<h1>The $2T Crypto Current</h1>Republished from&nbsp;<a href="https://theafricabrief.beehiiv.com/p/africa-in-brief-october-24-2025">Africa in Brief - October 24, 2025</a><figure class="image"><img src="/uploads/Screenshot_2025_10_28_at_13_07_44_64f6a3c280.png"></figure>Source:&nbsp;<a href="https://www.imf.org/en/Publications/WP/Issues/2025/07/11/Decrypting-Crypto-How-to-Estimate-International-Stablecoin-Flows-568260?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">IMF Working Paper</a>The IMF’s&nbsp;<a href="https://www.imf.org/en/Publications/WP/Issues/2025/07/11/Decrypting-Crypto-How-to-Estimate-International-Stablecoin-Flows-568260?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">Decrypting Crypto (July 2025)</a>&nbsp;is supposedly the first study to use AI to track where&nbsp;$2T in stablecoins actually flowed in 2024 and Africa is relevant.What the study found<ul><li>As expected, stablecoin activity was highest in North America ($633B) and Asia-Pacific ($519B) but&nbsp;Africa and the Middle East ranked second globally relative to GDP (6.7%), showing how quickly the region is embracing digital dollars.</li><li>In Africa, only&nbsp;14% of flows stayed within the region, suggesting that most activity supports cross-border remittances, trade and dollar access.</li><li>Users leaned heavily on Binance (74%) over Coinbase (26%) and favored Tether’s USDT (57%) over USDC (43%), reflecting Africa’s tilt toward emerging market exchanges and tokens.</li><li>Average transaction size: $13,108; median: $100—evidence that small-value transfers drive much of the activity.</li><li>Globally, $54B in net outflows from North America show that stablecoins are now meeting global dollar demand, especially when local currencies weaken.</li><li>The March 2023 U.S. banking crisis sharply disrupted flows from North America, exposing how closely crypto rails depend on traditional banks.</li></ul>Why it matters for Africa:&nbsp;The data confirms what’s visible on the ground. Africans are using stablecoins as a digital dollar lifeline—for remittances, trade and inflation protection but it also signals new dependencies. As access to exchanges and off-ramps shapes who can move money, Africa’s financial future may hinge as much on crypto connectivity as on banking reform.Here’s a quick rundown of African countries that have begun regulating virtual assets.Enacted frameworks<ul><li>South Africa: Crypto is a regulated “financial product.” The Financial Sector Conduct Authority has issued dozens of licenses and keeps approving new ones, including recent news on exchange/derivatives activity (<a href="https://www.reuters.com/world/africa/south-africas-financial-conduct-regulator-approves-59-crypto-licences-2024-03-13?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">Reuters</a>,&nbsp;<a href="https://www.moneyweb.co.za/moneyweb-crypto/valr-becomes-sas-first-licensed-crypto-derivatives-issuer/?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">MoneyWeb</a>,&nbsp;<a href="https://www.itweb.co.za/article/financial-regulator-expands-crypto-investment-choices/wbrpOqg2OKVMDLZn?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">ITWeb</a>).</li><li>Mauritius: Full regime for virtual assets and token issuers under the Virtual Asset and Initial Token Offering Services Act, with licensing by the Financial Services Commission (covers stablecoin issuers too) (<a href="https://charltonsquantum.com/mauritius-virtual-assets-regulation/?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">Charlton's Quantum</a>,&nbsp;<a href="https://www.zitadelleag.com/news/initial-token-offering-licensing-in-mauritius-stablecoin-digital-yuan-lssuers?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">Zitadelleag</a>).</li><li>Botswana: Virtual Assets Act, 2022, in force; licensing of Virtual Asset Service Providers (VASP) under the Non-Bank Financial Institutions Regulatory Authority&nbsp;(<a href="https://botswanalaws.com/consolidated-statutes/principle-legislation/virtual-assets-act?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">Botswana Laws</a>,&nbsp;<a href="https://www.webberwentzel.com/News/Pages/virtual-assets-regulation-in-southern-africa-a-regional-comparative-analysis-article.aspx?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">Webber Wentzel</a>).</li><li>Namibia: Virtual Assets Act, 2023 in force with detailed rules (custody, capital, disclosure, cybersecurity). Bank of Namibia is the regulator (<a href="https://www.afriwise.com/blog/namibia-the-virtual-assets-act-10-of-2023---what-should-you-know?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">Afriwise</a>,&nbsp;<a href="https://bowmanslaw.com/insights/the-virtual-assets-act-10-of-2023-what-should-you-know?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">Bowmans Law</a>).</li><li>Nigeria: Securities and Exchange Commission rules exist and banks may serve licensed crypto firms after the central bank revised its 2023 circular. Enforcement has tightened around unregistered platforms (<a href="https://www.elibrary.imf.org/view/journals/002/2025/158/article-A002-en.xml?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">IMF</a>,&nbsp;<a href="https://www.reuters.com/technology/nigeria-plans-additional-rules-combat-illegal-trading-digital-assets-2024-05-07?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">Reuters</a>,&nbsp;<a href="https://www.ft.com/content/333309a5-196c-494a-8d68-506f6a19ba81?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">FT</a>).</li></ul>New or near-final laws<ul><li>Kenya: The parliament passed the Virtual Asset Service Providers Bill in October 2025. It creates licensing for exchanges under the Capital Markets Authority (CMA) and assigns stablecoin licensing to the Central Bank (awaiting presidential assent) (<a href="https://www.reuters.com/business/media-telecom/kenya-parliament-passes-crypto-asset-law-boost-investments-2025-10-13/?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">Reuters</a>,&nbsp;<a href="https://www.parliament.go.ke/sites/default/files/2025-04/THE%20VIRTUAL%20ASSET%20SERVICE%20PROVIDERS%20BILL%2C%202025%20%282%29.pdf?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">Parliament of Kenya</a>).</li><li>Rwanda: In March 2025, the National Bank of Rwanda and the CMA introduced a draft framework for virtual assets and VASPs (<a href="https://www.newtimes.co.rw/article/24694/news/economy/rwanda-moves-to-regulate-virtual-assets-with-new-draft-law?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">The New Times</a>).</li><li>Morocco: A nationwide ban remains but Bank Al-Maghrib has prepared a draft crypto law now moving through adoption; Central Bank Digital Currency work is also underway&nbsp;(<a href="https://www.reuters.com/technology/morocco-preparing-law-allow-cryptocurrencies-central-bank-chief-says-2024-11-26/?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">Reuters</a>).</li></ul>Exploring or signaling next steps<ul><li>Ethiopia:&nbsp;Crypto remains illegal for payments but the National Bank of Ethiopia and Financial Intelligence Service are developing a framework to regulate virtual assets and VASPs as part of new anti-money laundering reforms (<a href="https://www.ainvest.com/news/ethiopia-finalize-crypto-framework-2025-bans-payments-2506/?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">AI Invest</a>).</li><li>Ghana:&nbsp;The Bank of Ghana required VASPs operating in the country to register by August 15, 2025, ahead of the planned VASP Act expected later this year (<a href="https://www.bog.gov.gh/wp-content/uploads/2025/07/NOTICE-NO.-BG-GOV-SEC-2025-18-NOTICE-ON-MANDATORY-REGISTRATION-OF-VIRTUAL-ASSET-SERVICE-PROVIDERS-OPERATING-IN-GHANA.pdf?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">Bank of Ghana</a>).</li><li>Zambia: Authorities have flagged a forthcoming framework; public materials note draft work on crypto and stablecoins for stakeholder review in 2025 (<a href="https://www.boz.zm/Zambanker_June_2024_Edition.pdf?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">ZamBanker</a>).</li></ul>Still prohibitive<ul><li>Egypt: Trading and promotion require a Central Bank of Egypt license, which has not been issued; effectively, a prohibition remains in place (<a href="https://iclg.com/practice-areas/fintech-laws-and-regulations/egypt?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">ICLG Business Reports</a>).</li></ul>And for those still asking, “how do the flows actually work?”:&nbsp;<figure class="image"><img src="/uploads/Screenshot_2025_10_28_at_12_52_27_95000be7c3.png" alt="Global Crypto Flow Map: How Digital Currencies Move Across Borders"></figure>Source:&nbsp;<a href="https://www.imf.org/en/Publications/WP/Issues/2025/07/11/Decrypting-Crypto-How-to-Estimate-International-Stablecoin-Flows-568260?utm_source=theafricabrief.beehiiv.com&amp;utm_medium=referral&amp;utm_campaign=africa-in-brief-october-24-2025">IMF Working Paper</a> &nbsp;

