TechPression

Category: Business

  • TymeBank hits R7 billion deposits, shows strong growth after unicorn status

    TymeBank hits R7 billion deposits, shows strong growth after unicorn status

    Three months after becoming a unicorn, South African digital bank TymeBank has announced a sharp rise in deposits, hitting about R7 billion (roughly $385 million). African Rainbow Capital (ARC), the company’s largest stakeholder, disclosed this information in its interim financial reports.

    In its financial report for the six months ended December 31, 2024, the Johannesburg-listed investment firm—which is owned by businessman Patrice Motsepe—provided these figures.

    TymeBank, which prides itself on being South Africa’s first digital bank, is owned by ARC with a 57.7 percent ownership.

    Read also: Cashplus integrates Western Union for seamless international transfers in Morocco 

    TymeBank’s 10.7 million customers’ base

    The increase in deposits from R6.3 billion (about $347.11 million) in June 2024 highlights the digital lender’s continuous expansion, which culminated in a noteworthy milestone of 10.7 million clients by the end of December.

    The bank’s steady monthly increase in revenue-generating transactions and high net promoter score, which indicates excellent customer happiness, were highlighted by ARC.

    During the reporting period, TymeBank’s parent company, Tyme Group, which also includes its overseas business, Tyme Global, reported a net fair value gain of R27 million (roughly $1.49 million).

    This increase was made in spite of Tyme Group’s overall valuation declining, which ARC ascribed to a decline in Sanlam’s investment’s valuation, which fell from R3.92 billion (about $215.98 million) to R3.45 billion (around $190.08 million).

    TymeBank’s unicorn status after $250 million Series D fundraising round 

    In December 2024, TymeBank and Tyme Global divided their reporting structures after a $250 million Series D fundraising round.

    Tyme Group achieved the coveted unicorn status after this fundraising round helped the company reach a $1.5 billion valuation. Nu Holdings, the parent firm of Nubank and a well-known financial technology behemoth in Latin America, spearheaded the fundraising.

    ARC stated that in order to better match shareholder interests, it increased its investment in TymeBank proportionately during the capital raise. Nevertheless, it also admitted that in order to reflect the pricing decided upon during the Series D round, TymeBank’s valuation was “conservatively adjusted downward by R324 million (approximately $17.85 million)”.

    Read also: Zircon Extraction in Senegal: Economic gain or environmental loss

    ARC maintains optimism over TymeBank’s future 

    ARC maintains optimism over TymeBank’s future in spite of this valuation adjustment, emphasising that the bank has shown “consistently higher growth in customer onboarding compared to international peers.”

    TymeBank is making significant investments in long-term strategic projects, such as artificial intelligence and advanced data analytics, with the goal of improving customer experience and creating cutting-edge solutions.

    ARC thinks these expenditures are crucial for bolstering TymeBank’s competitive position and guaranteeing steady long-term growth, even though they might put short-term pressure on profitability.

    Additionally, the bank has forged strategic alliances with prominent fintech and retail firms, such as TFG, Boxer, Pick n Pay, and Kazang.

    TymeBank wants to increase its lending portfolio in the future in order to improve its capacity to generate income. From R1.9 billion (about $104.68 million) to R2.3 billion (around $126.72 million), net advances have grown.

    The bank intends to use its current infrastructure and clientele to launch additional secured lending products, like auto financing.

    TymeBank has a bright future as it establishes its place in the South African banking market thanks to its steady expansion and wise investments.

  • dLocal partners with Belmoney to enhance cross-border remittances

    dLocal partners with Belmoney to enhance cross-border remittances

    dLocal, the top payment platform that links international retailers with emerging markets announced a strategic partnership with Belmoney, the first Remittance-as-a-Service (RAAS) provider in Europe, on Tuesday.

    Through this partnership, Belmoney is able to facilitate cross-border payouts by utilising more than 900 local and Alternative Payment Methods (APMs), including digital wallets like OPay in Nigeria and GCash in the Philippines, as well as credit and debit cards, bank transfers, and instant transactions in Bangladesh, Ecuador, Peru, and Pakistan.

