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LemFi halts operations in Ghana amid regulatory concerns. 3 other stories and a trivia

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

1. LemFi halts operations in Ghana amid regulatory concerns

International money transfer service, LemFi, has suspended its operations in Ghana, responding to the recent actions taken by the country’s Central Bank.

The development comes on the heels of recent suspension placed by Bank of Ghana on multiple international money transfer companies, alleging that these entities lacked the required licenses to operate as electronic money issuers or payment service providers in Ghana.

According to a statement posted on LemFi’s official page, the company is suspending all services in Ghana, and consequently sending money to banks and mobile money in Ghana will no longer be possible.

Founded in 2020 by Ridwan Olalere and Rian Cochran, LemFi aimed to break down barriers and empower the next generation of immigrants.

It would be recalled that he remittance startup secured $33 million in its Series A funding round in August 2023, with Left Lane Capital leading the investment.

2. EchoVC launches $2.5m Eco Pilot Fund I to empower African startups

EchoVC, a technology-focused venture capital firm led by Black entrepreneurs and with a global presence in Lagos, Nairobi, New York, and London, has announced closing its EchoVC Pilot Fund I.

This initiative, according to media sources, aims to foster innovation and bridge the funding gap for underrepresented founders in Africa.

The $2.5 million ‘pilot’ fund, established in collaboration with Shell Foundation and co-funded through UK Aid from the UK Government, is dedicated to propelling groundbreaking ideas in climate, energy, agriculture, and mobility.

Eghosa Omoigui, Managing Partner at EchoVC, while speaking on the development, emphasized the importance of supporting mission-driven founders with high-risk capital for Africa’s entrepreneurship, job creation, and household uplift.

The EchoVC Eco Pilot Fund I, as a first-step initiative, aims to provide initial institutional support to founders, helping them secure financing for their mission.

The fund intends to make up to ten pre-seed investments in African founders and startups, focusing on critical areas such as energy provision for agriculture, digital technologies to facilitate finance for farmers, low-cost solutions for market information and farming practice training, and the creation of value chains for smallholder farmers.

Trivia: A webpage’s text formatting is defined by what kind of file?

See Answer below

3. 216 Capital invests in Winshot to boost innovation

A French-Tunisian startup, Winshot, headquartered in Marseille, has secured a substantial six-figure investment from 216 Capital.

The infusion of funds aims to amplify operational efficiency and elevate the in-store customer experience for brands, retail chains, and franchise leaders, capitalizing on Winshot’s technological prowess.

Winshot’s impact spans Europe, Africa, and the Middle East, where it has redefined operational strategies for businesses.

The startup’s approach addresses the intricacies of distribution networks through two key elements: empowering internal frontline teams for stronger connections and real-time monitoring using performance indicators to ensure adherence to brand standards.

Having recently concluded a noteworthy funding round, with 216 Capital at the forefront, Winshot earmarks these financial resources for establishing top-tier marketing and sales teams, solidifying a robust market presence in France and Tunisia.

The startup is actively engaged with French Tech Marseille, and is positioned to seize opportunities across ecosystems on both sides of the Mediterranean.

4. Amazon unveils AI Chatbot, Q, to redefine workplace technology

Amazon has introduced Q, a robust chatbot, at the Amazon Web Services’ Reinvent conference, signaling a strategic foray into the competitive productivity software market dominated by Microsoft and Google.

Q, which is currently available in preview, offers complimentary features, with post-preview plans to implement tiered pricing.

The business-focused tier is set at $20 per person per month, while an advanced version tailored for developers and IT professionals will be available at $25 per person per month.

This places Q in direct competition with existing solutions like Copilot and Duet AI, priced at $30 per person per month.

Q aids users in navigating Amazon Web Services (AWS) capabilities and troubleshooting.

A notable feature of Q is its citation capability, supporting chat responses with document references.

Q’s extensive connectivity spans over 40 enterprise systems, facilitating discussions on information stored in platforms such as Microsoft 365, Dropbox, Salesforce, Zendesk, and AWS’ S3 data-storage service.

Trivia Answer: CSS

Webpages are the files that make up the World Wide Web. An individual webpage is a text document written in HTML (hypertext markup language). When a web browser displays a webpage, it translates the markup language into readable content. Webpages are hosted on a web server, and the collection of webpages hosted on the same domain name make up a website.

An individual webpage consists of several different elements. In addition to the HTML file itself, most webpages include a cascading style sheet (CSS) that controls how text, tables, and other elements are formatted.

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