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💳 Carbon swipes left on debit cards!

💳 Carbon swipes left on debit cards!

Plus: Anonymous threatens to expose Kenya's MPs’ corruption if....

Innovation Village
June 21, 2024

Today’s Menu ☕️

💳 Nigerian neobank, Carbon, shuts down its debit card operations
📺 ICASA halts license renewal for StarTimes’ OnDigital Media, mandates shutdown
🚚 Congolese logistics startup Noki Noki raises $3 million in seed capital for Central African expansion
💰 European venture capital firm Breega secures initial $75 million for African fund targeting early-stage startups
🔐Anonymous threatens to expose MPs’ corruption if Kenya’s 2024 Finance Bill passes

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🏦 FINTECH

Nigerian neobank, Carbon, shuts down its debit card operations

Nigerian neobank, Carbon, has shut down its debit card operations. Carbon Co-founder Ngozi Dozie made this known in a substack post on Wednesday. According to him, the fintech has already sent an email to all its debit card holders announcing that they would be discontinuing all card operations on the 19th of June.

Though he was not specific about the reason for shutting down the debit card operations, he may have alluded to the high cost of operations denominated in the dollars as being the possible reason. He said, “When I take a step back with the benefit of hindsight (and a card operation bill denominated in USD$), I question why practically all neobanks are pushing cards or even getting into it. Was this the right strategy for ALL of us, or was Carbon just unlucky?”

In June 2021, Carbon launched its debit card after entering into a five-year partnership with tech giant Visa to issue virtual and physical debit cards to its customers across Africa. Its promise of “delivering an unparalleled banking experience that is both safe and reliable across all touchpoints” with the debit card seems to have come to a halt............continue reading

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📺 MEDIA

ICASA halts license renewal for StarTimes’ OnDigital Media, mandates shutdown

The Independent Communications Authority of South Africa (ICASA) has made the decision not to renew the broadcasting license of OnDigital Media, the company responsible for operating StarSat, which is the South African division of the international broadcasting group StarTimes Media.

Icasa communicated its verdict through a formal letter addressed to OnDigital Media, in which it instructed the company to cease its broadcasting services by the date of September 18, 2024. The specifics behind Icasa’s decision, including the rationale and any conditions that OnDigital Media might need to fulfill to secure a new license, were not disclosed in the reports.

Despite the directive from the regulator, OnDigital Media’s CEO, Debbie Wu, has conveyed a message of reassurance to the company’s customers and other stakeholders. Wu has declared that the company has no intention of halting its operations in the near future, in spite of the order to shut down...……continue reading

🚚 LOGISTICS

Congolese logistics startup Noki Noki raises $3 million in seed capital for Central African expansion

Noki Noki team

Noki Noki, an emerging Congolese logistics enterprise specializing in delivering food and facilitating supermarket purchases, has successfully secured a seed investment of $3 million. The company, which is currently operational in six nations, intends to leverage this investment to expand its business reach within these territories and to establish a robust foothold in additional markets, including the Democratic Republic of Congo (DRC).

The investment round was spearheaded by Uma Ventures and signifies the ongoing financial support for Congolese startups, which represent a significant portion of the investment landscape in the Central African region..……continue reading

💰FUNDING

European venture capital firm Breega secures initial $75 million for African fund targeting early-stage startups

Breega, a venture capital firm headquartered in Paris, has recently unveiled its inaugural fund dedicated to the African market, named “Breega Africa Seed I.” This fund, amounting to $75 million, is earmarked for investment in nascent-stage companies across the African continent.

The allocation of the fund will be strategically distributed among regions, taking into account the technological advancement and startup landscape of each area. Notably, countries such as Nigeria, Egypt, South Africa, and Kenya are set to benefit from this fund, in addition to a selection of Francophone African nations including Morocco, Senegal, Ivory Coast, Cameroon, and the Democratic Republic of Congo.

In a bid to foster a deep connection with the local startup ecosystems, Breega has articulated its plan to establish local teams. This approach is underscored by the company’s decision to initiate operations in two of Africa’s leading economies, Nigeria and South Africa...…....continue reading

🔐 CYBERCRIME

Anonymous threatens to expose MPs’ corruption if Kenya’s 2024 Finance Bill passes

A week following the online leak of phone numbers belonging to Kenyan government officials by unidentified individuals, the notorious hacker collective Anonymous has issued a threat to reveal “corrupt dealings of members of parliament (MPs)” should they proceed to approve the 2024 Finance Bill slated for a vote on Thursday.

Anonymous, established in 2003, is an activist group that champions “mass awareness and revolution against corrupt entities,” while striving to keep its members’ identities concealed. The group has previously been associated with orchestrating Distributed Denial Of Service (DDoS) attacks against government websites in Tunisia and Zimbabwe.

The group issued a stark warning to Kenyan MPs via platform X, suggesting that it could unveil confidential information to demonstrate the alleged corruption and malfeasance of parliamentarians, accusing them of misappropriating public funds for personal enrichment...…....continue reading