    Read also: dLocal, AZA Finance unite for better cross-border payments in Africa

    By greatly enhancing processing speeds, service dependability, and cost effectiveness, this integration guarantees that users receive their money in a timely and secure manner.

    Challenges with global remittance industry

    The global remittance industry remains burdened with high fees and slow transaction speeds.

    According to the IMF, transfers under $200 incur average fees of 10 percent, reaching up to 20 percent in smaller migration corridors.

    The United Nations’ Sustainable Development Goals call for a reduction in remittance costs to three percent, yet the current average sits at 6.5 percent —posing a financial burden on senders and recipients, particularly in low-income regions.

    Belmoney to leverage dLocal’s expertise to expand to emerging markets

    Belmoney, Europe’s first Remittance-as-a-Service (RAAS) platform, is propelling innovation and breaking into rapidly expanding countries like China by leveraging dLocal’s experience.

    The platform streamlines transaction processing, improves compliance, and enables MTOs to grow effectively for smooth cross-border operations by strengthening payment infrastructure.

    “Our partnership with dLocal is a game-changer in the remittance space,” said Bruno Pedras, Founder & CEO at Belmoney. “By integrating with dLocal’s comprehensive network, we can significantly lower costs, improve transaction speeds, and provide a better cross-border payments experience for both senders and recipients.”

    “At dLocal we are committed to simplifying global payments in emerging markets,” said Martin Sapiurka, Head of Remittances at dLocal. “The collaboration with Belmoney ensures that more people in underserved regions have access to fast, reliable, and cost-effective cross-border payments in Africa, Asia and Latin America.”

    Read also: Paymob secures $22M extension in series B funding, eyes MENA expansion

    About dLocal

    dLocal powers local payments in emerging markets and links billions of emerging market customers in Latin America, Africa, the Middle East, and Asia-Pacific with global enterprise merchants.

    The “One dLocal” concept (one direct API, one platform, and one contract) allows multinational corporations to receive payments, send payouts, and settle funds worldwide without having to set up multiple local entities, manage separate pay-in and pay-out processors, and integrate multiple acquirers and payment methods in each market.

    About Belmoney

    Belmoney, the first Remittance-as-a-Service (RAAS) provider in Europe, provides embedded financial services, payment aggregation, and white-label remittance solutions to banks and money transfer operators.

    International payments are being revolutionised by the European fintech business Belmoney.

    Belmoney is committed to financial inclusion and smooth international transactions, and it operates in more than 180 countries.

    The business also functions as a payment aggregator, joining several remittance firms into a single network to improve their capacity to expand into new markets and streamline processes.

    By utilising Belmoney’s infrastructure to handle transactions effectively and at scale, this strategy enables regional firms to directly compete with industry titans like Remitly, Ria, Wise, and Sendwave.

  • Fawry integrates Contact’s BNPL services to boost Egypt’s digital payments

    Fawry integrates Contact’s BNPL services to boost Egypt’s digital payments

    On Tuesday, Egypt’s top fintech company, Fawry, expanded its partnership with Contact Financial Holding, a leading non-banking financial services provider.

    The new agreement will integrate Contact’s Buy Now, Pay Later (BNPL) service into Fawry’s wide payment network, which includes over 370,000 points of sale (POS) and an online platform. This move aims to give customers more flexible payment options and make financing purchases easier and more accessible.

    Read also: Czech central bank official questions bitcoin’s suitability as reserve asset

    Expanding BNPL and digital payment solutions

    With this partnership, Contact’s customers will now have access to a variety of digital payment services beyond BNPL. These include electronic payment gateways, bill payment solutions, and digital financing services.

    Fawry’s strong presence across Egypt allows Contact to expand its reach, making its financial solutions available to more customers in different regions. The integration also enhances convenience, allowing users to pay bills, make purchases, and manage finances seamlessly through Fawry’s trusted platform.

    Supporting Egypt’s digital transformation strategy

    This collaboration aligns with Egypt’s plan to reduce cash transactions and encourage more people to use digital payment systems. By providing simple and secure digital financial solutions, Fawry and Contact are helping to modernise Egypt’s economy and promote financial inclusion.

