SASSA SRD payment May 2024 new dates
The South African Social Security Agency (SASSA) has released the schedule for disbursing social grants in May 2024. Here’s a quick rundown of payment dates for beneficiaries of the SASSA SRD Older Persons Grants, Disability Grants, and Child Support Grants, May 2024. SASSA SRD May 2024 payment date for Older Persons SASSA payments for May 2024 will begin on Friday, May 3rd. This applies to Older Persons Grants, including any linked accounts. SASSA SRD May 2024 payment date for Disability Grant Beneficiaries expecting Disability Grants, including those with linked accounts, can expect their payouts to begin on Monday, May 6th, 2024. SASSA SRD May 2024 payment date for Child Support Grant The disbursement of Child Support Grants will commence on Tuesday, May 7th, 2024. SASSA encourages safe withdrawal practices SASSA reminds beneficiaries that there’s no need to rush to collect their grants on the first day. Funds will be deposited into their accounts and accessible for withdrawal at their convenience throughout the disbursement period. The agency also encourages using safe methods to withdraw like ATMs, point-of-sale devices at stores, or bank transfers to avoid carrying large sums of cash. Understanding potential delays in May 2024 SASSA payment While most grant disbursements run smoothly, there are occasional situations that may cause a delay in receiving your May 2024 SASSA payment. Here are a few reasons: Public holidays: Public holidays can impact the operating schedules of banks and SASSA offices. Be sure to check for any holiday adjustments to the payment schedule. Incorrect banking information: Ensure your bank details on file with SASSA are accurate to avoid delays in receiving your grant. Changes in eligibility: SASSA conducts regular reviews to ensure beneficiaries continue to meet eligibility criteria. Any changes in income, employment status, or other factors may affect your grant. Final thoughts For more information on SASSA grants and how to apply, visit the SASSA website at https://www.sassa.gov.za/SitePages/HomePage.aspx or call their toll-free number at 0800 60 10 11. You can also appeal if you feel you were wrongly rejected. Remember to keep your SASSA card and PIN confidential to avoid unauthorised access to your grant funds.
Read MoreExclusive: P2P crypto ban imminent as Nigeria calls crypto a national security issue
At least three Nigerian fintech startups—Moniepoint, Paga and Palmpay—will block the accounts of customers dealing in cryptocurrency and report those transactions to law enforcement after Nigeria’s National Security Adviser (NSA) classified crypto trading as a national security issue. That designation means a new crypto regulation that will ban peer-to-peer trading of cryptocurrencies is in the works, said Tosin Eniolorunda, the CEO of Moniepoint. Another person with knowledge of the conversations told TechCabal that a regulation to ban p2p trading will soon be made public. If the ban happens, it will represent a major regulatory shift after the Bola Tinubu administration initially softened its stance on crypto. In December 2023, the Central Bank lifted a two-year ban on cryptocurrency transactions, and at least three crypto exchanges were in talks with the Securities and Exchange Commission (SEC) over a crypto license. Yet, the early successes have been reversed and in the past two months, authorities have blamed a volatile FX regime on crypto speculators. The rationale for a ban on p2p trading is linked to the Central Bank’s belief that crypto traders use peer-to-peer trading to manipulate the naira via a pump-and-dump strategy. In February 2024, the Central Bank Governor, Olayemi Cardoso, claimed $26 billion in untraceable transactions were processed by Binance. It led to a crackdown on the global exchange Binance and the freezing of over 1,000 bank accounts involved in peer-to-peer transactions. Yet authorities have gone even further. Last week, TechCabal exclusively reported that four prominent fintechs were directed to stop opening new customer accounts. At the time, it was unclear if the directive was from the Economic and Financial Crimes Commission or the NSA. A spokesperson for the NSA denied any connection with the incident. On Thursday, Tosin Eniolorunda, the CEO of Moniepoint, confirmed that the NSA ordered the pause in new customer signups. “Customers can easily open Tier 3 accounts on fintech platforms in seconds,” he said at the TMT Business Law conference in Lagos. “The NSA found a lot of accounts [that were involved in crypto trading] and blocked the accounts. They were worried that fintechs are rapid [in opening accounts] and told us to stop onboarding.” A spokesperson for the NSA declined to comment. These easy-to-open accounts, made possible by relaxed rules to enhance financial inclusion, have come under scrutiny in the last year. Traditional banks claimed that these accounts were often conduits for money fraudulently obtained by bad actors. In December 2023, the Central Bank amended those rules, giving fintech startups a deadline of March 2024 to request identification for all classes of accounts.
