Koree, a Cameroonian fintech that allows customers to save spare cash (change) on their cards, has raised a $200,000 pre-seed round. The fund will be used to grow its network of merchants, scale its user base, and ultimately achieve product-market fit, according to Magalie Gauze-Sanga, founder of Koree.

The round was backed by Tunde Akinnuwa, co-founder at Duplo, Cameroon Angels Network, Catalytic Africa, Digital Africa, and other private investors. 

Koree aims to solve the problem of spare change in cash-based economies by using a card and digital wallet that allows merchants to return their customers’ spare change. With Koree’s product, these merchants can also create loyalty programmes where customers can earn cashback rewards.

To achieve its objective of raising the pre-seed fund, Koree is set to launch a new marketplace that will enable users to get rewards on their everyday purchases. “Consumers will now earn cash when they shop on the Koree app, across 14 categories ranging from bakery, supermarket, fast food, movies, pharmacy etc,” Gauze-Sanga told TechCabal.

“They shop as usual and earn a certain percentage of the amount they have spent. The money Koree users earn in their wallet is hard cash, which they can redeem directly into their mobile money account.”

Koree will work with customers’ referenced payment service providers for them to be able to redeem their cashback. 

Since its launch in September 2022, Koree has registered more than 13,000 users and processed over 50,000 cash-based transactions worth $400,000. In that time, the fintech has also generated 30,000 private wallets. Its revenue source stems from charging merchants a subscription fee in addition to a commission on each transaction for its customers.

In June 2023, Koree won the Orange Fab Cameroon challenge. With the fintech’s aim to expand across the continent, especially within francophone Africa, the Orange Fab acceleration programme will provide resources targeted at expansion. Orange’s network of industry experts will provide mentorship for Koree’s strategic development plans. Four months later, in October, Koree won the Ecobank Fintech Challenge, taking home $50,000 in non-dilutive funding. This funding is already being used to hire in business development and engineering roles. 

With Koree’s team spread across Cameroon, Côte d’Ivoire, Togo, Nigeria, and Senegal, Gauze-Sanga believes that having a physical office—which will be in Douala, Cameroon—would help the team bond and create a strong work culture.

Nuru, an alternative energy startup in the Democratic Republic of Congo, has raised $40 million in Series B equity funding. The round was led by the International Finance Corporation (IFC), the Global Energy Alliance for People and Planet (GEAPP), the Renewable Energy Performance Platform (REPP), Proparco, E3 Capital, Voltalia, the Schmidt Family Foundation, GAIA Impact Fund, and the Joseph Family Foundation. While the IFC’s equity investment also includes financing from the Finland-IFC Blended Finance for Climate Program, the company hopes to close off an additional $28 million in project finance by the end of July. AltRaise was the exclusive financial advisor to Nuru on both the Series B transaction and accompanying project finance.

The fund will be used to build three mini-grids in parts of eastern DRC—Goma, Kindu, and the largest in Bunia. With a combination of solar power and batteries, the total generation capacity will be 13.7 megawatts. Nuru, whose name means light in Swahili, has four other cities in eastern DRC already operating with its mini-grids. 

DRC has a population of about 100 million people, but less than 20% of the population has access to energy. Many of those who lack access to energy are in eastern DRC. The mini-grids provide an opportunity for the use of renewable energy and bypass the use of fossil fuels for power generation in the region which has little to no electrification.

Nuru’s utility-scale solar mini-grids are designed to provide 24/7 reliable and renewable energy to the communities they are installed. This will help improve climate resilience and sustainable development, which the country desperately needs.

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Founded as Kivu Green Energy in 2015 by Jonathan Shaw, a Kenya-born American, the company built Congo’s first mini-grid in 2017. Three years later, it opened a 1.3-megawatt facility in the city of Goma, making it the largest mini-grid in sub-Saharan Africa with no connection to a national grid. 

“We are thrilled to partner with such a dynamic group of investors who are keen to drive our vision of expanding energy access and transforming five million lives in the DRC. Closing the Series B is a significant milestone in Nuru’s journey, but also demonstrates the viability of the metrogrid model in the distributed energy sector in Africa,” Shaw commented after the raise. “Nuru extends its heartfelt appreciation to the consortium of investors for their visionary support and unwavering commitment to Nuru’s vision. Together, we will continue to illuminate lives, drive economic growth, and empower communities across the DRC.”

