DeFi Technologies, a Toronto-based company focused on integrating traditional capital markets with DeFi has partnered with the Nairobi Securities Exchange (NSE) to establish the Kenya Digital Exchange (KDX), alongside its subsidiary Valour and SovFi. The goal is to enhance Kenya’s financial infrastructure by enabling access to global capital markets through tokenisation and digital asset trading. This follows a MoU signed between Valour, the NSE, and SovFi to create, issue, and trade digital asset exchange-traded products (ETPs) in Kenya and potentially other markets. Valour’s ETP listing on the NSE is progressing, with Valour consulting local law firms and the Capital Markets…

Nokia and the Ministry of Digital Transition and Administration Reform of Morocco have signed a MoU during GITEX Africa 2025 in Morocco. The agreement reflects both parties’ intention to support the objectives outlined in the Digital Morocco 2030 plan. The MoU was signed by Amal El Fallah Seghrouchni, Minister of Digital Transition and Administration Reform, and Pierre Chaume, Vice President of North, West and Central Africa for Network Infrastructure at Nokia. As Morocco prepares to host major sporting events in 2025 and 2030, Nokia will contribute its telecommunications infrastructure expertise to help improve digital services for participants and ensure the…

London-based Development Partners International (DPI) has announced the launch of DPI Venture Capital, a new initiative aimed at investing in early-stage, growth-focused technology businesses across Africa. The launch marks an expansion of DPI’s strategy of supporting companies that address the needs of Africa’s growing middle class. With an eighteen-year track record of backing innovation-led businesses, DPI’s current portfolio reflects the increasing adoption of digital tools to improve access to goods and services across the continent. DPI Venture Capital will draw on the firm’s established presence in over 43 African countries and its experience investing across nearly a dozen sectors, including…

Nigeria’s Securities and Exchange Commission (SEC) has postponed issuing new provisional licenses to crypto startups under its Accelerated Regulatory Incubation Programme (ARIP), citing the need for an additional layer of due diligence, according to its director general, Emomotimi Agama. This delay represents a setback for digital asset startups that were hoping for faster approval after the SEC’s December 2024 pledge to speed up the licensing process. TechCabal reported this development. Speaking at a virtual stakeholder engagement hosted by the Fintech Association of Nigeria (FintechNGR) on April 14, Agama acknowledged the slow pace and apologised to applicants. “Work has been going…

Visa has announced investments and new partnerships with two African fintech firms following their participation in the Visa Africa Fintech Accelerator programme, a 12 week initiative aimed at helping startups expand through mentorship, training, and industry connections. The companies receiving investment are Konnect, a Tunisia based fintech that facilitates instant payments through shareable links via SMS, email, and messaging platforms, and PayTic, a Moroccan fintech that supports back office operations and strengthens risk control in digital payments. Leila Serhan, Senior Vice President and Group Country Manager for North Africa, Levant, and Pakistan at Visa, said: “These innovative fintechs are a…

Raxio Group, a data centre platform in Sub-Saharan Africa, has secured US$100 million in financing from the International Finance Corporation (IFC), a member of the World Bank Group. The funding will support Raxio’s efforts to expand its network of facilities, which underpin key technologies such as AI, cloud computing, and digital financial services – all vital components of Africa’s economic growth and digital inclusion. The debt financing from IFC will enable Raxio to double the deployment of its high-quality colocation data centres over the next three years, helping to meet rising demand in underserved markets across the continent. The company…

Kenyan-based digital bank Umba has secured a US$5 million debt facility from Star Strong Capital to support its expansion efforts across Africa. Umba, which initially launched in Nigeria and moved its operations to Kenya in 2023, provides digital banking services targeted at underserved markets. The platform offers users access to current accounts with no fees, low-cost payments, bill payments, and loans. It also uses proprietary customer data to offer credit products, which are accessible and repayable through mobile phones. The new funding will help the company grow its customer base and increase its lending capacity. Umba reported a 19 per…

Over the past years, fintech has emerged as a driving force in Africa’s technology landscape, propelled by a surge in venture capital (VC) funding and its consistent outperformance over major tech verticals. According to Partech, a global tech investment firm headquartered in Paris, fintech has consistently outpaced other sectors in deal count, total funding, average ticket size, megadeals, unicorns, and exits, a dominance that has been a defining feature of Africa’s tech ecosystem since the emergence of the VC funding landscape. In 2024, that dominance carried on, with African fintech startups securing US$1.3 billion, or 60% of total equity funding…

Africa’s digital financial services ecosystem has grown significantly over the past years, expanding from about 450 companies in 2022 to more than 1,000 companies by 2024, according to a 2024 report by the European Investment Bank. This expansion has been accompanied by increasing diversification across the sector, ranging from key services like payments, lending and remittances, to new high-growth areas including software solutions, wealthtech, insurtech and blockchain services. Africa’s fintech momentum has been fueled in part by a surge in venture capital (VC) investment. In 2022 alone, African fintech startups secured more than US$1.4 billion, marking a staggering 39.3% increase…

Nigeria, Africa’s biggest economy, is the driving force behind the continent’s fintech revolution. The country accounts for 28% of all African fintech companies and is a leading hub for venture capital (VC) funding, capturing the highest share of fintech funding in African fintech companies between 2020 and H1 2024 at roughly 36%. This rapidly growing ecosystem, which now comprises more than 430 fintech companies, also hosts some of the continent’s most prominent and influential players in the industry. Today, we take a look at Nigeria’s top fintechs, showcasing the country’s most impactful fintech companies, highlighting their value propositions, and delving…

