Gregory Rockson, founder and chief executive of Ghanaian health technology firm mPharma, is stepping down after 11 years, the founder has revealed. He will transition to the role of Chairman of the board, while Chief Operating Officer Kwesi Arhin will be promoted to CEO, effective Sept. 1, 2025.

The leadership change at one of Africa’s most prominent healthtech startups follows a period of significant restructuring, including a major round of layoffs and a strategic shift toward operational efficiency and new markets.

Arhin, who joined mPharma in 2021 and most recently served as COO, will take the helm. His background in finance and global consulting is seen as aligning with the company’s renewed focus on a disciplined growth model.

The move is a common transition for venture-backed startups, where founders move to a strategic board role as the company matures.

The CEO change caps a volatile period for the company. In September 2023, mPharma laid off approximately 150 employees, which Rockson at the time linked to macroeconomic challenges and a severe devaluation of Nigeria’s currency.

Months later, in January 2024, the company secured USD 13.6 M in new funding from investors, including the Sanofi Global Health Unit Impact Fund.

That capital has supported a strategic pivot, including a recent push into Francophone Africa, where the company reported an annualised revenue run rate of USD 1.5 M within seven months.

Founded in 2014, mPharma manages a network of pharmacies and clinics to improve access to affordable medicine. It has raised over USD 65 M to date and operates in several African countries, including Ghana, Nigeria, and Kenya.

The post Long-Standing Ghana’s mPharma Founder Steps Down, COO To Take Over appeared first on WeeTracker.

Egypt’s Elmenus, an online food discovery platform, has appointed Walid El-Saadany as its new chief executive officer, replacing founder Amir Allam after more than a decade leading the company.

The announcement marks a leadership handover at a time when the food-tech platform is planning to expand across more cities and invest in new digital infrastructure.

El-Saadany, who will also join the board of directors, is expected to guide the company through a new phase focused on scaling operations, integrating artificial intelligence, and building closer relationships with restaurant partners.

He takes over from Amir Allam, who founded Elmenus in 2011 with USD 5 K and a small team, and built it into one of the country’s best-known platforms for food discovery and delivery. Allam will remain on the board and stay involved in the company’s strategic direction.

Allam, reflecting on the transition, said he felt the timing was right to step back from day-to-day leadership. “What began with a laptop and two people has become a household brand that has impacted millions of users, created jobs for tens of thousands,” he said. “It is now the right time to pass the baton as the company enters a new phase.”

The company says Elmenus now reaches over 8.5 million users annually and works with more than 12,000 restaurants across four cities, with 1,000 of those currently offering online ordering. It has raised USD 30 M in funding from regional and global investors, including Careem and Global Ventures.

El-Saadany enters the role with nearly two decades of experience in tech, logistics, and venture-backed startups. He previously led Otlob through two key acquisitions, first by Foodpanda and later by Delivery Hero, which eventually rebranded the platform as Talabat. His background is seen as a key asset as Elmenus looks to strengthen its operational structure and broaden its market reach.

At Elmenus, he is expected to focus on expanding the platform’s presence beyond Cairo, Alexandria, and Giza into underserved cities and towns, where Elmenus plans to onboard more than 4,000 new restaurants in the coming period.

As part of the strategy, Elmenus plans to roll out AI-driven features aimed at improving restaurant discovery, delivery times, and offering more personalised recommendations to users. These changes are aimed at increasing efficiency while helping restaurant partners manage operations, pricing, and customer engagement more effectively.

Part of the company’s roadmap also includes investment in local talent development and workforce training, with initiatives that include upskilling riders and developers, as well as supporting small restaurant operators and women-led kitchens.

The leadership shift comes as Egypt’s food delivery and digital payments markets continue to grow, driven by rising smartphone adoption, fintech expansion, and increased demand for convenience and local service. Elmenus is positioning itself to benefit from those trends by enhancing both its consumer experience and its back-end tools for restaurants.

El-Saadany is expected to focus on execution and scale, with an eye toward long-term stability in a competitive and fast-moving market.

The post Egypt’s Elmenus Appoints Walid El-Saadany As CEO, Founder Amir Allam Steps Aside appeared first on WeeTracker.

Nigeria’s bubbly fintech sector is under fresh scrutiny after the country’s anti-corruption agency uncovered a sprawling identity fraud scheme involving thousands of young Nigerians selling biometric data to digital finance platforms.

