Nigeria

Nigeria’s FairMoney Raises US$42 Million for Its Digital Banking Ambition

FairMoney, a Nigerian neobank with a credit-led model, announced that it had raised US$42 million in a Series B funding round. The round was led by Tiger Global Management and other existing investors in previous rounds such as Newfund, Speedinvest,

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United Bank for Africa Taps Irish Digital Banking Provider Layer for Digital Drive

Ireland’s digital banking platform provider, Layer has announced that it is partnering with United Bank for Africa (UBA) to fuel its digital transformation aimed at providing greater access to a wider range of financial services for its African customers. Layer

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South Africa, Nigeria and Kenya: Africa’s Largest Fintech Hubs

In Africa, South Africa, Nigeria and Kenya have the three most developed fintech ecosystems, combining more than 450 companies. This burgeoning industry has been driven by strong demographic indicators, increased connectivity, early regulation, and proactive governments. South Africa: an early

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FIS Expands Payment Capabilities Into South Africa and Nigeria

FIS, an American Fortune 500 company which offers a wide range of financial products and services, announced that it is expanding its payment processing capabilities into the rapidly growing markets of South Africa, Nigeria and Malaysia. In South Africa and

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Nigerian Open Finance Startup Okra Secures $3.5m Seed Round

Okra, Africa’s Open Finance API announced its $3.5m Seed raise. The round was led by US-based Susa Ventures, with participation from existing investors TLcom Capital, and newly joined Accenture Ventures. Okra is an Open Finance platform that enables developers and

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Nigerian Core Banking Provider Appzone Secures US$10 Million Funding

Appzone, a Pan-African fintech software provider building proprietary solutions for the continent’s banking and payments industries, has announced the close of its US$ 10 million Series A round. The round was led by CardinalStone Capital Advisers with participation from V8

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Nigeria Lays Groundwork for Open Banking

With a booming fintech sector, the Nigerian government and regulators are now setting the foundation for open banking, releasing regulatory frameworks for the safe and efficient transmission of data with hopes that subsequently new, innovative financial solutions will emerge and

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Flutterwave Clinches Unicorn Status With US$170 Million Funding

African payments company Flutterwave announced that it has secured US$170 million during its Series C round, attaining unicorn status with a valuation of more than USD $1 billion. The round was led by growth-equity firms Avenir Growth Capital and Tiger

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Fintech Attracts Lion’s Share of 2020 African Tech Funding

Fintech funding in Africa jumped 49.3% in 2020 to US$160 million. The amount was raised by 99 fintech startups, making fintech the dominant tech sector of 2020, a new report by regional startup news and research portal Disrupt Africa found.

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Booming Nigerian Fintech Sector Could See Revenues Reach US$543M by 2022

Fintech revenues in Nigeria are projected to reach an estimated US$543 million by 2022, driven by increasing smartphone penetration and a large population of unbanked eager to adopt digital financial services, according to a new report by the Economist Intelligence

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