    By making electronic payments easier and more widely available, the partnership ensures that more Egyptians—especially those without access to traditional banking—can benefit from flexible financing options.

    Read also: ZICTA opens application for 2025 ICT Innovation Program

    A commitment to innovation and convenience

    Both Fawry and Contact have emphasised their commitment to delivering customer-friendly financial solutions. This partnership is a step toward a future where digital payments become the norm, making transactions faster, safer, and more efficient.

    With this expansion, Fawry and Contact are set to transform the digital payment landscape in Egypt, providing more choices and greater convenience for businesses and individuals alike.

  • Vendease seeks new investment after salary restructure

    Vendease seeks new investment after salary restructure

    Vendease, a Y Combinator-backed Nigerian food procurement firm, restructured its employee compensation scheme on Tuesday.

    This move follows a substantial reduction in its workforce, with 44 percent of employees laid off, amounting to around 120 staff members.

    The company has transitioned from traditional fixed salaries to a performance-based pay system, complemented by an Equity Share Option Plan (ESOP).

    Read also: Vendease cuts 120 jobs in latest round of layoffs

    Vendease rolls out five-phase salary recovery

    Vendease’s new compensation model includes a five-phase salary recovery plan. In February, all employees received a flat ₦140,000 (~$90), regardless of their previous salary.

    From March to May, employees can earn up to 30 per cent of their former salaries if they meet performance targets, though these targets have not been clearly defined.

    Compensation will increase to 60 per cent from June to August and 90 per cent from September to November, with complete salary restoration expected by December, contingent on company and employee performance goals.

    The unpaid portions of salaries will be converted into share options under the ESOP, with 50 per cent vesting over ten months and the rest over three years.

    “We only spend what we earn, which keeps us consistently at break-even and focused on profitability,” a company spokesperson explained. This restructuring is part of Vendease’s broader strategy to become more financially sustainable by focusing on software-driven growth rather than capital-intensive logistics operations.

    Vendease eyes bridge funding for tech expansion

    Vendease is currently seeking fresh capital to support its transition and expansion plans. The company aims to raise a bridge round to fund technology growth and expansion rather than operational expenses.

    This strategic shift includes doubling down on its sales and payments solutions and credit marketplace, particularly its Buy Now, Pay Later (BNPL) product, which has become a key revenue driver.

    Read also: Jumia Food abandons Nigeria, other African countries

    Vendease claims a default rate of under 1 percent for its BNPL product and has disbursed over $70 million in credit since 2024.

    The company’s decision to focus more on software solutions reflects a broader trend among Nigerian startups, which are increasingly moving away from asset-heavy models in favour of technology-facilitated efficiency.

    Despite facing economic challenges such as the sharp depreciation of the naira and rising inflation, Vendease remains committed to streamlining food procurement for African restaurants and food businesses.

  • QED Investors leads $33 million funding round for NymCard, boosting MENA’s fintech ecosystem

    QED Investors leads $33 million funding round for NymCard, boosting MENA’s fintech ecosystem

    On Wednesday, NymCard, a leading embedded finance platform in the Middle East and North Africa (MENA), announced that it had secured $33 million in a Series B funding round led by QED Investors.

    This investment marks QED Investors’ first venture into the Gulf region and underscores the growing confidence in MENA’s fintech sector.

    Read also: Yango Group launches $20 million venture fund to scale startups in MENA, Africa

    NymCard’s investment and expansion plans

    NymCard’s latest funding round saw strong participation from existing investors such as Lunate, Dubai Future District Fund, Mashreq Bank, Knollwood, Reciprocal, FJLabs, Shorooq, and Endeavor, as well as new investor Oraseya Capital.

    NymCard will expand its payment infrastructure solutions for banks, companies, fintechs, and telecom providers in over 10 MENA areas with this investment.

    The company’s proprietary nCore platform is the only issuer processor in MENA that fully owns its processing and switching technology, providing clients with unmatched flexibility and speed.

