Sourcefin, a South African fintech company, raised $8.2 million (ZAR 150 million) in funding from Futuregrowth Asset Management, according to a statement on Wednesday. This significant investment aims to enhance access to financing for small and medium-sized enterprises (SMEs) in South Africa, a sector crucial for economic growth and job creation in the region. Read […]

The Central Bank of Nigeria (CBN) announced a significant policy regulating cash transactions through Point-of-Sale (POS) agents on Tuesday.  This initiative introduces a daily cash-out limit of N100,000 per customer, reinforcing the CBN’s commitment to a cashless economy while addressing fraudulent activities in agency banking. Read also: CBN to fine banks N150 million for selling […]

Flutterwave announced on Wednesday that users can now accept payments via the Central Bank of Nigeria (CBN)’s first National Domestic Card Scheme, AfriGo. This development will simplify payments for clients and open up new business prospects. Due to AfriGo’s expanding user base, more Nigerian clients are now provided with extra payment options, which will increase […]

Bamboo, a Nigerian fintech company, dominated headlines on Tuesday after securing a U.S. broker-dealer licence through its affiliate, Bamboo Securities LLC.  This landmark achievement positions Bamboo as the first financial organisation from Nigeria to offer Africans direct access to U.S. securities. It enables corporate clients and licensed brokers across Africa to facilitate investments in the […]

Ethiopia’s parliament on Tuesday passed a new law which officially opens the nation’s banking sector to foreign investments for the first time to boost economic growth, encourage innovation, and increase competitiveness. The new legislation titled “Banking Business Proclamation” marks a historic step towards banking sector liberalisation and a turning point for one of Africa’s biggest […]

The Securities and Exchange Commission (SEC) has registered First Bank’s subsidiary, First Nominees Nigeria Limited, as Nigeria’s first nominee company in the capital market, effective November 22, 2024. First Nominees Ltd has become a full-fledged capital market operator with its registration, according to a statement released on Tuesday. To the advantage of its customers, this […]

African telecommunications giant MTN has announced plans to acquire a banking license in South Africa to enhance its financial services.  This decision, made public on December 16, 2024, comes as the South African Reserve Bank (SARB) prepares to open its national payments system to fintechs and non-banking entities. Read also: MTN, GTBank, Air Peace probed […]

The Central Bank of Nigeria (CBN) has threatened to impose a N150 million fine on any bank found culpable of selling mints currency notes to currency hawkers and “unscrupulous economic agents,” adding that the fine will be collected per branch. CBN issued the threat in a circular signed by Mohammed Olayemi, the Acting Director of […]

Following the Central Bank of Egypt (CBE) and Mastercard partnership to introduce Apple Pay in the banking sector, several major Egyptian banks have implemented card tokenisation services through Apple Pay. This aligns with CBE’s regulations for card tokenisation technology, introduced in February 2023. Commercial International Bank (CIB), Banque Misr, and National Bank of Egypt are […]

In partnership with the Central Bank of Egypt (CBE) and the Egyptian Banks Company (EBC), Mastercard offers Apple Pay to Egyptian consumers, offering a more private, secure, and safe method of making payments online, in-app, and in-store. This new development was revealed on Mastercard’s news blog on Thursday. Read also: BCP Group partners Mastercard to […]

Egypt’s top fintech business and first unicorn announced its entry into the UAE market on Wednesday as a significant step toward regional expansion. MNT-Halan will provide creative and easily accessible financial solutions to underprivileged communities and enterprises through its financial super app. Halan Advance, the company’s quick, safe, and easy-to-use salary financing solution, is its […]

Billboxx, a Nigerian fintech startup, announced on December 11, 2024, that it has successfully raised $1.6 million in a pre-seed funding round. Founded in early 2023 by Justus Obaoye and Abdulazeez Ogunjobi, Billboxx aims to address the cash flow challenges faced by small and medium enterprises (SMEs) across Africa.  The platform provides integrated billing and […]

The Central Bank of Nigeria (CBN) has intensified its oversight on the fintech sector, imposing ₦1 billion fines on two of Nigeria’s fintech unicorns, Moniepoint and OPay, in the second quarter of 2024.  The fines stemmed from a routine audit conducted by the CBN to ensure compliance with regulatory standards. The inspections, standard procedure for […]