Lupiya, a female-led Zambian microfinance startup, has clinched the top spot at the GITEX Africa Supernova Challenge during Morocco’s GITEX Africa 2024 event. The conference is the continent’s most significant technology and digital economy trade show, attracting over 30,000 visitors. Founded by Evelyn Kaingu and Muchu Kaingu, Lupiya’s victory has sent excitement through Africa’s tech, […]

Selcom Tanzania, a leading Pan African financial and payment technology provider, has acquired Access Microfinance. This strategic move marks the birth of Selcom Microfinance Bank Tanzania, the first digital bank in the country, signifying a significant step towards a more connected and empowered financial ecosystem. Merging Technology and Traditional Banking The acquisition is set to […]

The Nigerian Deposit Insurance Commission (NDIC) has started liquidating Heritage Bank following its appointment as liquidator by the Central Bank of Nigeria (CBN). The bank’s failure to improve financial performance, threatening financial stability, led to revoking its licence. The CBN stated that the bank’s failure to improve has led to no reasonable recovery prospects. A […]

Standard Chartered has introduced SC Juza, a smartphone application that gives customers access to short-term financing services.  The app intends to fulfil the ever-increasing need for unsecured loans with short repayment terms that may be rapidly dispensed through mobile wallets. Need a loan? How does the SC Juza App work? The digital product lets customers […]

The Central Bank of Nigeria (CBN) has announced that the ban on new account openings for leading fintechs, including OPay, Moniepoint, Kuda, PalmPay, and Paga, has been lifted.  This decision comes after a period of suspension in April 2024, where the CBN directed these digital banks to halt onboarding new customers to tackle fraudulent activities […]

Fincra, a Nigerian fintech firm, has announced plans to launch its latest Banking as a Service (BaaS) product, the EUR Virtual Account. This innovative solution enables businesses across North and Francophone Africa to effortlessly collect foreign currency payments, particularly in Euros. Fincra’s EUR Virtual Account aims to simplify the process of receiving Euro payments through […]

In a landmark deal for the Nigerian fintech industry, a consortium led by Paystack, including prominent investors such as Piggyvest, Ventures Platform Fund, P1 Ventures, and angel investors Oo Nwoye and Olumide Soyombo, has successfully acquired Brass, a burgeoning business banking startup.  This strategic acquisition marks a significant milestone in the growth and consolidation of […]

Flutterwave, a leading African fintech company known for providing seamless payment solutions, has successfully secured a licence to operate in Mozambique, enabling it to tap into the country’s burgeoning $9 billion digital market. This development empowers local businesses with secure and convenient solutions, promoting growth and expansion across the African continent. This strategic expansion aims […]

In a groundbreaking partnership, M-PESA Africa has joined forces with Remitly and Vodacom Lesotho to launch a pioneering service that enables individuals in 30 countries to send money directly to M-PESA accounts held by Vodacom Lesotho subscribers. This innovative solution will provide millions of people with a fast, convenient, and secure way to transfer funds […]

To revolutionise the ride-hailing industry in the Middle East and North Africa (MENA), inDrive,  a leading global ride-hailing service, has partnered with Payrails, a payment technology innovator, to enhance payment processes and improve user experiences.  This collaboration has already led to an 11% increase in card approval rates, streamlining payment operations and driving efficiency in […]

Mastercard and the African Development Bank (AfDB) have joined forces to enhance African digital access through the Mastercard-AfDB Digital Economy (MADE) Alliance.  This initiative aims to connect 100 million people and businesses to essential digital services over the next decade, marking a significant step forward in Africa’s digital transformation. The MADE Alliance is a strategic […]

Finlogic Nigeria Limited has rapidly evolved from a start-up to a key player in Nigeria’s financial landscape. Its journey from a start-up to a premium organisation in Nigeria was possible because of its tech-driven approach, which ensures efficiency, transparency, and cost-effectiveness for its clients. The company developed a safe and efficient currency exchange platform that […]

There are reasons why e-finance, Egypt’s premier fintech entity, has strategically acquired significant stakes in two of the leading digital payment providers, Al Ahly Momken and EasyCash.  This acquisition sees e-finance taking a 25% stake in Al Ahly Momken and a 13% stake in EasyCash, and is set to catalyze innovation and broaden the reach […]

The Fintech Association of Kenya (FINTAK) has announced the appointment of Dr. Juliet Ongwae as a Board Director, effective May 20, 2024.  With over two decades of experience in digital financial services (DFS), Dr Ongwae is celebrated for her leadership in digital transformation across Sub-Saharan Africa and Southeast Asia. Extensive Background in Digital Financial Services […]

The ongoing discussion about the possible division of Safaricom’s mobile money services platform, M-Pesa, has drawn interest from investors, regulators, and regular users. Peter Ndegwa, the CEO of Safaricom, must strike a careful balance as the National Treasury and the Central Bank of Kenya (CBK) press for a split. The company’s position on separating its […]

Tala Kenya, a prominent digital lender, is gearing up to broaden its financial services portfolio by introducing a savings product tailored for its extensive customer base of over 3.5 million users.  The strategic move aims to position Tala as a comprehensive financial services provider, catering to diverse financial needs within its ecosystem. Read also: Bokra, […]

The Cybercrime Prevention and Prohibition Amendment Act of 2024’s proposed cybersecurity levy, as suggested by the Central Bank of Nigeria (CBN), has been removed, along with the circular requiring banks and payment service providers to collect and remit it. The Central Bank of Nigeria (CBN) has issued a revised circular, dated May 17, 2024, outlining […]

Bokra will support retail and SME (small and medium enterprises) clients in achieving a wide range of financial goals by making it simple to save and invest across asset classes. Bokra’s team is addressing various difficulties to aid merchants and SMEs in managing their wealth, such as the lack of personalised investment planning, scattered asset-class […]

Zeepay, a pioneering fintech startup based in Ghana, has secured regulatory approval from the Bank of Ghana to facilitate outbound money transfer services within a regulatory sandbox environment. This approval allows Zeepay to enable Nigerian and Ivorian immigrants in Ghana to send up to $10,000 yearly back to their home countries. Recipients can receive funds […]

Access Bank Group, a prominent multinational bank, announced today an innovative solution in partnership with Mastercard to increase access to international cash transfers and remittances to and from the African continent, thus bringing Africa closer to the global economy. Using Mastercard Move’s network and financial capabilities, Access Bank will enable consumers and businesses to conduct […]