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👨🏿🚀TechCabal Daily – Egypt greenlights its first digital bank
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية TGIF As we move into the weekend, please move TC Daily from your Promotions folder to your Main folder so you don’t miss updates from the team. It’s also a great time to mention that we now have a WhatsApp channel where you can get breaking news from TechCabal immediately after they’re published. Join the channel here. In today’s edition Egypt set for the launch of its first digital bank MTN disconnects millions over unlinked SIMs iProcure placed under administration Repairs progress on subsea cables Funding tracker The World Wide Web3 Opportunities Banking Egypt set for the launch of its first digital bank Across the world, digital banks or neo banks as they are fondly called are giving traditional banks a run for their money. These banks provide similar banking services like their traditional counterparts but with more flair and swag. The ease of opening accounts with these neobanks and speed of transactions also make them more appealing than their old neighbours. While Nigerians are spoilt for choice on the different neobanks to choose from, Egyptians now have something onebank to cheer about. Onebank: Yesterday, Misr Digital Innovation (MDI), a subsidiary of banking giant Banque Misr, received preliminary approval from the CBE to launch Egypt’s first digital bank, stylised Onebank. The bank will launch later this year—Q4 2024—after completing the second phase of its licensing. Egypt’s journey to having its first neobank started last year when the country’s apex bank, the Central Bank of Egypt (CBE) released a regulatory framework for establishing digital banks in the country. The rules look eerily similar to the guardrails for traditional banks, including anti-money laundering and terrorist financing rules Onebank was Egypt’s first company to submit an official application for the licenses. Per local media, its parent company Banque Misr has nursed the ambition of launching a digital bank since 2021 before banking regulations were in place. Onebank, but not for long: As Onebank inches close to getting its full approval, several banks and financial institutions—National Bank of Egypt, Emirates NBD, Orascom Financial Holding (OFH), Ostoul Securities Brokerage—across the country have signified interest in launching their own digital banks. Read Moniepoint’s case study on family-owned businesses Family-owned businesses are everywhere, shaping our world in ways you might not expect. We’ve found some insights into how they work, and we’d love to share them with you. Dive in right away here. Telecoms MTN disconnects millions over unlinked SIMs If you’re an MTN user in Nigeria and you’ve found yourself without any network over the past couple of weeks, you may be one of the 8.6 million phone lines the telecoms disconnected over the past quarter. The news: In its first quarter financial report, the telecoms reports that it disconnected 8.6 million phone lines which were unlinked to the country’s identification system, the National Identity Number or NIN for short. The barred lines belonged to users who either never linked their NIN or had more than five lines linked to an unverified NIN. Nigeria wants to put a face to every number: Since 2020, the Nigerian government has been pushing citizens to link their phone lines to their NINs. The Nigerian government says linking NIN to SIM cards will help it fight fraud, track kidnapping which has been on the rise since 2020, and allocate resources better. While a two-week timeline was given for the exercise in December 2020, the government has been forced to postpone the deadline over 10 times as its citizens struggled to meet up with the short timeframe and poor planning. Since the exercise began, at least 40 million SIM cards—out of the country’s 225 million active SIMs—have been barred at various times. In January 2023, the communications watchdog, the Nigerian Communications Commission (NCC) ordered all telecoms in the country to bar all unlinked SIM cards or face withdrawals of their licences. Even the telecoms are losing out: Following the disconnection of 8.6 million of its subscribers, MTN Nigeria noted a decline in its overall user base across voice, data, and financial technology services. The telecom giant experienced a net decrease of 2 million subscribers in Q1 2024. Its active data subscribers also saw a marginal decline of around 78,000. This suggests some users who were disconnected were previously active subscribers. Enjoy hassle-free transactions with Fincra Collect payments without stress from your customers via bank transfer, cards, virtual accounts & mobile money. What’s more? You get to save money on fees when you use Fincra. Start now. Startups iProcure placed under administration Startups that offer agricultural and logistics solutions across the continent have almost everything stacked against them. These startups often struggle with finding the right product fit for the market, and then fight tooth and nail against over regulations of those products by the government. As a result, many of those startups wither away. Worsening macroeconomic conditions and a dried-up funding environment make matters more complicated. In the last 3 years, at least 10 Kenya-based startups have shut down. Last year Twiga, a platform that connects Kenyan farmers to food vendors, had its fair share of troubles, reneging on a cloud bill, and conducting multiple rounds of layoffs. Kenyan startup, iProcure is the latest ailing agritech startup. The news: The startup, backed by Safaricom’s Spark Fund, is now under administration after failing to settle undisclosed debts. KPMG advisory arm has appointed Makenzi Muthusi to turn the fortunes of the company around. Side bar: A startup enters an administration when it’s facing serious financial difficulties and can’t pay its debts. iProcure set up shop in 2013 to help distributors of agricultural inputs like fertilisers source products from manufacturers. The startup which raised $17.2 million from investors to expand and develop its technology stack will now be run and managed by Muthusi. Muthusi, will take charge of the company’s offices, assets, operations and manage all the claims from other undisclosed creditors. If revival efforts by KPMG prove unsuccessful, liquidation
