PiggyVest, a prominent Nigerian fintech platform, received two prestigious awards at the Digital Jurist Awards 2024 held on October 31 at Eko Hotel and Suites in Lagos. The company was named the Best Mobile App and fintech with the Best Social Media presence, recognising its efforts to enhance users’ digital financial experiences and engage them […]

Orange Middle East and Africa has announced a strategic partnership with global payments leader Mastercard to increase access to mobile financial services throughout Sub-Saharan Africa. By 2025, the collaboration aims to enable millions of Orange Money wallet users to conduct digital payments via Mastercard’s extensive network of global merchants. This initiative will initially launch in […]

Fintech startup Moniepoint, based in Nigeria, announced on Tuesday that it has secured $110 million in fresh capital from investors, including Google, to expand its digital payments and banking services throughout Africa. Moniepoint (formerly known as TeamApt) was established in 2015 by Tosin Eniolorunda and Felix Ike. Initially, it focused on providing digital infrastructure and […]

South Africa’s Capitec Bank has implemented a policy to block electronic funds transfers (EFTs) and real-time payments directed at cryptocurrency exchanges, citing security concerns. Despite the growing popularity of digital currencies in South Africa, Capitec maintains that this measure aims to safeguard clients from potential fraud. Capitec Bank defends anti-fraud strategy Capitec’s decision affects payments […]

Premier Bank in Somalia, in partnership with Mastercard and Tappy Technologies, introduced Tap2Pay, a tokenised payment wearable solution, marking a new era in the evolution of digital payments in Africa.  This innovative solution introduced this October, leverages Near Field Communication (NFC) technology to create a seamless, secure, and convenient consumer payment experience.  As the first […]

America’s banking giant JPMorgan has secured approval from the Central Bank of Kenya to open a representative office in Nairobi after 12 years of initially announcing the plan. This approval precedes a visit by Jamie Dimon, CEO JP Morgan, who plans to travel to Kenya and three other African countries—Nigeria, South Africa, and Côte d’Ivoire—to […]

Access Bank has announced that it will temporarily suspend operations in order to optimise its customer offers through a system upgrade. The bank made the announcement via an email to its customers on Tuesday, informing them that the upgrade will happen in stages, beginning at 10:00 p.m. on Saturday, October 12, and concluding at 6:30 […]

Guarantee Trust Bank (GTBank) has announced a temporary service interruption to enable its transition to a new core banking application system. Starting from Friday, October 11, the bank will upgrade to Finacle Core Banking, a powerful software, to improve service delivery and the overall customer service experience, GTBank said in a statement on Wednesday. The […]

The payment processing company Adumo has been officially acquired by Lesaka Technologies, a fintech company listed on the NASDAQ and Johannesburg Stock Exchange, for R1.67 billion ($96 million). The agreement includes the issue of about 17 million shares of Lesaka common stock and a cash payment of R232.2 million ($13 million). The final purchase price […]

The Bank of Industry (BOI) has introduced a new mobile application that enables users to monitor the current wholesale and retail prices of various food items in Nigeria. This app aims to provide a detailed overview of food prices across different regions, helping users make informed purchasing decisions. Read also: KaiOS, Mastercard boosting digital payments […]

KaiOS, a prominent operating system for affordable devices, partnered with Mastercard to offer electronic payment options. Mastercard and KaiOS will provide cheaper payment acceptance devices in Cote d’Ivoire and Nigeria to promote a more inclusive, linked global economy. It’s still difficult for small and medium-sized businesses (SMEs), especially in developing markets, to accept digital payments. […]

The maiden Nigerian Fintech Festival is scheduled for September 26, 2024, at Oriental Hotel, Lagos. Under the theme The Convergence to Co-Create & Celebrate Nigeria’s Truly Digital Economy, the event seeks to foster innovation and collaboration within Nigeria’s digital financial sector. Read also: TLcom to host sixth Africa Tech Female Founder Summit in Nairobi Bringing […]

Thanks to a partnership between Safaricom and Mastercard, over 636,000 Kenyan retailers will now accept payments and receive remittances. The partnership between Safaricom and Mastercard aims to hasten Kenya’s adoption of cross-border remittance services and payment acceptance. The partnership is expected to help more than 636,000 merchants who use M-PESA, Safaricom’s top mobile money service. […]

Absa Group has revealed the winners of its 2024 Technology Hackathon, which ignited engagement and fueled innovation across its technology community. The annual event, themed “10xImpact,” challenged participants to deliver solutions that could impact Absa’s operations tenfold. This year’s competition was held between September 11 and 12, with 36 teams battling it for 24 hours. […]

Zambian neobank Lupiya has announced a new partnership with Network International, a leading enabler of digital commerce across Africa and the Middle East, to launch an e-commerce-enabled debit card. This initiative marks a significant step towards expanding financial inclusion across the continent by providing individuals and small businesses with more secure and accessible financial tools. […]

South African fintech startup Happy Pay has raised R32 million ($1.8 million) in pre-seed funding to scale its Buy Now, Pay Later (BNPL) services. The funding round was co-led by E4E Africa and 4Di Capital, with additional participation from DotExe Ventures, Launch Africa, Equitable Ventures, Felix Strategic Investment, U.S.-based Gaingels, and several local angel investors. […]

The Central Bank of Nigeria (CBN) requires all Payment Service Providers to route all electronic or physical transactions from Point of Sale (PoS) terminals at merchant and agent locations through an approved CBN Payment Terminal Service Aggregator. Read also: Opay, others to charge N50 levy on electronic money transfers in Nigeria 30 days deadline to […]

The Ghana Securities and Exchange Commission (SEC) has given Chipper Cash a broker-dealer licence. Chipper Cash is famous for international money transfers. Thanks to direct access to Ghana’s financial markets, Chipper Cash can now offer more services to consumers. Jon Taylor Samson, CEO of Chipper Cash in Ghana, said, “It is essential for every entity […]

Risevest, a Nigerian investment business, acquired Kenya’s Hisa stock trading platform to strengthen its fintech foothold in Africa. Rise’s second acquisition in less than a year after its September 2023 acquisition of Chaka, a digital trading platform. The partnership boosts Rise’s dominance and highlights the sector’s cross-border building up. After acquiring Hisa, Rise can enter […]

Nigerian fintech companies like OPay, Moniepoint, and PalmPay will charge N50 for electronic payments of N10,000 or more to personal or business accounts starting September 9, 2024. This is to follow rules set by the Federal Inland Revenue Service (FIRS). OPay, a leading fintech, issued a notice informing customers of the development. The notice stated […]