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This Week: Korapay and Kandon accused of fraud in Kenya

by Good News
This Week: Korapay and Kandon accused of fraud in Kenya

Editor’s Notes Week 28, 2022 Be taught time: 5 minutes The freezing of accounts of Nigerian companies, Korapay Technologies and Kandon Technologies, is our high chronicle this week and one we’ll continue to show screen carefully. While you’d clutch to salvage into angel investing, our June 3 TC Reside session is a conversation you’ll want to glean up on.Procure a big weekend. Kelechi Njoku, Senior Editor, TechCabal. Editor’s Picks Nigerian Korapay and Kandon accused of money laundering in Kenya What is it about this year’s iciness in Kenya? Kenya’s excessive court docket has frozen the financial institution accounts of Nigerian-owned Korapay and Kandon Technologies. They’re accused of card fraud and money laundering alongside Flutterwave and 6 other Nigerian companies. Paunchy chronicle is on TechCabal. Flutterwave and others shutdown virtual card companies and products For the first time “Let’s destroy up, it’s now not you, it’s me” is largely acknowledged in a relationship. The day gone by, Flutterwave and quite loads of of other African virtual card companies sent emails to their customers asserting an indefinite discontinuation of their virtual card companies and products. This spells trouble for hundreds of African companies.  Study it on TechCabal. Togo launches original e-visa platform Bear in mind that it’s good to maybe birth and imprint an application for a country’s visa on your phone with out visiting any immigration office. That imagination is a actuality, and Togo is the country. Togo launched Togo Voyage—a net based region that digitises its total visa application job.  Be taught more on TechCabal. Wingcopter raises $42 million to declare 12,000 drones to Africa Extra drones are coming to Africa’s shipping tech scene. Drone tech firm Wingcopter has raised $42 million to declare 12,000 drones to sub-Saharan Africa. The firm will additionally salvage “roads” for the incoming drones within the sky. Be taught more on TechCabal. London based totally mostly fintech Zazuu raises $2 million  Zazuu is giving the African diaspora the energy of want. It permits users to look at the rates of switch suppliers and take who to ship money with. Zazuu has raised $2 million to plod past Facebook and Telegram teams and salvage a remittance market.  Extra particulars are on TechCabal. Remittance solution SendSprint launches within the UK  SendSprint needs to salvage funds from diaspora to Africa feel savor a transient escape. It launched 2 products within the UK—Ship Cash for money transfers to Africa at a flat price of $5 and Speed Join for procuring for gift playing cards from African outlets.  Be taught more on TechCabal. Egyptian startup Swvl expands to Mexico Final week, Swvl laid off some workers; this week it welcomed Mexican mobility tech Urbvan into its rising checklist of acquisitions. This original acquisition provides Swvl presence in Mexico and takes the firm’s dream of global expansion extra. The guidelines is on TechCabal. Accomplice Explain material Need to be a tech bro? Then or now not it is a need to to stumble on the segment. Starting up your move with TehCabal Merch. Nomanini partners with Baobab World for global expansion South African fintech Nomanini has teamed up with financial companies and products provider Baobab World to bewitch its stock procuring for solution, StockNow, to 8 original African countries. They might be able to birth from the Democratic Republic of the Congo (DRC). Extra particulars are on TechCabal. Crypto lender Celsius recordsdata for financial concern The fracture of stablecoin Luna ended in loads of casualties within the digital asset residence. One of many predominant casualties of the fracture is crypto lender Celsius. The firm paused all withdrawals, laid off 500 workers, and filed for financial concern this week. It at unusual owes its customers $4.7 billion. Extra particulars on Trade Insider. M-Pesa brought in almost $500 million profit to Safaricom The “M” in M-Pesa need to stand for “money-making machine”. In Safaricom’s most popular fiscal document, M-Pesa contributed almost 50% of the telecom’s profit earlier than tax—$423.8 million. This implies that M-Pesa is costing much less to goal but yielding basically the most profit.  Safe out more on IT News Africa. Twitter is suing Elon Musk It’s a case of a jilted bride but this time she is suing. Elon Musk announced that he gained’t bewitch Twitter after dating the firm with a proposal of $54.20 per share in money. Now Twitter has filed a lawsuit against him. Be taught more on Top class Instances South Africa’s Mara will get a original birth After going bankrupt, South Africa’s first smartphone manufacturing facility Mara auctioned its resources, including unsold telephones to repay its funders. Twelve months later, it is returning to the tech scene in hopes of getting a original birth. Be taught more on MyBroadband. Who brought the money this week? Africa-focused fintech Zazuu got $2 million in funding.Stakefair, a DeFi gaming startup based totally mostly in Nigeria, secured $670,000 in a pre-seed funding spherical.Nigeria-based totally mostly fintech Swipe raised $500,000 in pre-seed funding to facilitate the expansion of its credit score companies and products.CreditChek, a credit score overview startup based totally mostly in Nigeria, got $240,000 in a pre-seed spherical led by Atom Capital.Ghanaian e-mobility firm SolarTaxi raised an undisclosed quantity of funding from Continual. Puzzle: How Many Phrases Can You Safe? There are 19 phrases and we’ve already given you 1. What number of phrases are you able to fabricate from “dollar”? High Tweets of the week What else to study this weekend? The Subsequent Wave: Why has AfCFTA now not created the promised trade empire?Fintech Focal level: Why is embedded finance turning into current?TC Reside: Changing into an angel investor.How is Klasha’s thought to resolve the excellent complications in African ecommerce paying off?Angolan telecommunications provider provider ITA rebrands to Paratus Angola.Jumia teams up with Errand360 to declare functions to the closing mile. Get basically the most easy African tech newsletters on your inbox

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