The sun sets as if to signal the end of the year 2023. Or the sun rises as if to signal the beginning of the year 2024.
In 2023, the technological landscape of Africa experienced a revolutionary metamorphosis driving advancements across diverse sectors. The foresight of a significant surge in Artificial Intelligence (AI) adoption, coupled with the widespread implementation of emerging technologies, and regulatory changes underscored a dynamic shift in the continent’s technological trajectory. Here are some of the milestones that shaped Africa’s tech landscape in 2023:
January 2023
Artificial Intelligence Growth in Nigeria: Nigeria anticipated a significant increase in the use of Artificial Intelligence across various sectors, predicting a potential $1.15 trillion impact on Africa’s economy by 2030. AI strategies were being implemented to solve issues and enhance services in healthcare, education, and agriculture.
Blockchain Technology in Africa: African blockchain startups had a notable year in 2022, raising significant funds, with Nigeria, Kenya, and South Africa leading the venture capital investments. This trend indicated a growing interest and confidence in blockchain technology across the continent.
February 2023
Africa’s Green Hydrogen Economy Potential: A study revealed Africa’s green hydrogen potential to be approximately $1.5 trillion. Maximizing this potential through solar energy exploitation could position Africa as a global clean energy hub.
$30 Billion Commitment to Boost African Food Production: At the Africa food summit in Senegal, development partners committed $30 billion to enhance agricultural productivity, aiming to transform Africa into a breadbasket for the world.
Record-Breaking Funding for African Startups: African startups raised at least $4.8 billion in 2022, marking a significant milestone in funding value, deal numbers, and diversity of investors.
Fingo Africa Gets Nod As The First Digital Only Bank In Kenya: The Central Bank of Kenya (CBK) granted Fingo Africa regulatory clearance by the Central Bank of Kenya (CBK) to launch its offerings in the Kenyan market, positioning itself as the potential pioneer of digital-only banking in the country.
Airtel Uganda Upgrades To 5G Network: Airtel Uganda announced that its Smartphone Network is now ready for the trailblazing 5G technology. The upgraded network comes with numerous benefits including supporting a significantly higher number of devices per square kilometer compared to the existing 4G technologies.
March 2023
African Startups Win at Global Startup Awards: Kubik from Ethiopia and Emata from Uganda won at the Global Startup Awards, highlighting the rise of African techpreneurs on the global stage. Kubik’s innovative approach turns plastic waste into low-carbon building materials, and Emata revolutionizes financing for smallholder farmers in Uganda.
Nigeria Introduces Open Banking: The Central Bank of Nigeria (CBN) issued operational guidelines for using and delivering open banking services in the country. The adoption of open banking in Nigeria will foster the sharing of customer-permissioned data between banks and third-party firms to enable the building of customer-focused products and services. It is aimed at enhancing efficiency, competition, and access to financial services in Nigeria.
Safaricom Partnered With Banks To Stop Sim-Swap Frauds In Kenya: Kenya’s telecommunication company Safaricom signed up 6 banks to its SIM-Swap-Check Anti-fraud solution. The solution provides banks with an API (Application Programming Interface) through which they can query when a customer’s SIM card was last swapped. The information then enables them to make a decision on the likelihood of a customer’s transaction being fraudulent and additional steps to be applied.
April 2023
SpaceX Satellite Launch and Law Reversal: Kenya made a significant stride in space technology by launching its first operational earth observation satellite aboard a SpaceX rocket. The country also reversed its 30% foreign ownership law to encourage more investment in its tech ecosystem.
Zimbabwe’s Gold-backed Digital Currency: Zimbabwe announced plans to launch a gold-backed digital currency, aiming to bolster its declining fiat currency and stabilize its economy.
Kenyan Government vs Big Tech: Meta faced legal challenges in Kenya, losing two cases that questioned its operational jurisdiction and content moderation policies in the country.
