World News
Zanifu raises $11.2M to scale its inventory financing offering in Kenya on August 21, 2023 at 9:47 am
Zanifu, a Kenyan fintech providing inventory financing to micro, small and medium-sized businesses, has raised $11.2 million debt-equity funding in a pre-Series A round led by Beyond Capital Ventures and Variant Investments. Founders Factory Africa, AAIC Investment, Google Black Founders Fund, and existing investor Launch Africa also participated in the round. This brings total debt-equity funding raised by the startup to $12.7 million.
The fintech provides inventory credit to retailers, and the new funding will enable it to expand the solution to distributors too, the the startup’s co-founder and CEO Steve Biko told TechCrunch.
Zanifu targets businesses that find it hard to access credit from formal financial institutions for lack of structure, accounting books and assets that can be used as collateral, Biko said. Yet, these businesses require credit the to sustain their operations and/or to expand their businesses. Zanifu extends credit to the businesses based on data it collects from them, and their suppliers. The fintech de-risks the line of credit by directly paying their suppliers.
“In our first product, we only lent retailers to help them expand their business, but we found out that distributors have a similar problem,” said Biko.
Stock financing varies based on the size of the business, but distributors can access up to $10,000, while retailers get goods whose worth ranges from $200-$500. The startup says it has so far given credit to 13,000 micro-businesses, and has already served 500 distributors following the expansion of its customer base.
A 5% – 6% interest is charged monthly, and, so far, a 99.2% repayment rate has been reported owing to various factors including Zanifu’s underwriting algorithm which, Biko says, has gotten better over time.
Its customers use an android application to know their credit limit, and make orders. The fintech has integrated multiple payment channels into the app to facilitate swift repayments. It also enables retailers to pay for stock bought from other distributors not included in its database.
“We found out that most of these retailers, especially in this market, have multiple distributors. And we increased their limits and allowed them to pay any of their distributors,” he said, adding that Zanifu is building a platform for distributors to update their stock keeping units.
Following the new funding, the startup plans to scale its operations in Kenya, shelving its previous plan to expand to Ghana, and Uganda – some of the markets where small businesses also find it hard to raise capital for their operations, and growth. Around Africa, small enterprises are economic drivers with studies showing that they make up nearly 90% of businesses in the continent, and contribute significantly to job creation. It is estimated that Kenya has a $19 billion financing gap for MSMEs.
Other companies serving the credit needs of these enterprises in Kenya include Pezesha, and Standard-Chartered Ventures-backed Solv.
“We have decided to go deep in Kenya. We are focusing on serving more micro-SMEs and also getting more distributors into our fold, and ensuring the capital we are dispersing is actually generating returns for these businesses and helping them grow. So that’s really how we’re looking at it for now. We will go to other markets once we get to profitability,” said Biko, who co-founded Zanifu with Sebastian Mithika.
The fintech, which is licensed by the Central Bank of Kenya, plans to offer other financial services like insurance, and build tools, to for instance, help businesses to manage inventory, and do bookkeeping.
Zanifu, a Kenyan fintech providing inventory financing to micro, small and medium-sized businesses, has raised $11.2 million debt-equity funding in a pre-Series A round led by Beyond Capital Ventures and Variant Investments. Founders Factory Africa, AAIC Investment, Google Black Founders Fund, and existing investor Launch Africa also participated in the round. This brings total debt-equity
News
US May Completely Cut Income Tax Due to Tariff Revenue

President Donald Trump says the United States might one day get rid of federal income tax because of money the government collects from tariffs on imported goods. Tariffs are extra taxes the U.S. puts on products that come from other countries.

What Trump Is Saying
Trump has said that tariff money could become so large that it might allow the government to cut income taxes “almost completely.” He has also talked about possibly phasing out income tax over the next few years if tariff money keeps going up.
How Taxes Work Now
Right now, the federal government gets much more money from income taxes than from tariffs. Income taxes bring in trillions of dollars each year, while tariffs bring in only a small part of that total. Because of this gap, experts say tariffs would need to grow by many times to replace income tax money.
Questions From Experts
Many economists and tax experts doubt that tariffs alone could pay for the whole federal budget. They warn that very high tariffs could make many imported goods more expensive for shoppers in the United States. This could hit lower- and middle‑income families hardest, because they spend a big share of their money on everyday items.
What Congress Must Do
The president can change some tariffs, but only Congress can change or end the federal income tax. That means any real plan to remove income tax would need new laws passed by both the House of Representatives and the Senate. So far, there is no detailed law or full budget plan on this idea.

