TechPression

Category: Tech News

  • Seesaw buys Little Thinking Minds to boost Arabic literacy in MENA region

    Seesaw buys Little Thinking Minds to boost Arabic literacy in MENA region

    Seesaw, a global leader in PreK-12 learning experiences, announced on Tuesday that it had acquired Little Thinking Minds, an edtech startup based in the MENA region that specialises in Arabic literacy solutions.

    This move aims to enhance educational offerings in the Middle East and North Africa by combining Seesaw’s interactive technology with Little Thinking Minds’s Arabic literacy curricula and assessment tools.

    Expanding Arabic literacy solutions

    Little Thinking Minds, founded in 2004, has developed platforms like I Read Arabic and the Mizan Assessment Platform, which have helped over 400,000 students across more than 10 countries improve their Arabic literacy.

    Their programs, supported by independent research, have shown a 25 percent improvement in literacy levels. The company serves public and private schools, refugee education programs, and government initiatives, making it a trusted name in the region.

    Rama Kayyali, co-founder and CEO of Little Thinking Minds, expressed pride in joining Seesaw, stating, “As the leading Arabic language K-12 edtech in the region—with curriculum alignment across most Arab countries, a strong footprint in both public and private schools, and pioneering research and development in AI for Arabic literacy this milestone represents a powerful next step in our mission.”

    She added that the partnership will help scale their impact and deliver culturally relevant learning experiences across MENA and beyond.

    Combining strengths for broader reach

    Seesaw, trusted by over 25 million educators, students, and families worldwide, offers award-winning interactive and AI-driven learning tools that enhance student engagement and real-time assessments.

    Matthew Given, CEO of Seesaw, highlighted the importance of the acquisition: “Little Thinking Minds has built a strong reputation and effective products for improving Arabic literacy, and by joining forces, we can empower more students and teachers with localized, high-impact learning solutions.”

    The company plans to launch its first Arabic-language platform in 2026, reinforcing its commitment to multilingual education.

    Seesaw and Little Thinking Minds currently serve over 800,000 users in more than 3,000 schools and ministries across the MENA region. This acquisition is expected to accelerate their global reach and provide educators with data-driven insights through interactive dashboards and student portfolios, supporting personalized learning experiences.

  • France’s AFD backs Africa’s digital finance inclusion with fresh €3 million

    France’s AFD backs Africa’s digital finance inclusion with fresh €3 million

    The Agence Française de Développement (AFD) has shelled out €3 million to the Africa Digital Financial Inclusion Facility (ADFI), run by the African Development Bank (AfDB).

    The extra funding, which now totals €5 million, will help the ADFI partnership accelerate the adoption of digital financial solutions throughout Africa by boosting investments in replicable and scalable projects that give underprivileged communities access to credit and other financial services that encourage investment and entrepreneurship.

    Digital financial gap in Africa

    According to recent AFD data, over half of the adult population on the continent lacks access to digital financial solutions, particularly women, young people, farmers, small enterprises, and rural communities.

    In order to ensure that vulnerable populations, especially those in climate-affected regions, have access to financial tools that will enable them to adapt and thrive, the AfDB, Gates Foundation, and Luxembourg Ministry of Finance established the ADFI in 2019 with the goal of accelerating the mobilisation of financial and human resources to align financial systems with the Sustainable Development Goals of the UN.

    AfDB and AFD express optimism

    Mohamadou Ba, head of the AfDB’s financial intermediation and inclusion division, commented: “Digital financial solutions are key to improving the quality of life of people in Africa and reducing the gender access to finance gap.

    We welcome the Agence française de développement’s renewed support of the catalytic role ADFI has been playing in accelerating greater access and usage of digital financial solutions and financial inclusion across the continent.”

    Audrey Brule-Françoise, head of AFD’s financial systems division, added: “Developing digital financial services is a key pathway to reach financially excluded populations in Africa.”

  • Ethiopia’s new AI system to enhance transparency and efficiency in freight transport

    Ethiopia’s new AI system to enhance transparency and efficiency in freight transport

    The Ethiopian Artificial Intelligence Institute on Friday introduced the Integrated Freight Transport Management System, a digital platform created to track and oversee freight transportation activities nationwide.

    Along with important figures from the logistics sector, Dr. Alemu Sime, Minister of Transport and Logistics, and Dr. Worku Gachena, Director General of EAII, graced the inauguration event in Addis Ababa.

    System to help cut down on resource waste

    Dr. Worku Gachena claims that the system’s application of artificial intelligence to improve monitoring and operational coordination in the goods transport industry will help reduce resource waste.

