In 2024, Nigeria received $21.29 billion in personal remittances, accounting for 11.3% of the country’s GDP, according to World Bank data. Digging further, Nigeria is the highest remittance-receiving country in Africa, surpassing Egypt, which previously held the record. It is also the only sub-Saharan African country that has consistently received more than $5 billion annually in remittances since 2005. And at 41% of all remittance inflows, the U.S. and the UK are the major sources of remittances to Nigeria. With these numbers in view, it is clear that lots of people are sending money to Nigeria and that the money…

Nigeria boasts one of the largest and most advanced fintech ecosystems in Africa, with the biggest concentration of fintech companies on the continent and a consistent lead in attracting funding. The country is home to 28% of all the fintech companies in Africa, according to the European Investment Bank (EIB), and is a prime hub in Africa for venture capital (VC) funding. Between 2020 and H1 2024, Nigeria attracted the highest share of fintech investments in African fintech companies, securing roughly 36% of total fintech equity funding, according to a 2023 report by the Boston Consulting group. Companies like Moniepoint,…

South Africa’s fintech sector is growing rapidly, driven by rising adoption of alternative lending, a new report by MD Finance, a financial technology provider, says. Growth is expected to continue, with a significant share of consumers planning to use alternative lenders for their personal needs. The report, released in July, looks at the state of fintech in South Africa, focusing on alternative lending. It found that personal loan originations from non-bank lenders in South Africa grew by 11.5% year-over-year in Q1 2025 as more consumers sought these providers to meet financial needs. Demand is set to remain strong, with 35%…

The GSMA, a global organisation uniting mobile operators and companies across the mobile ecosystem, has announced the return of MWC Kigali, the African continent’s largest and most influential connectivity event, taking place from 21 to 23 October 2025. Hosted in partnership with the Ministry of ICT and Innovation of Rwanda, the event will bring together regional and global leaders to foster cross-border collaboration, investment, and policy dialogue in support of Africa’s digital transformation. New for 2025, MWC Kigali will see the launch of the GSMA Ministerial Programme, a flagship initiative from MWC Barcelona. The programme will convene policymakers, industry leaders…

Tanzania’s real-time digital payments more than doubled in value in 2024, with the national switch processing TSh29.9 trillion (US$11.6 billion) in transactions by December, up from TSh12.5 trillion (US$4.9 billion) the previous year, according to the Bank of Tanzania’s (BoT) latest financial stability report. The Tanzania Instant Payment System (TIPS), introduced in 2020, enables users to transfer funds instantly between banks, mobile money wallets and other licensed financial institutions. According to TechCabal, the system is a key part of the country’s efforts to address fragmentation in its payments landscape. In 2024, TIPS processed 454 million transactions, nearly double the 236…

Paymentology, a global issuer-processor, has introduced PayoCard, a mobile-first card management platform designed to support digital banks and fintech firms in South Africa. Developing responsive mobile card services has often been a resource-intensive and technically demanding task for banks and fintechs, requiring substantial infrastructure and extended development timelines. PayoCard, built on Paymentology’s cloud-based platform, aims to simplify this process. It offers a plug-and-play solution that enables issuers to provide cardholders with self-service features such as real-time balance updates, PIN changes, card freezing, and in-app support, all within a single mobile application. In South Africa, many individuals are first introduced to…

Visa has opened applications for the fifth edition of its Visa Africa Fintech Accelerator. The 12-week virtual programme is aimed at supporting African fintech startups with a minimum viable product (MVP) or market-ready solution. Applications for Cohort 5 close on 15 August. Alongside this announcement, Visa also revealed the 22 startups selected for the programme’s fourth cohort, representing 12 African countries. These startups are developing solutions across areas such as small and medium-sized business (SMB) digitisation, lending, cross-border payments, payroll, B2B transactions, AI-driven payments, social commerce, climate insurance, and neo-banking. The Accelerator offers participating startups mentorship, tailored training, networking opportunities,…

The World Bank Group has joined the Mobilising Access to the Digital Economy (MADE) Alliance: Africa as a co-chair, alongside existing co-chairs the African Development Bank Group and Mastercard. The initiative aims to provide digital access to essential services for 100 million individuals and businesses across Africa by 2034. The MADE Alliance: Africa brings together leading institutions committed to accelerating digital transformation by expanding access to secure, affordable and high-quality broadband and data connectivity. It also seeks to ensure interoperability between digital services to improve the user experience. The World Bank Group will contribute its technical knowledge, data insights and…

Nigerian fintech Payaza has secured approval from the Securities and Exchange Commission (SEC) of Nigeria to raise an additional ₦20 billion under its ₦50 billion commercial paper programme. The green light from the SEC follows a similar approval from FMDQ Exchange in December 2024. Speaking to Techpoint Africa, Payaza CEO Seyi Ebenezer described the approval as “incredibly significant,” adding that it represents a “profound vote of confidence from the market in our business model, our financial health, and our strategic vision for the African payments landscape.” The capital will be raised in two tranches, classified as Series 3 and 4…

Revolut, the London-based digital bank, is preparing for a potential entry into Morocco as part of its broader international expansion plans. The company has begun building a local team to support its efforts in the North African country. A Revolut spokesperson told Asharq, as reported by 7news Morocco, that the fintech firm is currently assessing multiple international markets, with Morocco standing out as a promising option for expansion in the MENA region. While still in the early stages, the company has initiated the process of securing regulatory approval from Bank Al-Maghrib, the country’s central bank. Revolut, which offers a broad…

