Introducing Labari Insights, Our New Data Product

What’s happened this Week:

• Nala raises $40 million in Series A

• Remittance app Africhange launches in the UK

• and more!

In The News This Week:

Kuda Will Launch A Multi-Currency Digital Wallet Later This Year in Canada

Kuda Technologies will be launching a multi-currency digital wallet to help with remittances for Africans later this year in Q3.

This was announced after the company secured a payment license in Canada.

Zambia Approves Construction of Second Coal Plant To Deal with Severe Power Cuts

Zambia’s energy regulator has approved the construction of the country’s second coal-fired power plant. The approval comes as Zambia is going through its worst drought in decades.

90% of Nigerian Businesses in the Informal Economy Make Less Than $327 In Monthly Profit

In a report released by Moniepoint detailing the informal economy in Nigeria, it was revealed that 90% of businesses in the informal space make less than N500,000 (~$327) in profit in a month.

In the rest of the news:

• Africa Remittance Startup Nala Raises $40 Million In Series A for Global Expansion

• Remittance Provider Africhange Launches in the UK With Low-Cost and Discounted Exchange Rates for Students

• Nothing Debuts Its New Modular CMF Phone 1

• Telecel Ghana Is Having A Rough Time After Its Rebrand

• 11 African Countries Selected For $16.2 Million ITU Broadband Mapping Project

• Innovate Africa Launches with $2.5M Angel Fund for Early-Stage Africa-Focused Startups

Deep Dive

Introducing Labari Insights, Our Data Product

Details: We at Tech Labari have launched the beta version of our data product called “Labari Insights“.

Digging Deeper: Over the years, we’ve gathered multiple data points on tech companies and media and we have decided to build a front-end product to display that information.

Zoom In: Labari Insights will first feature tech company directories as well as directories of African podcast shows.

Africa Ecosystem Activity

• SA software company Polymorph acquired by Octoco Group - Disrupt Africa

• African tech VC funding down by 56% half-on-half in H1 2024 as “funding winter” continues to bite - Disrupt Africa

• Nigerian digital therapy startup Blueroomcare raises pre-seed funding round - Disrupt Africa

• JICA expands flagship NINJA Accelerator to South Africa - Disrupt Africa

What’s Your Story: Yanmo Omorogbe, Co-founder and COO of Bamboo

Yanmo Omorogbe is the co-founder and COO of Bamboo, a digital investment platform that gives Nigerians real-time access to buy, sell, or hold assets traded on the US stock exchange from their mobile phones or computers.

Before becoming COO of Bamboo, Yanmo worked at the Ministry of Power in Nigeria and then worked at an infrastructure investment firm. After struggling to purchase stocks and other assets from Nigeria, she and her co-founder decided to try and fix that problem.

In 2019, they launched Bamboo, and in 2022, raised $15 million in their Series A round.