* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Sunday, October 5, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    “Reba” cast, then and now: See the stars 24 years later (and who’s reunited for another show) – Yahoo

    “Reba” cast, then and now: See the stars 24 years later (and who’s reunited for another show) – Yahoo

    Why Taylor Swift Name-Dropped Elizabeth Taylor in Her New Album – Yahoo

    Here’s Why Taylor Swift Dropped Elizabeth Taylor’s Name in Her New Album

    Al Roker Gives Olivia Dean an Unexpected ‘New Job’ on the ‘Today’ Show – Yahoo

    Al Roker Shocks Olivia Dean with an Exciting New Role on the ‘Today’ Show

    Books about the arts and some haunts for a Denton October – Denton Record-Chronicle

    Uncover Artistic Treasures and Spooky Adventures to Experience in Denton This October

    Taylor Swift Releases New Album The Life of a Showgirl : Listen and Read the Full Credits – Yahoo

    Taylor Swift Releases New Album The Life of a Showgirl : Listen and Read the Full Credits – Yahoo

    Toni Braxton Is Turning Her Biggest Hits Into Lifetime Movies – Yahoo

    Toni Braxton Is Turning Her Biggest Hits Into Lifetime Movies – Yahoo

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    What the Recent Price Surge Means for Figure Technology Solutions After SEC Settlement – Yahoo Finance

    What the Recent Price Surge Reveals About Figure Technology Solutions Following SEC Settlement

    MAC Brings iPad Technology to Football Sidelines Across All 13 Member Schools – Sports Video Group

    MAC Brings iPad Technology to Football Sidelines Across All 13 Member Schools – Sports Video Group

    Technology Is Becoming More Important Than Humans In CX – No Jitter

    Technology Is Becoming More Important Than Humans In CX – No Jitter

    A Tech Expo Shows What China Can Make, but Not Who’ll Buy It All – The New York Times

    Inside China’s Tech Expo: Cutting-Edge Innovations Face Uncertain Demand

    Steampunk Metal Oval Technology Sense Sunglasses Personality Handmade Chain Multicolor Sunglasses UV400 – The San Joaquin Valley Sun

    Steampunk Metal Oval Sunglasses with Handmade Multicolor Chain – Bold UV400 Protection and Unique Style

    STELLA Automotive AI Appoints Fred Seidelman as Chief Technology Officer – Yahoo Finance

    STELLA Automotive AI Appoints Fred Seidelman as New Chief Technology Officer

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    “Reba” cast, then and now: See the stars 24 years later (and who’s reunited for another show) – Yahoo

    “Reba” cast, then and now: See the stars 24 years later (and who’s reunited for another show) – Yahoo

    Why Taylor Swift Name-Dropped Elizabeth Taylor in Her New Album – Yahoo

    Here’s Why Taylor Swift Dropped Elizabeth Taylor’s Name in Her New Album

    Al Roker Gives Olivia Dean an Unexpected ‘New Job’ on the ‘Today’ Show – Yahoo

    Al Roker Shocks Olivia Dean with an Exciting New Role on the ‘Today’ Show

    Books about the arts and some haunts for a Denton October – Denton Record-Chronicle

    Uncover Artistic Treasures and Spooky Adventures to Experience in Denton This October

    Taylor Swift Releases New Album The Life of a Showgirl : Listen and Read the Full Credits – Yahoo

    Taylor Swift Releases New Album The Life of a Showgirl : Listen and Read the Full Credits – Yahoo

    Toni Braxton Is Turning Her Biggest Hits Into Lifetime Movies – Yahoo

    Toni Braxton Is Turning Her Biggest Hits Into Lifetime Movies – Yahoo

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    What the Recent Price Surge Means for Figure Technology Solutions After SEC Settlement – Yahoo Finance

    What the Recent Price Surge Reveals About Figure Technology Solutions Following SEC Settlement

    MAC Brings iPad Technology to Football Sidelines Across All 13 Member Schools – Sports Video Group

    MAC Brings iPad Technology to Football Sidelines Across All 13 Member Schools – Sports Video Group

