Leading Nigerian bank, Guaranty Trust Holding Company Plc (GTCO) rebuffed allegations of unethical business practices and financial misrepresentation, raised by certain groups earlier this month. Global Integrity Coalition (GIC) held a presser to accuse GTCO of manipulating financial statements and exaggerating its accounts. The group alleged that GTB parroted a false claim of N1.004 trillion […]

Emerald Finance Limited has partnered with Airtel Mobile Commerce Ltd (Airtel Money) to introduce the Ka’Starta Loan service, a digital micro-term loan product designed to promote financial inclusion in Zambia. This new service allows Airtel Money subscribers to access small, short-term loans directly via mobile phones, providing a quick and convenient credit option for millions […]

In recent years, digital lending platforms have revolutionised how microenterprises and individuals access credit, providing a much-needed alternative to traditional banking institutions that often overlook their needs. By offering a swift and easy way to secure loans, these platforms have bridged a significant financial gap for those who require financial assistance. As a result, digital […]

Dozy Mmobuosi, the founder and former CEO of Nigeria’s Tingo Group, has been ordered by the U.S. Securities and Exchange Commission (SEC) to pay a staggering $250 million in penalties for inflating his company’s financial performance.  This ruling, issued by the U.S. District Court for the Southern District of New York, follows a default judgment […]

Ecobank Uganda, in a strategic move, has chosen to empower the Ugandan diaspora through a significant partnership with Ria Money Transfer. This alliance is a business decision and a testament to the diaspora’s value and importance in the economic landscape. The partnership is designed to enhance the Ugandan diaspora’s access to financial services, enabling them […]

Nigerian fintech startup Grey announced a strategic partnership with dLocal, a leading cross-border payment platform, to fuel its expansion into emerging markets. This collaboration will enable Grey to leverage dLocal’s expertise and technology to extend its reach and provide seamless payment solutions to customers in previously underserved regions. With this partnership, Grey will tap into […]

Flutterwave has secured a Payment Systems Operator (PSO) licence from the Bank of Uganda, marking a significant milestone in its expansion across Africa. With this licence, businesses in Uganda can now access Flutterwave’s comprehensive payment solutions, enabling them to make single and bulk payouts to suppliers, employees, and partners. This development also allows Ugandans living […]

Interswitch East Africa has announced a groundbreaking partnership with Elie Technologies to introduce Tumatap, a new contactless payment solution to empower Micro, Small, and Medium Enterprises (MSMEs) in Kenya.  This innovative technology allows businesses to accept payments directly through smartphones, transforming them into point-of-sale (POS) systems without additional hardware. Read also: UNDP, Nigerian government launch […]

Absa, one of South Africa’s big four banks, has significantly ramped up its investment in technology, with IT spending increasing by 14% to reach R3.3 billion for the first half of 2024. This was revealed during the bank’s interim financial results announcement for the six months ending 30 June.  The increased expenditure is part of […]

The Nigeria Data Protection Commission (NDPC) has fined Fidelity Bank #555.8 million for a data breach that exposed sensitive customer information. This penalty serves as a wake-up call for the financial institution and highlights the increasing scrutiny and regulatory actions being taken against organisations in Nigeria regarding data protection and privacy. The NDPC’s decision to […]

Egyptian fintech startup Lucky has successfully secured US$3 million in a convertible note funding round. The funding, aimed at scaling its credit vertical, positions Lucky to achieve profitability by the first quarter of 2025. Founded in 2018 by Momtaz Moussa, Ayman Essawy, and Marwan Kenawy, Lucky has established itself as a key player in Egypt’s […]

Mauritius-based investment firm Silverbacks Holdings has purchased a significant minority position in South African sports technology business NERGii, which makes performance-enhancing shoe insoles. The deal, which was announced on August 7 in Cape Town, is Silverbacks’ latest move into Africa’s growing sports and technology industries. NERGii’s main offering is an advanced insole that naturally activates […]

First City Monument Bank (FCMB) and the Dutch Entrepreneurial Development Bank (FMO) are hosting an Agritech Hackathon and Venture Building to spur agricultural innovation in Nigeria. Heave Ventures’ project welcomes startups, entrepreneurs, and innovators to solve credit, infrastructure, and food security problems. The initiative involves a 48-hour hackathon, a 4-week venture-building residency, and a stakeholder […]

The 2024 Ecobank Fintech Challenge has unveiled its 12 finalists, representing some of Africa’s most promising fintech companies. They will compete for the prestigious $50,000 grand prize and a coveted spot in the Ecobank Fintech Fellowship program. The announcement was made during the first semi-final event, hosted at the Ecobank Pan African Centre in Lagos, […]

In the most recent news about startups, the South African company Scale has teamed up with Mastercard to help fintech companies in Africa and the Middle East get their goods to market faster. Local company Scale focuses on payment orchestration, which means it helps businesses decide whether to accept or reject a transaction. It was […]

A confirmed attempt has been made to breach the domain of Guarantee Trust Bank Plc’s website. Just a day after the bank renewed its domain name, a hacking attempt occurred on Wednesday, resulting in a brief outage to the website and preventing users from accessing online services. This caused a great deal of anxiety and […]

Providus Bank stated that the Central Bank of Nigeria (CBN) has granted preliminary approval for the merger with Unity Bank, resulting in a post-merger business with a balance sheet of up to ₦3 trillion ($1.8 billion). In comparison to the other companies, Providus is in a better financial position because of the reputation it has […]

The largest lender in Nigeria based on market capitalisation, Zenith Bank Plc, aims to raise $290 billion ($182 million) to fund expansion and grow its loan book. On Monday, the bank announced the launch of its combined offer on the Nigeria Exchange Limited (NGX) floor. Zenith Bank has announced a public offering of shares, allowing […]

In a bold move to revolutionise cross-border commerce, Klasha, a fintech startup renowned for its innovative solutions in global payments, has announced the launch of its new multi-currency accounts tailored for businesses.  This new feature empowers companies with seamless international transactions, enhanced currency management, and streamlined financial operations. Read also: Nigerian startup Sendsprint acquires US’s […]

The 2024 Ecobank Fintech Challenge semi-final is scheduled for Wednesday, August 14, at the Ecobank Pan African Centre (EPAC) in Lagos. Forty applicants have been shortlisted. This year’s challenge attracted over 1,550 applications from 70 nations; nevertheless, only 40 lucky applicants can participate in this week’s hybrid semi-finals. The Ecobank Fintech Challenge is designed with […]