IMF data shows $2T in global stablecoin flows, with Africa among the fastest-growing regions, using crypto for remittances, trade and dollar access as more nations regulate digital assets.

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The $2T Crypto Current

<h1>Renew Capital's 2025 Annual Report</h1>The past year was one of progress and reflection on our ongoing work to back ideas that drive business growth, employment and development.&nbsp;Learn more in our&nbsp;<a href="https://latest-api.renewcapital.com/uploads/Renew_Capital_Annual_Report_2025_b3bcb1bfd4.pdf">2025 Annual Report</a>, featuring highlights across the continent.&nbsp;<figure class="image"><img src="/uploads/Updated_4ad99ea323.png"></figure>

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Renew Capital's 2025 Annual Report

<h1>Press Release: Hypeo Ai Supercharges Influencer Campaigns</h1>Renew Capital invests in Hypeo Ai to streamline how brands and creators collaborate, using AI avatars and smart campaign tools to transform digital influence in the region.<a href="https://latest-api.renewcapital.com/uploads/FINAL_Hypeo_Ai_Press_Release_4f7d84f252.pdf">Download Full Press Release</a>CASABLANCA, Morocco, August 14, 2025 — Hypeo Ai is helping brands across Africa and the Middle East run faster, more efficient influencer campaigns by eliminating manual tracking and fragmented tools.<figure class="image"><img src="/uploads/Hypeo_Ai_c397a7229f.avif"></figure>The Morocco-based company connects brands with both human and AI-powered creators in under 15 minutes. It delivers a seamless end-to-end campaign workflow with smart matching, pricing insights and real-time performance tracking.At its core, Hypeo Ai recognizes that influencer marketing in the region is booming but bogged down by inefficiency. With most campaigns still managed manually through agencies or spreadsheets, Hypeo Ai is building the smarter, faster way forward.In 2024, influencer marketing helped make social media the world’s largest advertising channel, surpassing paid searches and driving global ad spend to $247B, projected to reach $267B by the end of 2025.“Our region has no shortage of talent. What’s been missing is smart infrastructure,” said&nbsp;<a href="https://www.linkedin.com/in/meriam-bessa-a33b4028/">Meriam Bessa</a>, co-founder and CEO of Hypeo Ai. “We’re building tools that allow brands and creators to meet faster, match better and work smarter with the power of AI.” Meriam co-founded the company alongside&nbsp;<a href="https://www.linkedin.com/in/oussama/?utm_source=share&amp;utm_campaign=share_via&amp;utm_content=profile&amp;utm_medium=ios_app">Oussama Sekkat</a> and&nbsp;<a href="https://www.linkedin.com/in/salah-eddine-mimouni/?utm_source=share&amp;utm_campaign=share_via&amp;utm_content=profile&amp;utm_medium=ios_app">Salah Eddine Mimouni</a>.Hypeo Ai also builds AI Meta Humans: virtual influencers that speak to local audiences and support global campaigns. Its most well-known digital persona, Kenza Layli, has built a following of more than 200,000 and was recently nominated as a finalist for Miss AI 2024, a global competition celebrating AI-powered creators.“Hypeo Ai is tackling a clear gap in how influencer marketing works in this region,” said&nbsp;<a href="https://www.linkedin.com/in/nihal-grii-phd-9278a8ab/">Nihal Grii</a>, Investment Ecosystem Development Manager at Renew Capital. “We see potential in their approach to simplifying the process for both brands and creators, and we’re glad to support their next stage of growth.”With support from Renew Capital, Hypeo Ai will expand its platform features, onboard more creators and brands and build its B2C product, an AI-powered coaching companion aimed at wellness and lifestyle users.Hypeo Ai BioHypeo Ai connects brands with human and virtual creators in minutes. Its AI-powered platform streamlines influencer campaigns with smart matching, pricing insights and real-time tracking, replacing manual workflows with a seamless and scalable solution.&nbsp;Visit&nbsp;<a href="https://www.hypeo.ai/en">www.hypeo.ai</a> to learn more.

