Nigerian fintech firm Zone adopts ThetaRay AI Solution to screen payments
Headquartered in Lagos, Zone serves large commercial banks, payment fintechs, digital banks, and OFIs with real-time, low-cost settlement of both fiat and digital currencies for domestic and cross-border payments.
Africa Mobile Networks conclut un accord financier de US$20M pour améliorer la communications dans les zones rurales d'Afrique
Africa Mobile Networks Limited annonce qu'elle a atteint la clôture financière de son prêt garanti de premier rang d'un montant de 20 millions de dollars.
Afreximbank’s insurance subsidiary, AFREXInsure, secures its first transaction
AfrexInsure has completed its first insurance policy, facilitating the issuance of all-risk construction insurance cover to Oman Shapoorji Company in relation to the construction of the Afreximbank Africa Trade Center in Harare, Zimbabwe.
Payday secures $3M seed to power the future of work for Africa
Payday, a neobank issuing global (USD, EUR and GBP) accounts to Africans has raised $3M seed round to drive its expansion into Europe, North America and the rest of Africa.
Bank Of Zambia approved the merger between Atlas Mara with Access Bank
Access Bank Zambia Limited to announce that it has obtained all regulatory approvals for the acquisition and merger of Atlas Mara Zambia.
Huawei lance une initiative bancaire non-stop
Huawei a annoncé son initiative "Non Stop Banking". Dévoilée lors du Huawei Intelligent Finance Summit for Africa 2023, l'initiative appelle à une collaboration main dans la main entre les secteurs des TIC et de la banque.
M. Mouhamed Ba au poste de Directeur des Programmes Institutionnels de la BAD
La Banque africaine de développement nomme M. Mouhamed Ba au poste de directeur des programmes institutionnels à la vice-présidence chargée de la Technologie et des Services institutionnels.
Fintech firm NALA receives PSP license from Bank of Tanzania
NALA, the fintech firm payments company born in Tanzania has been granted a Payment Service Provider License to operate in the country.
Applications for the Inaugural AWS FinTech Africa Accelerator Now Open
Amazon Web Services’ Startup Loft Accelerator has announced the inaugural launch of its AWS FinTech Africa Accelerator. The program is open to pre-seed and seed-stage fintech founders operating in Africa.
[South Africa] Huawei rolls out Non-Stop Banking Initiative
Huawei today announced its ‘Non-Stop Banking’ initiative at the Intelligent Finance Summit for Africa 2023, to ramp up collaboration between the ICT and banking industries
[Column] Thabiso Foto: Fintech is a path to democratised financial services
intech has played a significant role in democratizing access to financial services across Africa in the past decade.
Mediterrania Capital Partners joins the “2X Challenge”
Mediterrania Capital Partners, a Private Equity firm focused on growth investments for SMEs and mid-cap companies in North Africa and Sub-Saharan countries to announce that it has been selected by DEG, FMO and Proparco as a “2X Challenge” investment firm.
Apis Partners sells all its shares in the South African, Efficient Group
Apis Growth Fund, a private equity fund managed by Apis Partners LLP, a UK-based asset manager that supports growth-stage financial services and financial infrastructure businesses, announces the planned sale of Efficient Group, a global financial services provider.
Bank One raises USD60 million on behalf of Letshego Group.
Bank One to announce that it has been selected by Letshego Group, one of the leading microfinance institutions in Africa, as its bank of choice for a syndication of USD 60 million.
[Kenya] M-PESA Africa opens a $2 Million Operations Centre in Nairobi
M-Pesa Africa on Wednesday launched a Shared Service Operations Centre (SSOC) in Nairobi to oversee service operations and technical support.
Santam acquires MTN South Africa device insurance book
Santam, South Africa’s leading short-term insurer, has entered into an alliance with MTN South Africa, that will see the company purchase the mobile telecommunication firm’s device insurance book.
