What’s happened this Week:

• Zeepay reports profit of $43 million in 2022

• Mastercard invests in MTN’s fintech unit

• and more!

In 2021, the Ghanaian Government rolled out its “Okada4CODA” project whereby a total of 200 Bajaj Qute cars were to be distributed to commercial motorbike riders, popularly known as ‘Okada’, as part of efforts to reduce motorbike-related accidents in the country.

Previously the government had stated that they would not be passing legislation to regulate Okada and thus the Okada project would be the solution.

Fast forward to 2023 and the project appears to have lost momentum. Ironically, it has been reported that the Government is working with the Motor Traffic and Transport Department (MTTD) to introduce a policy designed to regulate the usage of Okada.

Looks like the project might be a bust.

In The News This Week:

Zeepay Reports Profit of $43.9 Million In 2022

Zeepay, a Ghanaian startup in cross-border payments grew its pre-tax profit to GHC 43.9 million at the close of 2022 according to its annual report.

Mastercard Invests In MTN’s Fintech Unit Valued at $5.2 Billion

Mastercard has announced that it has acquired a minority stake in the fintech unit of MTN Group.

The deal values MTN’s fintech unit at $5.2 billion

Founders Factory Africa Secures $114 Million to Scale Across Africa

South Africa-based venture builder, Founders Factory Africa has secured an additional $114 million in funding to scale its hybrid tech startups investment model across the continent.

In the rest of the news:

• Uganda Government To Roll Out Its Controversial Digital Number Plates In October

• d.light Raises $125 Million In Funding To Meet Growing Demand For Off-Grid Solar Products in Tanzania

• Netflix Starts Testing Cloud Streaming Of Its Games on Web, PCs, and Macs

• Ghanaian Startup Oyster Agribusiness Raises $310,000 To Help Empower Smallholder Farmers

• Termii Raises $3.65M In Funding To Expand To Francophone Market

• inDrive Launches Its Services In Lesotho

Africa Ecosystem Funding Activity

• Kenya’s Ed Partners secures $1.5m debt funding to fund affordable private schools - Disrupt Africa

• Applications open for Hello Tomorrow Global Challenge 2023 - Disrupt Africa

• Tunisia’s Dabchy expands fashion e-commerce platform to Egypt - Disrupt Africa

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