Flutterwave, a prominent Nigerian payment company, recently thwarted an attempted network intrusion and promptly reported the culprits to security agencies. In April, the company detected unusual activities on one of its platforms used by a limited number of customers for specific business transactions. Upon identifying the unauthorised activities, Flutterwave swiftly safeguarded its customers. They immediately […]

Online brokerage firm Bamboo has announced an exciting expansion of its investment offerings by introducing Nigerian stocks on its platform. This development opens up new opportunities for Bamboo users, granting them access to local equities and expanding their investment horizons to include the Nigerian capital markets. Richmond Bassey, the Chief Executive Officer and co-founder of […]

Africa’s leading payment technology company, Flutterwave, has earned a prestigious spot on the 12th annual CNBC Disruptor 50 list, joining the ranks of other innovative enterprises like OpenAI, Stripe, and Monzo. This accolade is renowned for spotlighting private companies shaking up traditional industries and seizing substantial opportunities. The selection criteria, which include scalability, user growth, […]

The controversial 0.5% cybersecurity levy introduced by the federal government on electronic banking transactions has been suspended temporarily. After the two-day Federal Executive Council (FEC) meeting presided over by President Bola Tinubu at the Presidential Villa, Minister of Information Mohammed Idris told State House media on Tuesday. The tax was being looked at and put […]

Tanzania’s Central Bank has taken action against predatory loans by putting in place safeguards to protect consumers from dishonest lending practices. To protect borrowers, especially those more likely to be taken advantage of by high interest rates and unfair terms, the Central Bank has put strict rules in place.  Unlicensed loan apps have been specifically […]

Lesaka Technologies, a powerhouse in the South African fintech scene, has made a bold move by entering into a definitive agreement to acquire Adumo, a fellow South Africa-based Playtech company.  The acquisition, valued at $85.9 million, is set to significantly reshape the fintech landscape in the region, marking a pivotal moment for both companies. Read […]

In a recent development, the House of Representatives has called upon the Central Bank of Nigeria (CBN) to retract the circular mandating all banks to impose a 0.5 per cent cybersecurity levy on electronic transactions within the country.  The motion, propelled by Kingsley Chinda, representing the Obio/Akpor Constituency, underscores the urgency to halt and revise […]

In a significant move poised to reshape South Africa’s digital payment landscape, PayFast, the widely recognised online ecommerce payment platform, has rebranded to become ‘PayFast by Network.’  This transformative step integrates PayFast’s acclaimed services into the expansive portfolio of payment solutions offered by Network International while retaining the hallmark reliability and efficiency that users have […]

Moniepoint and Paga, two prominent financial services providers in Nigeria, have notified customers of account closure if found facilitating cryptocurrency transactions.  The move follows the recent directive from the Central Bank of Nigeria (CBN) instructing certain banks, including Moniepoint, to halt new customer onboarding. Read also: OPay, Kuda, Moniepoint, others pause signups amidst CBN probe […]

In alignment with their ongoing commitment to bolster the African creative industry and honour its rich heritage, Interswitch Group’s flagship brands, Quickteller and Verve, have proudly announced their sponsorship of the 10th edition of the esteemed Africa Movie Viewers’ Choice Awards (AMVCA). This sponsorship not only signifies their support for African talent but also underscores […]

Rwanda’s fintech sector has emerged as one of the fastest-growing industries following a significant uptick in digital transactions. This is according to the 2024 Monetary Policy and Financial Stability Statements report by the National Bank of Rwanda. The report highlights a substantial transfer increase across various digital platforms, indicating the sector’s burgeoning success. Read also: […]

OPay, the Nigerian fintech startup backed by notable investors such as Sequoia Capital and Softbank, has seen a remarkable surge in its valuation, showcasing the thriving digital payments landscape in Nigeria. Recent corporate filings by Opera, an early investor in OPay, reveal a valuation increase of more than 30% since its Series C funding round […]

Kuda Bank, Moniepoint, OPay, and Palmpay have temporarily halted new customer account openings following a directive from the Central Bank of Nigeria (CBN). On Wednesday, the Economic and Financial Crimes Commission (EFCC) blocked 1,146 bank accounts involved in unauthorized forex dealings. In response to the directive, notices across these popular fintech sites display prompts indicating […]

The African startup ecosystem has faced a significant downturn in investment inflows, particularly in Nigeria, which has seen a steep decline in startup funding, according to the data from The Big Deal, which meticulously tracks investment deals. The first quarter of 2024 marked a stark contrast to the funding frenzy of the third quarter of […]

Africa’s most prominent startup by market value, Flutterwave, is making preparations for an initial public offering (IPO) despite a tumultuous year filled with media controversies and regulatory hurdles. According to a Bloomberg report citing Flutterwave’s CEO, the fintech giant remains committed to its IPO plans, aiming to solidify its presence on the African continent further. […]

Standard Bank gave $11 million to the South African fintech startup Float. With this finance, the company will introduce its card-linked instalments platform and meet its four-year growth targets. Revolving credit is provided by Standard Bank. The amount of the bank loan to Float in order to ensure the flexibility and long-term security of funding. […]

The 5th edition of Wema Bank‘s Hackaholics flagship tech competition for youth and startups is now accepting entries.  The registration portal for Hackaholics 5.0 was formally announced at a press conference held at Wema Bank’s headquarters on Thursday, April 18th, 2024. It has been said that Wema Bank is allegedly going to great lengths to […]

South Africa’s government has made rules about nomad visas, like the digital Nomad visa. This is a big step towards getting skilled people to work from home.  A big step forward has been made in the country’s attempts to fully utilise the skills of the growing number of digital nomads. With the Nomad Visa, people […]

While based in Kenya, Pula is an insurance technology company that has been working to make it easier for small-scale farmers in developing markets to get agricultural insurance since 2015. This would protect them from losses caused by pests, diseases, and/or extreme weather events like floods and droughts. The insurance tech company has already helped […]

The Reserve Bank of Zimbabwe (RBZ), as the country’s financial regulator, plays a crucial role in ensuring the stability and functionality of the financial system.  Recently, the RBZ issued a press release outlining its expectations for online payment platforms amid the country’s transition to the new currency, Zimbabwe Gold (ZiG).  The press release highlights the […]