In a shocking turn of events, Marasoft Pay's CEO, Emmanuel Marakwe-Ogu, has been accused of using suspected fraudulent funds to pay his employees. The Nigerian fintech startup, which operates without institutional funding, processed payments online for businesses and individuals in Kenya and Nigeria. However, a glitch on October 16 allowed a Marasoft account linked to Marakwe-Ogu's phone and bank verification numbers (BVN) to withdraw funds exceeding the wallet's balance. The CEO acknowledged controlling the account, leading to a tumultuous period for the company, with over 40 employees affected and many resigning.

Despite the controversy, some affected employees have returned to work for Marasoft. The incident highlights the challenges faced by startups operating in Africa, where regulatory frameworks and licensing requirements can be complex. Marasoft's reliance on a Flutterwave wallet to process transactions in Kenya, where it does not hold a local license, underscores the need for innovative solutions to navigate these challenges.

In other news, Visa has invested $10 million in Moniepoint, a Nigerian fintech startup that offers banking services to SMEs and individuals. This strategic investment continues Visa's trend of investing in promising African startups to expand its payment footprint. Moniepoint plans to focus on advancing contactless payments, a growing area of interest in the payments ecosystem. With its proprietary technology for both cards and POS machines, Moniepoint is well-positioned to scale quickly in the contactless payments market.

The funding tracker for the week reveals other notable investments, including South African insurtech startup Naked securing $38 million in a Series B extension funding round, marking the largest investment in Africa's insurtech sector. Egyptian fintech MoneyHash raised $5.2 million in a pre-Series A funding round, while Tanzanian agri-tech startup MazaoHub Agclimate Ltd secured undisclosed funding from the Livelihood Impact Fund. CommunityWolf, a South African AI startup, received undisclosed early-stage funding from The Baobab Network, and Ugandan fintech Flow Global secured an undisclosed equity investment from Inua Capital.

The World Wide Web3 tracker shows the current values of major cryptocurrencies, including Bitcoin, Ether, XRP, and Solana. The tracker provides a snapshot of the cryptocurrency market, which continues to evolve and influence the tech landscape in Africa and beyond.

Upcoming events in the African tech calendar include the GITEX AFRICA 3rd edition, which is now open for registration and will be held from 14-16 April 2025 in Marrakech, Morocco. The Lagos Tech Fest is set to hold its fifth edition from February 19–20, 2025 at the Landmark Event Center, VI, Lagos. These events provide opportunities for startups, innovators, investors, and government representatives to shape the tech future of Africa.

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