Is The Tingo Group Just A Giant Fraud?
South Africa launches AI association and Chipper Cash lays off staff
What’s happened this Week:
South Africa launched an AI association
Chipper Cash announced its third round of layoffs
and more!
This week, a bombshell report was released by the Hindenburg Research company on the Agritech-Fintech company Tingo. The company (which specialises in short selling) produced a thorough report on the operations of Tingo in both Nigeria and Ghana.
The report produced some damning evidence on some of the company’s operations including its operations in Nigeria as well some of its operations in Ghana.
The report claims that the company generated $577.2 million in revenue from its food division even though its food division is 7 months old and also stated it generated revenue of $128 million through a leasing agreement with Airtel in Nigeria (Airtel states they have no partnership with the company).
Read the full report here.
In The News This Week:
InTouch and GTP Partner To Give Access To African Customers For Cross Border Transactions
GTP, a specialised provider of prepaid and virtual card processing solutions, and InTouch, a leading pan-African fintech, have joined forces in a strategic partnership to democratise access to card credentials for millions of consumers across Africa.
South Africa Launches Artificial Intelligence Industry Association
The South African Artificial Intelligence Association (SAAIA) is an industry body focused on promoting the advancement of responsible AI in South Africa by uniting practitioners across Commercial, Government, Academic, Startup, and NGO sectors.
Chipper Cash Lays Off More Staff; COO and Kenya Country Director Affected
Chipper Cash has reportedly laid off more staff including its Chief Operating Officer and Kenya Country Manager.
Flutterwave Partners With Token.io To Provide Pay By Bank Transfer To Users In UK And EU
Flutterwave, Africa’s payments technology company, has collaborated with Token.io, Europe’s account-to-account (A2A) payment infrastructure provider, to power Pay By Bank transfer capabilities for Flutterwave’s platform.
Story Features
Ashesi’s Design Lab Specializes In Design Thinking With Positive Results
Ashesi University is one of the most well-known and popular universities in Ghana. Founded in 2002 by Patrick Awuah Jr, a Ghanaian engineer, and former Microsoft employee, Ashesi has grown to become of the most recognisable names in Ghana.
We wrote about their Design Lab which produced some very positive results.
Africa Ecosystem Funding Activity
Egyptian e-health startup Rology acquires Saudi company Arkan Uniteds - Disrupt Africa
Nigeria’s Helium Health raises $30m Series B funding to expand fintech offering - Disrupt Africa
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