    Omar Onsi, CEO of NymCard, highlighted the importance of this investment: “This investment is a testament to the strength of our technology and our commitment to enabling financial innovation in MENA.”

    “With the backing of our investors, we will continue pushing the boundaries of payments and embedded finance, ensuring our clients have access to best-in-class payment infrastructure solutions backed up by solid program management capabilities,” Onsi added.

    “We are especially excited to welcome QED Investors on this journey, given their unrivaled experience in fintech across multiple geographies. Their expertise will be invaluable as we further expand our impact in the region.”

    Read also: Forbes names 2025 Fintech 50: MENA’s fastest-growing digital financial companies recognised

    NymCard strengthens MENA’s payments infrastructure

    NymCard’s nCore platform offers seamless card issuance, transaction processing, digital lending, and real-time money movement through modular APIs.

    This financial stack gives businesses speed, control, and efficiency. NymCard offers MENA-wide customised financial services through over 50 banks, fintechs, and enterprises.

    In countries like Saudi Arabia and the UAE, NymCard supports national initiatives toward a cashless economy and digital money movement.

    Gbenga Ajayi, QED Investors’ partner and Head of Middle East and Africa, noted: “NymCard is a true testament to the ripe and flourishing ecosystem we are seeing across MENA. By providing out-of-the-box card issuing and embedded finance solutions, NymCard is bridging the fintech gap and empowering businesses with the infrastructure they need to innovate. With its API-first approach, NymCard is expanding financial access for startups and enterprises, driving SME growth, and strengthening MENA’s digital economy.”

  • Yango Group launches $20 million venture fund to scale startups in MENA, Africa

    Yango Group launches $20 million venture fund to scale startups in MENA, Africa

    Dubai-based Yango Group launched Yango Ventures, a $20 million corporate venture fund that aims to empower early-stage startups in emerging markets.

    This initiative targets regions such as the Middle East, North Africa, Pakistan, Sub-Saharan Africa, and Latin America, where Yango Group has a strong presence.

    Read also: Oando signs MoU for 1.2-GW solar energy project to power millions of Nigerian homes

    Yango Ventures invests in growth-stage tech

    Yango Ventures will focus on seed to Series B investments in sectors like fintech, B2B software-as-a-service (SaaS), and online-to-offline (O2O) ventures. The fund aims to provide capital, strategic guidance, and mentorship to help startups scale effectively.

    Daniil Shuleyko, CEO of Yango Group, stated, “We’re more than a tech company; we are an ecosystem committed to empowering entrepreneurs worldwide. At Yango Group, we believe that technology is not just about innovation — it’s a catalyst for tangible progress. Through Yango Ventures, we’re sharing our expertise and network to help startups scale, thrive, and drive meaningful change in their communities. Our mission is simple: let people grow with us. By supporting local talent with the right tools and resources, we aim to foster sustainable business growth and contribute to resilient, inclusive economies across the globe.”

    Yango Ventures anticipates substantial returns from its investments, particularly from Series A startups, with targets ranging from ten to twenty times their initial investment over time. The fund’s approach is designed to support local talent without exerting control over the startups, offering guidance and connections as needed.

    Read also: Czech central bank official questions bitcoin’s suitability as reserve asset

    Yango ventures: funding and expert sector support

    Beyond financial support, Yango Ventures plans to leverage its expertise in mobility, fintech, and AI sectors to foster sustainable business growth. The fund aims to collaborate with other venture capital firms and institutions to enhance its investment capacity and expand its reach within these regions.

    Additionally, Yango Ventures will organise networking events and partner with educational institutions to equip young professionals with industry-specific skills, contributing to developing resilient and inclusive economies.

    Yango Group’s initiative comes when venture capital interest in emerging markets increases, providing a timely boost to startups seeking to scale and innovate in these regions. The fund’s initial allocation of $20 million may expand further based on the performance of its initial investments, reflecting the company’s ambition to grow its impact in these markets.