hypeo.ai

Hypeo Ai connects brands with human and virtual creators in minutes. Its AI-powered platform streamlines influencer campaigns with smart matching, pricing insights and real-time tracking, replacing manual workflows with a seamless, scalable solution.

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Renew Capital, an early stage venture capital firm in Africa invests in Hypeo Ai.

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Press Release: Hypeo Ai Supercharges Influencer Campaigns

<h1>Press Release: Beemi Makes Livestreaming Interactive and Profitable</h1>Renew Capital invests in Beemi to help streamers turn passive audiences into engaged communities through gamified tools and live interaction.<a href="https://latest-api.renewcapital.com/uploads/FINAL_Beemi_Press_Release_494baf8d89.pdf">Download the Full Press Release</a>ADDIS ABABA, Ethiopia, May 29, 2025 – Beemi is helping Africa’s mobile-first creators make their livestreams more interactive and profitable. The platform integrates social games like trivia into livestreaming platforms including TikTok, YouTube and Twitch, giving creators simple tools to engage their audiences and drive real-time participation.<figure class="image"><img src="/uploads/Beemi_Team_Photo_1_307daa8fb9.jpg" alt="A photo of the Beemi team based in Addis Ababa, Ethiopia, who work on connecting consumers directly with suppliers through group buying to make online shopping more affordable."></figure>Unlike traditional tools built for PC-based streamers, Beemi is optimized for mobile. Streamers can launch games directly within their live sessions, enticing followers to stay longer, return more often and actively participate. It’s also a win for monetization with Beemi piloting branded ad integrations, creator subscriptions and a marketplace of streamable games.“At Beemi, we’re focused on helping streamers grow and earn by making their content more interactive,” said&nbsp;<a href="https://www.linkedin.com/in/dawitabraham/">Dawit Abraham</a>, co-founder and CEO of Beemi. “When audiences feel involved, they stay longer, come back more often and support the creators they love.”Beemi gives creators the tools they need to turn streaming into a sustainable source of income by increasing engagement and opening up new ways to monetize.&nbsp;“Beemi is unlocking a new layer of value in livestreaming,” said <a href="https://www.linkedin.com/in/adamabate/">Adam Abate</a>, Principal for Investment Management at Renew Capital. “Their value proposition and early results are clear and compelling, and Beemi’s team comes with rich experience and dedication to the problem they are trying to solve.”With support from Renew Capital, Beemi plans to expand its platform and launch its marketplace while growing new partnerships with creators and brands.Support to Renew Capital portfolio companies is provided in partnership with Global Affairs Canada.Beemi Bio Beemi helps mobile-first creators increase viewer participation and monetization by integrating social games into livestreams across TikTok, YouTube and Twitch. Visit<a href="https://www.beemi.app">&nbsp;www.beemi.app</a> for more information.

beemi.app

Built for mobile creators on TikTok, YouTube and Twitch, Beemi brings live trivia and interactive games into livestreams, boosting audience participation and unlocking new monetization opportunities. No complex setup, just better streams.

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Renew Capital, an early stage venture capital firm in Africa invests in Beemi.

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Press Release: Beemi Makes Livestreaming Interactive and Profitable