    Technology Is Becoming More Important Than Humans In CX – No Jitter

    Technology Is Becoming More Important Than Humans In CX – No Jitter

    A Tech Expo Shows What China Can Make, but Not Who’ll Buy It All – The New York Times

    Inside China’s Tech Expo: Cutting-Edge Innovations Face Uncertain Demand

    Steampunk Metal Oval Technology Sense Sunglasses Personality Handmade Chain Multicolor Sunglasses UV400 – The San Joaquin Valley Sun

    Steampunk Metal Oval Sunglasses with Handmade Multicolor Chain – Bold UV400 Protection and Unique Style

    STELLA Automotive AI Appoints Fred Seidelman as Chief Technology Officer – Yahoo Finance

    STELLA Automotive AI Appoints Fred Seidelman as New Chief Technology Officer

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Technology

Unraveling the pulse of Africa’s tech ecosystem: Q2 2023 trends

July 18, 2023
in Technology
Unraveling the pulse of Africa’s tech ecosystem: Q2 2023 trends
Share on FacebookShare on Twitter


Image source: Adebowale Adegoke and Kezia Bassey — TechCabal

TechCabal Insights presents trends and events in African tech during the second quarter of the year: Sectoral funding, expansions, acquisitions, regulations, and more.

In our analysis of trends and events in Q2 2023, we provide a glimpse into the major moves and the occasional rocky road in the African tech ecosystem. Let’s dig deep into the data, as we explore the highs and lows, the triumphs and challenges that defined the ecosystem during the recently-concluded quarter.

Funding: A rollercoaster ride

Image source: Ayomide Agbaje/TechCabal Insights

Notably, venture funding reached $621.8 million in May from 34 announced deals—a 42% year-on-year increase from May 2022. This was driven by two mega deals: M-Kopa securing $255 million in a debt-and-equity financing round and SunKing’s $130 million securitisation deal. This was unlike the momentum in April and June which had deals amounting to $129.8 million from 23 announced deals and $126.2 million from 25 announced deals respectively.

While the figures show a general slowdown in funding for African startups, the quarter still witnessed an impressive feat. A total of $877.8 million was raised across 220 startups, representing a 6.9% increase from Q1 2023. Although these numbers fall short of the $1.2 billion raised in the corresponding quarter of the previous year (Q2 2022) at a 23.63% decline.

Image source: Ayomide Agbaje/TechCabal Insights

Sectoral breakdown: Energy (cleantech) surpasses Fintech

Startups operating in the energy, fintech, and logistics sectors emerged as the frontrunners in Q2 2023. Unlike previous quarters, fintech startups didn’t receive the largest share of VC funding. Energy-focused startups replaced them, raising $486.9 million, which accounted for 53% of the total funding in the quarter. Contrary to expectations, the funding landscape for African fintech in the previous quarter did not live up to the anticipated levels of success. For example, the number of fintech startups securing funding in June 2023 was quite limited, resulting in a subpar performance in terms of capital investment from venture capitalists, angel investors, and accelerators. It is noteworthy that, thus far, no African fintech startups have managed to secure mega-equity deals (exceeding $100 million) solely through debt funding and grants.

Nigeria takes the lead

In the race for venture funding, Nigeria sprinted ahead in Q2 2023, leaving other Africa’s Big 4 countries Kenya, South Africa, and Egypt on the trail. Nigerian startups secured $462.4 million, while Kenya followed with $149.3 million. South Africa and Egypt received $214 million and $6.1 million respectively, experiencing a decline from their previous quarter’s highs. Notably, Kenya’s rise this quarter can be attributed to the mega deals that local startups in the country closed, which played a significant role in toppling Egypt from its previous position. These figures further highlight the dynamic nature of the startup landscape in Africa, with each quarter bringing new opportunities and challenges for both startups and investors.

Expansions: Broadening horizons

Expansion is the name of the game as African startups seek to deepen their market presence to drive both operational and revenue growth. This previous quarter, TechCabal Insights tracked four noteworthy expansion moves, a similar figure to Q1 2023’s but a sharp drop from the eight tracked in Q2 2022. Nigerian auto-financing startup, Autochek, took a major leap forward by acquiring a majority stake in Egyptian startup, AutoTager, effectively expanding its footprint across nine African countries. Also, Ghanaian agri-tech startup Farmerline spread its wings into Francophone Africa, launching its operations in Ivory Coast. 