  • Oando signs MoU for 1.2-GW solar energy project to power millions of Nigerian homes

    Oando signs MoU for 1.2-GW solar energy project to power millions of Nigerian homes

    Oando Clean Energy Limited (OCEL), a subsidiary of the Lagos-based energy giant Oando Plc, has signed a Memorandum of Understanding (MoU) with the Rural Electrification Agency (REA) to develop a 1.2-gigawatt (GW) solar energy project. 

    This agreement represents a significant milestone in developing Nigeria’s renewable energy sector. This initiative, which was announced on March 19, 2025, is poised to become Nigeria’s largest solar power project, bolstering Oando’s leadership in renewable energy and advancing Nigeria’s sustainability objectives.

    Read also: FuelCell Energy, Oando Clean Energy partner to catalyse Nigeria energy sector

    Oando and REA: A game-changing partnership for solar energy

    The MoU, signed in Abuja, marks a strategic alliance between Oando Clean Energy and the REA, a federal agency dedicated to electrifying rural Nigeria. This 1.2 GW solar energy project integrates off-grid power plants, mesh electricity generation, interconnected grids, and a pioneering solar module assembly plant. Abubakar Abba Aliyu, REA’s Managing Director, described it as a “game-changer” for Nigeria’s clean energy landscape, emphasising its potential to position Nigeria as a renewable energy hub in Africa.

    Ademola Ogunbanjo, President and CEO of Oando Clean Energy, highlighted the project’s innovative edge. “Oando is building a solar modular assembly plant in Nigeria that will produce solar panels and recycle them into raw materials,” he said. This first recycling feature in Africa underscores Oando’s commitment to sustainable clean energy solutions.

    Solar energy project scope and implementation in Nigeria

    The 1.2 GW solar energy project will roll out in phases, with Oando launching a 600-megawatt (MW) production line in 2026. This initial phase will focus on manufacturing solar photovoltaic (PV) modules for Nigeria and regional markets. 

    The inclusion of a recycling facility enhances the project’s appeal, addressing solar panel lifecycle management. Funded under the $950 million Distributed Access through Renewable Energy Scale-up (DARES) program—backed by the World Bank and Japan International Cooperation Agency—this initiative aims to connect 17 million Nigerians to clean energy.

    Oando drives Nigeria’s clean energy transition

    Despite its vast oil reserves, Nigeria faces significant energy poverty, with over 40 percent of its population lacking reliable electricity. Oando’s shift from fossil fuels to solar energy reflects a global trend toward sustainability. The 1.2 GW project aligns with Nigeria’s Energy Transition Plan, targeting net-zero emissions by 2060, and complements initiatives like the Solar Power Naija program. By leveraging Nigeria’s abundant solar potential—over 7,000 MW—Oando and REA are accelerating the nation’s clean energy revolution.

    Economic and environmental benefits of Solar energy in Nigeria

    The Oando-REA solar energy project promises substantial economic and environmental gains. It will create thousands of jobs in Nigeria, from solar panel assembly to technical roles, boosting local economies. The solar module plant will reduce import dependency, strengthening Nigeria’s industrial base. 

    Environmentally, this clean energy initiative supports decarbonisation efforts, while the recycling line promotes a circular economy, tackling solar waste—a growing concern in renewable energy adoption.

    While the MoU signals ambition, challenges like funding delays, regulatory hurdles, and infrastructure gaps could slow progress. 

    However, Oando’s partnership with REA and international support from the World Bank provides a strong framework for success. This solar energy project could position Nigeria as a leader in Africa’s renewable energy market, inspiring localised solar PV manufacturing across the continent.

    Read also: Oando (OCEL) receives first electric mass transit buses for Lagos

    A bright future for clean energy in Nigeria with Oando

    The Oando-REA collaboration is a pivotal juncture in the future of Nigeria’s energy sector as of March 19, 2025. By utilising solar energy, Oando is resolving Nigeria’s electricity crisis and preparing the country for a more prosperous and environmentally friendly future.

    Oando is at the forefront of the clean energy movement, and stakeholders are anxious to observe how this 1.2 GW solar energy project will transform Nigeria into a renewable energy powerhouse.