Read MoreKenya’s agritech startup iProcure placed under administration over undisclosed debt
iProcure, the Kenyan agritech startup backed by Safaricom’s Spark Fund, is now under administration after failing to settle undisclosed debts. KPMG’s advisory arm was appointed the administrator and will be tasked with reviving the company. If it fails to revive the company, it will consider liquidation as a final resort to ensure creditors recover their money. iProcure was founded in 2013 by Stefano Carcoforo, Nicole Galletta, Patrick Wanjohi and Bernard Maingi to help distributors of agricultural inputs like fertilisers source products from manufacturers. The Nairobi-based firm raised $17.2 million from investors to expand and develop its technology stack. Makenzi Muthusi, the KPMG-appointed administrator, will take control of the company’s offices, assets, and operations. Muthusi will also manage all the claims coming from other undisclosed creditors. “Following the appointment, all the affairs and business and properties of the company are being managed by the Administrator. The directors of the company no longer have any power or authority to deal with these matters,” KPMG said in a notice. “Any party having a claim against the company should submit their claim in writing, with relevant supporting documentation to the Administrator on or before 14 May 2024 for consideration.” iProcure did not immediately respond to a request for comments. Muthusi, the court-appointed administrator, was unavailable to provide comments. At least 10 Kenya-based startups, including Notify Logistics, WeFarm and Kune, have shut down since 2021 because of worsening macroeconomic conditions and a funding winter that has hit tech firms across Africa. According to the Mozilla Foundation, startups in the agriculture and logistics sectors struggle the most to get the right product-market fit amid over-regulation of products, inputs, and equipment in most African countries. “The common challenges faced by agritech startups include adoption and awareness, connectivity and infrastructure, data quality and integration, and regulatory and policy environment where compliance with agricultural regulations, policies, and environmental standards,” Mozilla Foundation said in a report released in February 2024.
Read MoreWave is Africa’s only startup on Y-Combinator’s list of top earners
For the second year running, Francophone fintech Wave is the only African company listed on Y-Combinator’s top 50 earning startups in 2024. The global accelerator has 92 African startups in its portfolio. YC, which previously ranked its startups by valuation, stopped sharing company valuations in 2023 after many tech giants saw significant haircuts in their valuations. Startups and VCs have begun emphasising revenue, unit economics and profitability over hefty private market valuations. “Revenue is the clearest indicator of a startup’s success,” reads an excerpt from Garry Tan’s blog post, Y-Combinator’s CEO. In 2022, Wave was the second most valuable African company in YC’s portfolio after Flutterwave. This year’s list is sorted alphabetically because startup revenue is often confidential and includes AirBnB, Deel, Doordash and Stripe. Wave launched its mobile money product in Senegal in 2018 as a challenger to telcos like Orange and Free Senegal, which control 77% of the telco market combined. At the time, the telcos charged between 5%-10% per transaction. Wave’s market entry saw it reduce these prices by as much as 70% and offer free deposits and withdrawals via its mobile application. It also introduced a fixed transaction fee of just 1% for money transfers between individuals. Its competitors followed suit and dropped prices by as much as 80%, even limiting their customers from purchasing airtime via Wave’s mobile app as they sought to challenge Wave’s dominance. In 2023, it claimed to have 6 million users—roughly 75% of the adult population—in Senegal and 10 million users across Senegal, Côte d’Ivoire, Burkina Faso, Mali, Uganda and Gambia. It recorded 12 billion transactions in Senegal alone in 2022. Wave’s consistently high revenue makes it stand out in Africa’s fintech ecosystem after three fintechs shut down in 2023 due to dried-up funds. While Wave is still at least two funding rounds from an IPO (startups typically IPO after a Series C, and Wave has only raised a Series A round), there are hopes that it can list on a global exchange in the coming years as private investors can already buy shares in the company. In 2022, to increase profitability amidst the global economic downturn, Wave laid off 300 employees—a 15% reduction of its 2,000 employees. It now has 850 employees. The startup, backed by IFC, Stripe and Sequoia, also had to reverse its expansion plans that same year. “The company is still growing rapidly but we have to slow down the pace of entry into new markets to ensure we’re focused on serving the 10 millions+ active users in existing markets,” Sid Sridhar, the company’s global head of business, told TechCabal. Wave has raised over $300 million and is one of Africa’s unicorns—private companies worth over $1 billion. The startup was founded by Drew Durbin and Lincoln Quirk after they exited for $500 million for Sendwave, their first startup.
