In a strategic move that underscores Kenya’s position as a fintech powerhouse, PayAngel, a UK-based financial technology firm, has announced its expansion into the Kenyan market.  This decision aligns with the recent Forty Under 40 Africa Awards in Nairobi, spotlighting the nation’s burgeoning tech scene. Kenya’s reputation as a technological beacon in Africa was further […]

Aella, one of Nigeria’s biggest lenders and credit providers, is happy to say that it has changed its name from Aella Credit to Aella Microfinance Bank. This business move fits with Aella’s goal of coming up with new ideas and giving all Nigerians access to banking services. To begin with, Akin Jones started the Aella […]

In a notable development within Africa’s tech ecosystem, four former senior managers from Paystack, a prominent African payment company, have joined forces to venture into the continent’s thriving grocery delivery sector. Nigerians Yinka Adewuyi, Gbadegbo Gbade-Oyelakin, Abdulrahman Jogbojogbo, and Abiola Showemimo, all esteemed early employees who collectively dedicated over two decades to Paystack, are poised […]

Lagos State Governor, Mr. Babajide Sanwo-Olu, on Thursday, indicated an interest in a mutually beneficial partnership between the Lagos State Government and Mastercard for technology, digitalization, and innovation. The governor said the development of backend infrastructure by the Lagos State Government will help drive Mastercard’s investment in the state. Governor Sanwo-Olu spoke when the Management […]

Nigerian Access Bank Plc has inked a formal agreement to buy the National Bank of Kenya (NBK) from KCB Group Plc. The purchase is contingent on Central Bank of Kenya regulatory approvals, according to a bank tweet. In a 2019 central bank-facilitated rescue deal, Kenya’s second-largest lender, KCB, bought state-controlled medium-sized lender NBK. Initial reports […]

Ethiopia’s most prominent commercial bank is trying to regain millions of dollars customers took out because of what the bank called a “systems glitch.” There are reports that more than $40 million was taken out of or sent to other banks from the Commercial Bank of Ethiopia, owned by the government when customers learned they […]

The Central Bank of Kenya (CBK) has approved the launch of the TandaPay mobile money wallet, advancing cyber finance in Kenya. TandaPay, a cutting-edge fintech service, claims to transform Kenyan finances by giving a variety of perks to meet individual consumers’ demands. With CBK’s permission, TandaPay will disrupt Kenya’s mobile money industry and build on […]

Youverify, a leading provider of identity verification and anti-money laundering (AML) solutions based in Nigeria, has clinched a significant $2.5 million investment from Elm, a prominent digital solutions provider in Saudi Arabia.  The pre-Series A investment not only injects capital into Youverify but also establishes a strategic partnership aimed at fortifying AML compliance for businesses […]

Flutterwave’s Chief Operational Officer, Bode Abifarin, has resigned. His departure marks the latest high-profile exit from the renowned payments corporation, following a series of notable departures in recent months. In a heartfelt LinkedIn post on Tuesday, Abifarin reflected on his journey at Flutterwave, describing it as a mix of highs, lows, victories, and failures. He […]

Kenya’s Central Bank grants licences to 19 digital credit providers, including Autochek, signalling regulatory scrutiny over predatory lending practices. This move comes one year after the licensing of 32 digital lenders, reflecting efforts to address borrower concerns. In a bid to curb unethical loan collection techniques, the Central Bank of Kenya continues to meticulously review […]

Stanbic Holdings, a prominent company based in Kenya, has announced its decision to suspend its plans to establish a financial technology division.  This move comes in response to regulatory delays from the Capital Markets Authority (CMA), which had initially granted permission for the division’s operation in the fourth quarter of 2023. The decision to halt […]

Moroccan FinTech startup TooKez has successfully secured a significant investment of $1.5 million, in a fundraising round spearheaded by the esteemed Azur Innovation Fund. The public-private seed capital fund, known for its support of innovative ventures, is dedicated to enhancing the customer loyalty landscape in Africa and the Middle East and North Africa (MENA) region. […]

In recent years, Kenya has witnessed a surge in digital credit services, offering convenient and accessible financial solutions to millions. However, alongside the proliferation of licensed lenders, unscrupulous entities have exploited gaps in regulation, leading to predatory practices and consumer exploitation.  In response, Kenyan authorities have initiated a crackdown on unlicensed companies, aiming to safeguard […]

In a bid to further promote financial inclusion across Nigerian communities, PalmPay, an Africa-focused fintech platform, has introduced two innovative financial products – Unlimited Free Transfer and Target Savings – for users of its app. Under this initiative, users of the PalmPay app can enjoy unlimited free transfers to all banks in Nigeria for an […]

Allen Qu will lead African Fintech Company LemFi’s attempts to grow among the Chinese diaspora. Qu, who has built billion-dollar firms in Africa, will be LemFi’s Vice President of Growth, focusing on the Chinese market. LemFi will benefit from his expertise tailoring its revolutionary international payment solutions to the Chinese diaspora. Allen has been a […]

Diamond Trust Bank Uganda and TerraPay have joined forces to revolutionise cross-border transfer processes in 2024.  This partnership marks a significant step forward in facilitating seamless financial transactions across borders, benefiting customers with faster, more convenient, and secure remittance services. Let’s delve deeper into this collaboration and its potential impact. Enhanced Cross-Border Transfer Processes Diamond […]

Mastercard, in partnership with the National Bank of Egypt (NBE), has introduced the UEFA Champions League Mastercard Credit Card, the first of its kind in Egypt.  This innovative card offers NBE cardholders exclusive benefits and cashback on online purchases, targeting young football enthusiasts and strengthening the partnership between Mastercard and NBE. Elevating Cardholder Experience Adam […]

In a landmark collaboration, Mastercard, a global leader in payments technology, and MTN Group, Africa’s leading telecommunications provider, have joined forces to revolutionise mobile payments across the continent.  This strategic partnership aims to leverage the widespread adoption of mobile technology in Africa to drive financial inclusion and empower millions of individuals and businesses with convenient, […]

CME, a seasoned multinational technology firm, embarks on a groundbreaking journey into digital finance through the launch of CoorB. This strategic move signifies CME’s foray into the financial technology sector, leveraging its extensive experience in cutting-edge technology solutions to revolutionise the financial landscape. Revolutionising Financial Solutions with CoorB CoorB harnesses CME’s expertise in engineering, UX […]

Financial technology (fintech) companies from Kenya and other African countries will gather in Naivasha to talk about tech, innovation, and partnerships. In a joint effort between the Association of Fintechs in Kenya (AFIK) and the Africa FinTech Network, the 12th–15th of June will marked out for the Africa Fintech Festival (AFF). Green finance, policy and […]