Earlier in March, initial investments from REPP, Proparco, and E3 Capital bridged a financing gap at Nuru to bolster their Series B equity fundraise. The three investors each committed $500,000 in a convertible note round.

In 2018, Nuru raised $3.8 million in its Series A round, which was led by E3 Capital (formerly Energy Access Ventures), with EDFI ElectriFI. The investment was catalytic in building Nuru’s current operating mini-grid portfolio in the cities of Goma, Beni, Tadu, and Faradje.

Bloomberg reports that a $90-million Series C round is expected to get underway later this year. This is as the company aims to raise $300 million to hit its target to serve five million people in DRC by September 24, 2024. 

Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), has been suspended from office by the country’s president, Bola Ahmed Tinubu. The suspension takes immediate effect, as contained in a statement from the office of the secretary to the government of the federation (SGF).

According to the statement, the office of the central bank governor is under investigation in relation to the planned reforms in the financial sector of the economy of the new administration. Emefiele’s suspension comes 11 days after the inauguration of Nigeria’s new president.

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Emefiele has been directed to hand over affairs of the CBN to Folashodun Shonubi, deputy governor, Operations Directorate. “Mr Emefiele has been directed to immediately hand over the affairs of his office to the deputy governor (Operations Directorate), who will act as the central bank governor, pending the conclusion of investigation and the reforms,” the statement reads in part.

The suspended CBN governor served under the former president, Muhammadu Buhari, for eight years. Before his suspension, Nigeria went through two recessions and an inflation rate that steadily increased to about 22.04%.

Emefiele also instituted a naira redesign policy meant for Nigerians to swap old naira notes with newly redesigned notes. This policy caused a cash crunch in the country bringing the country to its knees due to the unavailability of cash for transactions. 

It was not stated how long the suspension will last or how when the investigations are expected to conclude.

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Now in its sixth year, Tech4Dev, founded by Diwura Oladepo and Joel Ogunsola, is bridging the digital literacy gap in Africa. The not-for-profit organisation’s core focus has been improving women’s access to careers in tech through a partnership with Microsoft and the Islamic Development Bank.

On the International Girls in ICT Day for 2023, Tech4Dev announced its Women Techsters Fellowship for the class of 2024, which begins in September 2023. The initiative “is aimed at bridging the wide gender divide between men and women in the technology ecosystem as well as ensuring equal access to opportunities for all,” Oladepo reaffirmed in her keynote address at the announcement. 

She also noted that the Women Techsters Initiative had stepped out of its birthplace in Nigeria and grown its footprint across Africa by supporting more women with tech skills and increasing their employability or even doubling their income. “From impacting just 2,400 women in Nigeria through its pilot program, the Nigerian Women Techsters, to most recently impacting 89,153 women in 2023 through our various Women Techsters sub-programs which notably comprises the Women Techsters Fellowship, Bootcamps, Masterclass which are our training programs, and the Women Techsters Open-Day and Tech-Girls Drive, which are our advocacy programs.”

The fellowship is a one-year “experiential learning technology upskilling program.” It empowers young girls and women between 16 to 40 years across Africa with global in-demand skills ranging from digital, deep tech, and soft skills, which are essential to kickstart a career in the tech ecosystem. During the fellowship, participants undergo intensive training for six months, then proceed on an internship for another six months and enrollment into a mentorship. This process aims to help to equip them with skills to build tech careers and tech-enabled businesses—all for free.

Class of 2024

For last year’s Women Techsters Fellowship, Tech4Dev graduated 847 women from 15 African countries after accepting 1,398 participants from 14,782 applications. This year, the organisation is going a step further by extending its footprint into 22 countries on the continent. “The class of 2024 will admit a total of 3,000 women and girls into the program from 22 African countries. We invite women and girls from across Africa to seize this opportunity and take their place as change-makers in Africa’s technology ecosystem by applying to be a part of the program,” Oladepo announced.

The participants will come from Nigeria, Ghana, Kenya, Egypt, South Africa, Ethiopia, the Democratic Republic of Congo, Tanzania, Uganda, Algeria, Sudan, Morocco, Angola, Mozambique, Madagascar, Rwanda, Liberia, Botswana, Zambia Zimbabwe, Sierra Leone, and The Gambia. “All the participants will have to be virtually present for their classes as the fellowship is not a learn-at-your-pace programme. The different instructors will be in each of the classes they will be taking,” Blessing Ashi, Women Techsters Program Lead, Tech4Dev, noted. 