<h1>Mastering “The Flip”: A Guide for African Startups Seeking International Investment</h1>Ready to learn more about mastering the flip? Check out Renew Capital's&nbsp;<a href="https://training.renewcapital.com/courses">investment readiness</a> training and our quick guide for&nbsp;<a href="https://apply.renewcapital.com/delaware-guide">establishing a Delaware corporation</a>.<figure class="image"><img src="/uploads/580_A0553_79d51b6101.jpg"></figure>My 10-year-old is into gymnastics. She practices “flips” against the wall while I’m trying to get her to eat dinner. How can something so impressive be annoying at the same time? That’s not the kind of flip I want to talk about, though there is likely to be plenty of stamina involved.In 2024,&nbsp;<a href="https://thebigdeal.substack.com/p/2024sum">African startups raised $2.2B</a>, according to Africa: The Big Deal but securing this funding often requires strategic decisions about where to incorporate. Approximately&nbsp;<a href="https://ng.usembassy.gov/u-s-consul-general-will-stevens-keynote-address-at-the-global-tech-africa-conference/">60% of African startups are registered in the United States</a> and for Nigerian startups, that number is 80%.This preference for offshore incorporation is largely driven by investor requirements, legal frameworks and access to global capital.&nbsp;“The flip” is a term commonly used by international investment firms that are focused on Africa. It refers to the process where African companies set up parent companies offshore, with the original African companies becoming&nbsp;<a href="https://www.investopedia.com/terms/w/whollyownedsubsidiary.asp">wholly owned subsidiaries</a>. It’s one of the first questions we ask companies who are seeking an investment from Renew Capital: “Do you have a holding company, and where is it registered?”This isn’t a trivial question. Many investment firms insist that African startups be domiciled outside their primary area of operations—often in Delaware (the U.S.), Mauritius, Europe, etc.&nbsp;Why? There are plenty of reasons: the predictability of legal systems thanks to well-established corporate governance laws, global intellectual property protections, access to robust dispute resolution mechanisms, and yes, sometimes it comes down to tax efficiency. It doesn’t stop there. For investors, there is also&nbsp;<a href="https://stripe.com/en-sg/resources/more/incorporating-in-delaware-explained">comfort in working within familiar legal systems</a>, reduced currency risks, easier exits, IPO potential, fewer foreign exchange controls and frankly, avoiding corruption. These factors make “the flip” not just a preference but, for many investors, a de facto requirement.<figure class="image"><img src="/uploads/580_A0787_9d89da464c.jpg"></figure>Yet, for something so common, there’s surprisingly little data on how easy or difficult it is to flip a company.&nbsp;Here’s the reality: Flipping is one of the most critical factors in attracting more startup funding to African countries, yet it’s often overlooked. Most policymakers I speak to do not have an idea of how long it takes to flip a company in their country.I get it. Many African governments don’t like that this has become a de facto investment requirement. But it has. Almost every Venture Capital and Private Equity firm in the world will insist on it. Does this overlook the long-term value of supporting local ecosystems? That’s certainly a discussion worth having. Some organizations are working to make African jurisdictions more investor-friendly by improving legal frameworks, transparency and market infrastructure. At Renew Capital, an early-stage investment firm in Africa, we count ourselves in that group. Building entrepreneurial ecosystems is a worthy effort but it takes years—and it will take even longer to convince the global market that these changes are going to stick. By 2030, sub-Saharan Africa will account for half of new labor force entrants, requiring up to 15 million new jobs annually (<a href="https://www.imf.org/en/Blogs/Articles/2024/11/12/the-clock-is-ticking-on-sub-saharan-africas-urgent-job-creation-challenge">IMF</a>). Fostering private sector firm growth today is a major requirement for the region.So in the meantime, the legal paths between many African countries and Delaware (and Mauritius, etc.) will continue to be well-trodden.At Renew Capital, we have been conducting research across several countries to determine how long this process takes.&nbsp;Step one is usually to register a new holding company (in the form of a corporation) in Delaware (as an example). It’s pretty fast and easy and takes about a week. It (of course) will cost you if you want a lawyer to help with the process. Mauritius is about the same—a lot more regulatory and compliance requirements, but tax advantages. No need to even visit!&nbsp;Once that’s done, founders need to ensure that the exchange of shares by the shareholders in the local operating company for shares in the offshore holding company is completed. This is finalized by filing share transfers in the relevant African countries of operation. In practice, our research suggests it can take anywhere between 14 days (e.g., Kenya and Morocco) and up to 18 months (e.g., Ethiopia) because this is generally a pre-condition to investment, this is probably the most significant barrier to increased investment in some countries.Is “the flip” right for every company? Definitely not. But, if you’re looking for&nbsp;<a href="https://www.redfernlegal.com/understanding-the-flip-up-moving-your-headquarters-hq-process/">venture capital investment from an international investor</a>, then you’ll almost certainly need to do it at some point.If you’re serious about scaling your startup and mastering every step of the flip,”&nbsp;<a href="https://training.renewcapital.com/courses">sign up now</a> to get access to both Investment Readiness 101 (best for beginners) and Closing the Deal (for those actively pursuing an investment). The training covers all the important details from legal due diligence to how to get your valuation right. Also, check out the Renew Capital guide for&nbsp;<a href="http://apply.renewcapital.com/delaware-guide">establishing a Delaware corporation</a>.&nbsp; Note: While Renew Capital’s guide provides helpful insights into establishing a Delaware corporation, it is essential to remember that the information presented here is for general informational purposes only and should not be considered legal advice. We strongly recommend that you consult with your own legal counsel or a qualified professional to determine what jurisdiction and legal entity structure is right for your company.

Check out Renew Capital's investment readiness training and our quick guide for establishing a Delaware corporation.

Business Growth

Image: Renew Capital mentor talking with African startups and partners

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 Mastering “The Flip”: A Guide for African Startups Seeking International Investment

<h1>Press Release: No Money? No Problem — Tendo Brings Risk-Free Reselling to Everyday Entrepreneurs</h1>Renew Capital invests in Tendo to empower individuals to launch ecommerce businesses through social media with no upfront capital investment in inventory.<a href="https://latest-api.renewcapital.com/uploads/FINAL_Tendo_Press_Release_fba8ce2000.pdf">Download the full press release</a>ACCRA, Ghana, April 29, 2025 –&nbsp;With Tendo, anyone with a social media account can become an online reseller in just a few clicks. Through its innovative platform, <a href="https://tendo.app/">Tendo</a> connects wholesalers to independent resellers who can earn by adding profit margins to listed products and selling them through their social networks.<figure class="image"><img src="/uploads/Tendo_PR_Photo_0758f28b88.jpg"></figure>By cutting out the usual headaches like finding suppliers, managing stock or paying upfront for inventory, Tendo clears the roadblocks so anyone can start selling and earning in no time.Tendo gives resellers across Africa access to thousands of products at wholesale prices, allowing them to set their own profit margins and directly promote listings on social platforms, including Facebook and WhatsApp. When a customer places an order, Tendo handles the financial transaction and delivery and sends the reseller their profit.&nbsp;“Our mission is to create opportunities for individuals to build businesses with minimal risk,” said<a href="https://www.linkedin.com/in/felix-manford/">&nbsp;Felix Manford</a>, co-founder and CEO of Tendo. “By providing a seamless platform that takes care of inventory and delivery, we empower anyone to start earning online from home.”With thousands of products already listed and a growing network of resellers, Tendo is creating economic opportunities for everyday Africans while helping wholesalers expand their reach.“Tendo is transforming the way people approach entrepreneurship,” said Nicholas Clerk, investment ecosystem development manager at Renew Capital. “Their platform removes traditional barriers to entry, enabling individuals to earn income and build businesses using just their smartphones.”With Renew Capital’s investment, Tendo plans to expand its platform, onboard more resellers and empower individuals across Africa to earn and grow a business using the power of their smartphone.Support to Renew Capital portfolio companies is provided in partnership with Global Affairs Canada and Norad. &nbsp;

tendo.app

Tendo connects individuals with online inventory, allowing anyone to launch an ecommerce reselling business from their smartphone without investment risk.

