The Daily Brief: Ghanaian SMEs receive $10M in seed capital, and more

The Ghanaian government has disbursed $10 million in seed capital to SMEs, Egypt now requires e-commerce platforms to charge and remit VAT while Simply - a South Africa-based startup raised funding. That and more.

Mobile phone users in Kenya cross over the 45.5 million mark

As at 30th June 2018, the number of mobile service subscriptions in Kenya stood at 45.5 million. This translates to an increase of 13.2 percent compared to the 40.2 million subscriptions recorded as at 30th June 2017 according to a new report by Kenya’s regulator, the Communications Authority. Full details on TechMoran.

NEIP Disburses USD 10 Mn To Ghanaian SMEs

The government of Ghana, through its flagship National Entrepreneurship and Innovation Plan Initiative (NEIP) has successfully funded 1,350 owners of Small and Medium Enterprises, with a total of USD 10 Mn in seed capital. Full details on Weetracker.

SA insurtech startup Simply raises funding for growth

South African insurtech startup Simply Financial Services has secured a significant multi-year funding commitment from private investment group Yellowwoods to help it achieve its growth aspirations. Full details on Disrupt Africa

Ecommerce platforms in Egypt are now required to charge and remit VAT

Egyptian Finance Ministry has notified the ecommerce platforms including Souq and Jumia that they are now required to charge value-added tax (VAT) on all the items that would be subject to VAT if sold offline, Egyptian business publication Enterprise reported this morning citing government sources. Full details on Menabytes

In conversation with Olugbenga Agboola on his first day as Flutterwave CEO

It was Olugbenga’s first day as the CEO of Flutterwave. Up until the past weekend when the company announced the recently concluded extension of its Series A funding round and the stepping down of Iyin Aboyeji as CEO, GB as he’s often called, was the relatively unknown force behind Flutterwave. Full details on Techpoint

HAVAÍC acquires 10% stake in SA real-estate portal Instant Property

Cape Town based venture capital (VC) company Havaíc has acquired a 10% equity stake in commercial real-estate portal Instant Property. In a statement yesterday (15 October), Havaíc said it has advanced the first round of financing — for which it has acquired a 10% equity stake — with an allocation for follow-on funding at Instant Property’s option. If the option is exercised, Havaíc will hold in total up to 17% equity stake in the real-estate portal. Full details on Ventureburn

What’s happening with the CcHUB’s ₦1 billion Growth Capital fund?

In January 2016, the Co-Creation Hub (CcHUB) alongside Omidyar Network, Bank of Industry and Venture Garden Group launched the Growth Capital fund (GC fund), with the goal of raising ₦1 billion ($2.75m) within 24 months.  To kick-start the project, a ₦200 million ($1,004,772.67 as at January, 2016) benchmark was contributed by all partners involved. So far, only an additional ₦80 million ($255,705 as at then) has been added to the fund. The last time any funds were raised was in October 2016, it appears. Full details on Techpoint.

Google announces Sh100m grant for Kenyan farmers

Google has announced a Sh100 million grant to train more than 100,000 Kenyan smallholder farmers in digital skills at the first Google for Kenya, where the company outlined its long-term strategy and commitment to contribute to the country’s economic and social growth. Full details on Techmoran

Internet Solutions introduces pay-as-you-use internet packages for enterprises

Internet Solutions has introduced consumption-based billing service dubbed IS Open Network (ISON) by Internet Solutions in Kenya, Uganda, Tanzania, Mozambique, Nigeria and Ghana to help companies cut down on the overheads experienced during downtime and off-peak seasons. Full details on Techmoran

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