  • ZICTA opens application for 2025 ICT Innovation Program

    ZICTA opens application for 2025 ICT Innovation Program

    Applications are currently being accepted for the 2025 cohort of the Zambia Information and Communications Technology Authority’s (ZICTA) ICT Innovation Program.

    The Authority’s flagship program is intended to give promising entrepreneurs and start-ups a platform to develop or turn their ICT-related concepts or business endeavours into valuable, impactful goods or services that tackle pressing issues in various spheres of Zambian society.

    April 28, 2025 is the deadline for applications.

    Read also: Zambia Digital Week 2025: Stakeholders to chart pact for Zambia’s digital future

    𝙒𝙝𝙤 𝙘𝙖𝙣 𝙖𝙥𝙥𝙡𝙮?

    Local innovators, startups, and entrepreneurs between the ages of 18 and 35 who have creative, feasible, and scalable tech-related initiatives are the target audience of the program.

    Each year, an independent panel of judges selects finalists based on their promising proposals and awards them financial support for project commercialisation.

    𝙀𝙡𝙞𝙜𝙞𝙗𝙡𝙚 𝙎𝙚𝙘𝙩𝙤𝙧𝙨

    The eligible sectors are: health; transport; E-Commerce; agriculture; education; energy; tourism and hospitality; banking and digital financial services; Environment, Climate Change, and Sanitation.

    Benefits for participants

    Benefits for the participants include the following: Business and technological development-focused training sessions; Soft skills and personal growth; Industry expert mentoring; Funding options to assist in the commercialisation or scaling of innovative ventures.

    𝙃𝙤𝙬 𝙩𝙤 𝙖𝙥𝙥𝙡𝙮

    The online application process can be completed at https://lnkd.in/eARC7Ssr

    The program aims to support research, development, and use of innovative technologies, as mandated under the ICT Act No. 15 of 2009. It encourages young people to make more innovations in the field of ICT.

    The initiative is supported by a number of partners, including Stanbic Bank Zambia Limited, Airtel Networks Zambia Limited, and many more.

    Read also: Zambia launches digital framework to improve public service delivery

    About ZICTA ICT Innovation Program 

    The ZICTA ICT Innovation Program aims to provide ICT innovators, startups, and entrepreneurs with technical and business development assistance.

    Since 2016, the Authority has been in charge of this initiative, and seven cohorts have been run so far.

    This program is specially designed for young people in the country who have creative, feasible, and scalable ICT projects or ideas that tackle contemporary issues in a range of economic sectors.

    It gives bright entrepreneurs a chance to develop, polish, or turn their tech-related ideas into valuable, impactful goods or services that help various facets of Zambian society.

    Mentoring from industry professionals, financial opportunities to assist in the commercialisation or scaling of creative ventures, training courses centred on business and technical development, soft skills, and personal growth are among the main advantages for the participants.

  • Cashplus integrates Western Union for seamless international transfers in Morocco 

    Cashplus integrates Western Union for seamless international transfers in Morocco 

    Cashplus, a Moroccan money transfer service, has integrated Western Union into its mobile app, allowing customers to send and receive money internationally with ease. 

    This new feature enables users to receive remittances directly into their Cashplus wallet and transfer funds abroad for bank deposits or cash pickups at Western Union locations worldwide.

    The partnership enhances financial accessibility for Moroccans, offering a fast, secure, and convenient way to manage international money transfers digitally.

    Transforming digital money transfers in Morocco

    As Morocco embraces digital financial solutions, Cashplus is at the forefront of modernising international transactions. By incorporating Western Union’s global network into its mobile app, the company provides users with a seamless and efficient way to transfer funds anytime, anywhere.

    Hazim Sebbata, CEO of Cashplus, stated, “Our goal is to simplify access to digital financial services and meet our customers’ needs.”

    This move strengthens the 20-year partnership between Cashplus and Western Union, reinforcing their commitment to expanding digital payment solutions in Morocco.

    Read also: Amazon’s new Alexa+ can plan dinner party, book flights, others

    Morocco’s booming remittance market and economic growth

    Morocco is one of the largest remittance recipients in the MENA region, ranking second after Egypt. With digital transactions becoming more common, the collaboration between Cashplus and Western Union supports Morocco’s financial inclusion efforts. By offering secure, accessible, and user-friendly mobile payment solutions, this partnership is shaping the future of international money transfers in Morocco.