[Interview] Jean Kokouvi Etse, Directeur Général, SGI-TOGO
Jean Kokouvi Etse DG de SGI TOGO co-chef de file du Syndicat de Placement. La SGI-TOGO fait partie d’un Consortium de trois SGI retenues pour l’opération de BOAD TITRISATION.
Credable raised $2.5 Million to expand digital banking platform for customers in Uganda and Kenya
$2.5 Million fund will help the company expand its services, which include a number of banking products for customers in Uganda, Kenya and Credable’s home country of Tanzania.
PAYM8 launch a new SoftPOS solution in partnership with WIZZIT
The solution offers an innovative alternative to traditional point-of-sale devices and will give PAYM8 customers a safe, easy way to pay that can be used anywhere.
[Interview] Mme Adji Sokhna Mbaye, DG de BOAD TITRISATION
Interview de Mme Adji Sokhna Mbaye, DG de BOAD TITRISATION arrangeur de l’opération et M. ETSE, DG de SGI TOGO co-chef de file du Syndicat de Placement.
Fin acquires Thuthukani and integrates it as Fin Home Loans in South Africa.
Fintech firm Fin has announced that it has completed the acquisition of South African housing finance provider Thuthukani Housing Finance (“Thuthukani”).
Operationalisation of the AfCFTA Adjustment Fund MoU signed in Rwanda
The AfCFTA Secretariat and African Export-Import Bank (Afreximbank) signed the Host Country Agreement for the AfCFTA Adjustment Fund with the Republic of Rwanda.
Yabx Technologies expands into Nigeria
Yabx Technologies is a financial technology company which through its partnerships with banks and telecom operators, underwrites and services target segments available over customer networks.
Finclusion Group consolidates all its brands and products, and is now known as Fin
Finclusion Group Limited (“Fin”) has successfully undergone a brand unification, consolidating all its separate brands and products across Africa into one brand, and is now simply known as Fin.
Yabx Technologies partners with SC Ventures to expand access to financial services in Africa
Yabx, a mass-market digital lending platform, has entered a partnership agreement with SC Ventures to expand access to financial services in Africa.
[Interview] Anne Catherine Tchokonté, DG d’Orange Money Cameroun
Anne Catherine Tchokonté, DG d’Orange Money Cameroun: "nos tarifs de retrait ont baissé de 25% en octobre dernier… "
[Nigeria] African fintech Chipper Cash reportedly searching for a buyer
Nigerian remittance company Chipper Cash is reportedly considering a sale, according to a report by Bloomberg.
Mauritius’ Sicom Group is now among TDB shareholder
With an investment of approximately USD 2 million inequity capital in the Eastern and Southern African Trade and Development Bank (TDB), SICOM Group’ subsidiary SICOM Global Fund Limited, joins the family of TDB shareholders.
Flutterwave secures two additional licenses in Rwanda
With these new licenses, in addition to being a Payment Service Provider, Flutterwave can offer money deposit and withdrawal, electronic funds transfer, as well as inbound and outbound remittance services to the 13.46 million people living and working in Rwanda.
Mastercard extends partnership with Banque Misr to enhance digital payments portfolio in Egypt
Building on their successful strategic collaboration, Banque Misr, signed a long-term cooperation agreement partnership with Mastercard to provide the bank with the latest digital payment technology to provide new products, services and innovative solutions to customers, from all segments, and to support digital solutions with advanced and competitive advantages.
Flat6Labs launches new US$95M Venture Capital Fund to expand its impact in Africa
Flat6Labs, MENA’s leading seed investor, has announced the launch of a new US$95 million Seed Fund to nurture the growth and development of early-stage tech startups on the African continent.
[Nigeria Business Week] Andrea Ayemoba: Investors bet on fintechs, startups
The past couple of weeks have seen a flurry of activities in several sectors of the Nigerian economy. Startups are receiving increasing financial backing from VCs for the growith of SMEs.
