Accelerate Africa launches | Zone blockchain-enabled PoS payment

Today’s Menu ☕️

👨🏻‍💻 Accelerate Africa launches as Africa’s answer to Y Combinator, introducing its inaugural batch of 10 startups
 💵 Zone introduces blockchain-enabled PoS payment solution to combat chargeback fraud.
💰Elevate’s $5m raise to fuel its expansion into Africa and Middle East
📱Meta introduces new business tools for WhatsApp
🚙 Tesla CEO Elon Musk could leave if $56 billion pay package not approved, shareholders warned

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👨🏻‍💻 ACCELERATOR PROGRAM

Accelerate Africa launches as Africa’s answer to Y Combinator, introducing its inaugural batch of 10 startups

Accelerate Africa, an accelerator program aimed at boosting early-stage African enterprises, has announced its first group of participants after four months of activity.

The initiative is spearheaded by Iyinoluwa Aboyeji, the founder of the Pan-African venture capital firm Future Africa, and Mia von Koschitzky-Kimani, a general partner. Their vision is to establish Accelerate Africa as the continent’s equivalent of Y Combinator, one of the most successful startup accelerators globally.

Aboyeji explained that their efforts were initially concentrated on pre-accelerator programs to equip founders for participation in renowned accelerators such as Y Combinator and Techstars. However, recognizing the unique challenges and opportunities in Africa, they decided to launch an accelerator that would be more directly aligned with the needs of the African startup ecosystem..........continue reading

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💵 PAYMENTS

Zone introduces blockchain-enabled PoS payment solution to combat chargeback fraud

Zone, an African payment infrastructure firm, has recently unveiled a new point-of-sale (PoS) payment gateway solution, leveraging blockchain technology and built upon its existing payment platform. This launch is a strategic move by Zone to expand its payment services across various channels, building on the company’s successful ATM transaction processing offerings.

The newly introduced PoS payment gateway by Zone is designed to empower banks and financial technology companies by providing them with PoS terminals capable of processing payments efficiently. This innovative product facilitates the direct routing of payment transactions to the card-issuing banks, streamlining the payment process.

Zone emphasizes that its product enhances transaction speed and reliability by connecting acquiring banks directly to card issuers via its decentralized payment switching network. This approach bypasses traditional centralized payment systems, offering a more robust and efficient transaction experience.........continue reading

💰 FUNDING

Elevate’s $5m raise to fuel its expansion into Africa and Middle East

Elevate, a fintech company with bases in London and Dubai, announced that it has successfully raised $5 million in a pre-Series A funding round. Founded in 2021 by Faris Keenan, Khalid Keenan, and Youcef Oudjidane, Elevate provides financial solutions for remote workers and freelancers in emerging markets, helping them manage their finances more effectively.

Since its launch, Elevate has garnered over 150,000 users from Asia and North Africa. The newly acquired funds will support its expansion into the Middle East and Africa.

Elevate’s services include issuing debit cards for online spending and offering market-leading foreign exchange (FX) rates for sending money home. The company enables users to transfer funds back to their local USD accounts for a flat fee of $10......continue reading

 🚙 ELECTRIC VEHICLE

Tesla CEO Elon Musk could leave if $56 billion pay package not approved, shareholders warned

Tesla board chair Robyn Denholm is calling on the company’s shareholders to approve Elon Musk’s massive $56 billion pay package or risk driving the billionaire CEO to greener pastures.

On June 13th, Tesla shareholders will decide the fate of Musk’s compensation package, which is estimated to be worth as much as $56 billion. It will be the second time that shareholders will vote on the CEO’s pay, after a Delaware judge voided the first one earlier this year on the grounds that the approval process was “deeply flawed.” And now the company is engaged in a full-court press to convince shareholders to approve the proposal a second time.......continue reading

📱SOCIAL MEDIA

Meta introduces new business tools for WhatsApp

At Conversations, Meta’s annual business messaging event in Sao Paulo, Brazil, it unveiled the latest WhatsApp product updates for businesses, including AI tools, Meta Verified, and expanded calling support, as part of its ongoing investment in new capabilities to help people and businesses connect and conduct business on WhatsApp........continue reading

 OTHER STORIES

• Microsoft collaborates with Cyber Shujaa to upskill 100 Kenyan students in cybersecurity. Microsoft has embarked on a collaborative venture with Cyber Shujaa to provide advanced cybersecurity training to 100 students in Kenya, leveraging the resources of its Africa Development Centre (ADC) located in the country…..read more

• ITIDA and Techne Summit sign MOU to launch three-year AI Development Programme in Egypt. The Information Technology Industry Development Agency (ITIDA) of Egypt has joined forces with Techne Summit, an influential platform for tech entrepreneurship, to transform the artificial intelligence (AI) sector in Africa, with a special emphasis on Egypt……read more

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