In a shocking turn of events, Nigerian fintech startup Marasoft has denied allegations that it paid staff with funds suspected to be fraudulent. The company, founded by Emmanuel Marakwe-Ogu, operates in both Kenya and Nigeria, enabling businesses and individuals to collect payments through its platform. According to a spokesperson, "disgruntled former employees" have spread false information about the company.

However, TechCabal's investigation revealed that 10 former employees and Flutterwave, the wallet provider from which the disputed funds were allegedly transferred, corroborated the claims. Documents obtained by TechCabal indicate that the salaries of former employees were "traced to a fraudulent merchant." Marasoft also denied any involvement in a 2022 Kenyan court case, despite publicly available documents naming the company.

In other news, Airtel and MTN Group, two major telecom operators, are under investigation by the Common Market for Eastern and Southern Africa (COMESA) for allegedly misleading consumers about mobile money transaction fees. COMESA is examining whether these companies failed to disclose important details, such as foreign exchange rates for cross-border transfers, which could influence customer decisions.

The investigation highlights the need for transparency in mobile financial services across Africa, where millions of people depend on these platforms for everyday transactions. Although no wrongdoing has been conclusively proven at this stage, the cases underscore the importance of consumer protection and anti-trust regulations in the region.

In separate news, Flutterwave CEO Olugbenga Agboola's venture studio, Resilience17, has launched an AI accelerator, Go Time AI, to support African startups working on artificial intelligence products. The accelerator provides participating startups with financial support, technical resources, and guidance from industry experts, offering up to $200,000 in funding and mentorship in exchange for 8% equity.

TradeDepot, an African B2B e-commerce platform, has also expanded its business by launching its own food brand, Mangrove, marking a strategic move up the supply chain. The startup aims to produce and distribute affordable staples, leveraging its platform's data on retail demand and its established distribution network.

The move mirrors global trends where companies develop in-house brands to gain pricing control and create a competitive moat. For TradeDepot, Mangrove offers two key advantages: it can set competitive prices while maintaining quality comparable to well-known FMCG brands, and it can protect its market position in a sector marked by low product differentiation and aggressive price competition from small-scale, informal wholesalers.

Consumers in TradeDepot's home country stand to benefit from this move, especially as inflation hovers above 34.8%. By offering lower-priced alternatives, Mangrove could help shoppers save money on everyday purchases.

Despite the challenges of moving into manufacturing, the high-risk, high-reward nature of the move could pay off. Successful market penetration could not only drive revenue growth but also position TradeDepot as an attractive acquisition target for larger FMCG companies in the future.

Stay tuned for more updates on these stories and other developments in the African tech ecosystem.