[ChatGPT Biography] Tayo Oviosu, founder of Paga
Artificial Intelligence is taking the world by storm. As an experiment, Africa Business Communities is publishing a series of 100 biographies of the most successful entrepreneurs in Africa. We only ask the questions and let ChatGPT write.
[ChatGPT Biography] Strive Masiyiwa: Founder of Econet Wireless
Artificial Intelligence is taking the world by storm. As an experiment, Africa Business Communities is publishing a series of 100 biographies of the most successful entrepreneurs in Africa. We only ask the questions and let ChatGPT write.
[Interview] Fedir Ted Martynov, CEO, CARMACHAIN, Nigeria
Ted Martynov leads CARMACHAIN, a fintech outfit operating in Nigeria that enables credit data for lenders in markets underserved by credit bureaus.
[Nigeria Business Week] Andrea Ayemoba: Digitization on all fronts, tech takes the lead
There is an obvious, increasing amount of technology awareness, and appeals for more extensive technology trainings in Nigeria.
[Nigeria Business Week] Andrea Ayemoba: Investments take priority over all
With global inflation spiraling out of control, every country is working harder than ever to welcome new enterprise and business. Nigeria made great progress in this in recent months.
[East Africa Business Week] Growing the region’s investment portfolio
In the last week, a series of investments across East Africa have been unveiled by corporates, banks, multinationals and development partners as the region continues to position itself as an investment hub in the continent.
[East Africa Business Week] Bob Koigi: Scaling startups’ investment in the region
As startups successfully raise funding, they are boosting their product and service portfolio while setting sight on the East African region for expansion. This
[East Africa Business Week] Bob Koigi: Region warms up to the hospitality industry’s expansion binge
Global respected hotel brands are expanding their footprint and have identified Africa as a key investment destination with the East African region catching their attention for its MICE, business and leisure growth potential.
[East Africa Business Week] Bob Koigi: Deepening diaspora remittances, driving regional investment
In a first of its kind move, The East African Community (EAC) has announced setting up a Diaspora desk that will focus on facilitating East Africans living in the diaspora to invest and trade in the region.
[East Africa Business Week] Bob Koigi: Partnerships bolster cross-border remittances and trade
This will also accelerate financial inclusion and remove the barriers around cross-border money transfers.
[East Africa Business Week] Bob Koigi: Region’s startups are on an expansion binge
East African startups have been on an expansion drive, raising funding as they seek to tap into emerging opportunities in the region and across Africa while growing their portfolio.
[East Africa Business Week] Bob Koigi: Region bets on bioeconomy to bolster growth
Among the key interventions proposed in the strategy is the creation of new forms of sustainable bioenergy, and the conversion of waste materials to useful products.
[Nigeria Business Week] Andrea Ayemoba: Telcos break new ground, digital loans gain momentum
Instant loans, sometimes called digital loans, are gaining speed in the country and the telecom sector took some giant steps forward this week.
[Nigeria Business Week] Andrea Ayemoba: Persistent shortages and inflation call for new measures
Africa has in the past decade positioned itself as a knowledge economy, with one of the most robust startup ecosystems in the world.
[East Africa Business Week] Bob Koigi: Investing in women-led businesses to deepen integration
East African member states, private sector players and development partners have stepped up their investment in women-led businesses and SMEs in a move likely to impact cross-border trade and boost integration in the region.
[Nigeria Business Week] Andrea Ayemoba: State to digitize tourism, FG takes on efficient mobility
Banking is one of the most thriving sectors in Nigeria. The reason for this success has been attributed to the efficiency with which this industry has leveraged technology to modernize its operations.
[East Africa Business Week] Bob Koigi: Financial institutions bank on tech to bolster offerings
East Africa financial institutions are betting on tech to boost their offerings, grow their customers’ portfolio and stay afloat in a competitive market.
[Nigeria Business Week] Andrea Ayemoba: Economic conditions returning to pre-pandemic levels
The startup movement has picked up pace in Nigeria over the last decade, with the government and responsible agencies ramping up efforts in motivating the burgeoning industry.