Xbox Game Studios Game Camp Came To Africa: Xbox Game Studios Game Camp Africa came to Africa in July. The Game Camp is an initiative that unifies various Xbox initiatives under one umbrella where talent is celebrated, and game developers are empowered to pursue their dreams.
Nigerian Crypto Startup Lazerpay Forced To Shutdown: Nigerian web3 and crypto payment company, Lazerpay shut down after the startup’s founder, Njoku Emmanuel, shared that the company was having trouble raising money.
AWS Pledges $1.6B Investment Into Its Cloud Infrastructure In South Africa: Amazon Web Services released a new economic impact study (EIS) announcing its plan to invest $1.6 billion in its cloud infrastructure in South Africa by 2029. The EIS report outlines AWS’s investment in its AWS Africa (Cape Town) Region since 2018, and projected forecast of investment to construct, operate, and maintain its cloud infrastructure in South Africa.
May 2023
African Startup Funding Surge: African startups raised $621.8 million in May 2023, indicating a robust and growing startup ecosystem on the continent. This amount represented a significant increase from the previous year and underscored the region’s potential for tech innovation and entrepreneurship.
Ghana Secures $3 Billion, MTN’s Major Deal: Ghana secured a $3 billion bailout from the International Monetary Fund to replenish its foreign-exchange reserves. Additionally, MTN’s $320 million deal for a fiber optic network underscored the growing importance of telecommunications infrastructure across Africa.
Kenyan Government’s Unified QR Code System: The Kenyan government implemented the KE-QR Code Standard 2023 to promote financial interoperability, allowing payment service providers regulated by the Central Bank of Kenya to process payments using QR codes.
Liquid Dataport Launches Shortest Fibre Route Connecting Kenya To DRC: Liquid Dataport, a business of Liquid Intelligent Technologies, a pan-African technology group, launched its newest fibre route connecting Mombasa, Kenya, to Muanda on the west coast of the Democratic Republic of Congo (DR Congo). The 3800km fibre route that connects Mombasa, Kenya, to Muanda, DR Congo reduces data transmission latency by 20 milliseconds. It adds to Liquid’s One Africa Digital Network which now spans 110,000km.
Microsoft Airband Expands To Connect Nearly 40M People Across Latin America And Africa: Microsoft expanded its Airband partnerships set to provide high-speed internet access to nearly 40 million people across Latin America and Africa. These partnerships in Brazil, Chile, Chile, Colombia, Guatemala, and Cote dÍvoire, Kenya, Nigeria, Tanzania, and Uganda mark significant progress in its commitment to extend high-speed internet access to 250 million people living in unserved and undeserved areas around the world, including 100 million Africans.
Microsoft Moves Cloud Security Product To Nairobi’s ADC: Microsoft increased its investment in the Africa Development Centre by transferring ownership and continued product development of Azure Active Directory Domain Services, a Microsoft Security product with yearly revenue of $40 million and 300,000 enterprise global customers, to the ADC in Nairobi. The huge milestone was part of Microsoft’s continued commitment to leveraging and contributing to the advancement of technology skills and talent in Africa via its premier engineering arm on the continent.
M-KOPA Raises $250m In Funding – Kenya’s Highest Yet: The solar and asset-financing start-up, M-KOPA, which offers underbanked African customers access to ‘productive assets’ and the ability to pay for them via digital micropayments, secured over $250 million in funding. The capital injection includes $55 million in equity and over $200 million in debt, huge sums in both categories that testify to strong fundamentals and solid performance for any growth-stage company in this venture capital’s current contraction.
Safaricom Ethiopia Granted License To Operate Mpesa: The National Bank of Ethiopia (NBE) granted a mobile money service license to Safaricom Telecommunication Ethiopia to operate its MPESA mobile money service in the country. That marked the first time a foreign investor has been granted a mobile money license in Ethiopia.
