This week in African tech: 1 Nov to 7 Nov 2026

6 min read

Nairobi plans a KES 65 billion startup fund, mobile money revenue crosses a milestone, a bank takeover completes, and Nigeria sets stablecoin rules. Our verified roundup of African tech news from 1 to 7 November 2026.

Kenya's week was about money and the rails it moves on. The Nairobi International Financial Centre announced plans for a KES 65 billion startup fund, Safaricom reported that M-Pesa revenue passed KES 100 billion in a half year, and Nedbank completed its takeover of a majority stake in NCBA. Across the continent, Nigeria's central bank set capital rules for stablecoin issuers, and several startups closed grants, licences and early rounds.

I read every report below and linked the original, so you can check the detail yourself.

Kenya

Nairobi financial centre plans a KES 65 billion fund for startups

The Nairobi International Financial Centre (NIFC) plans to set up a Sh65 billion ($500 million) fund for Kenyan startups, with half going to technology and AI startups, Business Daily reported on 5 November. The money is to come from international and local venture capital firms, and no fund manager has been picked yet. The same report notes Kenyan startups raised Sh16 billion in the half year to June, the lowest since 2021. For founders this is a plan, with no money raised yet, but it is worth watching as a possible new local source of capital.

Safaricom's M-Pesa revenue passes KES 100 billion in a half year

Safaricom's net profit for the six months to September rose 35.9% to Sh58.2 billion, and M-Pesa revenue rose 13.6% to Sh100.1 billion, Capital FM reported on 5 November. TechCabal reported that Fuliza, the M-Pesa overdraft, earned KES 4.9 billion, up 86%, with borrowers up 88.9% to 17.2 million while the average amount borrowed fell to KES 192. If you build on mobile money, credit is the fastest growing part of the platform you depend on.

Nedbank completes its 66% stake in NCBA

South Africa's Nedbank completed its acquisition of a 66% stake in NCBA on 3 November through a block trade on the Nairobi Securities Exchange, Capital FM reported. NCBA shareholders received Sh23.23 billion in cash plus 43.63 million new Nedbank shares, and NCBA stays listed with about 34% in public hands. NCBA is the bank behind several mobile lending products, so fintechs that partner with it should watch for changes under the new owner.

WayaWaya launches banking services with Choice Bank

Kenyan AI financial services company WayaWaya signed a partnership with Choice Bank in Nairobi on 6 November to launch WayaWaya Banking, TechCabal reported. The service covers account opening, multi-currency balances, local and international transfers and bill payments, with Choice Bank providing the regulated infrastructure and WayaWaya the technology. It is a working example of a startup offering banking through a licensed bank's platform without holding its own banking licence.

Communications Authority turns its attention to data billing

The Communications Authority of Kenya received 479 escalated consumer complaints between July and September and resolved 422, Capital FM reported on 6 November. Data billing made up 44 of the 140 data and SMS complaints, and the regulator has proposed legal changes to strengthen its oversight of billing accuracy. A second Capital FM report found voice complaints had the lowest resolution rate, at 34 of 51. If your product sells data, airtime or services on top of telco networks, expect closer scrutiny of how customers are charged.

Rest of Africa

Nigeria sets capital rules for stablecoin issuers

The Central Bank of Nigeria released rules requiring foreign currency stablecoin issuers to hold ₦15 billion ($11.16 million) in paid-up capital and operate through a locally incorporated, licensed entity, TechCabal reported on 6 November. Issuers of naira-backed stablecoins need ₦10 billion ($7.44 million), and all issuers must provide monthly reserve attestations. Existing operators get 180 days to apply for a licence. Builders working with stablecoins in Nigeria now have a clear licensing bar to plan around.

Grey wins approval as a money transfer operator in Nigeria

Cross-border payments startup Grey received approval from the Central Bank of Nigeria to operate as an International Money Transfer Operator, covering inbound transfers into Nigeria, Disrupt Africa reported on 5 November. The company already holds registrations in the United States and Canada. Remittance licences in Nigeria are hard to get, which makes this a strong position for a payments startup.

Helium Health gets a $2.5 million Google.org grant

Nigerian health tech company Helium Health received a $2.5 million grant from Google.org to deploy AI in maternal healthcare, TechCabal reported on 4 November. The programme, HeliumMum, aims to reach 1.9 million pregnant women over three years, starting in Lagos. Disrupt Africa also covered the grant, which came through Google.org's AI for Government Innovation challenge. It shows grant money is available for health tech that works with government.

Yellow Card buys Brazilian crypto payments firm GoMoney

Stablecoin infrastructure company Yellow Card announced on 4 November that it had acquired GoMoney, a Brazilian crypto payments company, TechCabal reported in its daily newsletter. The deal gives Yellow Card direct operations in Brazil, and TechCabal did not report a price. It is an African-built company expanding beyond the continent by acquisition.

Ethiopian game studio Rise of Fearless raises $1 million

Rise of Fearless, an Ethiopian battle royale game inspired by the 1896 Battle of Adwa, raised $1 million from Epic Edges Capital through a SAFE, TechCabal reported on 3 November. A SAFE is an agreement that converts into shares later. The game has more than 15,000 downloads, and Disrupt Africa also reported the round. Games built on African stories are starting to attract early investment.

Frequently asked questions

What were the biggest funding stories in African tech this week?

The largest was a plan, with no money raised yet: the Nairobi International Financial Centre's proposed KES 65 billion ($500 million) startup fund. Closed deals included Helium Health's $2.5 million Google.org grant and Rise of Fearless's $1 million round.

What regulation affected African startups this week?

Nigeria's central bank set paid-up capital requirements for stablecoin issuers, and Kenya's Communications Authority proposed stronger oversight of telco data billing.

What did Safaricom report this week?

For the six months to September, Safaricom reported net profit of Sh58.2 billion and M-Pesa revenue of Sh100.1 billion, according to Capital FM.

Sources

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