[Africa Tech Review] Duncan Mochama: African fintechs are diversifying to offer a wide range of complementary services
22-07-2021 14:29:56 | by: Nixon Kanali | hits: 1485 | Tags:

The African fintech space is growing fast. Fintech startups are now diversifying to offer a wide range of complementary services. 

After introducing is digital payments platform Tingg in Zambia last week, Kenyan-based fintech startup Cellulant this week also received approval from Bank of Tanzania to Become a Payment Solution Service Provider. This approval makes Cellulant one of the top Payment Solution Service Providers (PSSP) in Tanzania endorsed by the BOT to provide digital payments solutions across the nation. 

Mastercard also this week announced that it will enhance its card program for cryptocurrency wallets and exchanges, making it simpler for partners to convert cryptocurrency to traditional fiat currency. 

This week, FSD Africa, the Insurance Regulatory Authority, and Tellistic Technology Services launched BimaLab, a KES 5.3 million accelerator programme designed to support insurance startups in Kenya. The investment follows a successful pilot ran in collaboration by IRA Kenya, the UK-Kenya Tech Hub, the UK Department of Trade, Prudential Life Assurance and implemented by Tellistic Technology Services in January 2021.  The pilot program culminated in 3 of the start-ups receiving a grant award of KES 1.25 million each, a total of KES 3.75 million sponsored by Prudential Life Assurance Kenya. Still on matters insurance, Nigerian-based AfriGlobal Insurance Brokers launched AfriCover247, a round-the-clock digital insurance transaction platform that will assist businesses, individuals and technology providers access and redistribute insurance products with ease.

Sophos this week also released a new report revealing that the education sector was the hardest hit by ransomware in 2020 with 44% of organizations hit (compared to 37% across all industry sectors).  At the same time, Kaspersky also published new reports on the continent’s state of cyber attacks. Although Africa is not necessarily considered a focus area for the more sophisticated types of cybercriminal activity such as targeted attacks or advanced persistent threats (APTs), Kaspersky noted that the continent is certainly not immune to these attacks.

Credit information and decision analytics provider Creditinfo Group launched a scorecard solution in Kenya tailored for small to medium-sized enterprises (SMEs). Medical Credit Fund (MCF), a non-profit fund exclusively dedicated to financing small and medium-sized healthcare companies in Africa, also celebrated the first loan disbursement within MCF2.

Zadara, the edge cloud services provider, this week announced that Africa Data Centres and Global Sense have added Zadara’s edge cloud services to their marketplace. 

This week, The UN Economic Commission for Africa (ECA) and the GSMA called on Central Africa’s 11 governments to adopt policies to accelerate e-commerce, including better access to digital services and public-private collaboration.

Other top highlights we covered this week include Adrian Kenya holding a groundbreaking ceremony to officially launch the Fibre Infrastructure Relocation project along the Nairobi – Mau Summit Road, Taager, an Egyptian social e-commerce startup, raising a US$6.4 million seed funding round to help it scale its platform and expand across the Middle East, and IFC's commitments to the telecoms, media, and technology (TMT) sector in emerging markets to exceed $1 billion for the first time in one fiscal year.

Duncan Mochama is the solutions consultant at  Incentro Africa.