June 2023
West African Tech Startups Lead in Funding: Startups in West Africa raised $89.9 million, dominating the funding landscape in Africa for the month. This trend highlighted the region’s dynamic and growing tech sector.
Safaricom’s Significant Investment from IFC: The International Finance Corporation announced a substantial investment in Safaricom, totaling $257 million. This investment underscored the company’s pivotal role in the African telecommunications landscape.
Flutterwave’s Collaboration with Microsoft: Fintech unicorn Flutterwave signed a five-year deal with Microsoft to develop new payment services on Microsoft Azure, reinforcing its position as a key player in Africa’s digital finance sector.
Mogo Kenya Secures $7M Loan From Verdant Capital: Verdant Capital announced that its Verdant Capital Hybrid Fund has completed a $7 million dual-tranche investment comprising a subordinated loan and senior secured loan to Mogo Kenya, a subsidiary of Eleving Group operating in Europe, Asia, and Africa.
Cooperative Bank Migrates Services To New Core Banking System: Co-operative Bank of Kenya successfully migrated its services to a new $50 million core banking system in a bid to enhance customer experience, reduce downtime incidents and enhance transaction security.
July 2023
Funding Trends in African Tech Startups: In July, East African startups led in funding, raising $47.4 million. This highlighted the region’s growing influence in Africa’s tech ecosystem.
Tax Reforms in Kenya and Uganda: Kenya implemented its Finance Act, potentially boosting tax revenues, while Uganda introduced a new tax law for foreign companies, reflecting a broader shift towards fiscal reform in the region.
Crypto Regulations and Warnings: Namibia approved licensing for crypto platforms, and South Africa enforced similar rules, indicating a move towards regulating the cryptocurrency sector. Nigeria issued warnings against unapproved crypto platforms.
Expansion of Starlink’s Internet Service: Starlink’s launch in Malawi and Kenya marked a significant step in improving internet connectivity in these countries, with plans for further expansion across the continent.
Financial Challenges for Airtel Africa and MTN Nigeria: Both telecom giants reported losses and profit declines, primarily due to Nigeria’s foreign exchange volatility.
Internet Governance Issues: Senegal’s repeated internet shutdowns and Ethiopia’s lifting of a social media ban highlighted the complex interplay between internet access, governance, and civil unrest.
Significant Mergers and Acquisitions: Access Bank’s acquisition of Standard Chartered’s assets and Safaricom’s expansion plans into Asia represented major shifts in the African banking and telecom sectors.
Venture Capital Moves by Safaricom: Safaricom’s launch of two venture capital subsidiaries signaled its commitment to fostering innovation and investment in African startups.
European Commission Approves Broadcom’s $61B Acquisition Of Vmware: The European Commission (EC) has formally approved Broadcom’s $61 billion bid for VMware, saying that Broadcom fulfils certain ongoing commitments around access and interoperability. `The deal which sits among the biggest tech acquisitions of all time was always likely to attract regulatory scrutiny since it was announced May last year. Europe revealed plans for an in-depth probe in December citing competition concerns, while the U.K. followed suit in March.
Kenya’s First Virtual University Receives Green Light from MPs: Kenyan MPs approved the establishment of a virtual university, paving the way for the admission of the first cohort of 7,100 distance e-learners in September. Kenya’s Parliament endorsed the proposed charter for the Open University of Kenya (OUK), with the aim of providing affordable, accessible, inclusive, and attainable higher education in the country.
Airtel Kenya Launches 5G Network: Airtel launched its 5G network in Kenya becoming the second telecommunications company to do so after Safaricom. Airtel’s 5G network became available in 16 counties, with 370 active 5G sites spread across 180 wards. It is in specific zones, including central business districts, highly populated residential areas, city centres, and hospitals.
