ICM.com, a London-based financial technology and online trading firm, has announced service enhancements for the Ghanaian and South African markets. This expansion strengthens its presence in Africa, adding to its operations in Europe, the Middle East, Latin America, and Asia. With an FSCA licence from South Africa’s financial regulator, ICM.com is increasing its investment in Africa, recognising the region’s economic growth and demand for secure online trading platforms. Shoaib Abedi, CEO of ICM.com, said: “We aim to provide access to transparent and secure trading platforms, ensuring that our clients benefit from the same premium services that have made ICM.com a…

Flutterwave, a Nigeria-based payments technology company, has received approval from the Bank of Ghana to offer inward remittance services in Ghana. Ghana’s fintech industry is evolving rapidly, driven by high mobile phone usage and a well-developed mobile money system. Mobile money platforms handle approximately 60% of foreign exchange inflows, highlighting their importance in the country’s financial landscape. Other sectors, including insurtech, lendtech, and Buy Now, Pay Later (BNPL), are also expanding, contributing to a diverse fintech ecosystem. The Bank of Ghana’s regulatory framework and the Ghana Digital Agenda have created a favourable environment for fintech growth. Flutterwave’s approval aligns with…

Kaspersky’s security researchers have uncovered a sophisticated cybercriminal campaign that exploited the growing interest in DeepSeek AI, a popular generative AI chatbot, to distribute malware through fraudulent websites. The campaign used geofencing, compromised business accounts and coordinated bot networks to evade detection and amplify its reach, generating over 1.2 million views on the social media platform X. The investigation revealed that cybercriminals created deceptive replicas of the official DeepSeek website, using domain names such as “deepseek-pc-ai[.]com” and “deepseek-ai-soft[.]com.” A key aspect of this operation was the use of geofencing, which enabled attackers to tailor the website’s content based on the…

London-based Revolut, the world’s fourth-largest digital bank, is considering entering the South African market, potentially challenging local digital banks such as TymeBank, Discovery Bank, and Bank Zero. Unlike South Africa’s existing digital banks, which primarily focus on personal banking, TechCentral reports that Revolut offers a broader range of services. These include multi-currency accounts, fee-free currency exchange, stock and commodity trading, and even cryptocurrency trading. If Revolut proceeds with its South African expansion, it could shake up the local banking sector and threaten the market share of traditional banks. “Revolut continues to explore opportunities for growth in new markets as part…

The Milken Institute and the Motsepe Foundation have announced the three teams advancing to the final stage of the Milken-Motsepe Prize in Fintech. These innovators are competing for the prestigious US$1 million Grand Prize. The competition aims to recognise pioneering solutions that enhance financial inclusion for small businesses in emerging and frontier markets. The Milken-Motsepe Prize in fintech supports the use of advanced technologies to improve access to capital and financial services for underserved entrepreneurs worldwide. The three finalists were selected from a highly competitive pool of applicants and will now have the opportunity to attend the Milken Institute’s 2025…

Network International, a digital payments provider based in Dubai, has partnered with Airtel Money, the mobile money platform of Airtel Africa, to introduce digital payment solutions in several African markets, starting with Uganda. Further expansions are planned across Africa and Francophone countries in 2025. Under this partnership, Network will support Airtel Money with services such as transaction processing, card management, fraud prevention, API sandbox services, reconciliation and settlement, and online access for users. Dr. Reda Helal, Group Managing Director – Processing, Africa and Co-Head Group Processing at Network International, said: “We aim to cover significant ground on our Airtel rollouts…

The Bank of Ghana and the National Bank of Rwanda have signed a Memorandum of Understanding (MoU) to introduce a licence passporting framework and cross-border payment interoperability for regulated fintech companies. The licence passporting framework aims to facilitate cross-border operations for fintechs licensed by either country’s central bank. This initiative will enable fintechs in Ghana and Rwanda to expand with minimal additional regulatory requirements, promoting innovation and growth in the sector. Governor of the Bank of Ghana, Dr Johnson Asiama, stated, “The signing of this memorandum of understanding reaffirms our commitment to the broader idea of an integrated African market,…

Flutterwave, a Nigeria-based payments technology company, has obtained a Payment System License from the Bank of Zambia, allowing it to provide mobile money services in the country. This license enables the company to facilitate local and international transactions for businesses while supporting financial inclusion and economic activity. Zambia has a growing digital payments sector, with mobile money contributing to nearly 70% of the country’s financial inclusion rate. Flutterwave’s mobile money collections and payout services aim to help Zambian businesses streamline transactions, lower costs, and expand into regional and global markets. “Zambia is a market with enormous potential for growth and…

The US-based Digital Currency Group (DCG), aventure capital firm known for identifying and backing transformative companies in the crypto and blockchain space, has expanded its presence in Africa, making 12 new investments throughout 2024. Headquartered in Stamford, Connecticut, DCG invests in digital currency companies and blockchain startups, offering insights, networks, and access to capital to help build and support businesses in the bitcoin and blockchain sectors. Previously the owner of CoinDesk, DCG began investing in Africa in 2021 and has since made 23 investments across the continent, according to Disrupt Africa. To date, the firm has deployed more than US$4…

Nigeria has filed a lawsuit against cryptocurrency exchange Binance, demanding US$79.5 billion in damages for alleged economic losses caused by its operations in the country, along with US$2 billion in back taxes, court documents revealed on February 19. Authorities have accused Binance, the world’s largest crypto exchange, of exacerbating Nigeria’s currency troubles and detained two of its executives in 2024 after cryptocurrency websites became preferred platforms for trading the local naira currency, Reuters reported. Binance has previously stated that it is working with Nigeria’s Federal Inland Revenue Service (FIRS) to address potential historic tax liabilities. The FIRS argues that Binance…

