Issue 95: Rising Mobile Banking Scams & Capital Injections

Hi, Shega Weekly presents the weekly recap of Ethiopia's startup and innovation ecosystem developments.If you are here because someone forwarded you this email, you can subscribe here to get future newsletters.

Over 74,000 Individuals Fell Victim to Mobile Banking Theft Scams in EthiopiaIn Ethiopia over 74,000 individuals have fallen victim to mobile banking theft scams during the current Ethiopia year.According to FM Addis Radio Station, Solomon Desta, the Deputy Governor of the Financial Institutions Supervision at the National Bank of Ethiopia, acknowledges the prevalence of fraud and crime in mobile banking. Read more.

beU Delivery Raises $300,000 from Chinese AcceleratorbeU Delivery, one of Ethiopia's largest food delivery platforms, has raised $300,000 from the China-based accelerator MiraclePlus (formerly Y Combinator China), sources told Shega. Read more.

Safaricom Ethiopia Faces Employee Rights CrisisAddis Standard has reported that employees under the purview of Ison Xperience, a company responsible for running Safaricom Ethiopia's call center operations, have raised numerous concerns about their employment rights. These concerns include allegations of unlawful dismissals and salary disputes. Read more.

Electric Utility Avails Mobile App for Tracking UsageEthiopian Electric Utility has availed a new mobile application that permits users to track their power usage for a year. According to Fortune, the application allows for the reporting of technical difficulties directly to a Utility district.The application is developed by Nuri Flex Technologies, a South Korean company that has been importing and installing digital electricity meters for EEU customers such as manufacturing plants.

Ethio Telecom Envisions another Year of Massive GrowthAfter posting its best results yet, Ethio telecom is launching an ambitious growth push. The telecom giant aims to add 10 million new subscribers to its mobile money platform, telebirr, for the 2023/24 Ethiopian financial year. Read more.

African VC, Jaza Rift Ventures backs YeneHealth as Lead Investor in Pre-Seed RoundEthiopian femtech startup YeneHealth has announced Jaza Rift Ventures (JRV), a Nairobi-based health-tech-focused venture capital firm, has joined the company as the lead investor in their pre-seed round. Read more.

Safaricom to Launch M-Pesa in Ethiopia by September

Safaricom will launch its M-Pesa mobile money service in Ethiopia before the close of this quarter ending September. The plan, disclosed by Safaricom’s parent firm Vodacom Group Limited in a trading update, is set to help grow its Ethiopian operations revenue. Read more.

Renew Capital to Invest up to $300K in Ethiopian Startups through Newly Launched Renew Venture Lab

Renew Capital, a pan-African early-stage investment firm with a large presence in Ethiopia has announced the launch of the Renew Venture Lab, an innovative initiative designed to drive the growth of African businesses. Read more.

ZayRide Launches New Ride-Sharing Feature

Ride-hailing firm ZayRide has introduced a ride-sharing feature that enables multiple passengers heading in the same direction to share a single ride. Read more.

Event Alert

Following a record-breaking edition in 2022, GITEX Global, one of the world’s largest and most inclusive tech events will return to Dubai in 2023 for its 43rd edition, gathering the world’s most advanced companies, and best minds to elevate business, economy, society and culture through the power of innovation. Read more. 

Here is what we've been reading:

Beyond fintech, these African startups are proving that Africa is a hotbed for innovationThe world’s last Internet Cafes‘The everything app’: why Elon Musk wants X to be a WeChat for the westIf you are here because someone forwarded you this email, you can subscribe here to get future newsletters.