Wingu Africa, a carrier-neutral data centre operator and a key player in East Africa’s digital infrastructure sector, has raised US$60 million to support its regional expansion and the broader digital transformation of the continent. The funding, provided by Rand Merchant Bank (RMB), will be used to roll out data infrastructure across priority markets amid increasing demand for secure, scalable, and interconnected digital systems. The company currently supports over 40 clients, including telecom operators, hyperscalers, financial institutions, and content providers. Its data centres are built for high availability, incorporating resilient power, cooling, and security systems to manage next-generation digital workloads. “This…

PalmPay, the African digital banking fintech, is reportedly in discussions to raise between US$50 million and US$100 million in a Series B funding round, according to sources cited by TechCrunch. The round is expected to comprise both equity and debt financing. While valuation targets have not been disclosed, PalmPay’s 2021 fundraising placed it just below unicorn status. Founded in Nigeria in 2019, the company has raised nearly US$140 million to date and is now said to be profitable. A PalmPay spokesperson declined to comment directly on the fundraising but noted that the company is “in a strong financial position and…

Cross Switch, a payments technology company headquartered in Malta, has partnered with South African fintech firm Paysoft in an effort to improve digital payment systems for businesses in South Africa. The collaboration aims to address longstanding inefficiencies in transaction processing that hinder business operations, such as system downtime, delayed fund availability, and reliability issues tied to legacy payment infrastructure. Both companies are aligned in their goal of streamlining and scaling digital payments to enable South African businesses to grow without facing technical or financial barriers. Paysoft, which has been providing bank-agnostic, user-focused payment solutions since 2012, will now integrate Cross…

BPC, a global payments solutions provider, has expanded its operations in Nigeria, appointing Dapo Adeosun as Managing Director to lead its efforts in one of Africa’s largest financial markets. Adeosun brings 30 years of experience in banking and payments, including senior roles at First Bank, Access Bank, UBA, and a 12-year tenure at the Nigeria Inter-Bank Settlement System (NIBSS), where he led business development and training initiatives. “At NIBSS, I witnessed firsthand the challenges that are in front of Nigeria’s financial sector, from ensuring secure, efficient services to finding future-proof, easily scalable solutions to bridge the financial inclusion gap,” he…

The Africa Fintech Forum will return to Cairo, Egypt on 24 June 2025 for its third edition, bringing together fintech leaders from across the continent for a day of discussion, knowledge sharing, and networking. The event will focus on developments in Egypt’s fintech landscape, offering insights into current trends and future directions. Following previous editions in Nairobi and Johannesburg, the Cairo forum aims to continue conversations around digital finance, regulatory shifts, and emerging financial technologies. With Egypt playing an increasingly central role in the region’s fintech growth, the forum provides a space to hear from key figures involved in shaping…

SmartSwitch Botswana, a subsidiary of Lesaka Technologies, has been supporting financial inclusion efforts in the country through a fintech solution tailored for food voucher recipients. Since its establishment in 2006, the company has extended its services to over 75,000 individuals in underserved communities. The company operates with exclusive rights to implement Botswana’s Universal Electronic Payment System (UEPS), a platform also recognised by the central banks of Namibia, Ghana, and South Africa as a national payment system. Central to the system is a biometric-enabled smart card designed for people who are unbanked or underbanked. The card allows beneficiaries to receive, store,…

FINCA, a global organisation based in Washington, D.C. focused on inclusive finance, has partnered with Thought Machine, a banking technology firm headquartered in London, to launch “361 by FINCA”, a new operating platform aimed at expanding financial inclusion, starting in Africa. Financial services providers have long faced challenges in effectively serving low-income customers, often due to rigid product offerings and inefficient loan assessment and onboarding procedures. The new platform, powered by Thought Machine’s Vault Core, introduces a more configurable and efficient system for financial services providers operating in emerging markets. Vault Core’s real-time architecture and API-driven design will enable FINCA…

dLocal, a Uruguay-based cross-border payment platform that connects global merchants to emerging markets, has formed a strategic partnership with Panda Remit, a remittance provider headquartered in China that facilitates international money transfers. The partnership enables Panda Remit to expand its payout capabilities across African markets, offering recipients improved access to secure and efficient remittance services. Access to reliable remittance options is critical in emerging markets, particularly in Africa, where financial inclusion often depends on mobile wallets and bank transfers. By utilising dLocal’s infrastructure, Panda Remit aims to address these issues through more efficient transaction processes, reduced costs, and broader market…

The Financial Times’ 2025 list of Africa’s Fastest-Growing Companies highlights 130 firms that have recorded the most significant revenue growth between 2020 and 2023. Among them are three fintech companies from Nigeria, which continue to expand despite economic pressures and reduced venture capital across the continent. These companies have shown resilience in navigating currency fluctuations, inflation, and a more cautious investment landscape. Below are the three fastest growing fintechs from Nigeria featured in this year’s FT ranking. Moniepoint Moniepoint, formerly known as TeamApt, has grown into a business-focused financial services provider. It now offers digital banking tools for SMEs,…

The International Finance Corporation (IFC) has approved an investment of up to US$6 million in a pan-African venture capital fund managed by First Circle Capital, a female-led firm supporting early-stage fintech startups across Africa. The commitment comprises up to US$4 million through IFC’s Startup Catalyst Platform and an additional US$2 million from the Women Entrepreneurs Finance Initiative (We-Fi), which IFC implements. Both investments will be made on a pari-passu basis, with no concessional terms, and are intended to mobilise institutional capital into one of the few women-led funds within Africa’s venture capital landscape. According to Launch Base Africa, this investment…

