AFF INDUSTRY INSIGHT WEEKLY(#E08)

A weekly round-up of reported startup, fintech, digital economy and innovation news from Nigeria and Africa, curated by Africa Fintech Foundry.

Moove announces its Nigeria exit

Moove has announced that it is leaving Nigeria and plans to transfer vehicles to eligible customers. It is not yet confirmed whether the transfers have been completed. For customers, what matters is getting cars they can actually use on clear terms, so a smooth handover is the thing to watch. Read more

M-KOPA’s $8m KilpiTek acquisition comes into view

M-KOPA’s $8m purchase of KilpiTek, a device-locking technology company, was completed in March but only became public this month. Owning the technology gives M-KOPA more control and less reliance on suppliers, but it also means M-KOPA alone is responsible when things go wrong. The real test is whether the technology works reliably for customers. Read more

CapitalSage completes its Chimoney acquisition

CapitalSage has completed its all-cash acquisition of Chimoney, the Nigerian-founded payments startup that shut down in May after running out of money. Chimoney is now processing payments again, and its consumer app has relaunched as Tiki, for sending money from Canada and the UK to Africa. The real test now is how well the two businesses work together. Read more

BCEAO’s reported fee rules point to a November change

The BCEAO, the central bank for the West African Economic and Monetary Union, has reportedly set limits on payment fees, taking effect in November. Cheaper payments could encourage people to transact more, but reliability, access and complaint handling still matter. For providers, lower fees mean watching the cost of each transaction closely, rather than assuming more volume automatically means more profit. Read more

pawaPay announces Mozambique licence

pawaPay says its Mozambique subsidiary has secured a payment service provider licence, allowing it to sign up merchants directly. A licence gives permission to operate, but it does not guarantee a good service. Read more

South Africa’s retail cash channel

A new study highlighted how South Africans withdraw cash at supermarket tills while shopping. This is an existing habit, not a new policy. It saves a trip to the ATM, but only works where stores offer it and charges are clear. Payment services should keep catering for people who rely on cash, not just digital users. Read more

FNB introduces crypto trading

First National Bank has launched crypto trading through VALR, with customers’ crypto held within the service rather than moved to their own external wallets. Buying crypto through a familiar bank app is easier, but prices remain just as volatile. Customers need clear explanations of what they can sell, move or recover if something goes wrong. Read more

Airtel Money pairs market access with card ambitions

Airtel Money began conditional trading on the London Stock Exchange, valuing the mobile money business at about $7 billion. All the shares on offer came from existing shareholders, so Airtel Money itself raised no new money, while parent company Airtel Africa keeps about 78%. The business serves around 53 million monthly users across 13 African countries and also plans to launch a virtual Mastercard in Kenya. Read more Read more

MNT-Halan’s Egyptian arm opens subscriptions

MNT-Halan opened subscriptions for 20% of its Egyptian business on the Egyptian Exchange, in an offer worth about $150 million that values the unit at around $750 million. The parent company plans to put part of the proceeds back into the Egyptian business. Only the Egyptian operations are listing, and trading is expected later in October. Read more

Cowrywise reports more than one million stock trades

Cowrywise says it has processed more than one million stock trades in the year since launching its Stocks product, which lets users buy and sell shares on the Nigerian Exchange. The average investor on the platform is 28. The company is now adding analyst-backed buy, sell and hold ratings to help users decide what to invest in. Read more

Quickmart’s IPO and seller exit

Kenyan supermarket chain Quickmart opened its IPO on the Nairobi Securities Exchange, offering half the company at a valuation of about KSh 30 billion ($232 million). The shares are being sold by its owner, Sokoni Retail Kenya, so the money raised goes to the seller rather than to Quickmart. If completed, Quickmart would be the first supermarket to list on the NSE in more than three decades. Read more

Dangote’s Kenyan GDR route

Kenya’s Capital Markets Authority approved a route for Kenyan investors to buy into the Dangote Refinery IPO through global depositary receipts (GDRs), certificates that represent shares in a foreign company. The GDRs will trade in shillings on the Nairobi Securities Exchange. The Nairobi listing still needs approval from Nigeria’s SEC. Read more