Afriex, the Lagos- and San Francisco-based money transfer startup, has expanded into Asia’s three largest remittance destinations, China, India, and Pakistan, amid rising demand for low-cost, near-instant cross-border payments. As reported by TechCabal, the move positions Afriex to better serve African traders and diaspora communities engaged in foreign trade or supporting families back home. “Our money transfers to India and Pakistan are instant, just like sending money to a friend or paying your Uber driver, and 90% of our transactions are completed in under two seconds,” said Tope Alabi, Afriex’s co-founder and CEO. “Although on China’s side we are not…

Western Union, Zoona Transactions Zambia Limited, and Chipper Cash have announced the launch of international money transfer services within the Chipper Cash app. The co-branded service will allow customers in Zambia to send and receive funds internationally through the mobile platform. Zoona, a fintech and enterprise payments provider in Zambia, was acquired by Chipper Cash in 2022. The combined operations now serve approximately 5 million users across the African continent. This new service brings together Western Union’s global network and long-standing experience in cross-border money movement with the local market knowledge and mobile infrastructure of Chipper Cash and Zoona. Chipper…

JMR Infotech, an India-based provider of digital transformation and banking technology solutions, has announced the successful go live of the Oracle Financial Services Analytical Applications (OFSAA) Financial Crime and Compliance Management (FCCM) solution at Cooperative Bank of Oromia (Coopbank) in Ethiopia. The implementation marks a significant development in Coopbank’s efforts to strengthen its compliance capabilities, manage risk more effectively, and reinforce its technology infrastructure for long-term growth. With this deployment, the bank has adopted an enterprise-wide compliance framework that enables improved anti-money laundering (AML) functions, real-time risk monitoring, enhanced data security, and more efficient regulatory compliance. The project involved the…

Ghana is moving towards regulating its fast-growing cryptocurrency industry, which has seen significant expansion in recent years. According to Bloomberg, the Bank of Ghana is currently developing a regulatory framework aimed at governing the digital asset space, which it intends to present to Parliament by September 2025. The move is in response to rising demand for cryptocurrencies in the West African country. As reported by TronWeekly, Bank of Ghana Governor Johnson Asiama stated that the government is planning to license cryptocurrency platforms. This initiative aims to ensure the country generates revenue from the digital assets sector while helping to stabilise…

Tanzania’s journey towards a cash-light economy received a significant boost yesterday as global payments firm Visa launched its local office in Dar es Salaam, marking a deeper engagement with the country’s digital finance landscape. The event, known as Visa Day, brought together government officials, regulators, and industry players to celebrate the company’s expanded presence in Tanzania, The Citizen reported. Visa has appointed Victor Makere as Country Manager for Tanzania, who will also oversee operations in Uganda, Rwanda, and Burundi. Makere stated that Visa aims to support Tanzania’s shift to secure and efficient digital payments by working more closely with both…

Moroccan startup ORA Technologies has announced the close of its Series A funding round, raising a total of US$7.5 million. The round was led by Azur Innovation Fund, alongside three other local strategic investors. This brings ORA’s total local funding since January 2023 to US$11.9 million, a record amount that underscores the increasing capacity of Morocco’s tech ecosystem to support domestic startups. ORA is known for its involvement in the “E-Morocco for Everyone” initiative, which aims to improve access to e-commerce and digital payment services across the country. Active in both the retailtech and fintech sectors, ORA is looking to…

SanuPay, an East Africa-based card technology firm, is collaborating with global digital payment software provider OpenWay to launch Ethiopia’s first domestic credit card, marking a significant development in the country’s efforts to modernise its financial infrastructure. In partnership with OpenWay and SantimPay, a licensed payment system operator focused on advancing a cashless economy, SanuPay plans to issue four million debit and prepaid cards, alongside 5,000 Visa and Mastercard credit cards. These will run on OpenWay’s Way4 platform, which supports issuing, acquiring, switching, and mobile wallet solutions. Oromia Bank is expected to be the first to issue the domestic credit cards,…

The Bank of Ghana has issued a directive requiring all Virtual Asset Service Providers (VASPs) operating within the country to register with the Bank. This forms part of an initial regulatory process aimed at identifying and assessing entities involved in virtual asset-related activities. Activities subject to this registration include the provision of virtual asset exchange services, wallet custody services, settlement or transfer services involving virtual assets, and services linked to the issuance or sale of virtual assets, including initial coin offerings and stablecoins. The Bank notes that all VASPs offering services to individuals residing in Ghana, whether through a physical…

Flutterwave, a Nigeria-based payments technology company, has obtained a Payment Institution (PI) license from the Central Bank of West African States (BCEAO). The license allows the company to operate in Senegal and provide its full suite of digital payment services to businesses in the country. This development is part of Flutterwave’s broader strategy to support digital payments across Africa and strengthen its presence in West Africa. With the new license, businesses in Senegal can use Flutterwave’s infrastructure to manage collections and payouts, offering payment options such as mobile money and cards. Olugbenga ‘GB’ Agboola, Founder and Chief Executive Officer of…

Following a week-long bootcamp of lectures delivered by global representatives of the Interledger Foundation, the University of Cape Town (UCT) recently hosted the Financial Innovation Hub and Interledger Foundation Hackathon. The event took place at the Hasso Plattner School of Design Thinking Afrika at UCT, where 12 teams of students from UCT, Cape Peninsula University of Technology (CPUT), University of the Western Cape (UWC) and Eduvos participated. The aim was not only to win a prize but also to explore the use of the Interledger Protocol (ILP) in developing open-payment solutions tailored to local South African challenges. “Hackathons give students…