Nawy, a proptech platform based in Egypt, has raised US$52 million in Series A equity funding to scale operations, enhance its technology, and support regional expansion. The funding round was led by Partech, with participation from e& Capital, March Capital Investments (MCI), Verod-Kepple Africa Ventures (VKAV), Endeavor Catalyst, Development Partners International (DPI) Venture Capital through the Nclude Fund, VentureSouq (VSQ), Outliers, HOF Capital, Plug and Play, and Shorooq Partners. The company has also secured US$23 million in debt financing from major Egyptian banks and financial institutions to support the growth of its mortgage offering. Founded in 2019 by Mostafa El-Beltagy,…

Kenya could soon prohibit businesses from refusing cash payments for everyday transactions, under a proposed law that would require the acceptance of physical currency for purchases below Ksh100,000 (approximately US$775). The Central Bank of Kenya (Amendment) Bill 2025, introduced by Suba South MP Caroli Omondi, seeks to make it illegal for businesses operating in physical locations to reject cash for transactions under the stated threshold. As reported by TechCabal, Omondi said the legislation is intended to protect ordinary Kenyans who risk being excluded as the economy becomes increasingly digital. If passed, the law would represent a major regulatory intervention in…

Ethio telecom has officially launched Zemen GEBEYA, a digital marketplace intended to modernise Ethiopia’s commerce system by connecting product and service providers with consumers nationwide. Speaking at the launch event, Ethio telecom CEO Frehiwot Tamiru described the platform as a step towards strengthening the country’s commercial infrastructure. “It is with great pleasure that we announce the official launch of Zemen GEBEYA, a digital marketplace designed to elevate our country’s commerce system to a higher level and serve as an inclusive platform,” she said. “This marks a new chapter for our country, laying the foundation for delivering innovation and inclusive growth…

Cabo Verde marked a key milestone in its digital transformation journey on Monday (May 5) with the official inauguration of TechPark CV, a strategic infrastructure project supported by the African Development Bank Group. The €51.85 million project was developed in two phases, with €45.5 million in financing from the African Development Bank. Since beginning operations in November 2023, TechPark CV has rapidly developed into a thriving technology hub. In just 18 months, it has reached full occupancy across 52 office spaces, housing 23 companies from seven countries and employing 311 young professionals. Highlighting the park’s modern infrastructure, Prime Minister Correia…

The Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has announced that the central bank is expected to begin regulating cryptocurrency usage and related platforms by the end of September 2025. Speaking at the African Leaders and Partners Forum, organised by the EBII Group on the sidelines of the IMF/World Bank Spring Meetings in Washington, D.C., Dr Asiama noted that this development depends on the passage of the Virtual Asset Providers Act. The proposed legislation will grant the Bank of Ghana the authority to license and regulate platforms and participants operating within the virtual asset sector. “To enhance…

Onafriq, a South African-based payments gateway, has partnered with Circle, the issuer of the USDC stablecoin, in a move aimed at improving cross-border payments and digital financial services on the continent. The partnership will see the introduction of USDC-based settlement into Onafriq’s network, which spans over 500 wallets and 200 million bank accounts across more than 40 African countries. Currently, more than 80% of payments between African countries are processed via correspondent banks outside the continent and settled in foreign currencies such as the US dollar or euro. This system results in around US$5 billion in annual transaction fees and…

Money Fellows, a fintech platform based in Cairo, has raised US$13 million in its latest financing round, bringing the total investment in the company to over US$60 million since its inception. The funding will help enhance its digital platform, supporting the company’s expansion to over 8.5 million users and partnerships with more than 350 local and regional entities. The investment round is co-led by Al Mada Ventures (AMV) and DPI Venture Capital via the Nclude Fund, with additional contributions from Partech and CommerzVentures. The funds will help the company expand into new markets and modernise traditional savings, borrowing, and investment…

A Nigerian judge on Wednesday (April 30) adjourned a tax evasion case against the world’s largest cryptocurrency exchange, Binance, to next month after the country’s tax authority sought permission to serve court documents via email. Earlier in April, the court had postponed proceedings to allow the Federal Inland Revenue Service (FIRS) to respond to Binance’s request to nullify an order permitting court documents to be served electronically, Reuters reported. The judge has now adjourned the hearing to 12 May, according to court records. The FIRS has filed a lawsuit demanding that Binance pay US$79.5 billion in alleged economic losses caused…

In 2024, the global mobile money industry continued its strong growth trajectory, fueled by robust expansion in Sub-Saharan Africa (SSA), as well as East Asia and the Pacific. According to a new report by the GSM Association (GSMA), a non-profit trade association representing mobile network operators worldwide, 2024 marked two major milestones for the industry. First, the number of registered mobile money accounts surpassed the 2 billion threshold, representing an increase of 14% year-over-year (YoY). Second, monthly active accounts exceeded 500 million, marking a 11% YoY increase. Transaction volumes and values also increased substantially. In 2024, approximately 108 billion transactions…

Ethio telecom and Visa have reaffirmed their partnership to support the development of Ethiopia’s digital economy, focusing on international digital financial services. At a meeting held on Thursday (April 24), Ethio telecom CEO Frehiwot Tamru met with Michael Berner, Senior Vice President and Head of South and Eastern Africa Regions at Visa. The discussion centred on assessing existing projects and planning further collaboration, particularly following the launch of Ethiopia’s first wallet-based Virtual Visa Card and cross-border remittance services through Visa Direct and telebirr Remit in August 2024. The two parties reviewed the performance of these services, including user adoption and…