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…

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…

Flutterwave, a Nigeria-based payments technology company, has expanded its presence in Ghana by integrating the Pay With Bank Transfer option in collaboration with Affinity Bank. Ghana recorded over 115 million bank transfer payments in 2023. While Mobile Money remains the dominant payment method for daily transactions, the increasing adoption of bank transfers highlights the growing range of payment options available to businesses in the country. With this integration, businesses using Flutterwave in Ghana can now receive payments securely via bank transfers. Flutterwave has introduced various payment solutions across Africa, and this development adds another option for businesses and customers. Bank…

African Development Bank Group President, Dr Akinwumi Adesina, has announced plans to launch a US$500 million facility aimed at unlocking US$10 billion in financing for smallholder farmers and small agribusiness enterprises across Africa. Speaking at the High-Level Conference on Scaling Finance for Smallholder Farmers in Nairobi, Adesina revealed that the Bank’s management is currently consulting with its Board of Directors on establishing this pioneering facility. The facility will deploy multiple financial instruments, including trade credit guarantees, first-loss coverage, blended finance mechanisms, and origination incentives to lower the high transaction costs of serving enterprises, complemented by technical assistance. “We stand on…

Mastercard is expanding its collaboration with Paymentology, a London-based global issuer processor, to support card issuance for fintech companies in South Africa. This partnership aims to provide fintech firms with the necessary infrastructure and expertise to navigate the complexities of issuing cards, facilitating financial inclusion and digital transformation. South Africa’s fintech sector is growing rapidly, contributing around 40% of Africa’s total fintech revenue. However, many firms face challenges in scaling their payment solutions. Mastercard and Paymentology are addressing this by enabling fintechs to launch card services tailored to niche markets and unbanked communities, broadening access to financial services. Mastercard brings…

ORA Technologies, a Morocco-based technology startup, has announced a US$1.9 million Pre-Series A funding round led by Witamax and Azur Innovation Fund. Historically backed by local business figures, the company is welcoming venture capital investors to its cap table for the first time, bringing its total funding to US$4.4 million since its inception in 2023. The funding will support the company’s expansion strategy, enabling it to scale Kooul, its food delivery platform, which has expanded to six cities in just five months, and accelerate the development of ORA Cash, its newly launched digital payment and free money transfer service. Kooul…

Despite a challenging year 2024 marked by slowing funding, tightening regulations, and a difficult macroeconomic landscape, Nigeria’s fintech industry continued to expand last year, growing by an impressive 70% year-over-year (YoY), according to a new research by industry experts. The 2025 edition of the Nigeria Fintech Map, produced by Segun Adeyemi and Precious Ehiwario of Nigerian fintech startup Anchor, alongside tech entrepreneur Florence Dairo, provides a comprehensive snapshot of the Nigerian fintech sector as of early 2025, mapping out the fintech companies operating in the country and their verticals. According to this year’s edition, Nigeria was home to more than…

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…