A report commissioned by Mastercard and conducted by Genesis Analytics highlights that Africa’s digital payments economy is set to grow significantly, reaching US$1.5 trillion by 2030. Mastercard has been a longstanding partner in Africa’s digital development, with a focus on strengthening the continent’s digital economy through strategic investments, public-private partnerships, and innovation initiatives. These efforts aim to improve financial health and foster economic growth by enhancing digital connectivity and expanding opportunities for businesses and individuals. Key areas of focus for Mastercard’s investments include: Supporting Africa’s Micro, Small, and Medium Enterprises (MSMEs) MSMEs contribute over 50% of Africa’s GDP, and Mastercard…

Djamo, a financial services app based in Ivory Coast, has raised US$17 million in an equity funding round to expand its banking services for consumers and SMEs in Francophone Africa. Launched in 2021 by Regis Bamba and Hassan Bourgi, Djamo is designed to provide mobile-first, affordable banking solutions for consumers and small businesses in the region. The app has grown its customer base to over 1 million users and 10,000 SMEs across Ivory Coast and Senegal. The funding round, led by Janngo Capital and supported by SANAD Fund for MSMEs, Partech, Oikocredit, Enza Capital, and Y Combinator, will help Djamo…

North Africa, comprising Algeria, Egypt, Libya, Morocco, Tunisia, and Western Sahara, is emerging as a hotspot for fintech innovation, with Egypt in particular establishing itself as a leading fintech hub on the continent. In recent years, these nations have witnessed the rise of groundbreaking startups leveraging technology and innovative business models to improve access to financial services, transforming key sectors including banking, payments, investment and lending. Today, we take a look at some of its most innovative and fastest-growing fintech startups from North Africa, highlighting the young and dynamic fintech companies that are reshaping the region’s financial services landscape, delving…

Equinix, a US-based digital infrastructure company, has opened its latest data centre expansion in Lagos. The new facility, LG2.3, aims to support Nigeria’s digital transformation by providing colocation and secure interconnection services for businesses in the region. The expansion is part of Equinix’s broader strategy to strengthen Nigeria’s role in the global digital economy. Commenting on the expansion, Bruce Owen, President of EMEA at Equinix, said, “Nigeria is a crucial market for Equinix. Today’s opening is a clear demonstration of our continued commitments to invest and grow digital infrastructure that will benefit the many thousands of businesses in Nigeria and…

Flutterwave has launched the Send App in Ghana. The platform allows users to receive money from abroad directly into their bank accounts or mobile money wallets, including MTN Mobile Money, Telecel Cash, and AirtelTigo Money. The service is designed for individuals and businesses who rely on international transfers for various needs, such as family support, tuition fees, and business transactions. Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, said the launch is part of a broader effort to improve financial connectivity in Africa. “We are dedicated to facilitating secure and seamless transactions that drive national and continental economic transformation.” “With…

enza, a provider of African payment solutions based in Cairo, has secured US$6.75 million in seed funding from Algebra Ventures and Quona Capital. This is the company’s first external investment and will support its expansion across key markets in Africa. enza offers banks and fintechs payment services such as card issuing, digital wallets, and real-time transactions. The investment will help the company expand its operations, develop partnerships, and tailor its services to local market needs. Founded by professionals with experience in global and African payments, enza works to lower the cost of digital transactions and improve financial access. “We are…

Tunisia is moving to suspend Bolt, a European ride-hailing app, over allegations of tax evasion, money laundering, and operating without the necessary licences. The transport ministry announced that it had seized 12 million dinars (£3 million) from accounts linked to several ride-hailing platforms, including Bolt, claiming the funds had been illegally transferred abroad. This crackdown comes as Tunisia prepares to launch a state-backed ride-hailing app aimed at regulating the sector and controlling fares. The transport ministry stated that the forthcoming app, yet to be named, would cap prices at 1.5 times the traditional taxi metre rate and address drivers’ demands…

Ethio Telecom, Ethiopia’s state-owned telecommunications provider, and Mastercard have announced a partnership to expand digital financial services in the country. In a recent meeting, Ethio Telecom CEO, Frehiwot Tamru, and Mark Elliott, President of Mastercard Africa, discussed ways to integrate technology and improve financial inclusion. The collaboration will focus on linking Ethio Telecom’s telebirr mobile money platform with Mastercard’s payment network to provide digital financial services. The aim is to improve access to financial tools, support economic growth, and enhance Ethiopia’s role in the digital economy. Frehiwot Tamru stated that Ethio Telecom’s infrastructure and customer base would help advance digital…

The Somalia Payment Switch (SPS1) has successfully launched the country’s first Instant Payment System with QR payment support, powered by BPC’s SmartVista platform. This initiative, led by the Central Bank of Somalia (CBS), represents a significant step in modernising Somalia’s payment infrastructure, improving financial inclusion, and strengthening economic stability. Despite the growth of Somalia’s financial sector, a substantial portion of the population remains unbanked or underbanked. The introduction of the SOMQR standard and the establishment of SPS as the scheme manager and operator aim to reduce reliance on cash, improve interoperability, and expand access to financial services. BPC, a Switzerland-based…

In a new episode of the Future of Money Podcast, hosted by Henri Arslanian, Tigran Gambaryan, a former Internal Revenue Service (IRS) criminal investigator turned Binance executive, shared his experiences in the cryptocurrency world, his role in investigating financial crimes, as well as the shocking series of events that unfolded during his time in detention in Nigeria last year, including allegations of bribery, corruption and abuse of power of Nigerian authorities. This exclusive interview offers a rare glimpse into the complexities of the crypto industry, as well as unique insights into the controversial political landscape of Nigeria. Early career and…