    Additionally, Minister Alemu Sime (Ph.D.) emphasised that the system will modernise the transport industry, allowing for quicker and more effective services.

    “This system will modernise our transport sector by enabling faster and more efficient services,” said Dr. Alemu Sime during the launch event.

    He underlined how crucial digital transformation is to enhancing service delivery and logistics performance.

    The Integrated Freight Transport Management System is anticipated to assist continuous initiatives to improve coordination, expedite processes, and increase transparency within Ethiopia’s freight logistics network.

    The system is an all-inclusive digital platform designed to oversee and manage goods transportation activities.

    Discussions on the system with various logistics industry players were part of the launch event. Additionally, it was mentioned that Ethiopia’s position in the global logistics industry is anticipated to be much improved by this Integrated Freight Transport Management System.

    Armenia and Ethiopia explore potential areas of AI collaboration

    In a related development, the Ethiopian Artificial Intelligence Institute (EAII) announced on Saturday that it received an official visit from a delegation headed by Armenia’s ambassador to Ethiopia, H.E. Sahak Sargsyan.

    The Director General, Worku Gachena (Ph.D.), and his deputies extended a warm welcome to the delegation. The delegation was given a thorough rundown of the institute’s AI-focused projects.

    Ethiopia was praised by Ambassador Sahak for creating a specific organisation to promote the AI industry. He also emphasised Ethiopia as a key entry point to Sub-Saharan Africa and a perfect partner for promoting cooperation in digitisation and artificial intelligence.

    The delegation had extensive talks with higher-ranking institute personnel after the visit. Expanding and exploring possible partnership areas were the main focus of the discussion.

  • VFD Microfinance Bank rebounds from 2023 loss with N366.6m profit in 2024

    VFD Microfinance Bank rebounds from 2023 loss with N366.6m profit in 2024

    VFD Microfinance Bank, a digitally-driven financial organisation, recorded a N366.6 million profit after taxes in the 2024 fiscal year, reversing its N333 million deficit from the year before.

    According to the bank’s announcement, the audited results were presented during its third annual general meeting, which took place on Thursday and was themed ‘Banking with Purpose, Delivering with Impact.’

    Macroeconomic challenges

    The bank’s board and management recognised at the AGM the substantial macroeconomic challenges that confronted the financial services industry in 2023, including high inflation, currency devaluation, and slow GDP growth.

    Despite reporting a N333.3 million loss for the 2023 fiscal year, VFD Microfinance Bank’s leadership underlined that this time was a pivotal moment that resulted in strategic changes and a robust recovery the following year.

    Speaking on the floor of the AGM, the Board Chairman, Collins Chikeluba, said, “The year under review was one of unprecedented macroeconomic and operational challenges. While the loss in 2023 was disappointing, it reflects both the external constraints and the internal adjustments we undertook.”

    “Importantly, our 2024 audited financials reflect a positive turnaround, with significant revenue growth and a return to profitability.”

    VFD’s Managing Director and CEO, Rotimi Awofisibe, said, “The year 2023 was a testing period, but it sharpened our strategic clarity and operational discipline. Despite the recorded loss, we took decisive steps to reposition the bank, and the indicators from our 2024 performance, including a 39.8 percent revenue growth and a profit of N366.6 million, demonstrate the effectiveness of these actions.

    He adds, “We remain focused on enhancing our digital footprint, scaling our customer base, and maintaining financial discipline to deliver long-term value to all our stakeholders.”

    39.8 % increase in revenue

    VFD Microfinance Bank saw a 39.8 percent increase in revenue over the reviewed year, going from N3.2 billion in 2023 to N4.5 billion in 2024.

    The bank reaffirmed at the AGM its dedication to promoting financial inclusion via digital innovation, customised SME solutions, and improved client interaction. In order to increase its reach and enhance service delivery, the bank also emphasised its improved risk management structure and strategic alliances.

    Speaking on the operational improvements, Chief Operating Officer Theodore Asamoah noted, “Our team has worked diligently to optimise our operations and enhance efficiency. The significant revenue growth and return to profitability in 2024 are a testament to our collective efforts and the resilience of our business model. We remain committed to leveraging technology and innovation to improve our service delivery and expand our reach, ensuring we continue to deliver with impact.”

    VFD Microfinance Bank reaffirmed its dedication to its strategic goals of increasing financial inclusion, utilising technology to scale, and providing stakeholders with long-term value.

