Read this email in French.
Editor’s Note
Week 19, 2023
Read time: 5 minutes
The weekend is here, let us rejoice! Start off your weekend reading the compelling stories that await you in this edition of Tc Weekender.
Enjoy!
Pamela Tetteh Editor, TechCabal.
Editor’s Picks
Kenya to tax content creators
Kenyan content creators are in for a tax-y ride! The Kenyan government is slapping a 15% withholding tax on every payment that goes into the pockets of our beloved digital creators.
SA gets on the greylist
South Africa has landed itself on the “grey list” for financial crime, courtesy of the Paris-based Financial Action Task Force (FATF). It appears the country has been caught snoozing on its efforts to combat illicit financial flows and terrorism financing.
Sama must pay moderators
Sama’s “layoff party” was cancelled weeks ago, and now the Kenyan court is asking the former content moderation upstart to ensure that the moderators it has been trying to fire get paid their salaries.
Safaricom’s new license
Safaricom Ethiopia scored a license from the National Bank of Ethiopia to offer mobile money services. With Safaricom’s track record, the Ethiopian fintech scene should expect the telecom to spice things up and bring the heat.
MTN wants to sell its West African assets
It appears that MTN is dialing down its operations in certain regions. Word on the wire is that MTN is engaging in talks to unload some of its West African assets to Axian Group, a pan-African investor in telecoms.
NBC can no longer fine stations
A Nigerian Federal High Court has dropped a bombshell ruling, saying that the Nigerian Broadcast Commission (NBC) doesn’t have the power to dish out fines to broadcast stations for any reason.
Learn more.
TC Daily
Get the most comprehensive insights and stories about Africa’s tech and business ecosystem. TC Daily goes out every week at 7 AM (WAT).
.
Zimbabwe’s gold currency
Zimbabwe is moving forward with the launch of its gold-backed digital currency this week. Despite the IMF labeling it a wrong move, the country used nearly 140 kilograms of gold reserves to back the first sale of its digital money.
Mozambique gets 5G
East Africa’s Mozambique joined the club of countries embracing the cutting-edge fifth-generation network (5G), all thanks to telecom company Vodacom.
Khazna plans for $250 million data centre in Egypt
Guess who’s joining the party? Khazna, the UAE-based wholesale data center provider is set to shell out a staggering $250 million to build a brand-new data center in Egypt.
Updates from Google I/0
At this year’s Google I/O, the tech giant announced a folding phone, key software updates, and of course, generative AI which will most notably be coming to Search.
Who brought the money this week?
South African Health-Tech company Quro raised $1.3 million in an undisclosed funding round from Mineworkers Investment Company (MIC).
Egypt-based fintech company Balad closed an undisclosed amount in a pre-seed funding round. The round was led by Acasia Ventures. Other investors in the round include Launch Africa, Future Africa, V&R, Magic Fund, First Circle, Sunny Side, and several family offices.
Kenyan fundraising company, Raise, secured undisclosed funding from Carta, a San Francisco-based company specialising in capitalisation table management and valuation software.
DigsConnect, a South African student housing company, received undisclosed funding from Itaba Capital.
What else to read this weekend?
We are doing 5G wrong in Africa
Lazerpay shut down, high on hope but short on capital
Meet the African streaming platform trying to take on Netflix
Fintechs fight chargebacks with decline fees
What does marketing look like for companies nowadays?
What African founders think about the recent funding downturn
Written by: Ngozi Chukwu & Hannatu Asheolge
Edited by: Pamela Tetteh
Kenya says Sama must pay moderators