Issue 41: Visa Teams Up with Flocash

Hello, Visa has partnered with Flocash to promote the digital capabilities of African SMEs. Meanwhile, In Ethiopia, software developers, and cloud service providers are set to get a tax break following a new investment incentive law. Shega Weekly highlights the major developments in the past week that impact Ethiopia's innovative ecosystem. If you are here because someone forwarded you this email, you can subscribe here to get future newsletters.

Flocash Partners Visa to Promote Digital Capabilities for African SMEs

Visa, is partnering with Flocash, an online payment facilitator, to promote digital capabilities for African SMEs through digital payments, supplier solutions, and access to financial services.

The first step in this partnership is the launch of Flostore, which is powered by a Visa digital wallet and the Flocash pan-African payment platform. Flostore, according to the announcement, can help small businesses accept digital payments, manage supplies, and access financial services across Africa.

Flocash, which was selected by FT Africa as the fastest-growing fintech of 2022 has a large presence in Ethiopia and its founder and Sirak Mussie has Ethiopian origins. 

Read More.

Software Developers, Cloud Service Providers Get Tax HolidaysIntending to create an ecosystem conducive to innovation and technology development, the federal government has labeled five ICT-related investment areas as eligible for income tax and duty incentives.The tax holidays, which are part of a new investment incentive regulation that extends special rights for specific sectors to promote private sector investment, selected the five categories after they were identified by the Ministry of Innovation & Technology (MINT) needing a boost. Read More. 

EIH signs Deal with ToppanEthiopian Investment Holding (EIH) has signed a memorandum of understanding with Toppan, one of the largest global identity and payment solutions providers with over $14 billion in revenues and operating across 20 countries, to establish Ethiopia as a manufacturing hub for Security and Industrial printing.Mamo Mihretu, CEO of EIH, stated that the joint investment would position Ethiopia as Toppan’s third production site globally.“EIH is playing an essential catalyzing role in promoting breakthrough and signature projects in the manufacturing sector with world-class companies that are leaders in the sectors,” he added.Toppan Inc provides various products and services geared toward printing technologies such as credit cards, coupons, and books.

Opportunity Alert Call for applications: GrowUp Incubator’s Circular Impact Cohort Sustainable Tourism & MobilityHigh Growth Digital Startups Incubation Program

Here is what we've been reading:

Nigerian startup, Raenest, wants to help Africans get hired and paid anywhereMore trouble for Flutterwave after Kenyan Court freezes fintech’s bank accountsDigitisation & innovation:  exploring the business of fashion in AfricaIf you are here because someone forwarded you this email, you can subscribe here to get future newsletters.