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

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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

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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

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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

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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,

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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.

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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

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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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