Ecosystem turbulence: Major moves and rocky events

Fintech fraud and cybersecurity concerns

In June, two South African companies witnessed cyberattacks. The first incident involved hackers gaining unauthorized access to MultiChoice’s streaming platform, Showmax, allegedly exposing more than 27,000 usernames and passwords. Meanwhile, Heritage Bank in Nigeria reported an insider hack worth ₦49 billion ($83 million) in customer funds. Also, Globus Bank, another Nigerian bank, disclosed a hack in 2022, in which hackers exploited a USSD glitch to withdraw over ₦1.75 billion ($2.9 million) from customer accounts. In Kenya, cybercriminals targeted Naivas, the country’s leading online retailer, with a ransomware attack, threatening to leak sensitive data. These incidents underscore the ongoing need for companies in the ecosystem to enhance their cybersecurity measures and address the ever-present risks of fraud.

Shutdowns: Copia Global and Lazerpay bid farewell

As Q2 2023 unfolded, the global trend of shutdowns also continued to make its mark in Africa’s tech ecosystem. Nigerian crypto startup, Lazerpay, announced its closure after struggling to secure the necessary funding. Meanwhile, Copia Global, a Kenyan e-commerce company, made the tough decision to shut down its Ugandan operations. These developments highlight the harsh realities of the tech business landscape, where even promising ventures on the continent face the pressures of sustainability.

Layoffs: Shaking the African tech ecosystem

In the ever-evolving African tech ecosystem, layoffs have become an unfortunate reality. What began with Swvl in May 2022 has continued to sweep across the continent, leaving a mark on some prominent startups.

June witnessed a wave of layoffs as five African startups collectively laid off over 238 employees. Twiga, a Kenyan agritech company, made a “cost-cutting” move by laying off 211 employees, including its entire sales team. Nigeria’s fintech Eyowo, amidst a pivot to a D2C model, also had to let go of 13 employees. Similarly, Smile Identity, a KYC startup that raised $20 million in February 2023, had to reduce its workforce by 8 employees due to challenging macroeconomic conditions. Fintech giant Chipper Cash executed its third round of layoffs, though the exact number remains undisclosed. Also, sources revealed that Mara, a Web3 startup that raised $23 million in 2022, had to make the difficult decision to lay off six employees in May.

Digital currencies by African countries

During the last quarter, Zimbabwe embarked on a new chapter by launching its digital currency. However, the International Monetary Fund (IMF) raised concerns, cautioning that the gold-backed currency might not solve the country’s fiat currency devaluation problems and could deplete its gold reserves. Despite the criticism, the Reserve Bank of Zimbabwe (RSV) sold an impressive 14 billion Zimbabwean dollars’ worth of gold-backed digital tokens, amounting to around $39 million.

The IMF also challenged Nigeria’s e-naira. Contrary to the Central Bank of Nigeria’s (CBN) claims, the IMF revealed that Nigeria’s digital currency, the e-naira, has fallen short of expectations. The IMF disclosed that an impressive 98.5% of the 14 million e-naira wallets created have never been used, even two years after their launch. With only around 860,000 retail e-naira wallets being active, equivalent to just 0.8% of Nigeria’s active bank accounts, the digital currency’s adoption appears to be underperforming.

Regulatory ripples: Nigeria revokes MFBs’ licenses

While Nigeria opened its doors to loan apps in April, May witnessed a different scenario as the Central Bank of Nigeria (CBN) revoked the licenses of 179 microfinance banks, four primary mortgage banks, and three finance companies. The regulatory crackdown was a response to non-compliance with regulatory requirements and unauthorized activities. Among the affected institutions was Eyowo, a Nigerian digital bank, which suspended all withdrawals pending the re-approval of its license, leaving customers seeking creative ways to access their funds.