Read MoreE-commerce logistics partner Renda raises $1.9 million to expand across Nigeria, Kenya
Renda, a Nigerian logistics startup that counts Jumia and MarketForce as top clients, has raised $1.9 million in pre-seed funding as interest in Africa’s logistics sector continues to grow. The funding was a mix of debt ($600,000) and equity ($1.3 million). The logistics startup, which operates in 15 Nigerian cities, will use the funding to expand into Kenya and other Nigerian cities. Renda’s $1.9 million pre-seed raise continues a strong year for logistics and transport startups on the continent. According to Techcabal Insights, startups in the sector raised about $151 million in Q1 2024. The funding round was led by Ingressive Capital, with participation from Techstars Toronto, Founders Factory Africa, Magic Fund, Golden Palm Investments, Reflect Ventures, SeedFi and Vastly Valuable Ventures. E-commerce companies need efficient last-mile delivery and warehousing solutions, and it may not make business sense for them to handle those parts of the business. So startups like Renda, which provide warehousing, delivery and cash collection, are valuable. Like many other startups in the logistics space, Renda claims to be asset-light and does not own any warehouses or trucks. Instead, it fulfills orders with the help of over 5,000 warehousing, delivery and cash collection partners. The startup, which generates revenue through year-long contracts with businesses, is profitable, said CEO Ope Onaboye. “The growth also speaks to the kind of customers who use our solution.” Renda serves businesses like Jumia, Omnibiz, LaCasera, MarketForce, and CDcare and claims to have processed 250,000 orders since it launched. Founded in 2021 by siblings Ope and Bimbo Onaboye, Renda began providing warehousing and logistics needs for small and medium-scale enterprises (SMEs) before moving to serve FMCG and e-commerce businesses due to higher margins. Through its app, Renda360, companies can access flexible storage, monitor and manage their inventory, process and fulfil orders, manage deliveries and returns, and receive and reconcile cash on delivery in real time. “Joining forces with Renda as an investor is a strategic move for us. Renda’s technology solution addresses a critical need in the African manufacturing and e-commerce ecosystems, offering seamless access to fulfilment infrastructure,” Maya Horgan Famodu, Founder and Partner at Ingressive Capital, said. Renda plans to expand into Kenya and will explore the possibility of an asset-heavy model. “Our vision at Renda is to become the largest and most trusted fulfilment partner for e-commerce and major businesses across Africa,” Onaboye told TechCabal.
