Revolut, a global fintech giant with £250 billion in total payments volume, is reportedly planning to expand into South Africa, its first entry into Africa and sixth continent. According to a report by local publication TechCentral, Revolut is still "evaluating" the South Africa expansion and is "quite early in the process." However, the move appears to be part of Revolut's aggressive market expansion efforts, following plans to secure a Colombian banking licence and enter Singapore, its first move into Southeast Asia.

The potential entry of Revolut into South Africa's fintech market could put pressure on existing players, including unicorn TymeBank, Stitch, Yoco, Ozow, Aza Finance, and crypto asset service providers like VALR and Luno. Revolut offers a wide range of products, including multi-currency savings accounts, remittances, FX, cryptocurrency trading, web-based payment processing, and stock and commodity trading services, many of which overlap with those offered by South African fintechs.

However, South Africa is a complex market with strict financial regulations. Revolut may choose to launch with a stripped-down version of its app to secure a regulatory foothold, as it did in countries like Mexico before applying for a banking licence. The fintech could focus on basic services like digital wallets and remittances before gradually expanding to other products like crypto trading and stock investments. It could also offer its services as a SaaS tech company without establishing a local subsidiary, helping it navigate regulatory hurdles.

In other news, Starlink, a satellite internet provider, has rapidly ascended to become Nigeria's second-largest internet service provider (ISP), surpassing FiberOne Broadband Limited by the end of 2024. According to the Nigerian Communications Commission (NCC), Starlink's subscriber base more than doubled within a year, reaching 65,564 users. Despite its premium pricing, the company's high-speed connectivity, offering speeds of up to 250 Mbps, continues to attract customers frustrated with the inconsistent performance of local ISPs and mobile network operators.

Starlink initially planned to double its monthly subscription fees from ₦38,000 to ₦75,000 for existing users by January 27, 2025. However, as demand surged, the company postponed the tariff increase. This isn't the first time Starlink has faced pricing challenges in Nigeria; a previous attempt to raise tariffs in 2024 was blocked by the NCC, though it later approved adjustments for telecom operators in February 2024.

In Egypt, the country's inflation rate tempered in February, easing pressure on consumers and businesses after two years of rising prices. The data shows that urban consumer prices rose 12.8% last month, down from 24% in January—the lowest level since March 2022, when the country's financial crisis took hold. This sharp decline comes as the impact of last year's foreign currency crunch fades, offering relief to Egyptians struggling with the high cost of living.

Meanwhile, Capria VC has announced plans to back two additional African startups with $2–6 million each, following successes like Mono, Autochek, Carry1st, and BFree. The firm's Africa partner, Mobola da Silva, discussed the firm's strategy and outlook for the continent in an interview with TechCabal's venture capital reporter Muktar Oladunmade.

In other tech news, Lagos Innovates (LSETF) is offering workspace vouchers to startups in Lagos to ease rising operational costs, while Lisk and CV Labs are inviting African Web3 startups to apply for Batch 2 of the Lisk Blockchain Incubation Hub. The six-month program offers up to $20,000 in grants per project, mentorship, and access to additional funding of up to $100,000.

Stay tuned for more updates on the African tech scene, including news on fintech, startups, and more.