs can digitally track their operations easily and get financing based on the performance of their businesses.
Float, present in Ghana and Nigeria, intends to use this new capital to set up entities in Kenya and South Africa by Q2 as soon as it gets licenses to operate, Ghansah said on the call. “And then, like it’s flexible in terms of how you can just take it out for a day and then repay the next day, for example.”.
Kukua says the investment will support its goal to continue building an IP-centric kids’ “edutainment” universe with new Super Sema original content, licensing, merchandise and publishing offerings. and Kenya round up the top three countries where Super Sema is most watched. Immediate plans include launching a U.S.
Also, in its quest to become a digital bank, Carbon acquired a microfinance bank license. According to Dozie, the license means that Carbon’s customers are afforded additional protection through depositors’ insurance via the NDIC. Image Credits: Carbon.
While the platform has added depth in some markets with more advanced fintech regions, such as Nigeria, Kenya and South Africa, where it can query against government databases, such depth is lacking in other markets, including Francophone Africa.
The company is targeting an initial launch in July this year in Kenya and Nigeria, the two countries it is headquartered in. Its flagship product is a consumer crypto-brokerage app that allows users to buy, send, sell and withdraw fiat and crypto assets.
” Next, Identitypass approached various agencies and authorities countrywide to get licenses and certifications needed for authorizing checks across a full spectrum of verification points. Kenya, the U.S. It launched with one data point in January 2020. These businesses are based in Nigeria, the U.K.,
South Africa makes up a large bulk of it; without it, the continent is on a 1% to 2% rate even with other developed technology and financial markets like Kenya, Nigeria and Egypt. It also provides APIs to other insurance companies banking on its position as the first licensed digital insurance broker in Egypt.
Nigeria is a silo, same with Ghana, Kenya and South Africa etc. The fintech, launched in 2020, is eyeing capital markets in Ghana, Kenya, Nigeria, South Africa, Morocco and Egypt. SecondSTAX is the third circle and acts as a gateway to the fourth circle, the exchanges. You have exchanges where the securities are traded in each country.
The doctor will also be in a place to request for rapid diagnostics tests to be carried out, a service that will be supported by a licensed community health nurse as the medic consults remotely. It is raising more funding to further grow its business across the continent. The health start-up received $1.1
Then in August, the Central Bank of Nigeria (CBN) accused them of operating without licenses as asset management companies and “utilizing F.X. Similarly, there has been some demand from Kenya and South Africa, so Bamboo will look to move into those countries soon with this new funding. sourced from the Nigerian F.X.
Kakamega Town, Kenya: Netsquared Kenya Regional Meeting /Kakamega County. Creative Commons licensed by Neal Gillis. Wellington, New Zealand: Chalkle: unlocking the gates to learning, 1 year on - #net2welly Oct meetup. Saturday, October 26. Guatemala: DalGT: Actividad de DAL en Guatemala - 26 de Octubre. Monday, October 28.
.” Last year, Google revised its Play Store developer program policy for financial services apps with additional requirements for loan apps in India, including the requirement to submit a copy of the license for review in case the developer is licensed by the Reserve Bank of India (RBI) for providing personal loans.
Startups and VC Gotta love some solid startup drama, and Brian covers it in his summary of Turntable and all its iterations over the years: Turntable LIVE raises $7 million ahead of public launch , after years of co-founder disagreements and music licensing challenges.
Kisumu, Kenya: Social Media Week. Busia, Kenya: Building for the Future with Appmaker-Mozilla Western Kenya Network. Busia, Kenya: Social Media Week Event. Image Name: Author / License. Storymakers Events. September 23. September 24. London, United Kingdom: Digital Storytelling. September 25. September 30.
In countries like Nigeria where the government previously banned cryptocurrency transactions through licensed banks and introduced a digital currency to reduce incentives for using unregulated crypto, the crackdown against crypto usage might intensify. It’s public record that it never happened.
International NetSquared group leaders will also get together for training throughout the year, with our first events already planned for the United Kingdom, Cameroon, and Kenya. Busia, Kenya: Net2kenya Regional Event. Image Name: Author / License. NetSquared community in Austin for the 15NTC conference in March. HTML EXAMPLE.
Busia, Kenya. NetSquared Kenya and Mozilla Caravan (Kisumu City, Kenya). Busia, Kenya: Turning Information into Action — Net2 Kenya Mombasa Local Network. Image Name: Author / License. Mukono, Uganda: Second Net2 Uganda Computer Training Meetup for Poor Rural Primary School and Community. HTML EXAMPLE.
But from a purely geographical standpoint, five are based in Nigeria, one each are from Kenya and Ghana, and one, though Africa-focused, is Geneva-based. One reason it attracts the most VC dollars is how expensive building a fintech product can be when factors such as integration, compliance and licensing are considered.
Busia, Kenya. NetSquared Kenya and Mozilla Caravan (Kisumu City, Kenya). Busia, Kenya: Turning Information into Action — Net2 Kenya Mombasa Local Network. Image Name: Author / License. Mukono, Uganda: Second Net2 Uganda Computer Training Meetup for Poor Rural Primary School and Community. HTML EXAMPLE.
Busia, Kenya. Maker Party Western Kenya. Image Name: Author / License. Thursday, October 30, 2014. Mukono, Uganda: Second Net2uganda Computer Training Meetup for Poor Rural Primary School and Community. Friday, October 31, 2014. Kakamega Maker Party. Sunday, November 2, 2014. Thursday, November 6, 2014. HTML EXAMPLE.
The charity pricing on it is is free for up to ten licenses with as much as a 75% discount per seat above that. The centerpiece of the philanthropic project is a cloud networking solution that’s free (forever) to 501(c)(3) organizations that need ten licenses or fewer. Larger nonprofits can get additional licenses at half off.
Nairobi, Kenya: NetSquared Kenya Joins Mozilla Maker Party 2016. Nairobi, Kenya: NetSquared Kenya Women and Web Literacy Program 2016 – 17. Nairobi, Kenya: Mobile Solar Computer Classroom Project in Kenya. Nairobi, Kenya: Netsquared Kenya Joins MLH Hackathon December 3, 2016.
Busia, Kenya: NetSquared Kenya and Mozilla — Building for the Future with App Maker. IMAGE ATTRIBUTION GUIDELINES Image Name: Author / License. Thursday, April 13, 2017. Tokyo, Japan: #NPOxIT最前線2017 - 米国テクノロジーカンファレンス参加報告 - 第13回 NPOxIT Meetup - 情報共有・学び・交流会. Africa + Middle East. Friday, April 7, 2017.
Busia, Kenya: Safer Internet Campaign — February 10 to March 25. Busia, Kenya: Teaching Mobile Apps Development to High School Students. Image Name: Author / License. Ouagadougou, Burkina Faso: Tics et Violences. Tuesday, February 10, 2015. Tuesday, February 17, 2015. Saturday, February 28, 2015. HTML EXAMPLE.
So far we've scheduled events in Kenya and Uganda, and will be adding more cities throughout the fall. Busia, Kenya: Office 365 Workshop Train the Trainer NetSquared Mombasa Friday, October 9, 2015. Busia, Kenya: Office 365 Workshop Train the Trainer NetSquared Kisumu. Tuesday, October 27, 2015. Mukono, Uganda.
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