OkHi, Oze, Workpay, Orda.Africa secure Investments from Visa

Today’s Menu ☕️

• Truecaller’s founders, Mamedi and Zarringhalam step down; hand over to Rishit Jhunjhunwala

• OkHi, Oze, Workpay, Orda.Africa secure strategic investments from Visa

• UK Commits $5.2 Million to Boost Kenya’s SMEs with New Debt Fund

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📱APPS

Truecaller’s founders, Mamedi and Zarringhalam step down; hand over to Rishit Jhunjhunwala

Truecaller founders, Alan Mamedi and Nami Zarringhalam, announced that they will be stepping down from day-to-day operations and will hand over to Rishit Jhunjhunwala to be the Global CEO of the company.

Prior to this new position, Rishit Jhunjhunwala was the the company’s product chief and head of its Indian business. He spent his first seven years in Stockholm and the last three years as the India CEO. He will take over from January 9, 2025, Rishit while the co-founders will continue to be employed by the company until the 30th of June 2025 as advisors..……continue reading

💰INVESTMENTS

OkHi, Oze, Workpay, Orda.Africa secure strategic investments from Visa

Visa has recently made strategic investments in four innovative African startups—OkHi, Oze, Workpay, and Orda.Africa—through its Africa Fintech Accelerator program. This move underscores Visa’s commitment to digital innovation and financial inclusion across Africa, reflecting its broader pledge to invest $1 billion in the continent by 2027.

These startups, operating across a variety of sectors, are tackling long-standing challenges in address verification, payroll, and business financing—contributing significantly to digital transformation across African economies...……continue reading

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💵 SMEs

UK Commits $5.2 Million to Boost Kenya’s SMEs with New Debt Fund

The UK government, through the British High Commission in Nairobi, has committed KSH 667 million ($5.2 million) to establish a fund aimed at expanding access to financing for small and medium-sized enterprises (SMEs) in Kenya. Spearheaded by FSD Africa, a development finance institution funded by the UK government, this “Listed SME Debt Fund” aims to mobilize up to KSH 38.85 billion ($300 million) to support local businesses. The fund’s innovative structure will encourage both domestic and international investors to participate in Kenya’s SME sector, ultimately promoting economic growth and job creation.

The fund is designed to provide affordable credit to a range of Kenyan businesses by offering reduced interest rates, which currently reach as high as 40% for SMEs. The high borrowing costs have posed a significant barrier for businesses across industries, particularly for smaller enterprises. The debt fund, listed and managed in Kenya, will make it easier for local pension funds and other institutional investors to invest in the SME sector, benefiting their own portfolios while fostering a stronger local economy...…….continue reading

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