Nigeria

4 CBDC Projects in Africa You Need to Know

Central bank digital currencies, or CBDCs, are not a new concept to Africa. Multiple CBDC projects in Africa currently exist, even amidst a wider fintech boom across the continent. In an interview, Dr. Co-Pierre Georg, an expert on CBDCs, explains

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Nigeria’s Prospa Raises US$3.8m in Oversubscribed Seed Round

SME banking fintech Prospa has raised US$3.8 million in the largest pre-seed round to have been raised by a Nigerian fintech startup, according to an announcement by the company. The pre-seed round is the largest of its kind in Nigeria

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Africa’s Newest Unicorn OPay Raises US$400 Million From SoftBank

Nigerian mobile payments platform OPay has raised US$400 million in funding from SoftBank, Bloomberg reported. The investment was made from SoftBank’s US$40 billion investment vehicle Vision Fund 2. Existing backers of the company Sequoia Capital China, Chinese superapp Meituan’s VC

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Frozen Bank Accounts and Leaked Bills: Your Weekly Africa Fintech News Digest

Last week was a big one for Africa fintech news, especially in Nigeria. The country’s fintech sector made it to the headlines, not once but twice. And both times were pretty scandalous. Meanwhile, the wider Africa fintech ecosystem also saw

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CapitalSage Technology Picks Up U$4 Million Debt for Expansion

Nigeria-based CapitalSage Technology has raised NGN 2.2 billion, or U$4 million, in debt funding, the company announced. The financing was raised in a Series 1 Private Company issuance with a 365-day tenor, under the company’s NGN 10 billion programme. It

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Nigerian Car Financing Fintech Raised US$23 Million Series A

Nigeria-headquartered mobility fintech startup Moove has raised a Series A round of US$23 million, according to a statement. Speedinvest and Left Lane Capital led the round. Meanwhile, a number of participating investors also pitched in, including UAE-based KAAF Investments and

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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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