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Renew Capital, an early stage venture capital firm in Africa invests in Tendo.

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Press Release: No Money? No Problem — Tendo Brings Risk-Free Reselling to Everyday Entrepreneurs

<h1>Renew Capital Legal Brief - March 2025</h1>The latest changes in Africa's regulatory environmentWith a growing presence in Africa’s startup ecosystems, the Renew Capital team stays on top of the legal landscapes shaping the venture capital and investment space and provides insights for investors, entrepreneurs, industry leaders and policymakers in Africa’s dynamic business environment.&nbsp;<figure class="image"><img src="/uploads/Legal_Brief_b1a20116be.png"></figure><h2>Egypt</h2>Financial Regulatory Authority (FRA) reiterates licensing requirements for insurance companies:The FRA has announced updated licensing guidelines for insurance companies. Current and prospective insurers must now be joint stock companies, meet paid-up share capital requirements and have qualified board members. Moreover, offering both life and property insurance services by the same entity is prohibited, except for&nbsp;microinsurance companies or&nbsp;HMOs. Existing firms have five months to comply with these new standards.Why it matters: Licensed insurance companies should conduct internal reviews to ensure compliance with the licensing requirements or face the risk of penalties or license revocation.<h2>Ghana</h2>2025 Budget Statement and Economic Policy of the Government of Ghana:The Government of Ghana, through the Minister for Finance, has presented the Budget Statement and Economic Policy for the year 2025. Key tax proposals include the abolition of several taxes, such as the withholding tax on lottery winnings and the electronic transfer levy, as well as exempting individuals earning the minimum wage or less from income tax. The proposed VAT reforms aim to eliminate the COVID-19 levy, reduce the effective VAT rate and raise the registration threshold to exempt small businesses, with implementation set for 2025. Additionally, the budget outlines plans to restructure and consolidate existing levies, introduce road tolls and establish a new legal framework for non-tax revenue collection.Why it matters: This is important because the changes outlined in Ghana's 2025 Budget directly impact the country’s economic environment, businesses and individuals. This could stimulate economic growth, improve disposable income for workers and promote entrepreneurship.<h2>Kenya</h2>Potential increase in banking license fees:The Central Bank of Kenya (CBK) is taking decisive action to modernize the licensing fee methodology for banks by linking license fees directly to the gross annual revenue of each institution. This new approach is a significant shift from the current system, which bases fees on the number of bank branches. The CBK has released draft banking (fees) regulations for public comment and upon approval, these regulations will require every bank to contribute a percentage of its gross annual revenue. The licensing fee will be set at an initial rate of 0.6% with a gradual increase to 1% by 2027.Why it matters:&nbsp;Increasing license fees for banks will undoubtedly create a ripple effect that impacts both customers and third-party service providers, leading to higher fees for banking services.<h2>Morocco</h2>Morocco's National Agency for Telecommunications Regulation (NATR) issues new labeling rules:The NATR has directed that all telecommunication devices (including phones, laptops, smartwatches and routers) be labeled with their Specific Absorption Rate (SAR) values. The SAR values should be displayed on the products, user manuals, packaging, or electronic labels. This new rule will become enforceable on May 1, 2025 and any contraventions will result in fines for manufacturers.Why it&nbsp;matters: Proper labeling of telecommunication devices will enhance consumer protection and ensure greater transparency in the Moroccan telecommunications sector.&nbsp;&nbsp;<h2>Nigeria</h2>Nigeria's Senate passes Investment and Securities Bill:The Nigerian Senate has successfully passed the long-awaited bill, which is now pending assent from the country’s President. This landmark legislation is set to modernize and strengthen the statutory framework for Nigeria's capital markets. Among the significant changes is the official recognition of virtual assets as securities.Why it matters: The bill, once approved, will significantly strengthen investor protection, align with the latest developments in the capital markets and lead to more efficient legislation.<h2>Rwanda</h2>Rwanda issues virtual assets bill:On March 6, 2025, the Rwandan Capital Markets Authority (CMA) unveiled a bill for the regulation of virtual asset operations in Rwanda. The bill aims to foster innovation in the virtual asset sector while also preventing and mitigating associated risks. The CMA will be the primary regulatory and licensing authority but will consult and collaborate with the National Bank of Rwanda to safeguard the integrity of Rwanda’s financial system.Why it matters: Once passed, this bill will advance financial stability in Rwanda and boost investors’ confidence in virtual assets’ businesses and activities in Rwanda.&nbsp;<h2>South Africa</h2>The South African Reserve Bank (SARB) redefines bank activities&nbsp;The SARB intends to exempt a certain payment activity from the scope of the “business of the bank”. This activity is the pooling of funds into a store of value or payment account by a non-bank for conducting payment activities. Therefore, non-bank entities that carry out such activities can operate without a banking license, subject to meeting stipulated conditions. A draft notice, to this effect, has been issued by the SARB for public comment.Why it matters: The exemption will ease the regulatory burden of payment service providers and other stakeholders that store funds to facilitate their payment services.&nbsp;<h2>Uganda</h2>Bank of Uganda is set to regulate mortgage refinancing institutions:On March 12, the Ugandan Parliament was presented with a landmark bill to regulate the establishment of mortgage refinancing institutions for the first time. Once passed, this bill will empower the Bank of Uganda to issue licenses to mortgage refinanciers and establish a robust administrative framework for mortgage refinancing operations across the country.&nbsp;Why it matters: Establishing mortgage refinanciers will increase access to finance for primary mortgage financing institutions and facilitate affordable housing in Uganda in the long term.&nbsp;<h2>Zambia</h2>Zambia’s Data Protection Commission (DPC) gets set to enforce data protection legislation:The DPC is ready to mete out fines and prosecute entities operating in contravention of Zambia’s Data Protection Act of 2021. Data processors and controllers are therefore encouraged to complete the registration process and implement robust security measures. The DPC intends to commence the enforcement measures in March 2025.Why it matters: Organizations that handle personal data face the risk of fines or legal action if they fail to comply with data protection legislation.<h2>Cross-border</h2>Ghana and Rwanda collaborate on a license passport framework:Both countries have agreed to a mutual framework that allows regulated fintech companies from one country to operate in the other with minimal additional regulatory requirements.&nbsp;Why it matters: This initiative enables Ghanaian and Rwandan fintech companies to expand their services with minimal regulatory barriers, driving significant innovation and fostering economic growth in both countries. &nbsp;

