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African Tech Ecosystem Attracts $6.5bn Venture Capital Funds in 2022

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African tech ecosystem

By Adedapo Adesanya

A new report has shown that amid a global pullback in venture capital funds, the African tech ecosystem stood out and attracted an 8 per cent growth in funding last year compared with 2021.

In its annual report, Africa Tech Venture Capital, Partech Africa, a VC fund dedicated to technology startups in Africa, noted that the total ecosystem raked in $6.5 billion.

The report showed that debt funding doubled in volume to $1.5 billion, accounting for nearly a quarter of the total funding. Fintech, still leading, attracted 39 per cent of the total equity volume, while Nigeria retained the top spot with 23 per cent.

The report, which aims to provide a practical picture of the state of the ecosystem, revealed that despite the global VC downturn, the African tech ecosystem grew faster than all other markets globally.

The total funding invested into tech startups on the continent ($6.5 billion) is an increase of 8 per cent vs 2021, spread across 764 deals, compared to 724 rounds in 2021.

The report, consisting of disclosed and confidential deals, saw debt funding more than double in volume, reaching $1.55 billion through 71 deals (65 per cent Year-on-Year growth). In comparison, equity rounds showed a slight decline, as 653 African tech startups raised $4.9 billion [-6 per cent] in 693 equity rounds [2 per cent YoY growth].

Focusing on equity funding, the report revealed the ecosystem was still accelerating during Q1 and Q2 of 2022 compared to 2021, with the YoY comparison showing Q1 and Q2 at 127 per cent growth YoY and 83 per cent YoY, respectively. However, the global VC slowdown stifled growth in activity in Q3 (-65 per cent YoY) and Q4 (-35 per cent YoY). In 2022, fundraising activities remained flat across all stages.

At $1.4 million, Seed+ ticket sizes averaged higher in 2022 (+12 per cent YoY), while Series A remained the same at $8.5 million. Later stages reverted to 2019 levels, as Series B and Growth round sizes dropped by -23 per cent and -50 per cent YoY, respectively. In addition, 2022 witnessed a significant reduction in the number of megadeals (deals over 100 million], with only seven deals compared to 14 in 2021.

Overall, Nigeria, South Africa, Egypt, and Kenya remain the top investment destinations in Africa, with a share of total volume staying relatively steady at 72 per cent.

Nigeria retained the top rank, bringing in  $1.2 billion in capital, despite a decline of 36 per cent from 2021; South Africa, Egypt, and Kenya each attracted over $0.7 billion in funding, with Ghana completing the top 5 with just over $0.2 billion. Overall, 28 countries attracted equity funding in 2022, 13 of them in Francophone Africa.

In light of the market downturn, the report’s findings also revealed that Fintech, which has historically attracted sizable investments, was the most impacted by the slowdown in the number of large rounds.

However, fintech remains the most funded sector in Africa, and this is across all sources of capital, with 39 per cent of the total equity volume ($1.9 billion) and 45 per cent of the total debt volume [$691 million].

Other sectors have experienced substantial growth and gained a meaningful share of the equity funding activity this year, most notably Cleantech, which made a big comeback with 18 per cent of total equity funding at $863 million [+347 per cent YoY] but also 39 per cent of the total debt funding at $605 million.

Speaking on the launch of the annual report, Mr Tidjane Deme, General Partner at Partech, said: “2022 was a particularly challenging year for the venture ecosystem worldwide, as venture and growth investors scaled back their investment by a third.”

“However, by comparison, our report revealed the African tech ecosystem showed great resilience, as more investors have doubled their commitment to the continent by investing in local teams and funds dedicated to the market, which is proving to be the best way forward,” he added.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Interswitch Technovation 4.0 Hackathon Winners Share N10m

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Interswitch Technovation 4.0 Hackathon

By Modupe Gbadeyanka

The winners of the Technovation 4.0 Hackathon, themed The Wicked Hackathon, organised by Interswitch, have been given N10 million in cash prizes for their efforts.

At the one-day finale event, which took place on Wednesday, March 4, 2026, at the Interswitch Innovation Lab and Co-Working Space, the money was shared among the top teams whose innovative solutions stood out during the rigorous multiple phases of the competition.

Team Quickteller Fashion emerged as the overall winner, securing the grand prize of N4 million for a solution that impressed judges with its originality, practicality, and strong strategic relevance. Team Kampe claimed second position with N2.5 million, while Team Stable placed third, receiving N1.5 million. Up to N300,000 worth of cash prizes were also awarded to the fourth, fifth and sixth qualifying teams.

For nine months, cross-functional teams from across the organisation collaborated to conceptualise, validate, develop, and refine solutions, moving from raw ideas to minimum viable products (MVPs) with ready-to-market potential and deployment across the business.

The atmosphere at the grand finale reflected that of preparation and anticipation as the top 9 teams presented their innovations through live demonstrations and detailed pitches, fielding questions from a distinguished panel of judges before the top three winners were selected. Each presentation highlighted rigorous validation processes, thoughtful market considerations, and a strong emphasis on measurable impact.

