LemFi’s BoG-gy exit

The startup is pausing its Ghanaian operations days after CBG suspension.                                                                                                                                                                                                                                                                                                                                                                                                                 November 29, 2023 | [Read Online]( In partnership with Share this newsletter: //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTXy9w8I_zIELgRe_S3coUxeKvwFZNFYf3ocdDmfCoC_uR3_nB0TFeUmZshMOf6H1OimN0zGP1glaNL9MImetunvdeiAzuYw_L4gXzX5Y22dxkfvgaMwVspQhcFd3UO7t_vAFCJsMS8inH2brbR-Z7E4/41p/CHgPfJ0dT-uKQ4NPikwsew/h2/5VKkbhjN1gp74LQAVo3qp-aacAUaokvus2ingWZNva4 [Lire en Français]( [اقرأ هذا باللغة العربية]( Good morning ☀️ We’re still hiring Senior Reporters in Nigeria, Kenya and South Africa. If you know great storytellers who are passionate about the business of tech in Africa, send them our way by sharing [this link]( with them. If you’re one yourself 😉, then [apply](. Do it. Join us. Quickly. Don’t hesitate, [apply now](. In today's edition - [LemFi pauses Ghanaian ops weeks after BoG suspension]( - [Twiga has new funding]( - [Kenya’s startup bill is one step closer]( - [Orange pulls out of Ethio Telecom sale]( - [Mozambique approves $80 billion energy plan]( - [The World Wide Web3]( - [Opportunities]( Fintech //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTXy9w8I_zIELgRe_S3coUxfOVh_lHMsshokXZEg0T_xp45t0HaiGyn9swWrLwI8-1_7DnX3Rb5j-Py91Zbx2GBGGluuXiuqg1ibpvQPH5Z036ArSACiOWI_rHyrutGGwN4q6dlXx3vLXsJj7LHUTwh0/41p/CHgPfJ0dT-uKQ4NPikwsew/h17/qE9uUHBvWTOKnTrqo9HCMqkAdmfFT6J-yxeoJkpCHzg Lemfi halts operations in Ghana amid regulatory concerns Olalere and Rian Cochran, co-founders of LemFi. LemFi has been forced to suspend its operations in Ghana. The remittance startup [halted]( its operations one week after the Central Bank of Ghana (BoG) [identified LemFi]( as one of eight fintechs operating without the necessary regulatory approvals. What approval? In Ghana, like many other countries, companies can’t trade foreign currency without a licence. If caught doing so, they stand to face penalties of up to seven hundred penalty units, imprisonment for a maximum of eighteen months, or both. In this case, LemFi was barred from operating in Ghana along with other operators like Wise and PayPal. The Central Bank of Ghana also warned all financial institutions in the country to stop dealing with these fintechs. Following [LemFi’s suspension](, users will no longer be able to send money to banks or mobile money wallets in the country. What now? A source familiar with the company's operations said that it plans to work with Ghanaian regulators to obtain the necessary licences. Access payments with Moniepoint Moniepoint has made it simple for your business to access payments while providing access to credit and other business tools. Open an account today [here](. Funding //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTXy9w8I_zIELgRe_S3coUxevYd4t-2zuA8DKplkInc7ILIaa7XXOmMKNoStiT3K-lOTdNsOZzdRVbLeDHbp659nms5NMcCIR-jrFARJeOtNZ/41p/CHgPfJ0dT-uKQ4NPikwsew/h26/zWesppL8WZd2Q_6wRQHM8Dy35i6jkOhih0_YYHtcaBo Twiga secures funding to pay its debts [Sigh of relief](GIF source: Tenor Twiga [has secured undisclosed funding]( just weeks after it faced a KES40 million ($261,878.75) debt lawsuit from Incentro Africa, a cloud services vendor. Creadev, Juven, TLcom Capital Partners, and DOB Equity led the founding round. The investment comes at a time when Twiga is reinventing itself after previously undergoing a rough patch. The startup laid off a third of its workforce in August. While the CEO didn’t expressly state what the funds would be used for, the announcement came after Twiga's CEO said, in a now-deleted medium post, that plans were underway to repay long-standing dues. ICYMI:In September, Incentro Africa, a Kenyan Google Premier partner who provided Google Cloud Services and Partner Service Funds to Twiga Foods, [sued Twiga for the non-payment]( of KES 40 million ($261,878.75) debt. Incentro Africa had threatened to pursue a liquidation order against Twiga Foods if they failed to settle the debt. However, none of that will be happening as Twiga seems to be getting out of the water with the new capital injection from its old-time investors. Twiga, however, said Incentro Africa’s legal actions were fueled by ulterior motives. Twiga says that Incentro Africa’s actions were fueled by Twiga’s enquiry of Google Ireland regarding its account's billing setup, structure, and management. Regulation //link.mail.beehiiv.com/ss/c/gRbV0RNVtAE1sTwQBvffHue2Y3RwvowxGCP4Fw6JGjwu9OlUdKHCio-5tZ0ls3nkVhgv8tkRgiwtcWyEs2qEmBSJteRKIY8GXgIlLLSfzodH_8Qi70Fmm3NCTesmsgEsZHSxucBnQWI5ugSR7HcnDvBnRnVdq9LOP9BrZPlKAjRjgVpTpmVWvLalMinTCIQBDndQvOSh4MjbIFzrDeynzOUGopUfZY6iv9fRy7eucj3SB8V3daKF3h4zDGcVNMSsO1DjfCVgZelBHNBwU_BocA/41p/CHgPfJ0dT-uKQ4NPikwsew/h32/cR_MmVl500USd6fLnFYWMpCfYw8mm0aFvBLmhqTzcdA Kenya's Startup Bill to be signed into law in 2024 [William Ruto](Kenyan president William Ruto signing the 2023 Finance Bill Kenya’s President, William Ruto has [announced]( that the country’s Startup Bill 2022 is set to become law by May or April 2024. The Startup Bill was initially introduced in the Senate in 2021. After receiving its first reading in February 2023, it is currently undergoing further discussions in the Senate. Stat of the week: Only three African countries have enacted a Startup Act—Tunisia, Congo and Nigeria. Tunisia’s Act was enacted [in 2018](, while [Congo’s]( was enacted in September 2022, one month before [Nigeria passed its own](. Key highlights of Kenya’s bill: [The Startup Bill]( will offer incentives for registered startups, like tax breaks and a dedicated platform for resources. There's also a plan for a credit guarantee scheme to financially support and train startups for growth. If enacted, the Startup Bill will establish a comprehensive legal framework designed to bolster technological growth, foster innovation, and attract both talent and capital. Zoom out: The context of this legislation is crucial, given Kenya's ongoing struggle to address unemployment among its youth population. Kenya’s Small and Medium Enterprise (SME) sector employs over 80% of Kenyan youth annually to help alleviate unemployment in the country. Despite their efforts, these SMEs struggle to be sustainable as nearly [75% of them](shut down after a short period. Checkout the Paystack Changelog Paystack enabled single and bulk transfers to M-PESA Consumer Wallets for merchants in Kenya. See what [Paystack has been up to in 2023 →]( Telecom //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTXy9w8I_zIELgRe_S3coUxeKvwFZNFYf3ocdDmfCoC_uR3_nB0TFeUmZshMOf6H1OimN0zGP1glaNL9MImetunvdeiAzuYw_L4gXzX5Y22dxkfvgaMwVspQhcFd3UO7t_vAFCJsMS8inH2brbR-Z7E4/41p/CHgPfJ0dT-uKQ4NPikwsew/h43/CjQMEX0RnMvhsncW8BOBl5Mbt7GD0-KuHGnqdIFWXNQ Orange withdraws from Ethiopian Telecom stake acquisition [wash my hands f you GIF](GIF source: Tenor Orange has [taken a step back]( from its decision to acquire a 45% stake in Ethiopian operator Ethio Telecom. According to the French-owned telecom, market conditions are not conducive for a successful investment. ICYMI: In June 2021, Ethiopia [expressed interest]( in buying a 40% stake in Ethio Telecom. However, in March 2022, the sale was postponed due to economic conditions. The process was later reactivated in November 2022, and in February, the stake was increased. In May 2021, a consortium led by Kenya's top operator, Safaricom, secured the first private licence to compete with Ethio Telecom. However, further competition has been hindered by various factors, including, a two-year civil war in the northern Tigray region that ended in November 2022 and difficult macroeconomic conditions. Zoom out: Earlier this month, the Ethiopian government [cancelled]( the process of granting a second private telecoms licence due to insufficient market interest. This decision highlights the ongoing challenges that the telecom sector in Ethiopia is currently facing. Energy //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTXy9w8I_zIELgRe_S3coUxeKvwFZNFYf3ocdDmfCoC_uR3_nB0TFeUmZshMOf6H1OimN0zGP1glaNL9MImetunvdeiAzuYw_L4gXzX5Y22dxkfvgaMwVspQhcFd3UO7t_vAFCJsMS8inH2brbR-Z7E4/41p/CHgPfJ0dT-uKQ4NPikwsew/h50/mZ1m3j_wIFNbX0EiB7lcH-zqttJqwDldvdemsnLXWmc Mozambique approves R1.5 trillion ($80 billion) energy plan [wash my hands f you GIF](GIF source: Tenor Mozambique is saying hello to a renewable revolution. The country [is seeking R1.5 trillion ($80 billion)]( in funding to implement its energy transition strategy. The government says the plan will include the addition of 2 gigawatts of hydropower capacity by 2030—enough electricity to supply the annual energy needs of over 2 million people. Mozambique’s energy plans: The government plans to encourage building privately owned solar and wind power plants through auctions and establish "green industrial parks" to promote domestic mineral processing. Additionally, the government aims to expand the use of ethanol and biodiesel in gasoline and diesel fuels and encourage the adoption of electric and compressed natural gas vehicles. The government also plans to dissuade its citizens who rely on wood and charcoal for cooking to adopt more sustainable cooking practices That’s not all: Mozambique’s publicly announced renewable energy plans are nothing short of ambitious. The country [has more in the works]( but will let the cat out of the bag at the COP28 stage on December 2. Only about [30% of Mozambiquans have access]( to