Koko’s unsold carbon credits

PwC, the administrator of collapsed Kenyan clean-cooking company Koko Networks, has not found a buyer willing to pay a fair price for its carbon credits. The credits are valued at about £275,000, far below the roughly £127 million owed to creditors, who are now funding the wind-down. Koko collapsed after Kenya declined to authorise it to sell credits into higher-value international markets. Read more

Ghana flags 20 unlicensed lenders

The Bank of Ghana named 20 more mobile loan apps operating without a licence and told the public not to use them. It also warned banks and payment providers not to process their transactions. This brings the number of flagged apps to 60 since August, with the central bank citing breaches of data privacy and consumer protection rules. Read more

SEC clinic addresses registration hurdles

Nigeria’s SEC held its second Regulator/FinTech Clinic to explain how fintech and digital asset firms can get registered. Officials said applications are often delayed by unclear proposals, weak risk controls, too little capital and poor compliance plans. They also stressed that an Approval-in-Principle is a supervised testing stage, not a full licence. Read more

Kenya examines recycled phone numbers

Kenya’s Communications Authority explained to MPs how inactive phone numbers are given to new users, after a petition accused Safaricom of recycling numbers without enough notice. Under the rules, a number can only be recycled after six months of inactivity and a public notice. MPs also raised concerns about mobile money left on numbers belonging to people who have died, and the inquiry is continuing. Read more

Vatar raises $500,000 for Lagos Life

Vatar, the company behind the viral browser game Lagos Life, raised $500,000 in an angel round backed by founders including Flutterwave CEO Olugbenga Agboola. The game lets players get jobs, pay rent and live a virtual life in Lagos, and the company says it has passed 4 million players. The funding will go towards product development, marketing and hiring. Read more

Vambo AI introduces MORENA

South African startup Vambo AI released MORENA, a free AI language model built for 12 African languages, including Hausa, Yorùbá, Igbo, Kiswahili and Nigerian Pidgin. The company says the model handles African languages more efficiently, making it cheaper for startups and researchers to build AI tools. It also claims the model outperforms larger rivals, but has not yet published results to support this. Read more  

Zimbabwe’s rural AI hub

Zimbabwe opened its first rural AI and digital innovation hub in Gokwe North, in partnership with UNDP and Uncommon.org. The first 52 young learners have started training in coding, AI and digital skills, using laptops supplied by the ICT ministry. The hub will also link learners to national programmes such as the 1.5 Million Coders Programme. Read more

Ghana’s AI procurement review

Ghana announced that every AI system bought by public institutions will go through a central technical review. Systems will be checked for data protection, cybersecurity, compatibility with other systems and local skills transfer. The aim is to avoid the government becoming dependent on a single supplier. Read more

Ghana’s space-agency proposal

Ghana’s Cabinet approved plans to turn the Ghana Space Science and Technology Institute into a national space agency, and a bill to create it is now being drafted. The agency would coordinate space activities currently spread across government. Officials say satellite data could help monitor illegal mining, deforestation and flooding, and support farming. Read more

Gauteng digitises operating licences

Gauteng launched GPTRIS, a digital system for public transport operating licences, with a focus on e-hailing drivers. It offers online applications, digital payments and real-time tracking. The system aims to cut long queues and help meet the 60-day processing target, with full self-service to follow. Read more

• Payment providers and retailers could test cash-access reconciliation, transparent fee displays and wallet-to-card support. Discovery should establish customer demand, settlement responsibilities and the applicable rules before a pilot is treated as a commercial opportunity.

• Educators and investing platforms could explain offer stages, seller exits, depositary receipts and digital-asset custody in plain language. Useful materials would show what a customer owns, how money moves and which risks remain, rather than equate easier access with suitability.

• Technology teams could explore consent records, licensing workflows, public-sector AI evaluation and rural training support. Small pilots should measure reliable completion and user understanding. Acquisition-integration work remains another avenue, while connectivity and public-procurement prospects require confirmation of capacity, budgets and final requirements.