A new report by TechCabal Insights, in partnership with Innovation Village, sheds light on the rapid growth of Uganda's digital economy. The Uganda Digital Economy Trends Report reveals a thriving tech ecosystem, with startups on the rise and significant opportunities emerging in fintech and mobile payments.

The report highlights key players, funding trends, and regulations shaping the country's digital future. It also underscores the impact of government initiatives on the sector's growth. With the fintech and mobile payments sectors experiencing significant growth, the report suggests that Uganda is poised to become a hub for digital innovation in Africa.

In other news, a power outage at MainOne, a major internet provider, took several Nigerian banks offline, affecting millions of customers. The incident highlights the importance of reliable infrastructure for the banking sector.

Meanwhile, investor-led acquisitions are on the rise in Nigeria, with OmniRetail's acquisition of Traction Apps signaling a growing trend. The deal is seen as a win-win for all parties involved, with OmniRetail bolstering its fintech arm and Traction Apps investors exiting with equity in a startup with a brighter future.

In South Africa, Pick n Pay is set to exit the Nigerian market, citing inflation and currency devaluation as major challenges. The retailer will refocus its business outside of South Africa, raising funds through secondary share sales of its subsidiary FMCG business, Boxer Retail.

The report and these developments underscore the dynamic nature of the tech and startup ecosystem in Africa, with opportunities and challenges emerging in various sectors and markets.