Individuals
Businesses
Company
Intelligence
News
African Capital Markets
EnglishEnglish

Investor Updates: May 10 2022 - ARM Labs partners Techstars to support fintechs in Nigeria

3 min Read May 10, 2022 at 11:28 AM UTC

Daba finance invest in Africa

🇳🇬ARM Labs partners Techstars to support fintechs in Nigeria

Untitled

Image from TechCrunch

Highlights

  • ARM Labs, a Lagos-based innovation program-focused firm, in conjunction with Techstars, is set to help fintech startups fast track their growth and drive innovation in the country.
  • To kickstart the program, the firm recently launched the ARM Labs Techstars Accelerator program in Lagos, one of the fastest-growing ecosystems worldwide and the number one African startup city as of 2021.
  • The ARM Labs Lagos Techstars Accelerator will receive applications from June to August. Up to 12 startups will be selected on an annual basis to participate in the program and benefit from up to $120,000 in funding.

Source: TechCrunch

Our Takeaway

As Africa catches up with the developed world in terms of technological progress, accelerators and investment firms help to bridge this gap by providing crucial access to capital and mentorship to startups. More so, Africa’s huge unbanked, young population and cash-dominated economies offer strong opportunities for fintech and fintech-enabled companies who continue to attract the most funding in the region.


💰Africa accounts for 70% of the world’s $1trn mobile money market

Untitled

Image from GSMA/Quartz

Highlights

  • Africa now accounts for 70% of the world’s $1 trillion mobile money value after mobile money transactions on the continent rose 39% to $701.4 billion in 2021 from $495 billion in 2020.
  • GSMA’s figures released recently show the volume of mobile money transactions jumped 23% to 36.7 billion in 2021 from 27.5 billion in 2020.
  • In the review period, registered mobile wallets in Africa topped 621 million, a 17% increase from 562 million in 2020. There are now over 184 million active wallets on the continent compared to 161 million just over a year before.

Source: GSMA/Quartz

Our Takeaway

Africa has in recent years seen exponential growth in digital financial services, driven by increasing mobile penetration. More than half of Africans remain without formal bank accounts but most own mobile phones through which they access basic financial services. The growth of mobile money, tracked by GSMA, indicates that the future of banking on the continent is mobile, with plenty of opportunities for mobile-focused fintech ventures and investors backing them.


🇰🇪Kenya’s economy records decade-best growth in 2021

Untitled

Image from google

Highlights

  • Kenya last year experienced the fastest economic growth in 11 years, according to Treasury Secretary Ukur Yatani.
  • East Africa’s biggest economy expanded by 7.5% in 2021 and growth would have accelerated to 9% in 2022 were it not for challenges such as food and fuel inflation, scarcity of grains especially wheat, and the weakening of the shilling against the dollar.
  • Kenya now expects slower expansion this year due to the spillover effects of Russia’s invasion of Ukraine.

Source: Bloomberg

Our Takeaway

Kenya’s official growth figures for 2021 place the country among the fastest-growing in Africa and mark a strong recovery from the previous year, when GDP fell by -3%. Furthermore, the growth reflects the resilience of African economies at a time when the impact of Covid-19 is still being felt in emerging economies globally. For this year, however, the International Monetary Fund sees Kenya’s growth slowing to 5.7% in 2022 while the Central Bank of Kenya projects an expansion of 5.9%, after the strong rebound.

This material has been presented for informational and educational purposes only. The views expressed in the articles above are generalized and may not be appropriate for all investors. The information contained in this article should not be construed as, and may not be used in connection with, an offer to sell, or a solicitation of an offer to buy or hold, an interest in any security or investment product. There is no guarantee that past performance will recur or result in a positive outcome. Carefully consider your financial situation, including investment objective, time horizon, risk tolerance, and fees prior to making any investment decisions. No level of diversification or asset allocation can ensure profits or guarantee against losses. Articles do not reflect the views of DABA ADVISORS LLC and do not provide investment advice to Daba’s clients. Daba is not engaged in rendering tax, legal or accounting advice. Please consult a qualified professional for this type of service.

Stay informed with our newsletters read by 25,000+ professionals worldwide
Newsletter companiesNewsletter companiesNewsletter companiesNewsletter companiesNewsletter companiesNewsletter companies

Next Frontier

Stay up to date on major news and events in African markets. Delivered weekly.

Pulse54

UDeep-dives into what’s old and new in Africa’s investment landscape. Delivered twice monthly.

Events

Sign up to stay informed about our regular webinars, product launches, and exhibitions.

+25k investors have already subscribed

Take action.

Download app

Start investing in Africa’s best opportunities, including stocks, bonds, startups, venture funds, and more.

Partner with us

Unlock exciting business opportunities and growth potential.

Join Daba

Become a part of our vibrant community and enjoy exclusive benefits.

Contact us

Reach out to us for inquiries, support, or collaboration.
For Investor
StrategiesPortfolio ManagementAfrican Capital MarketsNews
Daba Pro Intelligence
For Capital Seekers
For StartupsFor Fund ManagersFor Private CompaniesFor Lenders
For Partners
Commercial BanksBroker DealersAsset ManagersInvestment BanksInvestment Advisors and ConsultantsLenders and Microfinance
Company
About UsMarket UpdatesEventsBlog and PodcastNewsletterCase StudiesAffiliate ProgramInvesting GlossaryOfficial ContactsTrust, Compliance and SecurityFrequently Asked Questions

Terms & ConditionsPrivacy Policy
EnglishEnglish

Owned by Daba Markets Inc. By using this site, you accept our Terms and Conditions and Privacy Policy. © 2024 All rights reserved. 2025 All rights reserved