Ghana’s mPharma downsizes amid economic challenges. 2 other stories and a trivia

This line-up of stories will help you discover the latest happenings around the tech world, today

 

1. Ghana’s mPharma downsizes amid economic challenges

 

Ghanaian healthtech platform mPharma, founded in 2014, has made a significant workforce reductions amid challenging economic conditions in Africa. 

The startup, which raised around $90 million in funding, including $30 million in 2022, has announced the layoff of 150 employees due to macroeconomic conditions linked to the devaluation of the Naira. 

This step is aimed at ensuring the continued service of over 200,000 patients who rely on mPharma’s Mutti service, the startup’s online pharmacy service.

The economic challenges faced by mPharma are not unique. Several startups across Africa have had to take drastic measures to adapt to the tough economic climate. 

Economic slowdowns, limited financial markets, and other economic factors have led to startups like Copia Global, Lazerpay, and Bundle Africa ceasing operations or scaling down.

Venture capital investments in African startups have slowed significantly, with only $2.2 billion invested in the first half of 2023, a 52% drop compared to the same period in 2022. 

The number of investment deals has followed the same trend as these challenges underscore the need for innovative strategies and resilience in Africa’s emerging tech sector.

 

Tech Trivia: The x86 instruction set is used by what kind of hardware component?

1. Wi-Fi adapter
2. GPU
3. RAM module
4. CPU

Answer: see end of post

 

2. Payment startup, Pesapeer, rebrands to Pesa

 

Pesapeer, a digital finance company, has undergone a rebranding effort to redefine its core identity and emphasize localizing the global money transfer experience for immigrants. 

The rebrand includes changes that enable effortless transactions across more than 50 countries and the introduction of a versatile multi-currency wallet.

The shift in focus reflects Pesa’s commitment to providing customer-centric, digitally-driven, and globally-oriented payment solutions, including facilitating frictionless money transfers, simplifying payment processes for students, and streamlining cross-border fund transfers. 

The rebrand aims to position Pesa as a player in the dynamic future of cross-continental payments.

Despite the rebrand, Pesa retains its leading customer experience with user-friendly interfaces, transparent and competitive exchange rates, and no fees to various destinations. 

The company’s emphasis on ease, inclusion, and transparency aligns with its strategy to cater to a global audience in a changing payment environment.

 

3. myZoi raises $14M, obtains regulatory licenses

 

myZoi, a fintech startup focusing on financial inclusion and literacy for the underbanked, has secured $14 million in funding from SC Ventures and SBI Holdings while obtaining two regulatory licenses from the Central Bank of the UAE. 

This marks a significant milestone in myZoi’s mission to enable access to essential financial services for over 5 million low-income migrant workers in the United Arab Emirates and beyond.

The licenses, including Stored Value Facilities (SVF) and Retail Payment Services and Card Schemes (RPSCS) Category II, enable myZoi to empower the underbanked and support their essential transactional needs through a single platform.

myZoi places equal commitment to financial inclusion and financial literacy, aiming to launch fully by the end of 2023. 

The funding will support the expansion of its inclusive proposition for the underbanked and their families, with a focus on reducing the transaction cost of migrant remittances and delivering meaningful solutions.

This investment aligns with the global trend of fintech innovations driving positive change, offering socially impactful propositions while serving low-income migrant workers.

 

Trivia answer: CPU

x86 is the name of Intel’s family of processors and the instruction set architecture that they share. It has been the most popular processor architecture since the 1980s, powering most personal computers running Microsoft Windows and servers running Unix and Linux. 

The x86 family has previously included 16-bit and 32-bit processors, and the most recent incarnation of the instruction set is known as x86-64 since it now supports 64-bit processors.

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