Rwanda Launches AI Policy To Drive Economic Growth: Rwanda designed an Artificial Intelligence (AI) policy to drive economic growth, enhance public service delivery, and foster inclusive and sustainable development. The policy was developed through a collaborative effort between the Ministry of ICT and Innovation, the Center of AI Policy and Innovation of Rwanda, the broader tech ecosystem, and GIZ.
Multichoice Increases Its Package Prices In Africa: Multichoice reviewed and adjusted its prices for the different packages in the African continent. The prices that involve DStv and GOtv packages will change effective 1 August 2023.
Kenyan Gov’t Unveils Digital Services: President William Ruto unveiled the Digital Government Services, Gava Mkononi (eCitizen Mobile App), at the Kenyatta International Convention Centre (KICC). The government said the platform would host over 5,000 government services, providing Kenyans with convenient access to essential government services from the comfort of their homes. This initiative is expected to contribute to increased revenue collection, transparency, and the eradication of corruption.
Layoffs in Healthtech and E-commerce: Medsaf’s and Copia Global’s layoffs reflected broader challenges and restructuring efforts within the African tech industry.
Nigeria’s Investment in MSMEs and Startups: The Nigerian government’s substantial investment in MSMEs and startups was a significant move to energize the informal sector and foster economic growth.
Safaricom Launches M-PESA Transfers Between Kenya, Bangladesh, Pakistan: Safaricom announced a partnership with TerraPay, empowering more than 32 million M-PESA customers to send and receive money to more than 200 million people across Bangladesh and Pakistan.
Safaricom Ethiopia Gets New CEO: Telecommunications company Safaricom has announced the appointment of Wim Vanhelleputte as the CEO of its Ethiopia business – Safaricom Ethiopia – effective 1 September 2023. Wim will take over Anwar Soussa who will step down from the firm at the end of July after a two-year stint at the helm. The telco was granted a license for mobile money in Ethiopia after paying investment license fees of $150 million.
Safaricom Launches M-PESA Transfers Between Kenya, Bangladesh, Pakistan: Safaricom announced a partnership with TerraPay, empowering more than 32 million M-PESA customers to send and receive money to more than 200 million people across Bangladesh and Pakistan.
August 2023
Tiktok To Open Africa Office In Kenya: TikTok agreed to open an office in Kenya and remove offensive posts for users in the country following a virtual meeting between President William Ruto and the app’s CEO, Shou Zi Chew. President William Ruto stated that Chew had agreed to work with Kenya in reviewing and monitoring its content, as well as to set up an office in Kenya to coordinate its operations in the continent.
Flutterwave Presses Ahead With IPO Plans: Flutterwave, Africa’s payment startup, will continue with its initial public offering (IPO) on the Nasdaq as part of its effort to access larger partners.
Safaricom Ethiopia Hits 5 Million Subscribers: Safaricom hit over 5 million subscribers in its Ethiopian subsidiary, less than a year after its entry into the country. The telco is seeking to grab a significant market share in the country with a goal of acquiring 10 million customers by the close of March next year.
Cellulant To Cut 20% Of Its Workforce: Kenyan-based payments firm, Cellulant, is reportedly laying off 20% of its workforce in a restructuring exercise. The company said it is moving towards a learner-product-led organization.
M-Pesa Officially Goes Live In Ethiopia: Safaricom Ethiopia launched M-Pesa operations, months after receiving a mobile money license in the country.
Founders Factory Africa Secures $114 Million Funding: Founders Factory Africa secured $114 million in funding to scale its model to better serve founders across the African tech ecosystem. The funding followed on from previous investments into Founders Factory Africa by Standard Bank, Small Foundation and Netcare. This additional funding is from the Mastercard Foundation and Johnson & Johnson Impact Ventures, an impact fund within the Johnson & Johnson Foundation.
Kenya’s First Virtual University Unveiled: President William Ruto issued a charter to Kenya’s first virtual university – The Open University of Kenya (OUK) – to commence operations. Located at the Konza Technopolis in Machakos, OUK will offer eight online courses in its initial phase. These include degrees and diplomas in cyber security and digital forensics, technology education, business and entrepreneurship, data science, economics, statistics, agriculture technology, and food systems. Additionally, postgraduate diploma courses in leadership and management, as well as learning design and technology, will be offered.
