Author: Insider Editor

PayTic, a Casablanca-based fintech helping banks and payment providers automate their daily operations, has raised $4.4 million in fresh funding to deepen its footprint across the Middle East and Africa and grow its global distribution partnerships. The round was led by AfricInvest, with backing from Axian Venture Lab and Mistral VC, alongside existing investors CDG Invest, Build Ventures, Concrete VC, and ICP Ventures. This latest raise brings PayTic’s total funding to $7.4 million. Unlike most fintechs chasing end-user adoption, PayTic is quietly building the backbone of modern financial systems—creating tools that automate the “operational aftermath” of payments for banks, fintechs,…

Umba, a digital bank headquartered in Nairobi with operations in Kenya and Nigeria, has raised a $5 million debt facility to scale its secured lending products specifically targeting vehicle financing and small and medium-sized enterprise (SME) loans in Kenya. This move signals a broader shift among Kenyan neobanks away from short-term, high-interest loans toward more sustainable, asset-backed financing. The funding comes entirely from U.S.-based asset management firm Star Strong Capital, with Gahigiro Capital serving as the transaction advisor. The deal is structured as debt, meaning Umba doesn’t give up any equity, bringing the startup’s total funding to $20 million. Umba…

With only two doctors per 100,000 people, far below the WHO’s recommended one per 1,000 Zimbabwe’s public healthcare system is stretched thin. Doctors often split their time between under-resourced public hospitals and overburdened private clinics that serve much of the urban population. Paper-based records and manual admin tasks only make matters worse, leading to long wait times, errors, and burnout. That’s where Avalon Health steps in. Founded in 2022, the Zimbabwean startup is bringing much needed relief to private clinics with its AI powered platform. The system handles time consuming tasks like appointment scheduling, patient records, billing, and even transcribing…

Despite concerns over the 14% export tariff recently introduced by former U.S. President Donald Trump, Nigeria’s telecom industry remains largely insulated. The reason? It’s an import-driven sector. Telecom operators in Nigeria don’t rely on exports to stay afloat, they bring in almost all their equipment and infrastructure from China, the U.S., and Europe. “It won’t affect the industry much because the operators import everything they use directly. They don’t export,” said Tony Emoekpere, President of the Association of Telecommunication Companies of Nigeria (ATCON), which represents key players like ISPs, tower firms, and data centres. Still, while the direct impact may…

Maroc Telecom and Inwi have joined forces to accelerate Morocco’s fibre optic and 5G rollout. The two telecom giants have signed a partnership deal to expand connectivity across the country, establishing two joint ventures—FiberCo and TowerCo—to lead the effort. FiberCo will focus on expanding fibre networks, with a goal of reaching 1 million connections within two years and 3 million within five. Meanwhile, TowerCo will oversee the construction of 2,000 new telecom towers in the next three years and 6,000 over the next decade to support Morocco’s growing 5G network. The first phase of the project is expected to cost…

A Kenyan court has ordered Marketforce Technologies, once a rising star in Africa’s B2B e-commerce sector, to pay KES 2.1 million ($16,000) to a former employee for wrongful termination. The ruling comes nearly a year after the Y Combinator-backed startup shut down RejaReja, its flagship B2B marketplace, leaving its future uncertain. Its co-founder, Tesh Mbaabu, has since moved on to launch a social commerce platform, Chpter. Tom Maina Chege, a former product manager who worked at Marketforce from January 2022 to August 2023, filed the case in October 2023. Chege, whose monthly gross salary was KES 200,000 ($1,550), was laid…

AvtoVAZ, Russia’s largest automaker and majority-owned by the Russian government, is making its move into Nigeria as part of a broader strategy to diversify beyond its home market. The company plans to establish a spare parts hub and service center at the Lekki Free Trade Zone in Lagos before the end of 2025, marking its most ambitious push into West Africa’s largest economy. In addition to this, AvtoVAZ is in talks with the Nigerian government to set up a local assembly plant. This move could strengthen its long-term presence in a country where new car sales are significantly outpaced by…

Lipa Later, a leading Kenyan buy-now-pay-later (BNPL) fintech company, has been placed under administration as of March 24, 2025, after facing significant financial struggles and failing to secure additional funding. Joy Vipinchandra Bhatt from Moore JVB Consulting LLP has been appointed as the administrator, according to official announcements. The company’s financial troubles have been building for months, with reports saying that employees hadn’t been paid for nearly a year, highlighting the seriousness of Lipa Later’s cash flow problems. In addition to this, the company is dealing with unpaid debts, including a legal issue with Africa Foresight Group (AFG) over $13,000…

The Africa Stablecoin Consortium (ASC), the team behind Nigeria’s first regulatory-approved stablecoin, cNGN, has entered early talks with major African crypto exchanges Yellow Card and Roqqu to secure listings for the Naira-backed token. Although both companies have confirmed these discussions, neither has committed to listing the stablecoin just yet. Currently, cNGN is listed on two provisional Nigerian exchanges, Busha and Quidax. However, its expansion to more platforms, particularly those with a pan-African reach, is essential for driving adoption—especially for its remittance use case. Without firm commitments from significant exchanges, the stablecoin’s growth remains uncertain. This hesitation is a key challenge…

Baobab Group, a global financial services company with a loan portfolio exceeding $900 million, has fully acquired Baobab Nigeria, its local subsidiary. This move marks the first-ever exit for Alitheia Capital and Goodwell Investments from their jointly managed uMunthu Fund—and it’s a big win. The acquisition delivered a 3x return on uMunthu’s initial 2012 investment in Baobab Nigeria, formerly known as Microcred Microfinance Bank. Beyond just strong financial returns, this exit contributed to the fund’s 39.3% internal rate of return (IRR)—a key measure of annual investment profitability. A Rare Private Capital Exit in Africa The exit comes at a time…