Bonġu,
Victoria from Techpoint here,
Here’s what I’ve got for you today:
- Mastercard accuses 54 Collective of $4.6M funds diversion
- Ex-Paystack exec redesigns fitness wearables
- BasiGo rolls out EV 6 beyond Nairobi
Mastercard accuses 54 Collective of $4.6M funds diversion
Looks like 54 Collective, formerly Africa Founders Ventures (AFV), is in serious hot water after a South African court signed off on its provisional liquidation, per Condia. The company’s bank accounts at Nedbank, Standard Bank, and Investec were frozen following allegations from the Mastercard Foundation that grant money was mishandled, with charitable funds flowing into private pockets.
The trouble began when AFV got a $106.5 million grant from Mastercard Foundation, of which over $42 million was disbursed in 2023–2024. The Foundation later discovered that AFV was allegedly funneling funds into its for‑profit arm, Founders Factory Africa (FFA), and a VC brand called Utopia, both run by overlapping leadership.
A red flag went up after AFV spent nearly $700,000 to rebrand itself to 54 Collective without approval. When Mastercard Foundation launched an audit with Deloitte in December 2024, they uncovered sketchy financial moves, namely a $4.6 million transfer from AFV to FFA and thousands of journal entries made just before the review, muddying grant records.
Things got even messier: AFV couldn’t produce audited financials for 2023 and 2024. PwC said the company lacked proper reporting standards and financial expertise. After beating around the bush over repayment obligations, including the rebranding cost, the Foundation terminated the grant in January 2025 and demanded refunds.
AFV then tried a sneaky business-rescue route in March, requesting nearly $3.1 million to keep things afloat. The court wasn’t having it, calling the rescue a “sham” move to drain the remaining coffers, and criticised the rescue practitioner for not looping in Mastercard. The practitioner now has to personally foot legal costs.
The provisional liquidation process will officially play out at a hearing on August 11, where the court will decide whether 54 Collective should be permanently shut down. Until then, an independent party will run the books and manage the fallout, including attempts to claw back misdirected funds.
Ex-Paystack exec redesigns fitness wearables
You know those chunky fitness trackers that feel like they weigh more than a small brick? Well, forget them. Tru is here to change the game. Former Paystack Product Lead Temilola Giwa just smashed her Kickstarter goal, raising over $130,000 — well past the initial $7,000 target — for her sleek new ankle-based step tracker.
Temilola’s frustration with inaccurate wrist trackers (they didn’t register her steps on her treadmill desk) led her to design something smarter: tiny, stylish, and 50% more accurate than your average wearable. Think of Tru as a chic piece of tech jewelry that fits your vibe, not clashing with your style.
The tracker itself is just 10 mm, about the size of a fingernail, and can be worn as an anklet, bracelet, necklace pendant, or charm. It’s also waterproof and hypoallergenic and delivers up to a month of battery life on a single charge. Pair it with the Tru app or your phone’s default health system and get real-time step tracking, micro-goal reminders, and fitness nudges throughout your day.
The idea took shape when Temilola and her sister — and now co-founder — Tomilola Famuboni, realised wrist-based trackers don’t pick up actual foot movement. Tomilola, a busy mom in London pushing a stroller, confirmed the issue firsthand. With engineering and tech smarts combined, they kicked off development in March 2024 and launched about a year later.
While Tru works in versatile ways, its accuracy is highest when worn on the ankle, capturing real foot-swing data rather than wrist movement. By making something functional and fashionable, the sisters are pushing back against an industry that often overlooks design and user experience for women.
So, if you’re over bulky gadgets that clash with your outfit, or just want a smarter way to track steps, Tru might be your new go-to. Want to know all the deets about this startup? Find out in Delight’s story.
BasiGo rolls out EV 6 beyond Nairobi
Kenya’s electric mobility scene just got a serious boost. BasiGo, the Nairobi-based startup known for its electric buses, is now piloting electric matatus — yes, the legendary public vans — on inter-city routes. It’s the first time the country is seeing EVs go beyond city streets and into regional transit.
BasiGo’s teamed up with 4NTE SACCO and Manchester Travellers to make this happen. Routes like Nyahururu–Nyeri, Nyahururu–Nakuru, and the busy Thika–Nairobi stretch are getting electrified. Each van can cover up to 300km on one charge and needs just 1.5 hours to juice back up, making it perfect for longer journeys.
To keep the wheels turning, BasiGo has set up charging points in Nyahururu and Thika. They’re also rolling out their “Pay-As-You-Drive” model, which helps matatu owners avoid the huge upfront cost of going electric. Smart move.
Moses Nderitu, BasiGo’s Kenya MD, called it a moment of pride, “electrifying an iconic part of Kenyan history.” The company wants to show that EVs are not just a city thing; they’re practical for regional travel too.
What’s more, BasiGo plans to start assembling the vans locally, which means new jobs and skill development for Kenyans. And it’s not stopping here. They’re eyeing 1,000 electric vans across the country shortly.
This isn’t just about tech; it’s about cleaner air, cheaper transport, and a greener future. And if this pilot goes well, Kenya’s famous matatus could be leading Africa’s electric revolution.
In case you missed it
- Itana launches local GPU clusters and data storage infrastructures for AI training in Africa
- Nominal vs Real growth: Why Nigeria’s 31.6% ICT growth is not impressive
What I’m watching
- Top 20 Arguments for God —Ranked by 100 AIs
- Karen Eber: How your brain responds to stories — and why they’re crucial for leaders | TED
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Have a wonderful Wednesday!
Victoria Fakiya for Techpoint Africa.