While Tech4Dev prides itself in providing access for women into tech roles through training, the Women Techsters Fellowship goes further to provide an opportunity for participants to interact and engage with alumni who went through the programme. “We provide a space for women to interact with people who may be in the same situation as them. We also take into consideration the conditions of the participants; they could be pregnant or have other issues. All this is considered in order for them to be able to fully participate in the programme,” Ashi said in response to a question from the press.

Looking into the future

As part of providing access for women into tech roles, Oladepo also hinted at the Women Techsters Initiative launching the Women Techsters Entrepreneurship incubator later in the year. It would facilitate the development of women-led technology businesses in Africa. 

It is worth noting that most of the countries participating in the 2023 fellowship have English as their official language. However, Oladepo and Ashi pointed out that there is a section for interested individuals from other African countries not listed in the application. Applicants will be tested on their use of English since it is the language of instruction during the fellowship. Oladepo stated that the countries chosen were based on “data and learnings from previous years” but assured that other countries will be covered, which is in line with Tech4Dev’s goals. 

“The Women Techsters journey is not just a commitment, it’s a bold mission to break down the barriers that hold women back from the thriving world of technology,” Oladepo said. “We will continue this course until we achieve a 50-50 gender parity ratio between men and women in the African technology ecosystem. This audacious goal may seem impossible to some, but we will push boundaries, defy expectations, and lead the charge towards a future where women have equal representation and opportunities in tech.”

On March 3, TechCabal reported that the Supreme Court ruled that the old notes remain legal tender until December 31, 2023, adding that the Federal Government disobeyed an earlier order not to implement a previous February 10 deadline for the remittance of all old notes.

Previously, the CBN had announced that the N200 would remain legal tender for 60 days after the February deadline. The directive from the government came after 16 state governors sued the FG and asked the apex court to put a hold on the naira redesign policy.

Ten days after the court’s ruling, the CBN, in a statement sighted by TechCabal, stated that it would comply with the court orders to sustain the rule of law and the operations of the bank. It also directed the banks to comply accordingly.

“In compliance with the established tradition of obedience to court orders and sustenance of the  Rule of Law Principle that characterized the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN), as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023,” the statement reads.

The CBN also confirmed wide reports that it met with the Bankers’ Committee regarding the circulation of the old notes alongside the redesigned notes until December 31, 2023.

Since the cash crunch began, Nigerians have faced untold hardships trying to get their hands on cash. With about 57% of Nigeria’s economy being informal, the Naira redesign policy made it difficult for people to conduct business. The cash scarcity also saw point-of-sale merchants become kings as they charged exorbitant rates for withdrawals whenever they had cash—some charged as much as 30% on withdrawals.

While the CBN encouraged electronic payments for goods and services, Nigerians faced the hurdle of inconsistent banking networks which saw many bank account holders left stranded from failed transactions and pending transactions that lasted for hours. The apex bank, in a bid to take into account the unbanked, conducted cash swap programs in rural communities, which has since ended, according to a report by The Punch.

Before the CBN’s announcement, some state governors warned banks and citizens of their states to accept the old naira notes or face prosecution for rejecting them. However, what is left to be seen is how soon the banks will start issuing customers old notes; if the queues would stop, and what will happen after the end of the 31-month growth in business activity caused by the cash crunch.

With the announcement that the much coveted blue tick would be accessible to anyone who could pay, verification became for sale. However, not all countries where Twitter is accessible could get the subscription—Nigeria and South Africa were two of them.

Today, Nigerian and South African users woke up to see that Twitter Blue is now available in their countries for ₦5,000 and R144.99 per month, respectively. Previously, users in both countries who subscribed to the service used virtual private networks to gain access to other countries’ IP addresses where the service is available.

Twitter is offering a 12% discount to Nigerian users and a 13% discount to South African users if they choose the annual subscription, however, the prices for the subscription, based on device, are not uniform. Those subscribing on their iOS and Android devices pay the flat rate of ₦5,000 and R200.00 monthly, while those subscribing for the web service will pay ₦3,650 and R144.99 monthly.

For those who opt for the annual subscription, they get to pay ₦38,500 and R1,519 for web, while those on iOS and Android devices will pay ₦52,900 and R2,099. This has been the standard mode of pricing across all countries that have access to Twitter Blue.

While many users are contemplating if they’ll subscribe to the service for a blue tick, some are yet to see it on their devices. All they can see, despite being in the location, is that Twitter Blue is not yet available in their country.