[East Africa Business Week] Bob Koigi: Heightened oil and gas activities inspire more investments
As the East African nations continue to make oil and gas discoveries, investors and multinationals are pitching tent in the region on an exploration binge with governments betting on the newfound resources to grow national and regional economies.
[Nigeria Business Week] Andrea Ayemoba: 5G becomes national security policy, industries seek sustainability in technology
The one thing the current global pandemic has unilaterally effected in all nations is a rearrangement of priorities, both for people and for governments. Survival elements – food and healthcare – have taken lead position.
COVID-19 brings Work-From-Home to Africa; What has been the impact on businesses so far?
The Covid-19 crisis has pierced through the fabric of every layer of society, leaving virtually no country unscathed. The consequences for businesses has been significant and African economies have had to make rapid changes to their way of doing business.
[Column] Marius Reitz: Three trends Africa’s crypto sector can expect in 2022
For the global cryptocurrency industry, 2021 is likely to be remembered as one of the many years bitcoin broke past its all-time price high and drove the sector even closer towards mainstream adoption.
[Nigeria Business Week] Andrea Ayemoba: The 'ember' months performance review
The end of year (fondly referred to as ‘ember months’) tends to bring about anxieties of different sorts among Nigerians.
[Interview] Victoria Epelle, Founder, Market Forward, Nigeria
Victoria Epelle founded Market Forward about a year ago and the company has executed projects both local and international and is making a name for itself in the field of Consulting and Project Management.
[Interview] Victoria Epelle, Fondatrice, Market Forward, Nigéria
Victoria Epelle a fondé Market Forward il y a environ un an et la société a exécuté des projets à la fois locaux et internationaux et se fait un nom dans le domaine du conseil et de la gestion de projet.
Ooredoo evolves fintech services in footprint markets, partners with Huawei at MWC 23
Ooredoo Group has signed a partnership agreement with Huawei to leverage their Mobile Fintech platform to provide Fintech services in markets across the company’s footprint.
La BOAD rejoint la Coalition Finance In Common (FICS) sur le genre
Institution de Financement de référence du Développement de la zone UEMOA, la Banque Ouest Africaine de Développement, BOAD, a rejoint la Coalition Finance en Commun, coprésidée par l’organisation UN Women et la Banque Africaine de Développement (BAD).
[Kenya] Power partners with Food for Education to deliver financial wellness tools to kitchen workers
Power Financial Wellness, a Kenyan fintech startup has partnered with FoodFor Education to provide the staff with personal finance skills
Analytics play a critical role in Africa’s banking and payments industry, says SAS
Using data and analytics for innovation and decision-making has proven to be critical in harnessing the opportunities unfolding in the African banking and payments sector.
[Kenya] DTB and Mastercard partner to offer payment solutions for fintechs
Diamond Trust Bank (DTB) and Mastercard today announced a strategic agreement that will enable the bank to provide payment cards to tech-enabled companies including fintechs in Kenya.
Rwanda launched Manufacture and Build to Recover Program extension to attract more private sector investments
Honourable Prime Minister, Edouard Ngirente officially launched the extension of the Manufacture and Build to Recover Program during the Invest Rwanda Forum in Kigali. The program will run until 2025.
[Uganda] PesaPal to accept Airtel Money payments
Nairobi-based fintech company PesaPal has partnered with Airtel Mobile Commerce Uganda Limited (AMCUL) and PesaPal Uganda to provide payment solutions through Airtel Money.
[Column] Imane Charioui: Addressing the gender gap in the technology sector
Today, innovations in the financial services sector are increasingly recognized for their acceleration of access to science, technology and innovation for all.
Mastercard partners with National Bank of Egypt to digitize Egyptian economy
Through this collaboration, Mastercard and NBE will offer best-in-class digital payment solutions that will help bring more unbanked and underbanked into the formal economy.