Nigerian Startup Traction Raises $6M Seed Round Funding: Nigerian merchant solution startup, Traction raised $6 million in seed round funding led by Multiply Partners and Ventures Platform. The milestone seed funding empowers Traction to extend its operations throughout the African continent, driving significant impact on SMEs and reinforcing its status as a transformative player in the tech ecosystem.
Kenyan Government Suspends Worldcoin Activities: The Kenyan government suspended the activities of the cryptocurrency project WorldCoin in the country pending the completion of inquiries and investigations to establish the safety of the harvested data.
ICANN Appoints Three Africans Into Its New Leadership Roles: The Internet Corporation For Assigned Names & Numbers (ICANN) has announced three Africans to take up three out of nine global leadership positions. Kenyan Catherine Adeya was appointed to the Board of Directors; Nigerian Bakola Oronti was appointed to the At Large Advisory Committee; and Tunisian Wafa Dahmani was the only member appointed to the Country Code Names Supporting Organization Council. In the 155 applications received for these positions, Africans were the highest in number with 39 percent of all applications.
September 2023
Q3 Funding Decline for African Startups: The funding landscape for African startups witnessed a decrease, with Southern African startups surprisingly leading in September raises.
New Venture Funds by Enza Capital: The launch of Enza Capital’s new fund to support African startups highlighted the increasing interest of venture capitalists in the African tech ecosystem.
Acquisitions in the Nigerian Tech Sector: The acquisitions of Chaka by Risevest and SendChamp by WhoGoHost illustrated the ongoing consolidation and growth within Nigeria’s tech industry.
Shutdown of Nigerian Genomics Startup 54gene: The closure of 54gene, once a promising genomics startup, underscored the challenges faced by high-tech ventures in Africa.
Kenya Joins PAPSS: Kenya’s entry into the Pan-African Payments and Settlement System marked a step towards enhanced financial integration across the continent.
Layoffs at Ghanaian Healthtech mPharma: mPharma’s layoffs, driven by macroeconomic conditions, reflected ongoing economic pressures in the African tech space.
Sama’s Pivot to AI in Kenya: Sama’s transition from content moderation to AI, providing numerous job opportunities, indicated a shift in business strategy and focus on tech talent development.
Kenya’s Continued Focus on Regulating TikTok: Kenya’s efforts to regulate TikTok, including a petition to disable its Live feature, highlighted the challenges of managing social media platforms and content.
October 2023
Rise in Funding for African Startups: October saw a positive trend in funding, especially for energy startups, indicating a shift towards sustainable and tech-driven solutions.
Patricia’s Plan for Repayments: The Nigerian crypto startup’s announcement to repay customer funds highlighted the ongoing challenges and risks in the cryptocurrency sector.
Shutdowns and Layoffs in Ghana and South Africa: The shutdown of Ghanaian fintech Dash and South African startup WhereIsMyTransport, along with Majorel’s layoffs, demonstrated the volatility and competitive nature of the African tech landscape.
Safaricom’s M-Pesa Acquisition Completed: The completion of Safaricom’s acquisition of M-Pesa Holdings emphasized the growing importance of mobile money services in Africa’s financial sector.
Revenue Increases for Airtel Africa and MTN Nigeria: Despite challenges, both telecom giants reported revenue growth, signaling resilience and potential in Africa’s telecom sector.
AWS Launches Development Centre In Nairobi: Amazon Web Services (AWS), on Wednesday, opened a development centre in Nairobi, Kenya, to bolster its global operations. The Centre was inaugurated by Kenya’s President, William Ruto, Megan Whitman, the US Ambassador to Kenya, Amazon officials, and other government representatives.The Amazon Development Center (ADC) is a hub for essential operations, including software development, support services, retail functions, and more. It acts as the company’s foundation, generating the primary revenue stream.