  • Bybit and AltSchool Africa offer $100,000 scholarship to equip African youths with tech skills

    Bybit and AltSchool Africa offer $100,000 scholarship to equip African youths with tech skills

     

    Bybit, a global cryptocurrency powerhouse, and AltSchool Africa, a prominent talent development platform, announced a $100,000 scholarship fund on March 18, 2025. The fund is designed to provide 1,000 young Africans with the necessary technical skills. This partnership, which was announced at Bybit’s Dubai headquarters, introduces the Bybit Academy and utilises AltSchool’s renowned Diploma program to prepare Africa’s youth for the digital economy. This initiative could transform lives by fostering innovation and bridging the digital skills divide on the continent.

    Read also: Bo Hines reveals Trump administration’s plans to ramp up bitcoin acquisition

    Bybit and AltSchool unite: A $100,000 scholarship fund for tech skills

    The collaboration between Bybit and AltSchool Africa marks a bold step toward empowering young Africans with a $100,000 scholarship fund. Bybit, known for its 60 million users worldwide, is investing in education through the newly launched Bybit Academy, while AltSchool Africa brings its expertise in tech training. Together, they aim to sponsor 1,000 scholarships, focusing on high-demand tech skills to prepare students for global opportunities.

    AltSchool’s tech skills revolution meets Bybit’s vision

    AltSchool Africa, founded in 2021, has become a cornerstone of tech education, offering courses in software engineering, data analytics, and product management. The $100,000 scholarship fund taps into this ecosystem, providing young Africans access to AltSchool’s Diploma program. Bybit’s COO Helen Liu highlighted the vision: “Through Bybit Academy and our partnership with AltSchool, we’re fostering growth and resilience with tech skills that change lives.” This synergy aims to empower a generation with cutting-edge knowledge.

    The Bybit-AltSchool scholarship will benefit 1,000 students, offering more than just tuition—it includes mentorship, career counselling, and hands-on projects. Open to all Africans, this program ensures inclusivity, unlike previous efforts such as AltSchool’s Binance partnership, which excluded Nigerians. Bybit and AltSchool target youth eager to master tech skills, addressing a critical need as 230 million Sub-Saharan jobs will require digital expertise by 2030, per the International Finance Corporation.

    Bybit Academy emerges as a key feature of this partnership, blending Bybit’s technological prowess with AltSchool’s educational framework. The scholarship recipients will dive into practical learning, from coding to data analysis, ensuring they’re job-ready. The initiative builds on AltSchool’s legacy, including its 2024 Binance collaboration, but scales it further with Bybit’s backing.

    Strategic moves: Bybit’s scholarship amid crypto growth

    Bybit’s $100,000 scholarship isn’t just altruism—it’s strategic. With Africa’s crypto adoption soaring (Nigeria ranks second globally per Chainalysis 2024), Bybit sees a dual opportunity: uplifting communities and cultivating talent. After a $1.5 billion hack in 2024, Bybit may also aim to bolster cybersecurity skills among recipients, creating a talent pipeline. AltSchool’s holistic approach ensures these scholars emerge as versatile tech professionals.

    Read also: M-PESA and LakiPay bring enhanced digital payments to Ethiopia

    AltSchool and Bybit’s broader impact on Tech skills development

    This $100,000 scholarship fund is a launchpad for economic empowerment. Bybit and AltSchool Africa are addressing a stark reality—only two percent of Africa’s workforce currently has digital skills. With applications open at altschoolafrica.com, the program could spark a tech revolution, positioning African youth as global innovators.

    The Bybit and AltSchool Africa $100,000 scholarship fund, launched on March 18, 2025, is a powerful commitment to Africa’s future. This partnership tackles the digital divide head-on by training 1,000 young Africans in tech skills through Bybit Academy and AltSchool’s Diploma program. As it unfolds in 2025, it promises to redefine education and opportunity, empowering a generation to lead in a tech-driven world.