La première édition du Forum international des investissements de la diaspora au Cameroun
La première édition du Forum international des investissements de la diaspora au Cameroun (Fiidic) est annoncée du 25 au 29 avril 2023 à Yaoundé, la capitale du pays.
Ecobank partners with VISA to equip MSMEs with practical business skills
The training programme will equip business owners and entrepreneurs with the requisite skills on starting a business, how to better manage their enterprise and make informed business decisions
Jeremy Awori prend la tête du Groupe Ecobank en tant que nouveau Directeur Général
Jeremy Awori apporte avec lui plus de 25 ans d'expérience dans le secteur bancaire, dont près de dix ans en tant que directeur général de Absa Bank Kenya Plc.
Visa and Visa Foundation to close funding gap for female entrepreneurs in Sub-Saharan Africa
As part of its $200 Million Equitable Access Initiative, Visa Foundation commits $1 Million to two local organizations – AfriLabs and Graça Machel Trust – building on its efforts to support gender diverse and inclusive small and micro businesses
Truzo launches Africa-Focused Digital Escrow service in UK
Truzo’s UK digital escrow service enables African businesses to transact with trust, offering lower fees to help fight inflation
Nigerian fintech Flutterwave dismisses hacking claims
Flutterwave has dismissed reports that its systems were compromised by hackers leading to the loss of millions of customer funds.
Lipa Later Kenya and Mombasa County signed a partnership to digitize Small and Medium Sized Enterprises
Lipa Later Kenya and Mombasa County Government sign a partnership aimed at digitizing Small and Medium Sized Enterprises (SME’S), enabling access to a Country wide market and access to financial services for both SMES and consumers.
Smart Africa et Enabel s'associent pour stimuler l'esprit d'entreprise basé sur la technologie
Smart Africa et Enabel s'associent pour stimuler l'esprit d'entreprise axé sur la technologie grâce à un échange d'apprentissage par les pairs entre le Bénin et le Rwanda.
[Column] Andrew Springate: Modernising and regulating SA’s payments industry
In the second half of 2022, the South African Reserve Bank (SARB) announced it has its sights set on stricter regulations for the South African payments ecosystem “to ensure financial stability.
FMO signs USD 11 millions guarantee to NMB Bank, supporting Tanzanian MSME sector
FMO to announce a USD 11 million NASIRA risk sharing facility for NMB Bank Plc. in Tanzania to support Tanzanian MSME sector.
La 2ème édition des AfricaTech Awards, une initiative pour soutenir les entreprises axées sur l'Afrique
La Société financière internationale et Viva Technology ont annoncé la deuxième édition des AfricaTech Awards, une initiative visant à reconnaître et soutenir les entreprises axées sur l'Afrique.
YMO lève 3 millions d’euros en seed pour accélérer l’inclusion financière en Afrique de l’Ouest
YMO, start-up franco-guinéenne, vient de clôturer un nouveau tour de table mené par Breega et INCO Ventures pour accélérer le déploiement de ses services de paiement mobile en Afrique de l’Ouest et en Europe.
Le programme d'accélération de MultiChoice Africa vise à stimuler la prospérité des PME africaines.
MultiChoice a présélectionné 11 start-ups pour leur permettre d'obtenir un financement international et de faire passer leurs petites entreprises au niveau supérieur.
Josephine Anan-Ankomah as new Managing Director of Ecobank, Kenya
Josephine replaces Cheikh Travaly who retired in December 2022 after 21 years at the Bank.
Africa Specialty Risks partners with Invest Africa
ASR announced its partnership with Invest Africa in its upcoming Zambia Investor and Trade Mission, 20-23 March 2023.
Cellulant names Ibrahim Gbolahan Aminu as General Manager for Nigeria
Cellulant has announced the appointment of Ibrahim Gbolahan Aminu as General Manager for Cellulant in Nigeria.