Nigeria’s Tech Upskilling Initiative: The plan to equip 3 million Nigerians with tech skills by 2027 reflected the country’s commitment to building a skilled tech workforce and fostering innovation.
Amazon’s Forthcoming Launch in South Africa: Amazon’s planned launch in South Africa in 2024 signified the growing interest of global tech giants in the African market.
Eskom’s Significant Financial Losses: South African power company Eskom’s financial struggles highlighted the challenges facing key infrastructure sectors in Africa. Airbnb Launches Africa Pledge To Boost Tourism: Airbnb announced the Africa Pledge, a renewed commitment and $500,000 fund to support inclusive and sustainable tourism growth across the continent. Over the next two years, Airbnb said the pledge will help governments and tourism organisations across Africa to identify and unlock new tourism opportunities; support hosts and guests, and their communities; empower the next generation of tourism entrepreneurs; and support investment in the tourism ecosystem.
November 2023
BasiGo Receives $1.5 Million Grant To Enter Rwanda: BasiGo Receives $1.5 Million Grant To Enter Rwanda: The United States Agency for International Development (USAID) awarded BasiGo a $1.5 million grant through its Development Innovation Ventures program to support the e-mobility startup pilot program in Kigali, Rwanda.
December 2023:
Jumia Shuts Down Its Food Delivery Services In Africa: Africa’s leading e-commerce platform, Jumia Technologies announced it will discontinue its food delivery services by end of December 2023.The move was aimed at streamlining its operations and focusing on its core physical goods and Jumia Pay business will impact seven countries where Jumia Foods has been operating, namely: Kenya, Nigeria, Uganda, Morocco, Tunisia, Algeria, and Côte d’Ivoire.
Kenya Launches E-commerce Strategy: Kenya unveiled its National E-Commerce Strategy aimed at streamlining the rapidly expanding sector in response to the flourishing digital economy. The National E-Commerce Strategy is a collaborative effort between the government, private sector stakeholders, and industry experts, aiming to harness the full potential of digital commerce in Kenya.
Airtel Africa To Venture Into Data Centre Business With New Facility To Launch In Lagos: Airtel Africa ventured into the data centre business with the launch of Nxtra, founded on a commitment to meet the continent’s growing needs for trusted, and sustainable data centre capacity. Nxtra aims to build one of the largest networks of data centres in Africa with high-capacity data centres in major cities located strategically across Airtel Africa’s footprint, complementing its existing edge sites.
BasiGo Secures $5M Funding: Electric vehicle startup BasiGo secured $5 million in debt funding British International Investment’s Climate Innovation Facility to scale up local assembly of electric buses in Kenya. The facility will go towards the manufacture of 100 electric buses – in Kenya – that will meet Kenyan’s demand for affordable but clean public transport.
YouTube Music And YouTube Premium Debuts In Kenya: YouTube announced that YouTube Music and YouTube Premium are now available in Kenya. This is a significant milestone in YouTube’s mission to provide an enriched entertainment experience to users across diverse regions.
Mpost Relocates Headquarters From Nairobi, Kenya To Kigali, Rwanda: MPost, a tech startup that transforms mobile numbers into virtual addresses currently with operations in Kenya, Rwanda, and Burundi announced the relocation of its headquarters from Nairobi, Kenya, to Kigali, Rwanda, effective November 2023. The move reveals a significant shift in the company’s operational landscape and aligns with the favorable business environment that Rwanda offers to tech startups.
Nigeria Lifts Crypto Ban: Nigeria’s Central Bank lifted a two-year restriction on cryptocurrency transactions and introduces stringent customer KYC and anti-money laundering checks. The CBN banned banks from crypto-related transactions in 2021 on money laundering and terrorism financing concerns.