As fintech innovations continue to take ahold of Africa, several key trends are shaping the landscape in 2025, among which the rapid expansion of mobile money, the growing influence of virtual assets, and increasing attention to cybersecurity, a new report by Bowmans, a pan-African legal firm, says. The report, released in December 2024, examines the current and emerging fintech trends across the continent. It highlights the growth of mobile money, with platforms like M-Pesa significantly increasing financial access in countries like Tanzania. Alternative lending and buy now, pay later (BNPL) are expanding rapidly, driven by mobile technology and investor interest.…

Affinity Africa, a Ghana-based digital banking platform, has raised last week US$8 million in an oversubscribed seed round led by Grazia Equity and BACKED VC. The funding will support its expansion in Ghana and future international growth, aiming to improve financial access for underserved communities. The company, which launched in Ghana in October 2024, serves individuals and MSMEs. Affinity operates a branchless model through a mobile and web app, an agent network, and a proprietary technology platform. It offers accounts, savings, payments, transfers, investments, and loans, with no monthly fees or transaction charges.  “The strong, sustained growth we have seen…

Nigerian President Bola Ahmed Tinubu has commended Google CEO, Sundar Pichai for the company’s engagement in advancing AI and digital transformation in Nigeria. During a meeting in Paris on February 11, President Tinubu, accompanied by Minister of Communication, Innovation and Digital Economy Bosun Tijani, engaged in discussions with a Google delegation regarding potential collaborations aimed at strengthening Nigeria’s position in the global digital economy. The discussions covered initiatives such as expanding digital infrastructure, providing digital skills training for the workforce, encouraging AI-driven research, and promoting cloud adoption across industries. The aim is to establish Nigeria as a key player in…

Raenest, a multi-currency accounts platform for individuals and businesses across Africa, has completed an US$11 million Series A funding round. QED Investors led the investment, with participation from Norrsken22, alongside existing investors Ventures Platform, P1 Ventures, and Seedstars. This brings Raenest’s total venture funding to US$14.3 million. The company plans to use the funding to expand its operations in Nigeria and Kenya, while also entering the United States and Egypt this year. It aims to broaden its reach among Africans both within and outside the continent and to attract talent to support its growth. Raenest is currently licensed in Nigeria…

Three years after its initial proposal, the Bank of South Sudan (BoSS) has officially introduced its first National Instant Payment System (NIPS) in partnership with the AfricaNenda Foundation, an organisation advocating for instant payments. This marks a crucial milestone in enhancing South Sudan’s financial system by improving payment efficiency and expanding access. NIPS is designed to facilitate instant transactions, reducing delays, lowering costs, and boosting financial inclusion for over six million adults with limited access to formal banking. Currently, MTN and Zain dominate the country’s payment landscape due to the absence of a domestic or regional instant payment network. According…

XTransfer, a B2B cross-border trade payment platform from China, and Ecobank Group, a private pan-African financial services provider, have signed a MoU to offer comprehensive cross-border financial services to Africa’s SMEs involved in foreign trade. This collaboration aims to facilitate trade between China and African countries. The partnership will enable XTransfer to leverage Ecobank’s extensive African network, allowing Chinese clients to collect funds in local currencies and helping African SMEs make payments in local currencies to avoid foreign exchange problems. Bill Deng, Founder and CEO of XTransfer, commented, “This collaboration represents a significant milestone for XTransfer and enhances our global…

CreditChek, a credit assessment provider in Nigeria, has partnered with CredPal to support its new credit card business with creditworthiness and identity verification services. This collaboration advances CreditChek’s mission to improve access to credit across Africa by providing financial institutions with tools to verify income, assess credit histories, and detect fraud. “We are excited to partner with CreditChek, a game-changer in credit scoring and reporting in Africa. What we love about CreditChek is how their innovative approach aligns perfectly with our mission to provide access to credit seamlessly across developing economies,” said Olumide Badewole, CredPal’s Head of Risk. Since launching…

Africa’s fintech landscape has undergone a remarkable transformation in recent years, marked by rapid growth and innovation. The number of fintech companies across the continent almost tripled between 2020 and 2024, soaring from 450 to more than 1,200, according to European Investment Bank. These companies are playing a key role in improving access to finance, and proving more effective than traditional banking institutions in driving financial inclusion. Between 2014 and 2021, the share of people with a mobile money account in sub-Saharan Africa almost tripled, surging from 12% to 33%. The share of people with a traditional financial account also…

Stitch, a payments company based in South Africa, has acquired ExiPay, an in-person payments provider also operating in South Africa, to enhance its enterprise payments offering. This acquisition allows Stitch to offer both online and in-person payments on a single unified platform, catering to the growing demand for seamless and personalised shopping experiences, whether online or offline. Stitch’s expanded platform is designed to support multi-lane retail and omnichannel businesses. “We’re excited to bring the ExiPay solution into the Stitch payments suite, enabling enterprise merchants to offer a seamless and reliable payments experience no matter where their customers choose to shop,…

Moniepoint, a Nigerian business payments and banking services platforms, has secured an investment from Visa. Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint Inc (formerly known as TeamApt Inc) is a financial platform for Nigeria’s network of SMEs, offering services including digital payments, bank accounts, credit, and management tools. The platform processes over 1 billion transactions monthly, with total payments volume exceeding US$22 billion, enabling businesses to digitise their operations. With this investment, Visa supports Moniepoint’s mission to empower African businesses, further accelerating its growth and expansion across the continent. Tosin Eniolorunda, Founder and Group CEO of Moniepoint,…