What’s happened this Week:

• Seedstars Africa gets $30 million investment

• Nigeria central bank to introduce stablecoin in February

• and more!

Welcome back and hello to 2024

We kick off our first newsletter of the year by discussing Ghana’s fintech space and whether the field has become “stagnant”.

Currently, most local payment startups seem to be more focused on just “payments” without much innovation paid to other fields including insurance and embedded finance.

So is the Ghana fintech space stagnant?

In The News This Week:

EIB Global Announces $30 Million Investment in Seedstars Africa Ventures I

Innovative businesses and start-ups across Africa will benefit from better access to risk capital thanks to a US$30 million equity investment by EIB Global in the Seedstars Africa Ventures I venture capital fund.

Starlink’s Satellite to Phone Service: A Potential Game Changer for Africa?

Starlink, the satellite internet company by SpaceX to provide global internet access via a constellation of satellites, has recently announced a new feature: satellite-to-phone service

Nigeria Central Bank To Pilot cNGN Stablecoin Which Will Launch On February 27, 2024

The Central Bank of Nigeria (CBN) has approved the Africa Stablecoin Consortium (ASC) to pilot the cNGN stablecoin in its regulatory sandbox.

The new cNGN stablecoin will launch on February 27, 2024. 

In the rest of the news:

• Cameroon-Based Fintech Koree Raises $200,000 In Pre-Seed Funding

• What You Need to Know About Nigeria Lifting Its Crypto Ban

• Why The Ghana Revenue Authority Needs to Create A Tax API for Tech Companies

• Will Elon Musk’s Plan for Peer-to-Peer Payments On X Make It a Success in 2024?

Africa Ecosystem Funding Activity

• Rwandan e-bike startup Ampersand banks $19.5m funding - Disrupt Africa

• Egyptian ed-tech startup iSchool raises $4.5m funding for international expansion - Disrupt Africa

• Egyptian online tutoring startup Orcas acquired by Kuwaiti ed-tech firm Baims - Disrupt Africa

VIDEO: The Dwindling Competition in Ghana’s Telecom Space

Over the last few years, the telecoms field in Ghana has been taking several hits. Telecom and ISP companies operating in the country had been ceasing operations and leaving, making the space less competitive.

In the mobile space, the competition is getting decimated.

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