Posts From Fintechnews Africa

Mauritius Government Ramp up Effort to Building up Fintech Ecosystem

Striving to become a hotbed for fintech innovation, Mauritius’ Budget 2021-2022 has laid out a series a new measures to stimulate further growth in the sector. These measures include the setting up of an Open Lab by the Bank of

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Microfinance Company Barko to Launch Digital Bank in South Africa

South African microfinance company Barko is looking to launch a digital bank using banking infrastructure by banking software provider Temenos, according to a statement released today. The statement noted that the 1996-founded micro financing institution has plans to introduce a

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These 7 Digital Banks in Africa Are Heating up the Competition

In the context of digital banks in Africa, two challenger banks have clearly made their mark. One of these is the 2019-launched TymeBank from South Africa. TymeBank is the biggest digital bank in Africa by funding, having raised about US$169

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Nigeria Launches the eNaira Digital Currency

Nigeria officially rolled out its central bank digital currency (CBDC), the eNaira, on October 25. This makes it the first country in the African continent to officially allow the use of a CBDC as legal tender. Originally scheduled for an

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Fintech News Digest: The Problem of Surveillance in Africa’s Biggest Fintech Hubs

A new study has found that governments in six African countries have been spying on citizens through the use of technology (The Conversation). Governments in Egypt, Kenya, Nigeria, Senegal, South Africa and Sudan have been surveilling citizens, either through legal

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Asante Raises US$7.5m Series A for MSME Lending Platform

MSME lending startup Asante Financial Services Group announced that it has raised US$7.5 million in the first tranche of its Series A fundraise. The round was led by Goodwell Investments with participation by investors including Sorenson Impact Foundation and Forsage

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Consumer Credit Startup Tala Raises US$145m in Series E

Global consumer financing app Tala has raised US$145 million in a Series E round, the startup announced recently. The funding was led by California-based AI lending platform Upstart. Participating investors included new investors Stellar Development Foundation, Kindred Ventures and the

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MEA Fintech Weekly News: Are Neobanks the Next Big Thing for Nigeria?

This week marked a new win for digital banks in Nigeria. Neobank Sparkle raised US$3.1 million in a seed round for expansion efforts (TechCrunch). Founded by former CEO of Diamond Bank Uzoma Dozie, Sparkle provides both individual and business banking

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Sudan’s alsoug Raises US$5m for National Payments Network

Sudan-based ecommerce platform alsoug has closed a US$5 million (SDG 2.2 billion) fundraise, according to an announcement. The company is looking to use the funds to build a national payments network Cashi. Cashi will be enabled for deposits, withdrawals and

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Nigerian Open Banking Startup Mono Picks Up US$15m Series A

Lagos-headquartered open banking startup Mono has raised US$15 million in a Series A. The round was led by Flutterwave’s backer Tiger Global. Participating investors included a mix of new backers Target Global (which also invested in Kuda Bank), General Catalyst,

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