The unpredictable terrain ahead: Expectations for the rest of 2023

It’s important to note that sectors experience funding slowdowns differently. This quarter saw fintech, historically the darling of the African ecosystem, take a backseat to energy startups. This indicates that investors are increasingly drawn to emerging sectors with high growth potential. While past performance isn’t always indicative of future success, we predict that fintech will reclaim its dominance by the end of 2023 based on historical trends. Only time will tell how the rest of the year unfolds.

Watch out to read more on our flagship State of Tech In Africa report, our bird’s eye view on African tech trends for Q2 2023 offering data, insights, and experts’ perspectives around funding, acquisitions, startup expansion, and regulations on the continent.

Get the best African tech newsletters in your inbox

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : TechCabal – https://techcabal.com/2023/07/17/unraveling-the-pulse-of-africas-tech-ecosystem-q2-2023-trends/

Tags: Pulsetechnologyunraveling
Previous Post

African countries are making digital service tax for foreign companies a norm as Uganda joins the race

Next Post

Nigeria’s agent banking association will move ahead with price hike as fintechs consider legal action

Magdeleine Vallieres shows off her world championship stripes – EF Pro Cycling

Magdeleine Vallieres shows off her world championship stripes – EF Pro Cycling

October 5, 2025
Splurging? In This Economy? Here’s How to Do It Right. – The New York Times

Splurging? In This Economy? Here’s How to Do It Right. – The New York Times

October 5, 2025
“Reba” cast, then and now: See the stars 24 years later (and who’s reunited for another show) – Yahoo

“Reba” cast, then and now: See the stars 24 years later (and who’s reunited for another show) – Yahoo

October 5, 2025
How the government shutdown is hitting the health care system – and what the battle over ACA subsidies means – The Conversation

How the Government Shutdown Is Disrupting Health Care and What the Battle Over ACA Subsidies Means for You

October 5, 2025
Politics | Shutdown Showdown and More Court Battles – “The Sunday Political Brunch” – GoLocalProv

Shutdown Showdown and Intense Court Battles: Inside This Week’s Political Drama

October 5, 2025
First Record of Mating Involving a Melanistic Jaguar (Panthera onca) in the Wild: Novel Behavioural Insights Into Colour Morphs and Captive‐Wild Comparisons – Luypaert – 2025 – Ecology and Evolution – Wiley Online Library

First Record of Mating Involving a Melanistic Jaguar (Panthera onca) in the Wild: Novel Behavioural Insights Into Colour Morphs and Captive‐Wild Comparisons – Luypaert – 2025 – Ecology and Evolution – Wiley Online Library

October 5, 2025
Multi-generational vulture nests hold 700 years of human artifacts – Popular Science

Multi-generational vulture nests hold 700 years of human artifacts – Popular Science

October 5, 2025
Chinese tech company develops creepy ultra-lifelike robot face — watch it blink, twitch and nod – Live Science

Chinese tech company develops creepy ultra-lifelike robot face — watch it blink, twitch and nod – Live Science

October 5, 2025
FSE Lifestyle Services (HKG:331) Has Announced That Its Dividend Will Be Reduced To HK$0.185 – simplywall.st

FSE Lifestyle Services (HKG:331) Has Announced That Its Dividend Will Be Reduced To HK$0.185 – simplywall.st

October 5, 2025
Irrigation technology adapts to water restrictions – Farm Progress

Innovative Irrigation Technologies Transform Farming Amid Water Restrictions

October 5, 2025

Categories

Archives

October 2025
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728293031  
« Sep    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (852)
  • Economy (873)
  • Entertainment (21,747)
  • General (17,424)
  • Health (9,915)
  • Lifestyle (885)
  • News (22,149)
  • People (874)
  • Politics (884)
  • Science (16,083)
  • Sports (21,373)
  • Technology (15,854)
  • World (856)

Recent News

Magdeleine Vallieres shows off her world championship stripes – EF Pro Cycling

Magdeleine Vallieres shows off her world championship stripes – EF Pro Cycling

October 5, 2025
Splurging? In This Economy? Here’s How to Do It Right. – The New York Times

Splurging? In This Economy? Here’s How to Do It Right. – The New York Times

October 5, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version