Hi Fintech friends 👋,

Here are the highlights of what happened in African Fintech this week;

• Kenya’s High Court exempted fintechs from VAT in a landmark ruling.
• A new $61.6 Million Fund for Fintechs was announced.
• The CEO of Kenyan Fintech joined Carta after his startup shut down.
• Bank Of Ghana suspended Remittance licences of top African Fintechs.

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This Week in FintechSabrina Baxter

💸Fundraise and Exits

• Egyptian fintech startup Munify raised a $3 Million to build a digital bank for Egyptians diaspora.
• Twofold Capital consortium acquired South African fintech TaxTim to expand AI powered tax services.
• Tanzania based Neurotech secured €100K from DeveloPPP to build its social commerce and digital payments platform.

💰 Venture Funds

• Accion announced the closing of its $61.6 Million Fund to invest in Early-Stage Fintechs.

🚀 Partnerships & Product Launches

• Luno brought tokenised US stocks to Nigeria one month after the South Africa launch.
• Ripple brought its stablecoin to Africa with Chipper Cash, Yellow Card and VALR.
• Tanzanian fintech NALA expanded its offerings in Kenya through a partnership with Equity Bank and payment utility Pesalink.

👔 Leadership Lineup

• The CEO of Kenyan fintech Raise joined Carta and migrated Rise’s users to Carta following the company’s shutdown.

📰 News of the Week

• Kenya’s High Court exempted fintechs from VAT in a landmark ruling.

The court overturned a ruling by the Tax Appeals Tribunal that had allowed the Kenya Regulatory Authority to pursue a KES 76.8 million ($568,000) claim against Pesapal. The ruling, made on August 27, found that companies licenced as payment service providers (PSPs) under Kenyan law are entitled to the same VAT exemptions granted to traditional financial institutions like commercial banks.

👀 Eye Openers

• African startups funded by Japanese investors.

📑 Read of the week

• The Pan-African Stablecoin: Africa’s Best Shot at Financial Independence. (joe Kinvi)

📖 Other News, Reads, and Media

• Bank Of Ghana suspended remittance licences of Flutterwave, Cellulant, Tap Tap Send, others over regulatory breaches.
• M-PESA enabled its users to send up to $3,850 to banks with PesaLink.

🎥 VIDEO INTERVIEWS/DISCUSSIONS

• The story of how M-pesa Was founded and built.

🦉 Tweet of the Week

🎯 Fintech Opportunities

• African fintechs are invited to apply for Google for Startups Accelerator Africa.

Made in Tanzania 🇹🇿 with 💚

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