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Fintech Has Taken Off In Africa – Here’s Why It’s Not A Bubble

Some of the most innovative models in fintech we’ve seen have come out of our Africa portfolio, such as the way Pula advanced embedded finance by bundling crop insurance with the seed bought by small farmers. This year, it seems

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MFS Africa Raises US$100m Series C to Boost Expansion

In another big round this week, pan-African digital payments gateway MFS Africa has secured US$100 million in a Series C equity and debt round, the company announced in a statement. The financing is split US$70 million for equity and US$30

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Fintech Digest: Will Mobile Money Shake Up Nigeria’s Banking Industry?

MTN Nigeria and Airtel Africa had a substantial win in Nigeria last week, after the two mobile money players won conditional approval from the Central Bank of Nigeria to offer mobile banking services. MTN Nigeria and Airtel Africa still have

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Jeff Bezos-Backed Chipper Cash Raises US$150m Series C

Pan-African cross-border payments company Chipper Cash has secured US$150 million in an extension to its Series C, TechCrunch reported. The round was led by Bahamian-based cryptocurrency exchange FTX. This is FTX’s first investment play in Africa. Participating investors included existing

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Fintech News Digest: What’s Behind Saudi Arabia’s Fintech Boom?

Saudi Arabia’s fintech ecosystem is thriving to say the least. In last week’s fintech news, a new report pointed out that Saudi fintech companies raised a three-figure total of US$157.2 million between January and August this year. Compare this to

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Fintech News Digest: The Problem of Surveillance in Africa’s Biggest Fintech Hubs

A new study has found that governments in six African countries have been spying on citizens through the use of technology (The Conversation). Governments in Egypt, Kenya, Nigeria, Senegal, South Africa and Sudan have been surveilling citizens, either through legal

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MEA Fintech Weekly News: Are Neobanks the Next Big Thing for Nigeria?

This week marked a new win for digital banks in Nigeria. Neobank Sparkle raised US$3.1 million in a seed round for expansion efforts (TechCrunch). Founded by former CEO of Diamond Bank Uzoma Dozie, Sparkle provides both individual and business banking

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MEA Fintech Weekly News: Nigeria to Closely Scrutinise Fintech Startups

In last week’s MEA fintech news, the Central Bank of Nigeria (CBN) has once again hinted that it will be keeping a close watch on fintech startups in the country. At a recent seminar, Director of the Banking Supervision Department

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MEA Fintech Weekly News: The Case for Mobile Money in Sub-Saharan Africa

In last week’s MEA fintech news, mobile money took centre stage once again in the African continent. Meanwhile, UAE sees some funding and M&A activity, Egyptian banks launch a fintech fund, and a Nigerian startup raises US$10 million. Mobile money

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Report: Africa’s Top Fintech Hubs Are Also Its Most Regulated

The development of Africa’s top fintech hubs is closely connected with how robust its regulatory landscape is, a new report by Afriwise points out. The report, titled “Catch me if you can: How regulators will impact Africa’s Fintech sector,” notes

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