Author: Sharon Lewis

South Africa will be launching a new regulatory framework for cryptocurrencies in early 2022 (Bitcoin.com). The country’s Financial Sector Conduct Authority (FSCA) announced that it would be unveiling a crypto regulatory framework for the trading of crypto coins. “What we want to be able to do is to intervene when we think that what is provided to potential customers are products that they don’t understand that are potentially highly risky. We must be very careful to not just legitimise them,” said Unathi Kamlana, a commissioner with FSCA. The regulatory body, which remains sceptical of legitimising highly risky products, is also…

The African fintech industry has grown by leaps and bounds, no doubt. VC dollars have flooded the startup market, mobile money is all anyone can talk about, and regulators are watching this space ever so closely. A number of other trends have also become apparent within the African fintech industry. Crypto, for instance, has become a breakout trend in the continent, even outside of fintech hubs such as Nigeria or South Africa. Central bank digital currencies are also gaining popularity rather quickly, especially with the recent launch of the eNaira. Amidst all this growth, it may seem that traditional banks…

Africa is seeing a rush of funding for its fintech sector, and some companies have already emerged as the continent’s biggest fintech bets, becoming unicorns in Africa. African fintech companies have raised more in the first seven months than they have in the decade before, according to one report. Between January and September this year, African fintech companies have raised a touch near US$1.5 billion. That, against the US$1.06 billion they raised all across 2011 to 2020, is a clear indication of accelerated interest in the market potential of fintech in Africa. There are a total of seven tech unicorns…

The development of Africa’s top fintech hubs is closely connected with how robust its regulatory landscape is, a new report by Afriwise points out. The report, titled “Catch me if you can: How regulators will impact Africa’s Fintech sector,” notes that the top fintech hubs in Africa – South Africa, Nigeria, Kenya and Egypt – were also those that had comparatively stronger financial regulatory ecosystems. These four countries attracted 80% fintech funding last year. In countries beyond these hubs, where fintech regulation does not exist, the absence of regulations exposes both users and fintech service providers to risks, keeping investors…

In last week’s MEA fintech news, it’s all eyes on crypto trading in the UAE – approvals for crypto trading at a Dubai-based free zone make their way through, while BitOasis registers on an anti-money laundering system in the country. Meanwhile, e-payments see tailwinds in Jordan, Flutterwave moves ahead with global expansion, and Colendi raises US$30 million in a funding round. It’s official – Dubai free zone to offer crypto trading Crypto trading at the Dubai World Trade Centre Authority (DWTCA) free zone will be made official, according to an announcement last week. The UAE’s Securities and Commodities Authority (SCA)…

Central bank digital currencies, or CBDCs, are not a new concept to Africa. Multiple CBDC projects in Africa currently exist, even amidst a wider fintech boom across the continent. In an interview, Dr. Co-Pierre Georg, an expert on CBDCs, explains the attractiveness and relevance of these digital currencies to the African economy. Apart from reinforcing control over the supply and circulation of money in the digital age, these CBDCs are able to overcome the challenges of existing payments infrastructures, which are not built for low value transactions. Further, they also give tech companies and startups, especially those in the ecommerce…

Africa-focused fintech Pngme has secured US$15 million in Series A round of funding, the San Francisco- and Sub-Saharan Africa-based company has announced. The funding comes within a year of the startup’s US$3 million seed round. London-based VC fund Octopus Ventures led the round. Participating investors included Lateral Capital, Unshackled Ventures, Raptor Group, EchoVC, Future Africa, Aruwa Capital Management, Two Small Fish Ventures, and The51. The funding round also saw angel investors pitch in. These included Rally Cap Ventures Founder Hayden Simmons, Plaid’s Dan Khan, former COO of RBC Capital Markets Richard Talbot, Intersect VC Partner Kyle Ellicott, mentors from Creative…

Airtel Africa’s mobile money business  has amassed US$200 million for its Airtel Mobile Commerce BV (AMC BV) from Qatar Holding, Airtel Africa announced. Qatar Holding is an affiliate business of Qatar Investment Authority (QIA). Of the total investment amount, US$150 million will be invested at first close in August this year. QIA will also be appointing one director to AMC BV’s board upon first close. The remaining US$50 will be invested at second close, after some of Airtel Africa’s mobile money operations and contracts have been transferred to AMC BV. The deal valued Airtel Africa’s mobile money business at US$2.65…