    Despite the fact that no dividend was announced during the reviewed period, the bank is confident in its potential to continue creating value and being profitable in the future.

  • Stanbic IBTC’s Zest Payments records N2 billion loss in 2024

    Stanbic IBTC’s Zest Payments records N2 billion loss in 2024

    Zest Payments, the fintech division of Stanbic IBTC Holdings Plc, reported a loss of N2 billion ($1,296,890) after taxes for the full year 2024, up from N1.2 billion ($778,134) in 2023.

    This result demonstrates the continuous difficulties bank holding corporations encounter when trying to launch profitable digital payments ventures in Nigeria’s cutthroat fintech market. When Guarantee Trust Holding Company (GTCO), a banking efficiency lender, launched Habari Pay, its fintech division, precisely seven years ago, it encountered a similar challenge to Zest.

    Initially, Habari Pay struggled with adoption due to its focus on non-banking services, such as streaming and e-commerce, when it was first introduced in 2018.

    Competition from Access Holdings’ Hydrogen and GTCO’s HabariPay

    Zest faces competition from rivals such as Access Holdings’ fintech, Hydrogen, and GTCO’s fintech business, HabariPay.

    Fintech is still lagging behind, though. Since its May 2023 launch, Zest has failed to make a profit. Compared to Hydrogen and Habari Pay, which both finally made a profit in their second year, the fintech’s road to profitability is slower.

    Stanbic IBTC’s fintech Zest records N124 million revenue in 2024

    Zest may have a difficult time turning a profit, but overall revenue is not. According to its financial statement, the fintech showed significant traction and promise as it quadrupled its overall revenue to ₦124 million ($80,407) from ₦68 million ($44,094) in 2023.

    Although financial records show losses going back to 2022, CEO Stanley Jacob previously ascribed the fintech’s delayed progress on its relatively recent operational launch in October 2023.

    Injection of N4bn by Stanbic IBTC to revitalise Zest

    With its parent firm, Stanbic IBTC, attempting to reinvigorate its fintech aspirations with a ₦4 billion ($2,593,781) capital infusion, Zest has hope for the future. The bank’s larger recapitalisation initiatives will include this capital increase.

    The goal of the investment is to support Zest’s distinctive e-commerce platform, which incorporates several payment methods like bank transfers, USSD, QR codes, and card payments, and offers customised product listings. Zest is also licensed to handle payments and provide value-added services.

  • PayPal and TerraPay partner to enhance cross-border payments across Middle East, Africa

    PayPal and TerraPay partner to enhance cross-border payments across Middle East, Africa

    TerraPay, a leading global money transfer firm, and PayPal, a global digital payments and commerce platform, announced a strategic alliance on Tuesday that will allow PayPal users in the Middle East and Africa to send money in real time.

    Through the connection of banks, mobile wallets, and financial institutions, this cooperation seeks to promote economic growth by facilitating faster, easier, and more accessible cross-border transactions.

    Projection of MENA’S digital payments market

    The MENA digital payments market is projected to grow from $251.34 billion in 2025 to $422.56 billion by 2030, according to Mordor Intelligence.

    This alliance closes important gaps in financial connection and infrastructure readiness, allowing millions of people and organisations to participate more fully in the global economy in response to the growing demand for quick, safe, and effective payment solutions.

    TerraPay will act as an enabler, enabling bank and mobile wallet users in the Middle East and Africa to easily move money to their PayPal accounts through secure PayPal account linkage.

    “The Middle East and Africa are at the forefront of the digital transformation, yet financial barriers still limit growth for many,” said Otto Williams, Senior Vice President, Regional Head and General Manager, Middle East and Africa, at PayPal. “At PayPal, we’re committed to changing that.

    By partnering with TerraPay, we’re making it easier for businesses and individuals to make cross-border transactions, quickly, securely, and without friction. Together, we’re helping unlock economic opportunity and build a more connected, inclusive financial future for the Middle East and Africa region.”

    Benefits of the PayPal-TerraPay partnership for customers 

    Through this partnership, customers will benefit from increased accessibility. PayPal allows for safe account linkage and easy money transfers between bank accounts and mobile wallets.

    Increased financial connectivity, enabling millions of consumers to easily conduct business abroad.

    Increased financial inclusion, which makes it possible for people and companies to engage in the global digital economy more successfully.

    “Our mission at TerraPay is to create a world where digital transactions are effortless, secure, and accessible to all,” said Ani Sane, Co-Founder and Chief Business Officer at TerraPay.

