👨🏿🚀TechCabal Daily – Tamweely wheels in
In today's edition: e-finance gets shareholder approval for Tamweely deal || Spiro secures debt for expansion || Paymob raises $35 million || StanChart chases Nakumatt debt
Good morning. This week has seen a surge of investment in the African tech industry. Paymob has raised $35 million, while Spiro secured additional debt funding. Additionally, e-finance received shareholder approval for its Tamweely deal in Egypt. In a related development, Kenyan TikTok creators may soon receive fewer payments due to the country's digital content tax rules.
Kenya has been charging a 5% withholding tax on digital content monetization for residents and 20% for non-residents since 2023. However, TikTok has not specified when it will begin deducting the tax or which payouts will be impacted.
In other tech news, e-finance, a publicly listed Egyptian fintech group, has secured shareholder approval to acquire a majority stake in micro-lender Tamweely. The deal, valued at EGP6.4 billion ($122 million), involves a cash payment of EGP956 million ($18 million) upfront and a further payment based on Tamweely's future financial performance in 2028. e-finance will also issue new shares to Turin Egypt, the majority shareholder of Tamweely, increasing Turin's stake to 4.04%.
This acquisition provides e-finance with exposure to Egypt's microfinance market and its need for working capital.
Written by urgent.news from TechCabal's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
