Nigeria
These 7 Digital Banks in Africa Are Heating up the Competition
In the context of digital banks in Africa, two challenger banks have clearly made their mark. One of these is the 2019-launched TymeBank from South Africa. TymeBank is the biggest digital bank in Africa by funding, having raised about US$169
Read More
Nigeria Launches the eNaira Digital Currency
Nigeria officially rolled out its central bank digital currency (CBDC), the eNaira, on October 25. This makes it the first country in the African continent to officially allow the use of a CBDC as legal tender. Originally scheduled for an
Read More
Asante Raises US$7.5m Series A for MSME Lending Platform
MSME lending startup Asante Financial Services Group announced that it has raised US$7.5 million in the first tranche of its Series A fundraise. The round was led by Goodwell Investments with participation by investors including Sorenson Impact Foundation and Forsage
Read More
5 Out of 7 Tech Unicorns in Africa Come From Fintech
Africa is seeing a rush of funding for its fintech sector, and some companies have already emerged as the continent’s biggest fintech bets, becoming unicorns in Africa. African fintech companies have raised more in the first seven months than they
Read More
Nigerian Open Banking Startup Mono Picks Up US$15m Series A
Lagos-headquartered open banking startup Mono has raised US$15 million in a Series A. The round was led by Flutterwave’s backer Tiger Global. Participating investors included a mix of new backers Target Global (which also invested in Kuda Bank), General Catalyst,
Read More
Nigeria’s Verto Secures US$10m Series A
Verto, a Nigeria-based B2B payments startup, has raised US$10 million in a Series A round of funding according to reports. The SME-focused startup provides cross-border payments solutions for 39 currencies, on its web platform or by integrating with Verto’s API.
Read More
Nigeria’s Infibranches Raises US$2m From Shell-Backed Impact Firm
Nigeria-based energy distribution and collection fintech startup Infibranches Technologies has secured US$2 million in a funding round raised from All On, Nairametrics reported. All On is the impact investment arm of oil and gas multinational Shell. The funding will be
Read More
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
Read More
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
Read More
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
Read More