    “This partnership with PayPal marks a major milestone in expanding financial access across the Middle East and Africa, where our strong global infrastructure helps overcome the limitations of traditional banking. With built-in interoperability, TerraPay connects various financial systems, from banks to mobile wallets, making it easier for businesses to scale and users to transact seamlessly on a global scale. Together, we are driving a new era of digital payments.”

    PayPal and TerraPay are dedicated to providing cutting-edge, safe, and practical financial solutions that enable people and businesses to prosper in a world that is becoming more interconnected, even as the demand for cross-border payments keeps rising throughout the region.

  • Binance asks Nigerian court to dismiss $79.5bn tax lawsuit

    Binance asks Nigerian court to dismiss $79.5bn tax lawsuit

    The cryptocurrency exchange Binance has petitioned the Federal High Court in Abuja to dismiss a contentious lawsuit worth $79.5 billion related to “purported substituted service.” Chukwuka Ikwuazom SAN, Binance’s attorney, submitted the motion on Monday.

    Ikwuazom argued that because Binance does not have a physical presence in Nigeria, the Federal Inland Revenue Service (FIRS) unlawfully attempted to serve court documents outside the country without the consent of a judge.

    The first complaint, filed by Kanu Agabi SAN, claims that Binance and its executives, Nadeem Anjarwalla and Tigran Gambaryan, violated Nigerian tax laws, resulting in substantial financial losses.

    Detention of Binance’s executives by Nigerian authority

    Gambaryan and Anjarwalla were detained by the Nigerian police for several months in 2024 on suspicion of participating in an alleged unlawful operation by the nation’s government. Gambaryan’s charges were later dropped, and Anjarwalla escaped the nation.

    Agabi explained that after unsuccessful attempts to directly serve documents to Binance, he sought alternative means, which the court approved on February 11.

    Chukwuka, however, argued during Monday’s session that such measures could only be implemented with appropriate certification from a foreign court regarding unsuccessful service attempts.

    However, Ikwuazom argued during Monday’s hearing that such measures could only be implemented with proper certification from a foreign court confirming the failure of service attempts.

    “Where an order for substituted service is issued by this honorable court, service of the order and the process or document to be served outside jurisdiction can only be made through the Federal Ministry of Justice,” he added, arguing that the order for substituted service is invalid and liable to be set aside.

    Tax evasion lawsuit against Binance adjourned to April 30

    Agabi also requested extra time to reply, telling the court that the cryptocurrency company had delivered the motion to them that morning.

    The court decided to postpone the tax evasion case against Binance until April 30 to allow the local tax authorities time to respond to a request from the cryptocurrency exchange.

    In addition to the substantial fine, the tax regulator is pursuing penalties for operational infractions and suspected tax evasion.

  • Orange kicks off 15th social venture prize with EUR 25k top award

    Orange kicks off 15th social venture prize with EUR 25k top award

    Orange has initiated the 15th edition of its Orange Social Venture Prize (OSVP), a competition designed to support startups in Africa and the Middle East that are positively influencing the environment and society. The proclamation initiated the application period, concluding on May 18, 2025.

    About the Orange Social Venture Prize

    The OSVP recognizes and compensates innovative startups that generate favorable environmental and social outcomes by employing new information and communication technologies (NICTs). Since its inception in 2011, the prize has provided financial support and business guidance to dynamic entrepreneurs from 17 countries across Africa and the Middle East.

    As noted by Orange, “The Orange Social Venture Prize is a Competition dedicated to rewarding innovative business ideas aimed at launching new products or services that meet three fundamental objectives: contributing to societal development, promoting innovation, and incorporating digital technologies into entrepreneurial solutions.”

    The contest is divided into two phases: a national phase, during which each nation selects its most promising initiatives, and an international phase, during which the finalists vie for the grand rewards.

    The International Grand Prix provides the top three victors with prizes of €25,000, €15,000, and €10,000. An International Women’s Prize worth €20,000 was also established in 2020 to encourage female entrepreneurs.

    Application and eligibility

    Applicants must be at least 21 years of age and submit a project that employs NICTs to resolve social or environmental challenges in one of the 17 participating countries to be eligible.

    The following countries are involved: Botswana, Burkina Faso, Cameroon, Côte d’Ivoire, Central African Republic, Democratic Republic of Congo, Egypt, Guinea Conakry, Jordan, Liberia, Madagascar, Mali, Morocco, Senegal, Sierra Leone, and Tunisia.

    Orange Digital Centres will provide financial awards, mentoring, and support to enable the winners to expand their ventures globally. As Orange emphasizes, “OSVP winners receive financial support and coaching in Orange Digital Centers to develop their business internationally.”