With a growing presence in Africa’s startup ecosystems, the Renew Capital team stays on top of the legal landscapes.

Legal Corner

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Renew Capital Legal Brief - March 2025

<h1>Press Release: NjiaPay Simplifies Payments for African Merchants with a Single Integration Platform&nbsp;</h1>Renew Capital invests in NjiaPay to enhance payment efficiency and drive business growth across Africa.<a href="https://latest-api.renewcapital.com/uploads/FINAL_Njia_Pay_Press_Release_45835b21a4.pdf">Download the full press release</a>&nbsp;JOHANNESBURG, South Africa, March 25, 2025 – NjiaPay, a payment service provider (PSP), is changing the payment landscape for South African businesses. NjiaPay offers a single integration for merchants, eliminating the need to manage multiple integrations. With features like intelligent routing, built-in redundancy and centralized reconciliation and data management,&nbsp;<a href="https://www.linkedin.com/company/njiapay/">NjiaPay</a> ensures a seamless payment experience and enhanced payment success rates.<figure class="image"><img src="/uploads/Njia_Pay_Team_with_Logo_c46f598dc8.jpg" alt="NjiaPay founders, a payment service provider (PSP), is changing the payment landscape for South African businesses."></figure>NjiaPay’s intelligent routing leverages real-time PSP performance data and AI to select the highest-performing and most affordable payment provider and method for each transaction, driving higher conversion rates and minimizing disruptions. NjiaPay then simplifies month-end reconciliations by consolidating data into a single, comprehensive and actionable report providing a unified source of truth.“Our mission is to empower African businesses to thrive in the digital age by simplifying the complexities of payment processing,” said&nbsp;<a href="https://www.linkedin.com/in/jonatan-allback-8791361b/">Jonatan Allback</a>, co-founder and CEO of NjiaPay. “With NjiaPay, merchants can focus on growing their businesses while we handle the payment complexities.”NjiaPay’s merchant portal provides full control over payment data, offering insightful analytics and streamlining operations through a unified interface. By addressing key challenges in Africa’s payments landscape, NjiaPay enables businesses to optimize their financial performance and operational efficiency.“NjiaPay is tackling a major obstacle for lean teams that do not have or cannot afford dedicated payment teams to navigate payment complexity,” said&nbsp;<a href="https://www.linkedin.com/in/melbourne-nyamadzawo-b68431131/">Melbourne Nyamadzawo</a>, investment analyst at Renew Capital. “By unifying integrations and optimizing payment infrastructure, NjiaPay empowers merchants to navigate the digital economy with confidence. We are proud to support NjiaPay as they scale their platform across the continent.”With Renew Capital’s investment, NjiaPay plans to expand its platform, enhance its intelligent routing capabilities and grow its presence across Africa.About NjiaPayNjiaPay is a payment service provider platform transforming the payment landscape for African businesses. Visit&nbsp;<a href="http://www.njiapay.com">www.njiapay.com</a> for more information.

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NjiaPay is a payment service provider that helps African businesses streamline payment operations.


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Renew Capital, an early stage venture capital firm in Africa invests in Njia Pay.

South Africa

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Press Release: NjiaPay Simplifies Payments for African Merchants with a Single Integration Platform 

