Following recent elections in which 11 new executives emerged to guide the association’s business for the next two years, the Fintech Association of Nigeria has revealed its newly elected officials for the 2024–2026 term. The association released a statement stating that they anticipate the new leadership will build on the achievements of the departing GovCo […]

Network International, a Dubai-based payment services provider, has launched its innovative $250 million digital payment platform, Network One, in Nigeria, transforming the payment landscape with an effortless, efficient, and secure experience and promoting financial inclusion in the region while empowering banks, fintechs, and businesses to offer innovative payment solutions. The platform is now ready to […]

The Bank of Zambia has granted Sabipay Technologies, a subsidiary of Pesapal Limited, a Payments System Business licence, in a move that is anticipated to facilitate the provision of customised payment solutions to businesses and consumers across the nation. With the Payments System Business licence, Sabipay Technologies can take card payments, mobile money payments, and […]

In July 2024, First Bank terminated over 100 employees following the discovery of a massive ₦40 billion fraud allegedly orchestrated by Tijani Muiz Adeyinka, a manager in the operations team. Adeyinka, currently at large, reportedly exploited his authorisation to approve chargebacks to accounts under his control over two years. The dismissal affected at least 120 […]

A chargeback disagreement has led Shago Payments, a fintech startup owned by B2B e-commerce platform Alerzo, to sue Fidelity Bank in court. Shago used Fidelity Bank for its settlement accounts. Shago provides agent banking services, such as Moniepoint and Opay, as well as payment services. According to three people with intimate knowledge of the matter, […]

The accessibility of online banking has led to an increase in some banks’ digital channels. Using 2.36 million visits in June 2024, Semrush data indicates that the UBA is the top-ranked website. In June, Paystack customers accounted for an impressive 2.23 million visits to their website, securing their position as the second-highest visitors among banking […]

The Bank of Ghana has awarded the Nigerian fintech company Flutterwave a Payment Service Provider licence (Enhanced Category). With the Enhanced Category Payment Service Provider license, the company can operate without third parties, simplifying customer and enterprise payments. With the license, Flutterwave will be better equipped to assist other licensed fintech businesses in Ghana by […]

The monthly cost for Kenyan banks to operate a single ATM is more than $900, and this expense rises for top commercial banks with hundreds of ATMs dispersed around the nation. Customers who wish to avoid standing in line for extended periods of time in banking halls have traditionally turned to automated teller machines (ATMs). […]

NOVA Bank Limited, formerly NOVA Merchant Bank, has officially commenced operations as a national commercial bank. With the approval of a final licence from the Central Bank of Nigeria (CBN), NOVA Bank is set to revolutionise the banking experience in Nigeria through its innovative PHYGITAL approach, which combines strategically located physical branches with advanced digital […]

The Kenyan fintech firm Hisa, which allows users to purchase US equities, is apparently in the process of being acquired by Risevest, a Nigerian wealth management platform that gives its users access to both foreign and Nigerian stocks. Upon completion of this acquisition, the Nigerian fintech company, established in 2014, will be able to expand […]

Mercury, a US bank that works with startups worldwide, has told Nigerian company founders whose accounts it closed on August 22, 2024. According to the Bank, Nigeria has been listed as a prohibited country by its partners; hence, it would not be able to continue operating an account for Nigerian startups and others from the […]

The leading Nigerian bank, Wema Bank, has introduced AlatPay, an instantaneous digital payment solution, to assist small and medium-sized enterprises in digitising their business processes. The elegant Four Points by Sheraton in Lagos hosted the launch. Executive Director of Retail and Digital Business Tunde Mabawonku stated that “the future of cards is cardless” and that […]

Africa-focused digital payments company TerraPay acquired $95 million from the International Finance Corporation (IFC) and the British International Investment (BII) to make it easier for people to send money back home at low cost and to help businesses and people’s lives across Africa. Unveiling TerraPay’s Investor Lineup: IFC, ILX, and BII TerraPay will receive a […]

The parent firm of the largest bank in Nigeria in terms of assets, Access Holdings Plc, is to raise 351 billion ($233 million) from current shareholders to fund its ambition to become “the most respected African bank in the world.” Access Holdings would make 17.7 billion additional common shares, valued at ₦19.75 apiece, available. The […]

The United Nations Development Programme (UNDP) and the Nigerian government inaugurated the timbuktoo Fintech Hub in Lagos on Tuesday as part of plans to bolster Africa’s technology startup ecosystem. This fintech hub is one of ten thematic hubs under the timbuktoo initiative, the most extensive global effort supporting Africa’s technology startups. The launch also unveiled […]

The timbuktoo Africa Innovation Foundation, the Federal Government of Nigeria, and the UN Development Programme (UNDP) will open the timbuktoo Fintech Hub in Lagos from July 9th to July 14th, 2024, at Tarino Tower – Alfred Rewane, Ikoyi. This is one of eight theme hubs built across Africa by timbuktoo. The timbuktoo Fintech Hub will […]

Access Bank, Africa’s biggest full-service commercial bank, has collaborated with the British Council to launch the seventh edition of the British Council Recognition and Outstanding Cambridge Learner Awards (BROCLA). The collaboration aligns with Access Bank’s commitment to encourage the educational sector and recognise students who have excelled on national and global stages in the May/June […]

Kenyan identity management startup Peleza has merged with YC-backed Prembly to form the Prembly Group. Both companies have declined to provide specific financial details of the transaction. Prembly, known for its identity verification, security, and compliance services, will now integrate Peleza’s expertise in conducting business background checks. This merger aims to leverage Peleza’s critical partnerships […]

A cloud-based financial business founded in Colombia called Minka has declared its intention to grow its operations throughout Africa. The company’s initial phase of expansion will involve the establishment of stores in Eastern and Southern African nations. With intentions to expand into Southern African markets like Mozambique, Zambia, and Malawi, Minka began operations in East […]

Fintech companies in Nigeria, particularly those looking to attract capital, have been advised by experts to put profitability first in their business plans before contacting investors for investment. As they pointed out, the days of merely submitting ideas to potential sponsors in the hopes of receiving cash are long gone. “Building Trust in the Digital […]