    Thanks to the OSVP, startups throughout Africa and the Middle East have grown and made an impact. The prize continues to attract innovative ideas that benefit lives and communities by focusing on social and environmental issues.

  • Former Interswitch and Microsoft employees launch B2B sales assistant for Africa

    Former Interswitch and Microsoft employees launch B2B sales assistant for Africa

    Revwit, a new AI-powered sales assistant created by three former operators from Interswitch, Microsoft, and the London Stock Exchange Group, was unveiled on Monday.

    Revwit was founded by Chinedu Ossai, Damilola Aluede, and Dayo Adekanmbi with the goal of increasing customer engagement and sales efficiency in the African market. This solution was created especially to assist B2B sales teams there.

    “We didn’t build Revwit just because it’s a business opportunity. We built it because we’ve led teams, chased deals, and wished there was something simpler,” said Damilola Aluede, Revwit Co-founder and Chief Revenue Officer. “We want to give sales teams a tool that just works – so they can focus on selling, not struggling with software.”

    AI sales assistants tailored for African markets

    Revwit improves and automates sales processes by utilising artificial intelligence. It assists sales teams by handling leads, setting up follow-ups, and offering data-driven insights to speed up deal closing.

    The assistant was developed with Africa’s distinct business environment in mind, the designer’s stress, tackling issues including local market dynamics, varied internet connectivity, and various languages.

    This advancement corresponds with a more extensive trend of AI adoption in Africa, where technology is being utilised to address local issues. As an illustration, AI is being implemented in agriculture to enhance crop production and in healthcare to enhance diagnostic capabilities.

    Nevertheless, experts such as Abejide Ade-Ibijola, an AI professor at Johannesburg Business School, warn that the advantages of AI may be unequally distributed, with urban centers with superior infrastructure likely to benefit more than rural areas.

    The role of AI in African business growth

    African B2B companies rapidly integrate AI tools to improve their marketing, consumer engagement, and sales. HubSpot and Drift, platforms propelled by AI, are currently assisting businesses in automating content creation, personalising customer interactions, and optimising advertising campaigns.

    These tools enhance decision-making and streamline sales workflows, generating high-quality leads and increasing revenue.

    With Revwit, this ecosystem gains a sales helper for African enterprises. AI assistants like Revwit help sales teams grow relationships and close deals by automating everyday tasks and providing predictive analytics.

    This innovation shows rising trust in AI’s ability to alter African industries and emphasises the need for localised technologies. Tools like Revwit show how former tech experts are helping Africa’s digital revolution by solving business problems using AI.

  • Access Bank gets green light to acquire National Bank of Kenya in $100 million deal

    Access Bank gets green light to acquire National Bank of Kenya in $100 million deal

    The Central Bank of Kenya and the National Treasury have approved the acquisition of the financially troubled National Bank of Kenya by Nigerian lender Access Bank PLC, capping months-long negotiations.

    The approval, made public on Monday, brings Access Bank one step closer to completing the acquisition of all of NBK’s issued share capital and strengthening its presence in East Africa’s largest economy.

    However, regulatory bodies in Nigeria have yet to finally approve the merger.

    On April 4, the transaction was authorised in accordance with Section 13(4) of the Banking Act, according to a notice published in the gazette by CBK Governor Kamau Thugge. Treasury Cabinet Secretary John Mbadi approved the deal on April 10.

    Access Bank to utilise NBK’s nationwide branch for expansion

    The acquisition puts Access Bank in a position to expand its presence in Kenya’s cutthroat banking industry and access NBK’s nationwide branch network.

    It is anticipated that a public statement verifying the transaction’s completion will be made shortly.

    Although the specific financial information is still unknown, NBK’s owner, KCB Group, earlier stated that it had reached an agreement to sell the bank for 1.25 times its book value.

    Although the exact amount may change, the deal might be worth around $100 million based on NBK’s 2023 book value of $79.77 million.

    Access Bank’s second entry into the Kenyan market after Transnational Bank’s acquisition

    After purchasing Transnational Bank in 2020, this is Access Bank’s second entry into the Kenyan market.

    This action highlights its wider pan-African expansion strategy, which is similar to that of Guarantee Trust Bank and United Bank for Africa, two other Nigerian banks.

    Access Bank is anticipated to provide new funding to NBK after the acquisition in order to bolster its balance sheet.

    Since acquiring the bank in 2019, KCB Group has invested more than $63.5 million to stabilise its finances and steer it in the direction of profitability.