<h1>African Startup Acts: Catalysts for Innovation and Economic Growth</h1>Across the African continent, there is increased focus and interest in startups as an increasing number of countries recognize them as pivotal drivers of economic growth. Tunisia’s pioneering Startup Act, enacted in 2018, has set a precedent, inspiring nations such as Senegal, Nigeria, and Côte d'Ivoire to adopt similar frameworks.&nbsp;These initiatives, which include tax incentives, simplified administrative processes and financial support, are part of a broader effort to foster local innovation. Currently, countries like Kenya, Zambia, Ethiopia and Ghana are in the process of drafting their versions of a startup law, each striving to strike an optimal balance between harnessing and empowering local talent and attracting global investment.<img src="/uploads/startup_acts_1_5a2b351a11.png"> Source:&nbsp;<a href="https://www.renewcapital.com/">Renew Capital</a><h2>Common Themes</h2>Startup Acts across Africa typically focus on fostering innovation, reducing barriers to entrepreneurship and encouraging economic growth. A closer look at these policies reveals a few key focus areas, including:<ul><li>Streamlining Bureaucratic Processes: A core theme of startup acts is simplifying and accelerating the process of registering and operating businesses. This includes reducing administrative burdens, offering one-stop-shop services and easing the procedures for obtaining permits or licenses.</li><li>Enabling Innovative Corporate Structures: To attract international investors, many of these laws aim to accommodate corporate structures that facilitate the inflow of foreign capital. In some cases, it involves introducing relaxed rules for foreign participation and making the local steps of completing a "corporate flip” seamless. This opens startups to the prospects of (i) accessing foreign investors, (ii) expanding within the continent and (iii) securing clean exits to bigger institutional investors and global companies.</li><li>Incentives and Tax Benefits: Many startup acts offer tax breaks, exemptions or reductions for new businesses to ease their financial burden in the early stages. These benefits often target specific areas like corporate income tax, value-added tax (VAT) and social security contributions.</li><li>Access to Funding and Financial Support: Startups often struggle with securing capital, so some startup acts create mechanisms for funding, including grants, loans and venture capital initiatives. They may also establish government-backed investment funds or incentives to attract private investors.</li><li>Legal Frameworks for Innovation: These acts aim to create a legal environment that supports entrepreneurial risk-taking and innovation. This might include intellectual property protections, support for tech-based businesses or frameworks that promote research and development.</li><li>Facilitating Talent and Workforce Development: Many startup acts emphasize education and skills development to ensure a steady pipeline of talent. This includes fostering entrepreneurship education and supporting training programs for both founders and employees.</li><li>Global Market Integration: Several startup acts aim to connect local startups with international markets by promoting exports, easing cross-border trade and facilitating access to global investors and partners.</li><li>Regulatory Sandbox and Flexibility: Some nations, inspired by global trends, include provisions for regulatory sandboxes—controlled environments where startups can test innovative ideas without immediately facing heavy regulatory restrictions.</li></ul><h2>The African Startup Acts Journey So Far</h2>Let’s take a look at the steps taken by African countries.<ul><li>Algeria: Has not yet implemented a Startup Act, but the&nbsp;<a href="https://www.meritas.org/insight/article/Establishment-and-Promotion-of-Startups-in-Algeria">Algerian Startup Fund (ASF)</a>, launched in October 2020, provides funding for innovative businesses and expanded in 2022 to support startups across all 58 provinces.</li><li>Côte d'Ivoire&nbsp;<a href="https://www.intracen.org/news-and-events/news/the-startup-act-takes-shape-in-cote-divoire#:~:text=Against%20this%20backdrop%2C%20the%20Startup,favourable%20legislative%20and%20regulatory%20framework.">adopted a Startup Act</a> in November 2023.</li><li>Egypt doesn't have a singular, comprehensive startup act like some other African countries but the government has implemented several initiatives and policies aimed at supporting startups and fostering innovation within the ecosystem.</li><li>Ethiopia: The Ethiopian Startup Act, also known as the&nbsp;<a href="https://shega.co/news/ethiopia-to-enact-a-startup-act">Startup Businesses Proclamation</a> has been in draft format for several years and is yet to be officially enacted. Recent feedback dialogues that Renew Capital has participated in indicate formal adoption may come any day.</li><li>Ghana: The Ghanaian Innovation and Startup Bill project is a joint initiative by Ghana’s private sector and the government to enhance the startup ecosystem through co-created legislation. The bill has been drafted but is yet to be ratified.</li><li>Kenya: The National Assembly passed the Startup Bill and it is now awaiting presidential assent to become law. Some&nbsp;<a href="https://www.msn.com/en-us/news/politics/kenya-s-senate-passes-controversial-startup-bill-mandating-r-d-spending-local-ownership/ar-AA1xIrsW">news sources</a> indicate that the startup community is not fully bought into everything that’s in the current draft. One example is the 100% Kenyan ownership requirement, as Kenya’s tech ecosystem owes much of its success to a blend of local expertise and foreign partnerships and investments.</li><li>Morocco: While there have been several initiatives aiming to support startups in Morocco,&nbsp;<a href="https://weetracker.com/2022/05/31/deep-dive-morocco-startup-ecosystem/">there is no official startup act yet</a>. The government is working on it as part of the Morocco Digital 2030 plan.</li><li>Nigeria: The Nigerian Startup Act was&nbsp;<a href="https://kpmg.com/ng/en/home/insights/2022/10/nigerian-startup-act.html">officially signed into law</a> by President Muhammadu Buhari in October 2022.&nbsp;</li><li>Rwanda’s&nbsp;Startup Act was launched in 2021 with the aim of fostering innovation and entrepreneurship in the country. The law is at its final stages of completion.</li><li>Senegal: The Senegalese Startup Act was formalized in 2020 and ratified by President Macky Sall in 2021, paving the way for innovation and encouraging high-growth startups in the country.</li><li>South Africa: While South Africa doesn't have an official startup act yet, there's a strong movement pushing for its establishment, named&nbsp;<a href="https://www.startupact.co.za/">The South Africa Startup Act Movement</a>. This is being championed by a diverse set of founders, investors and policymakers who see the impact this will have in the ecosystem.&nbsp;&nbsp;</li><li>Tanzania: The Tanzanian Startup Policy is under development, aiming to address challenges faced by startups and foster innovation.&nbsp;&nbsp;</li><li>Tunisia: The Tunisian Startup Act, launched in April 2018, was designed to support and foster the&nbsp;<a href="https://startup.gov.tn/en/startup_act/discover">growth of the country's startup ecosystem</a>. In practice, challenges remain—startups struggle with foreign currency restrictions and slow regulatory processes. There’s quiet talk of a potential revamp of the act but nothing is official.</li><li>Uganda: Startup Act Uganda is a&nbsp;<a href="https://www.uncdf.org/article/8206/doing-more-together-the-coming-of-age-of-startup-uganda-as-an-ecosystem-builder">collaborative effort</a> between the Ugandan tech startup ecosystem, Private Sector Foundation Uganda (PSFU) and Mastercard Foundation. It is still under discussion and hasn't been drafted yet.</li><li>Zambia: A startup bill is under development by the government, focusing on creating a supportive environment for innovation and entrepreneurial ventures.&nbsp;</li></ul><h2>The Big Picture&nbsp;</h2>The proliferation of startup acts across Africa signifies a shift towards nurturing homegrown innovation and entrepreneurship. As nations like Kenya, Zambia, Ethiopia and Ghana work diligently to craft and implement their own startup legislations, we hope they will collectively contribute to a more conducive environment for startups to thrive.&nbsp;

Startup Acts across Africa typically focus on fostering innovation, reducing barriers to entrepreneurship and encouraging economic growth. 

