FairMoney Explores $20m Acquisition of Umba 🏦 | Nigerian govt. plans internet access for 774 LGAs 🛜

In today’s menu 🥘

🏦 FairMoney Explores $20m Acquisition of Umba in Strategic Move for African Fintech Expansion 
💰 Sawari Ventures Plans $150m Fund to Propel Egypt’s Startup Ecosystem
🛜 FG plans internet access for 774 Nigerian local govts, creating 300+ jobs
🌾 IFC and Vodafone M-PESA Mozambique Join Forces to Boost Financial Inclusion for Smallholder Farmers

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🏦 ACQUISITIONS

FairMoney Explores $20m Acquisition of Umba in Strategic Move for African Fintech Expansion

FairMoney, a prominent digital bank headquartered in Paris with operations in Lagos, is reportedly in early-stage discussions to acquire Umba, a credit-focused digital bank providing financial services in Nigeria and Kenya. The potential $20 million all-stock deal highlights FairMoney’s strategic interest in expanding its footprint, especially in the Kenyan market. However, the move also reflects the challenges faced by African fintechs, with the proposed deal amounting to the total funds Umba raised from external investors.

Umba, founded in San Francisco in 2018 by Tiernan Kennedy and Barry O’Mahony, initially positioned itself as a credit-led digital bank targeting emerging markets. Its offerings include loans, current accounts, saGvings accounts, fixed deposit accounts, and bill payments, catering to customers in Nigeria and Kenya. The company has raised approximately $20 million in funding, with investors such as Costanoa Ventures, Tom Blomfield (Monzo co-founder), Lux Capital, and others contributing to its growth..…..continue reading

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💰 INVESTMENTS

Sawari Ventures Plans $150m Fund to Propel Egypt’s Startup Ecosystem

Sawari Ventures, a prominent investment company, has announced its ambitious plans to launch a new fund with a targeted investment of approximately $150 million, dedicated to fostering the growth of Egyptian startups. The CEO and co-founder of Sawari Ventures, Hani Al Sanbati, highlighted the company’s strategic focus on various sectors, including fintech, education, healthcare, green technology, and deep tech projects, anticipating substantial growth in these areas within the Egyptian entrepreneurial landscape.

Projections indicate that startups backed by Sawari Ventures are poised to attract investments ranging from $350 million to $500 million over the next five years, underscoring the company’s commitment to fueling innovation and economic development in Egypt....…..continue reading

🌾 FINANCIAL INCLUSION

IFC and Vodafone M-PESA Mozambique Join Forces to Boost Financial Inclusion for Smallholder Farmers

In a significant step towards enhancing financial inclusion, particularly for smallholder farmers in Mozambique, the International Finance Corporation (IFC) has inked a collaboration agreement with Vodafone M-PESA Mozambique. This partnership aims to leverage the power of mobile money services to reach rural areas and uplift the agricultural sector, a critical component of Mozambique’s economy.

The partnership between IFC and M-PESA Mozambique will focus on various key initiatives to strengthen and expand mobile money services:

1. Agent Network Revamp: IFC will support M-PESA in revamping and strengthening its existing agent network, laying the groundwork for improved accessibility to mobile money services.

2. Comprehensive Training: IFC will conduct comprehensive countrywide training for M-PESA’s sales team and agents, ensuring a well-equipped workforce capable of delivering efficient and effective services.

3. Merchant Acquisition Strategy: The collaboration aims to review and expand M-PESA’s merchant acquisition and management strategy in Mozambique, facilitating increased acceptance and usage of mobile money for various transactions.

4. Rural Expansion: IFC and M-PESA will work together to explore and pilot innovative approaches to expand mobile money services in rural areas. The primary goal is to enhance financial inclusion for smallholder farmers, who play a pivotal role in Mozambique’s agricultural production....…..continue reading

🛜 INTERNET

FG plans internet access for 774 Nigerian local govts, creating 300+ jobs

Nigeria’s Ministry of Communications, Innovation, and Digital Economy has initiated ‘Project 774 LG Connectivity,’ a project aiming to provide internet connectivity to all 774 local government secretariats in Nigeria. The project, expected to generate over 300 jobs both directly and indirectly, aims to enhance digital access.

The broader objective of Project 774 LG Connectivity is to rectify the restricted digital access prevalent in various areas by offering reliable and reasonably priced Internet access and resources. Consequently, Internet connectivity will not be exclusive to government offices and will extend to communities, fostering citizen engagement and promoting inclusive growth...…..continue reading

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