Since the SpaceX and Tesla CEO took over the helm of affairs for $44 billion in October 2022, there have been drastic changes at the company, especially with the app. Twitter has split the timeline into two—‘For you’ and ‘Following’— but recently, users complained that they started seeing tweets from people they do not follow or that were retweeted to their timeline.

Many thought Twitter was taking the African market seriously by establishing a local office in Ghana, that was until Musk took over. The massive and sudden layoffs at the company also affected the Africa office which led TechCabal to ask if this is the cause of the spread of fake news on Nigerian Twitter. Meanwhile, Twitter Blue is not available in the country.

So far, Twitter Blue is now available in over 35 countries with more expected, which should help boost the revenue the company has been looking to earn to get turn it into a money maker. Twitter users, on the other hand, have expressed uncertainties about the instant changes on the app and how much they don’t want to see tweets from the Twitter landlord.

In October 2022, the former two-time governor of Lagos State released an 80-page manifesto. His manifesto, which was presented by Future Africa founder Iyinoluwa Aboyeji, at a business summit in Lagos, has a dedicated section on the tech ecosystem titled The Digital Economy: Taking Advantage of The Fourth Industrial Revolution [pdf]. It also focuses on seven areas such as service provision and outsourcing, manufacturing, e-commerce, and blockchain. 

Part of that section says, “A Tinubu administration will strive to create one million new jobs in the ICT sector within its first 24 months [by deploying] new technologies that can fast-track business growth and diversification.” While this might sound impressive, the question is, how?

Tinubu’s manifesto talks about implementing “policies that will train and build capacity among Nigeria’s large and youthful population” that will enable them to offer outsourcing services just as India has done. However, the question of infrastructure and who provides the access to training—private entities or the government—is left unanswered. Will the template for the Lagos State Employment Trust Fund, which was established in 2016 by the one-term governor, Akinwunmi Ambode, be replicated at the federal level, or will the incoming administration design a new policy?

Government policies have made some startups in the country change their business model over time, such as how Lagos state curtailed the business of bike-hailing startups. The manifesto didn’t express how it would partner with states to ensure that its policies are not just federal, but statewide.

Another industry in Nigeria’s tech ecosystem that the Tinubu manifesto promises to develop is the e-commerce sector; by upgrading the transportation infrastructure in the country, which would benefit the industry. It however did not include how it plans to tackle external factors that challenge the extensive adoption of e-commerce in Nigeria. 

The manifesto also states that the administration would champion tech manufacturing as it “presents another important opportunity for job creation in Nigeria”, adding that the importation of smartphones, which costs the country millions of dollars, would be substituted with “local assembly presented by the tech manufacturing sector”. Considering that Nigeria’s manufacturing production increased by 9.40 per cent in June 2022 over the same month in the previous year, while industrial production fell 10.5 per cent YoY in September 2022, following a drop of 3.6 % YoY in the previous quarter, tech manufacturing might be a game changer. 

But this could be determined by the implementation of its broadband availability plan, a promise brought forward from one of the outgoing administration’s policies to ensure that the national broadband plan [pdf] delivers “broadband services to 90 per cent of the population” by 2025. However, it does not address how it would ensure it is affordable for the everyday individual, as Nigerians reportedly pay more for internet data compared to their African counterparts.

A departure from the policies of the Buhari administration, the Tinubu manifesto promises to “encourage the prudent use of blockchain technology in finance and banking, identity management, revenue collection and the use of crypto assets.” 

“As part of our reforms, we will establish an advisory committee to review the existing regulatory environment governing blockchain technology and virtual asset services and, where necessary, suggest changes create a more efficient and business-friendly regulatory framework. We will also encourage the CBN to expand the use of our digital currency, the eNaira,” the manifesto reads.

In June 2022, the Nigerian Exchange Limited announced that it would adopt blockchain technology to settle trade across its platform in 2023. While government interference in the blockchain space has been minimal, the National Blockchain Adoption Strategy [pdf], developed by the National Information Technology Development Agency (NITDA) in 2020, provides a pathway to the adoption of blockchain technology in Nigeria. 

Tinibu’s manifesto seems like what the Nigerian tech ecosystem needs and is plausible, on paper; there seems to be a lapse in the understanding of the space and how it can help improve the country’s economy. It is also light on the details of how it plans to fully embrace an inclusive digital economy. While some of these plans may spur employment growth, implementation, time, and scale could affect the eventual outcome. All this is left to be seen.