What It Means Right Now
For now, Trump’s comments are a proposal, not a change in the law. People and businesses still have to pay federal income tax under the current rules. The debate over using tariffs instead of income taxes is likely to continue among lawmakers, experts, and voters.
News
Epstein Files to Be Declassified After Trump Order

Former President Donald Trump has signed an executive order directing federal agencies to declassify all government files related to Jeffrey Epstein, the disgraced financier whose death in 2019 continues to fuel controversy and speculation.
The order, signed Wednesday at Trump’s Mar-a-Lago estate, instructs the FBI, Department of Justice, and intelligence agencies to release documents detailing Epstein’s network, finances, and alleged connections to high-profile figures. Trump described the move as “a step toward transparency and public trust,” promising that no names would be shielded from scrutiny.
“This information belongs to the American people,” Trump said in a televised statement. “For too long, powerful interests have tried to bury the truth. That ends now.”
U.S. intelligence officials confirmed that preparations for the release are already underway. According to sources familiar with the process, the first batch of documents is expected to be made public within the next 30 days, with additional releases scheduled over several months.
Reactions poured in across the political spectrum. Supporters praised the decision as a bold act of accountability, while critics alleged it was politically motivated, timed to draw attention during a volatile election season. Civil rights advocates, meanwhile, emphasized caution, warning that some records could expose private victims or ongoing legal matters.
The Epstein case, which implicated figures in politics, business, and entertainment, remains one of the most talked-about scandals of the past decade. Epstein’s connections to influential individuals—including politicians, royals, and executives—have long sparked speculation about the extent of his operations and who may have been involved.

Former federal prosecutor Lauren Fields said the release could mark a turning point in public discourse surrounding government transparency. “Regardless of political stance, this declassification has the potential to reshape how Americans view power and accountability,” Fields noted.
Officials say redactions may still occur to protect sensitive intelligence or personal information, but the intent is a near-complete disclosure. For years, critics of the government’s handling of Epstein’s case have accused agencies of concealing evidence or shielding elites from exposure. Trump’s order promises to change that narrative.
As anticipation builds, journalists, legal analysts, and online commentators are preparing for what could be one of the most consequential information releases in recent history.
Politics
Netanyahu’s UN Speech Triggers Diplomatic Walkouts and Mass Protests

What Happened at the United Nations
On Friday, Israeli Prime Minister Benjamin Netanyahu addressed the United Nations General Assembly in New York City, defending Israel’s ongoing military operations in Gaza. As he spoke, more than 100 delegates from over 50 countries stood up and left the chamber—a rare and significant diplomatic walkout. Outside the UN, thousands of protesters gathered to voice opposition to Netanyahu’s policies and call for accountability, including some who labeled him a war criminal. The protest included activists from Palestinian and Jewish groups, along with international allies.

Why Did Delegates and Protesters Walk Out?
The walkouts and protests were a response to Israel’s continued offensive in Gaza, which has resulted in widespread destruction and a significant humanitarian crisis. Many countries and individuals have accused Israel of excessive use of force, and some international prosecutors have suggested Netanyahu should face investigation by the International Criminal Court for war crimes, including claims that starvation was used as a weapon against civilians. At the same time, a record number of nations—over 150—recently recognized the State of Palestine, leaving the United States as the only permanent UN Security Council member not to join them.
International Reaction and Significance
The diplomatic walkouts and street protests demonstrate increasing global concern over the situation in Gaza and growing support for Palestinian statehood. Several world leaders, including Colombia’s President Gustavo Petro, showed visible solidarity with protesters. Petro called for international intervention and, controversially, for US troops not to follow orders he viewed as supporting ongoing conflict. The US later revoked Petro’s visa over his role in the protests, which he argued was evidence of a declining respect for international law.

Why Is This News Important?
The Gaza conflict is one of the world’s most contentious and closely-watched issues. It has drawn strong feelings and differing opinions from governments, activists, and ordinary people worldwide. The United Nations, as an international organization focused on peace and human rights, is a key arena for these debates. The events surrounding Netanyahu’s speech show that many nations and voices are urging new action—from recognition of Palestinian rights to calls for sanctions against Israel—while discussion and disagreement over the best path forward continue.
This episode at the UN highlights how international diplomacy, public protests, and official policy are all intersecting in real time as the search for solutions to the Israeli-Palestinian conflict remains urgent and unresolved.
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