electricity, and those who do receive less than 4 hours of electricity per day. Mozambique's ambitious energy plan is essential to address the country's acute energy needs, fostering economic development and improvement in education and healthcare services. Attend the Bluechip Data and AI Summit Join us at the #BluechipDataandAISummit: Building an Effective Data and AI Solution. Shape the future of your business and industry with data-driven intelligence, innovative solutions and sustainable growth. [Secure your seat today](. Crypto Tracker //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTXy9w8I_zIELgRe_S3coUxeKvwFZNFYf3ocdDmfCoC_uR3_nB0TFeUmZshMOf6H1OimN0zGP1glaNL9MImetunvdeiAzuYw_L4gXzX5Y22dxkfvgaMwVspQhcFd3UO7t_vAFCJsMS8inH2brbR-Z7E4/41p/CHgPfJ0dT-uKQ4NPikwsew/h59/NqtaluMV2olwU4AKfFAYfhre_ctSagiTDAtq-jQ8w74 The World Wide Web3 Source: [OneLiquidity logo] Coin Name Current Value Day Month Bitcoin $38,086 + 2.88% + 10.69% Ether $2,061 + 2.61% + 15.72% Chainlink/td> $14.58 + 3.26% + 31.38% Solana $58.08 + 6.75% + 76.55% * Data as of 21:35 PM WAT, November 28, 2023. [OneLiquidity GIF]( Sourcing for institutional size liquidity for African currencies to G25 currencies including USD, GBP and EUR is a pain. Oneliquidity is Africa’s leading Liquidity provider; we provide the best prices and reliable liquidity for institutional players 24/7 via OTC, API and GUI. [Onboard now and start getting quotes](. Binance founder Changpeng Zhao is stepping down from the company’s board. This comes a week after the founder stepped down as CEO as part of his guilty plea to charges of violating US laws. [CoinDesk reports]( that Zhao is officially stepping down as chairman of the Binance board, and will transfer his voting rights to a proxy. A US judge has also ordered that the founder [must stay in the US]( for the time being instead of returning to the UAE where Zhao is a citizen—a country with whom the US has no extradition treaty. The judge will also decide if Zhao will remain in the US until his February 2024 sentencing. In Spain, the government has passed a new law that will require all crypto holders to declare their foreign crypto assets by May 2024. [CoinTelegraph reports]( that Spanish citizens holding crypto on non-Spanish platforms will have to declare their virtual assets abroad under tax declaration form 721. This is all in a bid to ensure that crypto holders in the country are properly taxed. Opportunities //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTXy9w8I_zIELgRe_S3coUxeKvwFZNFYf3ocdDmfCoC_uR3_nB0TFeUmZshMOf6H1OimN0zGP1glaNL9MImetunvdeiAzuYw_L4gXzX5Y22dxkfvgaMwVspQhcFd3UO7t_vAFCJsMS8inH2brbR-Z7E4/41p/CHgPfJ0dT-uKQ4NPikwsew/h67/uNlwG88_LawT4bNqlJoKyUiTiql2N_4S7ST8PAAbWac - Applications are open for the Next Generation Social Sciences in Africa: Doctoral Dissertation Research fellowship 2024(up to $15,000). The Social Science Research Council offers fellowships to support the completion of doctoral degrees and to promote next-generation social science research in Ghana, Kenya, Nigeria, South Africa, Tanzania and Uganda. The fellowships support dissertation research on peace, security, and development topics. [Apply by February 11, 2024](. - The citizens of Commonwealth countries in Africa can now apply for the Commonwealth Africa Cyber Fellowship Programme 2024. Selected experts will serve as fellows for a year, and get exclusive access to academic research opportunities, networking events and annual conferences, with a focus on enhancing cybersecurity policies and institutions across Commonwealth countries in Africa. [Apply by December 10.]( - Applications are open for the Mastercard Foundations Scholars Program 2023/2024 at the Carnegie Melon University Africa. The program provides generous financial, social, and academic support for students whose talents and promise exceed their financial resources. [Apply by January 15, 2024](. What else is happening in tech? - [EchoVC has a $2.5 million fund and it’s not for fintech startups]( - [Tanzania’s NALA receives licence enabling more affordable international payments to Rwanda]( - [YouTube launches campaign to boost quality African creators]( Written and Edited by: [Faith Omoniyi](, [Mariam Muhammad]( & [Timi Odueso]( Want more of TechCabal? Sign up for our insightful newsletters on the business and economy of tech in Africa. - [The Next Wave](: futuristic analysis of the business of tech in Africa. - [Entering Tech](: tech career insights and opportunities in your inbox every Wednesday at 3 PM WAT. - [In a Giffy](: business decisions powered by data-driven insights and analysis you can trust. P:S If you’re often missing TC Daily in your inbox, check your Promotions folder and move any edition of TC Daily from “Promotions” to your “Main” or “Primary” folder and TC Daily will always come to you. 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