By Paolo Abamwa

Last month, The American Business Council, brought together cybersecurity experts, tech leaders, and industry professionals for a cybersecurity conference themed Digital Transformation and Cybersecurity in Africa: Enhancing Information Security Using AI.

The event focused on how Africa can leverage AI to strengthen its digital infrastructure and address the region’s growing cybersecurity challenges.

Yellow Card was fully engaged in the discussions and networking with stakeholders, highlighting their Payments API and how it can help companies seamlessly integrate stablecoin payments for cross-border transactions across Africa.

Cybersecurity, AI, and Africa’s Digital Future

A standout moment at the conference was the panel discussion on “Harmonizing African Cybersecurity Policies and its Impact on Digital Transformation.” George Kisaka, Information Security Governance, Risk and Compliance Specialist at Yellow Card joined to speak about the urgent need for African nations to strengthen their cybersecurity laws.

He stressed that to keep pace with global standards, African governments must build robust frameworks to protect their citizens and businesses from cyber threats. He argued that, just as Western countries have robust laws to protect their citizens, African governments must implement similarly strong cybersecurity laws to safeguard their citizens’ digital experiences. He also called for unity across the continent, stressing that harmonized cybersecurity policies are essential for protecting both businesses and individuals.

The conversation also delved into the role of AI in Africa’s digital transformation. While some attendees expressed concerns about AI replacing jobs, the speakers reassured the audience that AI should be viewed as a tool to enhance human potential, not replace it. They encouraged Africans to embrace AI, upskill, and see it as an opportunity for collaboration, rather than competition.

Cybercrime and Building Collaboration

Another key discussion surrounded the rise of internet fraud among young people in Nigeria. Several attendees raised concerns about how easily young Nigerians can fall into fraudulent activities due to limited job opportunities and lack of awareness.

The panel addressed these concerns, emphasizing the role of government and regulatory bodies in curbing internet fraud. They discussed the importance of education, regulation, and the implementation of strict penalties for cybercriminals, highlighting that a collective effort from both the public and private sectors is needed to protect the next generation.

The speakers also highlighted international conferences, such as the European Cybersecurity Forum (CYBERSEC) and the RSA Conference, as vital spaces for global cybersecurity discussions. These events allow leaders from all over the world to share best practices and solutions, something Africa must actively engage with as it builds its cybersecurity framework.

Africa’s Digital Evolution

As one of the fastest growing fintechs in Africa and the largest stablecoins on/off ramp on the continent, Yellow Card is committed to Africa’s digital transformation. Beyond offering secure and efficient financial solutions, the company is passionate about educating and connecting businesses across Africa to the tools they need to thrive in a digital-first economy. Their presence at the event showcased their belief in the power of collaboration, technology, and strong cybersecurity policies to drive sustainable growth across the continent.

Looking Ahead…

As Africa continues to embrace digital transformation, strengthening cybersecurity and integrating technologies like AI will be key to building a secure, inclusive digital economy.

Paolo Abamwa is the Senior Marketing Manager at Yellow Card.

By Dipo Olowookere

To support its business restructuring designed for robust growth, a notable technology company, Cassava Technologies, has secured funding worth $310 million.

Business Post reports that the company got $90 million in equity injection and a $220 million loan from Standard Bank of South Africa, Rand Merchant Bank, Nedbank of South Africa, and International Finance Corporation (IFC) to refinance its debt.

The aim of the company is to use the funds to strengthen its balance sheet, drive sustainable profitable growth, and cement its position as a global technology company of African heritage as it formalised its legal reorganization.

It was gathered that Cassava received a $90 million equity investment from the US International Development Finance Corporation (DFC), Finnish Fund for Industrial Cooperation (Finnfund), and Google LLC.

“We are excited to announce these significant achievements, which collectively strengthen our financial position and are a powerful testament to the vision of our founder and Group Chairman, Strive Masiyiwa, and the dedication and commitment of our teams across the Group,”

“The closing of this equity round, completion of our ZAR debt refinancing, and reorganization represent more than just capital – it’s a pivotal milestone that we expect to unlock immense value and catalyse the further expansion of our digital infrastructure and services to bridge the digital divide on the continent,” the chief executive of Cassava, Hardy Pemhiwa, said.

Cassava reorganised its business to create an integrated digital solutions platform, which provides Broadband Connectivity, Co-location (data centres), Cloud, Cybersecurity, Compute (AI), and Payment services across more than 30 markets in Africa, the Middle East, India, and Latin America.

With the addition of DFC, Google LLC, and Finnfund, Cassava’s impressive roster of shareholders includes Econet Group, British International Investment (BII), Public Investment Corporation (PIC), Royal Bafokeng Holdings (RBH), Africa-Export Import Bank (Afreximbank/FEDA), and Gateway Capital.

By Adedapo Adesanya

South African fintech, Tyme Group, has become Africa’s ninth unicorn after it raised $250 million in a Series D round at a $1.5 billion valuation.

The company now joins the club of African unicorns, with members like MNT-Halan, Interswitch, Flutterwave, Chipper, OPay, Wave, and most recently, Moniepoint, which hit the $1 billion valuation threshold in October.

Tyme plans for an initial public offering (IPO) by the end of 2028.

The funding round was led by Nu Holdings, the parent company of Nu Bank, Latin America’s most valuable fintech, which invested $150 million for a 10 per cent stake.

M&G Catalyst Fund and existing investors also participated in the round. The latest funding signals an investor return to investing in the continent after a slowdown in funding in the last two years.

Tyme Group operates through a hybrid model of online and physical banking, offering checking and savings accounts, debit cards, and buy-now-pay-later credit.

The fintech has 15 million customers and claims to have extended over $600 million in financing to small businesses in South Africa and the Philippines.

Tyme, which was founded by Mr Coen Jonker, remains majority-owned by Mr Patrice Motsepe, the president of the Confederation of African Football (CAF) through his African Rainbow Capital (ARC), which retains a 40 per cent stake in the company.

Nubank will be tapping the deal to extend its reach further outside of Latin America after it forayed into India in 2021.

According to Mr David Vélez, founder and CEO of Nubank, “Since the beginning of Nubank, we have believed that the future of financial services globally is of digitally-native companies. We have met dozens of teams across different geographies, and we think that Tyme Group is extremely well-positioned to be one of the digital bank leaders in Africa and Southeast Asia.

“We are excited to work with Tyme to share many of our learnings of scaling this model to hundreds of millions of customers,” he added.