While many of the solutions remain confidential due to their strategic relevance, the diversity and depth of ideas showcased during the hackathon’s final underscored the organisation’s growing culture of intrapreneurship and structured innovation. The projects illustrated how technology-driven thinking can unlock efficiencies, strengthen operational capabilities, and open new pathways for growth across the digital payments and commerce ecosystem.

“Technovation continues to reflect who we are as an organisation, bold, forward-thinking, and deeply committed to building impactful solutions from within. Over the years, we have seen ideas conceived during this programme evolve into meaningful capabilities that strengthen our ecosystem.

“The passion, discipline, and ingenuity demonstrated by our teams this year reinforce our belief in the power of African innovation to solve complex challenges and shape the future of technology on the continent,” the Chief Innovation Officer for Interswitch, Ms Adaobi Okerekeocha, stated.

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Google Introduces Yorùbá, Hausa Language Support for AI Search Features

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google AI Search

By Modupe Gbadeyanka

The language support for its AI Search features has been expanded by Google, with the inclusion of Yoruba and Hausa in Nigeria.

This is part of a broader effort to make AI more inclusive across the continent, with support now extending to a total of 13 African languages.

Under the AI Overviews and AI Mode, speakers of both Nigerian languages can utilise AI-powered Search experiences in their mother tongue for quick summaries and conversational exploration.

This means existing AI features in Google Search are now accessible to people like the student in Kano asking a question in Hausa, and the trader in Ibadan seeking advice in Yorùbá.

By addressing language barriers, this update ensures that technology reflects the identity and culture of the people it serves. With this expansion, more people can now use AI Mode to ask complex questions in their preferred language, while exploring the web more deeply and naturally through text or voice.

The 13 languages now supported across Africa include Afrikaans, Akan, Amharic, Hausa, Kinyarwanda, Afaan Oromoo, Somali, Sesotho, Kiswahili, Setswana, Wolof, Yorùbá, and isiZulu.

These languages were chosen based on the vibrant search activity across the continent, ensuring that our AI experiences reach the communities that need them most.

Commenting on the development, the Communications and Public Affairs Manager for Google in West Africa, Taiwo Kola-Ogunlade, said, “Building a truly global Search goes far beyond translation — it requires a nuanced understanding of local information.

“With the advanced multimodal and reasoning capabilities of our custom version of Gemini in Search, we’ve made huge strides in language understanding, so our most advanced AI search capabilities are locally relevant and useful in each new language we support.

“This is about ensuring Nigerians can converse with Search in their mother tongues, making information more helpful for everyone.”

To use AI Overviews and AI Mode in the local language, users must open the Google app on an Android or iOS device, or via the Web. They are required to tap on AI Mode within the Search experience. Thereafter, they can type or speak the question in their preferred language, such as Hausa or Yorùbá, and let the AI guide the journey.

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Telecom Operators to Issue 14-Day Notice Before SIM Disconnection

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SIM Cards Nigeria

By Adedapo Adesanya

Telecommunications operators in Nigeria will now be required to give subscribers a minimum of 14 days’ notice before deactivating their SIM cards over inactivity or post-paid churn, following a fresh proposal by the Nigerian Communications Commission (NCC).

The proposal is contained in a consultation paper, signed by the Executive Vice Chairman and Chief Executive Officer of the NCC, Mr Aminu Maida, and titled Stakeholders Consultation Process for the Telecoms Identity Risks Management Platform, dated February 26, 2026, and published on the Commission’s website.

Under the proposed amendments to the Quality-of-Service (QoS) Business Rules, the Commission said operators must notify affected subscribers ahead of any planned churn.

“Prior to churning of a post-paid line, the Operator shall send a notification to the affected subscriber through an alternative line or an email on the pending churning of his line,” the document stated.

It added that “this notification shall be sent at least 14 days before the final date for the churn of the number.”

A similar provision was proposed for prepaid subscribers. According to the Commission, operators must equally notify prepaid customers via an alternative line or email at least 14 days before the final churn date.

Currently, under Section 2.3.1 of the QoS Business Rules, a subscriber’s line may be deactivated if it has not been used for six months for a revenue-generating event. If the inactivity persists for another six months, the subscriber risks losing the number entirely, except in cases of proven network-related faults.

The new proposal is part of a broader regulatory review tied to the rollout of the Telecoms Identity Risk Management System (TIRMS), a cross-sector platform designed to curb fraud linked to recycled, swapped and barred mobile numbers.

The NCC explained in the background section of the paper that TIRMS is a secure, regulatory-backed platform that helps prevent fraud stemming from churned, swapped, barred Mobile Station International Subscriber Directory Numbers in Nigeria.

It said this platform will provide a uniform approach for all sectors in relation to the integrity and utilisation of registered MSISDNs on the Nigerian Communications network.

In addition to the 14-day notice requirement, the Commission also proposed that operators must submit details of all churned numbers to TIRMS within seven days of completing the churn process, strengthening oversight and accountability in the system.

The consultation process, which the Commission said is in line with Section 58 of the Nigerian Communications Act 2003, will remain open for 21 days from the date of publication. Stakeholders are expected to submit their comments on or before March 20, 2026.

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