Groupe Sonatel marque la croissance de 9% l'année passée dans 5 pays
Malgré une année 2022 un peu poussive, le Groupe Sonatel peut se targuer de bonnes performances. Selon les résultats dont nous avons reçu copie, le chiffre d’affaires consolidé sur les 5 pays de présence s’élève à 1455 milliards FCFA, en croissance de 9% par rapport à décembre 2021.
Africa Specialty Risks approved as a Lloyd’s Coverholder
Africa Specialty Risks, the pan-African focused reinsurance group, has been approved as a coverholder at Lloyd’s, the world’s leading specialist insurance and reinsurance market.
[Interview] Ireayomide Oladunjoye, MD/CEO, Endeavor, Nigeria
Ireayomide Oladunjoye is the MD and CEO of Endeavor Nigeria. She is passionate about supporting and being an enabler in the ecosystem for impact and social development working to leave a legacy of transforming the Nigerian economy one entrepreneur at a time.
[Kenya] Digital credit provider Tala disbursed Sh240 billion in loans in eight years
Tala, one of Kenya’s most popular digital credit providers has revealed that it disbursed 3.5 million loans worth Sh240 billion in the last eight years.
[South Africa] Car subscription startup Planet42 raises $100 million
South African Car Subscription Startup Planet42 has raised $100 million in combined equity and debt funding.
DFS Lab and the Stellar Development Foundation launch quarterly blockchain Bootcamp for Startups
DFS Lab and the Stellar Development Foundation (SDF) have launched the SCF Startup Camp, a 5-day virtual and global Bootcamp.
Flutterwave to expand in Northern Africa starting by Egypt
Flutterwave, Africa’s leading payments technology company, has announced that it has received its Payment Services Provider and Payments Facilitator licenses in Egypt.
Mintoak raises $20 Million series A funding round led by PayPal Ventures
Mintoak raises $20 Million series A funding round led by PayPal Ventures to expand into new markets including the Middle East, Africa and Southeast Asia.
Chipper Cash to cut off many of their talent pool
Pan-African FinTech Chipper Cash has reportedly laid off more than a third of its staff.
E-Commerce and FinTech provide access to global markets for African businesses
Business has finally gone truly global, even though this has all happened in the online space. The secret has been the manner in which technology and the internet have become so widespread that the global village has arguably become a reality.
[Interview] Mikhail Marchenko, Co-founder, JuicyScore, Kenya
Mikhail Marchenko is the Co-founder of JuicyScore, which recently launched its operations in Kenya. The firm offers anti-fraud and risk management solutions for fintechs.
Fintech firm Chipper Cash reportedly lays off more than 100 employees
After laying off 13% of its workforce in December last year, cross-border payments startup Chipper Cash is reportedly sending more employees home.
Ethiopia sets $150 million license fee for M-pesa entry
National Bank of Ethiopia, the country's industry regulator is proposing a $150 million license fee from M-Pesa and other mobile operators who want to set up shop in the country.
Mastercard Trust Centre partners with Nigerian fintech startup NowNow to improve cybersecurity for SMEs
Mastercard has partnered with Nigerian digital payment startup NowNow, to help SMEs reduce the risk of cyberattacks.
Central Bank of Nigeria renews Cellulant’s payment service solution provider license
This license enables Cellulant to continue providing online and offline payment solutions, including collections, check-out, biller aggregation, and payout services securely to thousands of businesses across Nigeria.
HALA Fintech to acquire UAE’s payment startup – Paymennt.com
Hala announced that it has acquired, through its holding company, United Arab Emirates Paymennt.com during the second edition of the Largest Global Technology event – LEAP 2023.
Naked raises $17 million Series B round to expand digital insurance in Africa
To help increase access to quality insurance products and services in South Africa, IFC, the DEG, Hollard, and Yellowwoods jointly announced an investment in South African insurtech company Naked to expand access to vehicle, home, and other insurance products.
Rwanda and Singapore to launch Annual Global Inclusive FinTech Forum
Rwanda and Singapore launched Annual Global Inclusive FinTech Forum to advance innovation in inclusive finance.