SORA Technology raises $4.8m to expand across Africa

The International Telecommunications Union ranked the East African country first in its most recent ICT Regulatory Tracker.

The partnership aims to leverage TerraPay's global payment network and facilitate remittance flows into Mali.

Since expanding into Africa in 2020, Artefact has established presence in various African countries, including Senegal, Egypt, and Madagascar.

The investment will be used to expand 4G coverage in Madagascar and Tanzania, as well as to support the rollout of 5G sites.

The digital payment gateway company has recently agreed to buy West African payment platform PayDunya, opening fresh opportunities in Francophone Africa.

Initially, deployment will encompass Jordan, Côte d'Ivoire, Senegal, and the Democratic Republic of the Congo, with the goal of gradually spreading to all countries in the region.

According to the company, her knowledge of technology and fintech makes her a valuable strategic asset in increasing its visibility.

The first phase of the project is scheduled to be operational in 2026.

The regulator raised the alarm after discovering mobile operators were allegedly flagrantly violating laws requiring them to register all SIM cards.

According to a senior Visa executive, digital identities are one way to minimise regulatory red tape for fintech start-up innovation.

The collaboration aims to transform the payment landscape in Senegal, Côte d'Ivoire, and Benin.