Visa, a multinational payment corporation, has made a strategic investment in Nigerian fintech unicorn Moniepoint to support its growth across Africa and provide businesses with cutting-edge payment solutions. The business’s highly successful $110 million series C capital round, which increased its valuation to over $1 billion in October 2024, preceded this investment. In a statement […]

On Wednesday, Nigerian fintech company PalmPay announced its plans to enter the remittance sector as part of its expansion to Asia. With a strong presence in Africa, boasting over 30 million users and handling $6 billion in monthly transactions, PalmPay is now setting its sights on tapping into the thriving global remittance industry. Read also: […]

According to PalmPay, more than 10 million Nigerians received N4 billion in interest payments from the company in 2024 through PalmPay Wealth, its savings and investing platform. According to a statement released by the company on Tuesday, this milestone demonstrates how well the platform has worked to improve saving habits and promote a culture of […]

Klasha announced the introduction of its newest cross-border payment service – Pay to China, on Tuesday to enhance cross-border payment between Africa and China. Businesses and individuals can now instantly transfer Chinese Yuan (CNY) to Chinese bank accounts, Alipay wallets, WeChat wallets, and bank cards using their local African currencies. This feature was created to […]

On Tuesday, Safaricom, in collaboration with two fund managers, Standard Investment Bank and ALA Capital Limited, announced the formal launch of Ziidi MMF, a money market fund that uses M-PESA’s convenience to give clients an easier, quicker, and more intelligent way to invest and build wealth. Ziidi MMF is a unit trust that allows users […]

Egypt-based fintech business Raseedi announced on Wednesday the acquisition of Kashat and its subsidiary Pharos Microfinance S.A.E. in an equity transaction intended to expand their product line and offer immediate cash loans. Both businesses were established in 2018 and are dedicated to helping Egypt’s underbanked citizens access financial services, thus this acquisition is a big […]

Wegagen Bank‘s prior partnership with BelCash has been replaced with a new mobile money service launched by E-Birr. Users of the service, which was introduced on Tuesday, can use a smartphone app or the USSD code *602# to open wallet accounts, send money, and make payments. At Wegagen Bank’s formal launch event in Shire, Tigray […]

Mastercard has officially opened its first office in Accra, Ghana, on Monday. The corporation wants to expand in West Africa and boost its digital economy. By opening locally, Mastercard hopes to promote financial inclusion and employment creation. Strengthening local partnerships Mark Elliott, Division President for Africa at Mastercard, emphasised the importance of this expansion: “Opening […]

On Monday, Mukuru, a platform for next-generation financial services, indicated that the Mukuru Wallet will soon be available in Zimbabwe. This mobile wallet is designed to promote financial inclusion for more than three million customers in Zimbabwe. It enables them to transmit and receive funds securely both domestically and internationally. Read also: $7m Explosives Plant […]

On Monday, Flend, a pioneering tech start-up, announced that it has secured the first-ever Digital Non-Banking Financial Institution (NBFI) licence from the Financial Regulatory Authority (FRA) in Egypt. This milestone positions Flend as a key player in financing small and medium enterprises (SMEs) in the region. Read also: Flend becomes the first SME non-bank digital […]

Wegagen Bank has become the first bank to be listed on the Ethiopian Securities Exchange (ESX), establishing itself as a trailblazer in Ethiopia’s quest to liberalise its economy. The listing was announced on January 10, 2025, at the Science Museum in Addis Ababa, during the official opening of the Ethiopian Securities Exchange which was attended […]

LemFi, a rapidly growing cross-border payment platform, officially launched in Europe on Wednesday, January 8, 2025, marking a major milestone in its history. With over 1 million users and more than $33 million in disclosed funding, the company is redefining the remittance landscape. “Nigerians in Europe can now send money home with LemFi,” the startup […]

Telr, the MENA’s award-winning online payment gateway that serves more than 30,000 merchants, on Wednesday announced a strategic partnership with Apaya, the premier commerce automation platform in the Middle East and Africa. With just a few clicks, merchants can create and expand top-notch payment experiences thanks to this cooperation, which integrates Telr’s complete payment solutions […]

Stitch announced on Tuesday that it has partnered with Vodacom Financial Services to enhance the VodaPay wallet. This collaboration aims to streamline the topping up wallets directly from bank accounts, eliminating the need for physical store visits.  Read also: How a Centenary Bank customer lost millions in devastating online scam in Uganda Enhancing user experience […]

In December 2024, Patrick Mulumba, a Ugandan worker in Saudi Arabia, lost millions of shillings from his Centenary Bank account due to an online banking scam. Shs1.99m was taken out first, then Shs1.95m, making a total of Shs3.94m. The bank opened an investigation into the event after Mulumba’s emotional TikTok video went viral on December […]

Guarantee Trust Holding Company (GTCO) Plc successfully raised N209.41 billion in its public offering, the company announced in a statement on Monday. The public offer marks the first stage of GTCO’s equity capital raise program. The financial institution confirmed that the first phase of the offering was completed following approval from the Securities and Exchange […]

PayMint, a prominent financial technology company, announced the launch of its first prepaid “Meeza” card in partnership with Abu Dhabi Islamic Bank (ADIB) Egypt on Monday.  This initiative aims to enhance digital payment solutions in Egypt and aligns with the country’s push towards a cashless economy. Read also: Egypt introduces digital tracking system to regulate […]

Cashlet, a fintech platform founded by Aggrey Obimbo, announced its plans for expansion into East Africa on Monday.  The company aims to enter markets in Uganda, Tanzania, and Rwanda following its successful regulatory approval from Kenya’s Capital Markets Authority (CMA) in January 2024. Read also: Kenya’s ICT Authority seeks public engagement on key regulatory frameworks […]

Beltone Capital, a subsidiary of Beltone Holding, has signed a put option agreement with the majority shareholders of Baobab Group in order to purchase a majority stake in Baobab, a significant African financial services company serving more than half a million micro-entrepreneurs and MSMEs in Africa. Baobab operates across seven African nations, including Senegal, Côte […]

The Central Bank of Ethiopia has raised the annual credit growth cap for commercial banks from 14 percent to 18 percent, indicating a gradual relaxation of monetary regulations in the face of declining inflation. Despite the change, the National Bank of Ethiopia (NBE) will continue to implement its stricter monetary policy framework, the regulator said […]