According to the Economic and Financial Crimes Commission (EFCC), over 12,000 individuals are allegedly harvesting and reselling critical identity information—including Bank Verification Numbers (BVNs) and National Identification Numbers (NINs)—to fintech companies for as little as NGN 5 K (~USD 3.33) per identity.

The illicit trade, described by the EFCC as a “threat to national security,” exposes a troubling weakness in the Know Your Customer (KYC) processes meant to secure Nigeria’s digital financial systems.

In some cases, scammers reportedly pay victims between NGN 1.5 K and NGN 2 K to surrender personal data, including ID photos, address details, and national ID slips. These details are then used to open accounts linked to fraudulent investment schemes, or to launder money via cryptocurrency and microfinance channels.

The alleged fraudsters, often referred to as “Account Suppliers” or “KYC Groups,” have created a black market for verified identities, exploiting the very infrastructure designed to enhance trust and access in the country’s digital economy.

While the EFCC did not publicly name the fintech companies implicated in the ongoing investigation, it confirmed that arrests have been made and that recovery efforts are underway.

The fallout has also reached Nigeria’s National Identity Management Commission (NIMC), which has moved to distance itself from the scandal. In a statement, NIMC’s spokesperson Kayode Adegoke denied institutional responsibility, stressing that the commission had repeatedly warned citizens against disclosing their NINs to unauthorised parties.

“The NIMC will not be held responsible for any personal information shared by an individual directly or by proxy for the purpose of financial gain,” the statement read. The agency encouraged the public to use its NINAuth mobile app to better control and protect their identity data.

Beyond the data-selling racket, the EFCC also flagged a parallel scheme involving malware and phishing. In one instance, victims were lured by a fake airline promo offering 50% off tickets in exchange for a NGN 500.00 “charity” donation. The scam prompted users to download a counterfeit app embedded with spyware capable of siphoning sensitive banking credentials.

Once accessed, victims’ funds were funneled into accounts, often opened with stolen identities, then converted to crypto to obscure the trail.

The revelations cast a shadow over Nigeria’s fintech boom, which has attracted billions in venture capital and positioned itself as a beacon of innovation and financial inclusion on the continent. The EFCC’s findings now raise urgent questions about compliance lapses and data protection standards in the sector.

The post Nigeria Probes Massive ID Fraud Black Market Invading Fintech Sector appeared first on WeeTracker.

Ghana is taking decisive steps to bring cryptocurrency under official oversight, with plans to license and regulate digital asset platforms in a move that could reshape the country’s financial landscape.

The Bank of Ghana is finalising a regulatory framework expected to reach parliament by September, according to Governor Johnson Asiama. This development comes as millions of Ghanaians have already embraced cryptocurrencies for daily transactions and cross-border trade, despite operating in a legal gray area until now.

The push for regulation reflects both the growing influence of digital currencies in Ghana’s economy and the challenges they pose to traditional financial systems.

With an estimated 3 million Ghanaians (about 17% of the adult population) using virtual currencies, authorities are keen to bring these transactions into the formal financial sector. Recent data shows Ghana recorded USD 3 B in cryptocurrency transactions between July 2023 and June 2024, per Web3 Africa Group, though this pales in comparison to neighboring Nigeria’s USD 59 B volume during the same period.

Governor Asiama acknowledged the urgency of regulation, stating “We are actually late in the game.” Many economic activities involving cryptocurrency payments currently escape official records due to the lack of oversight, creating blind spots for monetary policymakers.

This gap has become particularly problematic given the Ghanaian cedi’s dramatic fluctuations – the currency gained 48% over the past year following a 25% drop in the previous 12 months. Such volatility complicates inflation management in a country heavily dependent on imports.

The proposed framework aims to strike a balance between harnessing cryptocurrency’s potential benefits and mitigating its risks. Officials hope regulation will help stabilise the local currency, attract strategic investment, and improve financial transparency while protecting consumers from fraud. Kwame Oppong, head of fintech and innovation at the central bank, emphasised the need for safeguards, noting “Our goal for this whole process is to put safe guards and rails around it.”

With inflation at 13.7% and policy interest rates at 28%, the stakes for getting this balance right couldn’t be higher for Ghana’s economic future. As Ghana joins a growing list of African nations establishing cryptocurrency regulations, the coming months will reveal how effectively the new framework can reconcile innovation with financial stability in one of West Africa’s most dynamic economies.

The post Ghana Moves To Regulate Cryptocurrency As Millions Embrace Digital Assets appeared first on WeeTracker.