Read MoreThe Economist unveils The World Ahead 2024 with a spotlight on West Africa
At a well-attended event on April 25, The Economist unveiled the 2024 edition of its annual future-focused publication, The World Ahead, with a spotlight on Nigeria and West Africa. “As one of the world’s fastest-growing regions, West Africa is primed for expansion, with forecasts, edging up from 3.2% in 2023 to 4% GDP this year. Capitalising on rapid population growth, a youthful demographic, and an expanding middle class, most West African economies are poised to exceed the 4% growth mark,” the British magazine wrote. The forecast comes after the IMF projected Nigeria will lose its place as Africa’s third-largest economy in 2024 to Algeria after a decade of slow growth, inflationary pressures, and naira depreciation. Lagos State governor Babajide Sanwo-Olu, who was represented at the launch event by his special adviser on sustainable development goals Oreoluwa Finnih, described The World Ahead 2024 publication as “a call to action” for policymakers and the government. “While we are encouraged by the positive growth progressions for Africa, West Africa, and Nigeria in the forecast for 2024, we understand all of these would not just happen but are predicated on our continuous commitment to sustaining ongoing reforms,” he said. In a fireside chat, John G. Counmantaros, Chairman of Flour Mills of Nigeria, the country’s biggest miller, spoke about the company’s strategy in navigating Nigeria’s market at a time when consumer groups and multinationals are exiting the country due to naira devaluation and foreign exchange shortage. “If you are importing everything you do, then you are at risk of disruptions. The Nigerian market is growing, so it’s important to have a diversified local content and supply chain,” he said. The World Ahead 2024 publication also features opinion pieces from notable persons including Nigeria’s minister of communications, innovation, and digital economy, Bosun Tijani who wrote about the transformative power of digital innovation in Nigeria’s economic growth, highlighting the efforts of his ministry to build a “strong digital economy.”
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👨🏿🚀TechCabal Daily – Profits, Profits, Profits
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning TechCabal Insights has partnered with the Japan International Cooperation Agency (JICA) to release a report on the Nigerian startup scene. The report covers the state of the Nigerian startup ecosystem by taking a bird’s eye view of the macroeconomic and regulatory events that continue to shape it. It provides a robust SWOT analysis of the tech landscape, the factors that can catalyse the growth of Nigerian startups, and sectors where innovation can drive this growth, among other vital information. Get the actionable insights you need to navigate the Nigerian startup scene. Download your FREE report here. In today’s edition Swvl’s drives further into profitability FCMB seeks approval for ₦150 billion raise Telecom Namibia employs debt-collection agencies to pursue loan defaulters Access Bank records ₦159.3 billion profit in Q1 2024 VALR pursues licences in Mauritius and Dubai The World Wide Web3 Opportunities Companies Swvl’s drives further into profitability When it comes to profitability, it takes anywhere from 3–5 years for companies to attain it—or at least that’s what some experts say. In reality, very few companies actually attain profitability with just 18% of companies attaining profitability in three years, and 40% by Year 5. In fact, some of the world’s biggest companies including Boeing and Credit Suisse still struggle with profitability. This is why Swvl’s sharp turn towards profitability is rather interesting. Just 18 months ago, the Dubai-born mobility startup was facing the threat of being delisted from NASDAQ for failing to comply with listing rules. In H1 2022, it made $40.7 million in revenue but lost over $161.6 million. After its initial public offering (IPO) in April 2022, its shares dropped by 99%, and its valuation from $1.5 billion to just over $6 million. It also reversed a $40 million acquisition of Turkish startup Volt Lines as it struggled to find cash. It ended 2022 with a net loss of $123.6 million. A year later though, the company’s fortune has changed as its financial report boasts a $3.1 net million profit. Swvl increased its gross profit more than eightfold to $4.1 million from $0.5 million in 2022. It also posted an operating profit of $12.1 million, compared to an operating loss of $80.2 million in 2022. How did Swvl swivel around? Dig deeper here. Read Moniepoint’s case study on family-owned businesses Family-owned businesses are everywhere, shaping our world in ways you might not expect. We’ve found some insights into how they work, and we’d love to share them with you. Dive in right away here. Banking FCMB seeks approval for ₦150 billion raise Nigeria’s apex bank, the Central Bank of Nigeria (CBN), recently changed capital requirements for different bank tiers. Capital requirements are the minimum amount of money banks must have on hand. Per the CBN, the new capital requirement—₦10 billion ($7.6 million) for smaller banks, to ₦500 billion ($380 million) for banks with international operations—aims to protect Nigeria’s economy from global shocks and help achieve President Tinubu’s goal of a trillion-dollar economy by 2030. FMCB, a Nigerian tier-2 bank, is the latest bank in the country racing to meet the new requirements. The bank has sought shareholder approval to raise ₦150 billion ($107.4 million). FCMB will raise new capital by issuing new ordinary shares, preference