In the July recap of Fintech and Tech News, we explore some of the latest World Bank Grants for 10 Southern African Startups, Tap ‘n Go Scams in SA, The Innovation Summit 2023 and the Africa Tech Festival.

Tech news

10 Southern African Start-ups get World Bank Grant

A recent Fintech Challenge to see the ecosystem development under the Southern African Innovation Bridge Portal, supported by the World Bank in partnership with the Department of Science and Innovation and the Department of Small Business Development, saw six South African startups granted funding for the most impactful startup Fintech companies who aim to provide financial access to bridge economic divides.

The six South African startups are Abela, Bento Technologies, Fintr, Moya Money, Sum 1 Investments, and Thumeza. The other 4 grants went to 2 Lesotho startups, Chaperone and Prime Capital, one to Botswana, Ipachi Capital and one to Namibia, FundRoof.

Tap ‘n Go Scams in SA

South Africans are being warned about Tap n Go Scams by the Ombudsman for Banking Services in South Africa (OBSSA). Tap and Go payments can be made using virtual cards on your smartphone or smartwatch. Fraudsters are exploiting near-field communication (NFC) technology and tap ‘n go payment systems.

Despite the 2FA (2-factor authentication), transaction monitoring and SIM Swap detection technologies, there are a growing number of NFC tech scams, as fraudsters use stolen bank card information, like card number, expiry date and CVV Number, to make fraudulent purchases via digital wallets, because these transactions do not require a further OTP (One-Time Pin).

Fraudsters gather information via fake websites, purporting to be legitimate businesses like The Post Office, Courier Services and VodaBucks, and once they have the information, they make transactions without needing an OTP.

According to a BusinessTech report, over 6000 related complaints were received from just one of the central banks between January 2022 and June 2023, with 553 customers losing over R400 000.00. This year has seen a rise in cases, with the number of victims jumping to 5 450 with a combined loss of over R6.5m.

Fintech News

Innovation Summit 2023

The South African Innovation Summit (SAIS) is taking place at the Sun International Grand West, Sun Exhibits, Cape Town from 27 September 2023. There are stimulating Side Events planned throughout the week. The exciting program has 4 main tracks for participants to engage with.

  • The Main Plenary with expert speakers who deliver talks on Deeptech,
    Greentech and Ecosystems.
  • The Venture Stage is where entrepreneurs can pitch their innovations.
  • In the Masterclass Zone, industry experts will engage in traditional African storytelling.
  • The fourth track of participation is Via the deep-dive interviews with influencers and
    industry leaders on the Innovation Summit YouTube Channel.

The Core Conference days are the 27 and 28 September, 2023. On 29 September is a Venture Day, and a Corporate Innovation Day and Investor Evening is planned for 26 September. Participants can get involved as partners, sponsors, or exhibitors to drive innovation and entrepreneurship in Africa. The South African Innovation Summit will be a place to get inspired, network, and be entertained by thought leaders, entrepreneurs, and investors.

The conference content looks at subjects like:

  • Redefining Industry and Job Creation: The Exponential Tech Boom
  • Energy is Everything: Innovation in Driving Seat Towards a Just Energy Transition
  • Unveiling Africa’s Investment Realities
  • LP/VC Workshop: Guiding Tomorrow’s Investment Landscape
  • Mapping Your Success Workshop: Navigating the Ecosystem
  • Navigating the Funding Journey: From Seed to Series A 

The Side Events include a Pre-Summit MeetUp, Confluence 40, Founders Den, Khayelitsha Tour and the Art of Pitching. The Innovation Summit has impressive opportunities for startups, including the South African–Swiss BlockChain Innovation Challenge and Inventors Garage.

Africa Tech Festival

The Africa Tech Festival is the largest, most influential tech event where tech leaders gather to take the pulse of the future, and you can be a part of the energy-filled week from 13 to 16 November 2023. Over 15 000 influencers will be celebrating and showcasing the inspiring examples of the most innovative tech available.

The Africa Tech Festival program is packed to the brim with over 400 speakers, more than 1600 VIPS, and more than 1 100 Startups; this is a festival that is a must in your November 2023 calendar. There are 12 tracks at the Africa Tech Festival with people from over 110 countries, representing 5400 companies and in excess of 300 exhibitors; you are bound to come away from Africa Tech Festival bubbling with excitement, inspiration and networking with others from all over the world.

FinTech and Tech News Wrap

In this inspiring edition of Fintech and Tech News in South Africa, we bring you news of exciting conferences and summits to look forward to, World Bank funding potential and a little caution about Tap n Go scams. Stay tuned for the August Fintech and Tech News in South Africa roundup.