News
Top 8 Most Well-Funded Fintechs in Africa
Africa’s fintech sector is booming, fueled by soaring venture capital (VC) funding activity, rising adoption of digital financial services among both consumers and businesses, and increasing efforts from governments to improve financial inclusion. Between 2020 and 2021, the number of
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B2B Payments Platform Julaya Raises Additional US$5M Led By Speedinvest
Ivory Coast-based payments company Julaya has raised a US$5 million extension round led by European venture capital fund Speedinvest to expand its operations in West Africa. EQ2 Ventures, Kibo Ventures, angel syndicates Unpopular Ventures and Jedar Capital, as well as
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10 Companies Awarded Kenya’s First Digital Credit Provider Licenses
The Central Bank of Kenya (CBK) announced that it has awarded licenses to 10 digital credit providers out of the 288 applicants who responded to its call for applications in March 2022. The announcement stated that all digital credit companies
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Clickatell Enables Nigerians to Access eNaira Services Even Without Mobile Data
Chat commerce platform Clickatell has partnered with the Central Bank of Nigeria (CBN) to launch a USSD channel for the eNaira to enable Nigerians to access their eNaira wallet without the need for mobile data. The new USSD channel allows
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Crypto Platform Yellow Card Secures US$40M Series B Led By Polychain Capital
African cryptocurrency platform Yellow Card Financial has raised US$40 million in Series B funding led by Polychain Capital. Other investors in the round included Valar Ventures, Third Prime Ventures, Sozo Ventures, Castle Island Ventures, Fabric Ventures, DG Daiwa Ventures, The
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Brazil’s EBANX to Expand Payments Solutions to South Africa, Kenya and Nigeria
Brazilian payments company EBANX announced plans to expand its operations and payments solutions outside Latin America for the first time to Africa, with a focus on South Africa, Kenya, and Nigeria. The three countries are said to account for 32
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Flutterwave Merchants Can Now Accept Payments in Digital Currency eNaira
Flutterwave merchants can now process payments in eNaira, the Nigerian digital currency issued and distributed by the Central Bank of Nigeria. The self-service payment method is available to all Flutterwave merchants who want to collect Nigerian Naira (NGN) from customers
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Africa’s Demand for Payment Hubs Rises to Address the Continent’s Interoperability Gap
Africa is a world leader in mobile money, with Kenya and Ghana having the highest rates of mobile payment use in the world after China. The continent’s 55 countries are home to around 171 mobile money wallets, more than 1,000
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McKinsey Fintech Africa Report: Ghana, Francophone West Africa Among Fastest Growing Markets
African fintech companies have made significant inroads into the market over these past couple of years, with revenues reaching US$4 billion to US$6 billion in 2020 and average penetration levels of between 3 and 5% (excluding South Africa), an McKinsey
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African Unicorn Flutterwave Awarded Switching and Processing License in Nigeria
Payments company Flutterwave has been granted a Switching and Processing License by the Central Bank of Nigeria (CBN). The switching and processing license allows Flutterwave to enable transactions between banks, fintechs and other financial institutions. The company can also process
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