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African Startup Acts: Catalysts for Innovation and Economic Growth

<h1>Renew Capital Legal Brief - February 2025</h1>The latest changes in Africa's regulatory environmentWith a growing presence in Africa’s startup ecosystems, the Renew Capital team stays on top of the legal landscapes shaping the venture capital and investment space and provides insights for investors, entrepreneurs, industry leaders and policymakers in Africa’s dynamic business environment.&nbsp;<h2><img src="/uploads/Newsletters_and_Legal_Brief_1_f6e6e92849.png"> Egypt</h2>New fiscal incentives for small and medium enterprises (SMEs):<ul><li>The President of Egypt has introduced a new fiscal framework for SMEs engaged in professional activities, with an annual turnover of up to $40K (20M Egyptian pounds), provided they meet certain requirements. This framework offers exemptions from stamp duties, company and land registration fees and capital gains taxes, along with reduced minimum corporate income tax rates for qualified SMEs.</li></ul>Why it matters: The new fiscal framework establishes a conducive environment for business operations, thereby encouraging increased commercial activities and promoting economic growth.<h2>Ethiopia</h2>Ethiopia prepares for foreign investments in its exchange market:<ul><li>The National Bank of Ethiopia, alongside the Ethiopian Capital Market Authority and Ethiopian Investment Holdings, is actively pursuing the opportunity to allow foreign investments in the exchange market. The foreign investments may, however, be capped at a quota of 30%.</li></ul>Why it matters: Allowing the entry of foreign investors will boost Ethiopia’s exchange market and provide more capital inflow within the country.<h2>Ghana</h2>Ease of doing business: Ghanaian companies are now categorized into small, medium and large enterprises -<ul><li>Small companies - Companies with revenue or assets up to $26K (400K GHS)&nbsp;</li><li>Medium companies - Companies with revenue or assets between $26K to $646K (400K GHS to 10M GHS)&nbsp;</li><li>Large companies - Companies with revenue or assets exceeding $646K (10M GHS)&nbsp;</li></ul>With this categorization, small companies are now exempt from mandatory external audit requirements, while medium and small companies no longer need to file full annual returns with the Office of the Registrar of Companies.&nbsp;Why it matters: This new classification system reflects a significant step toward reducing administrative burdens for these enterprises.Introduction of carbon registry:<ul><li>The Ghana Carbon Registry has been established under the Environmental Protection Act of 2025. This critical database will effectively catalog mitigation projects aimed at reducing carbon emissions and will regulate the buying and selling of carbon credits within the voluntary carbon market. The Carbon Market Committee will oversee the registry and approve mitigation projects in the registry.</li></ul>Why it matters: The establishment of the Carbon Registry signifies Ghana’s commitment to the Paris Agreement and ensures the implementation of proper regulatory standards in the Ghanaian carbon market.<h2>Kenya</h2>Regulatory framework for carbon trading:<ul><li>On February 11, the National Environment Management Authority (NEMA) issued draft Climate Change (Carbon Trading) Regulations for public review. The draft regulations outline the regulatory authorities for carbon trading activities and requirements for establishing an exchange for trading registered carbon credits. Any comments on the regulations may be submitted on or before March 5.</li></ul>Why it matters: The draft regulations show Kenya’s devotion to achieving low-carbon climate development.<h2>Morocco</h2>Finance Law 2025: With the signing of the Finance Bill into law in Morocco,&nbsp;the Finance Law for 2025 introduced the following changes:<ul><li>Revised tax incentive scheme for corporate group restructuring;</li><li>Revised withholding tax rates on income from shares and dividends;</li><li>Exemption threshold for income tax for individuals increased to $4K from $3K (40K MAD FROM 30K MAD);&nbsp;</li><li>Extension of value-added tax (VAT) exemption on fresh or frozen seasoned meat;&nbsp;</li><li>Suspension of import tariffs;&nbsp;</li><li>New taxation rules for joint ventures and economic interest groups; and&nbsp;</li><li>Temporary VAT exemption on importation of select live animals and agricultural products.</li></ul>Why it matters: Companies and other stakeholders must proactively review their tax policies and measures to align with the new fiscal regulations.<h2>Nigeria</h2>Launch of Foreign Exchange (FX) Code:<ul><li>On January 31,&nbsp;the Central Bank of Nigeria (CBN) launched the Nigeria Foreign Exchange Code. The code sets the basic standards for all participating institutions in the FX market while reinforcing ethical market practices and good governance measures.&nbsp;&nbsp;</li></ul>Why it matters: The launch of the FX code signifies the CBN’s commitment to improving the FX market and ensuring compliance by all stakeholders. It is also expected to improve FX liquidity and stop unethical FX trading practices.<h2>South Africa</h2>Upcoming changes in the labor industry:<ul><li>The South African National Economic Development and Labour Council recently issued a law reform report proposing several changes including increased statutory severance pay, exclusion of startups from council agreements’ requirements, limitation of remedies for unfair dismissals and statutory provisions for large-scale retrenchment processes.&nbsp;</li></ul>Why it matters: The proposals, if accepted, present more favorable conditions for both employees and employers in South Africa.<h2>Uganda&nbsp;</h2>Electricity market moves from a single-buyer model to a multiple-buyer model:<ul><li>The Electricity Regulatory Authority has directed that consumers with the stipulated electricity demand (mostly industrial and manufacturing companies) can now purchase electricity directly from authorized generation licensees. This directive deviates from Uganda’s previous model of a single buyer purchasing electricity on behalf of the general Ugandan populace.</li></ul>Why it matters: This change provides qualified consumers with a dependable alternative for their electricity needs.&nbsp;<h2>Zambia</h2>Changes in Property Taxes:<ul><li>Starting on January 1, 2025, the Property Transfer Tax in Zambia increased from 5% to 8%. Additionally, moneylenders and building societies can benefit from tax relief on foreclosed property transfers.</li></ul>Why it matters: These changes will result in increased costs for asset transfers in Zambia but will encourage foreclosures in the property market.