shares, convertible notes, bonds, and other instruments. FCMB, being a tier-2 bank, has a target of ₦200 billion ($143.2 million). The bank also notes that it will explore other options to meet the capital requirements, including issuing shares to investors in the Nigerian and international capital market and increasing the company’s share capital “to an amount sufficient to enable it to meet the statutory minimum capital requirement as may be necessary.” The big picture: FCMB is not alone in the search for new funds. Since the CBN announced the new capital requirement, four other banks—Access Bank, GT Bank, and First Bank—have been in the market for fresh funds. This is not the first time that Nigeria’s apex bank has set new capital requirements. In 2005, the CBN upped the minimum capital requirement for banks from ₦2 billion to ₦25 billion, triggering mergers and acquisitions and reducing the number of banks to 25, down from 89. While the CBN has set a hard stop of April 30 for banks to announce fundraising plans, this report suggests that 17 of Nigeria’s 24 banks might not meet the new capital requirements. Enjoy hassle-free transactions with Fincra Collect payments without stress from your customers via bank transfer, cards, virtual accounts & mobile money. What’s more? You get to save money on fees when you use Fincra. Start now. Telecoms Telecom Namibia employs debt-collection agencies to pursue loan defaulters In 2023, Kenya’s Hustler Fund reported that it had KES3 billion ($22.7 million) in defaulted loans. The government-owned project says it lent 20 million Kenyans about KES33 billion ($295 million), and while several Kenyans repaid their loans, almost a million of the borrowers—about 800,000 defaulted. The Kenyan government’s solution to this debt problem is to block the defaulters from accessing any more loans, but over in Southern Africa, Namibia’s national telecoms service has found another way for its similar issue with debt collection agencies. The news: Telecom Namibia, a government-owned telecommunications service provider is taking action to collect overdue payments from its customers with debt collection agencies. The telecoms company has customers with unpaid bills and is now partnering with three debt collection agencies—RedForce, Muadifam, and Revenue Solutions—to get its monies back. It’s unclear, at this stage, how much borrowers owe the telecoms but it’s enough to warrant third-party agents. These agencies will be responsible for recovering outstanding money owed to Telecom Namibia, in respect of accounts that are overdue for recurring telecom charges and TN mobile data bundles. Does the end justify the means? One of the agencies, RedForce, is a popular debt-collection agency for the Namibian government having reportedly recovered $1 billion for 10 local authorities since its establishment in 2014. It
Read MoreFCMB seeks shareholder approval to raise ₦150 billion
FCMB will seek shareholder approval at a general meeting to raise ₦150 billion in new capital by selling stocks or bonds. The new capital will help the bank meet new recapitalisation requirements set by the Central Bank. The requirements, which increase capitalisation limits tenfold, have led to a flurry of announcements by Access Holdings, GTCO, Stanbic IBTC, First Bank Plc, and UBA about their intentions to raise additional capital. FCMB, like its peers in the tier 2 banking category, has a target of ₦200 billion. The bank said in a filing on the Nigerian Exchange on Wednesday that it will exploit different options for the raise. Among those options include issuing shares to investors in the Nigerian and international capital markets. The price of the shares will be determined through book-building or any other acceptable valuation method or combination of methods. The financial institution will also explore the option of further increasing the share capital of the company “to an amount sufficient to enable it to meet the statutory minimum capital requirement as may be necessary.” FCMB’s shares closed at N7 on the Nigerian Exchange, and its market capitalisation was N140 billion as of Wednesday, May 1, 2024.
Read MoreVALR pursuing crypto licenses in Dubai & Mauritius
VALR, the South Africa’s largest crypto exchange by transaction volume, has applied for crypto operating licenses in Dubai and Mauritius. The exchange also acquired an authorisation to trade virtual assets in Poland since September 2022. VALR was founded in 2018 claims to service over 600,000 retail customers and over 1,000 institutional customers across South Africa and globally. Last week, the exchange was one of the 75 recipients of South Africa’s first-ever crypto licenses. Breaking: South Africa grants crypto licences to Luno, VALR and 73 other companies The exchange’s licensing forms part of its global expansion strategy which has encountered significant obstacles in the past. VALR had to shut down operations in Zambia due to banking challenges. The exchange also had to put brakes on its India, Kenya and Nigeria expansion plans, citing regulatory challenges. According to Blake Player, head of growth at VALR, the licenses in Dubai and Mauritius will allow the company to continue pursuing its expansion strategy. “We are open to pursuing global opportunities and will be exploring several markets outside SA in the near future,” Player told TechCabal. VALR announced a $50 million Series B in March 2022 at a valuation of $240 million. The round was led by Pantera Capital and sought to enable the exchange’s expansion across Africa and into other emerging markets including India.
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