First City Monument Bank (FCMB) has reaffirmed its commitment to sustainable manufacturing practices that minimise negative environmental impact while conserving energy and natural resources.  This commitment was recently exemplified through the inauguration of the state-of-the-art dried fruit manufacturing plant of Nature’s Bounty Health Products Limited, a Nigerian food technology startup. Empowering Local Communities and Protecting […]

LemFi, operating under RightCard Payment Services Limited, has recently attained a significant milestone in its quest to revolutionise remittance services in Kenya. Through a strategic partnership with Wapi Pay and obtaining approval from the Central Bank of Kenya (CBK), LemFi is poised to enhance secure remittance services, thereby positively impacting the region’s financial landscape. LemFi’s […]

In an unexpected development, Thepeer, a Nigerian fintech startup, has ceased operations. The closure comes after a promising seed funding round and a vision to transform the financial technology landscape in Africa.  Launched in 2021 by Kosisochukwu Chike Ononye and Michael “Trojan” Okoh, Thepeer aimed to facilitate seamless financial transactions across the continent. Despite securing […]

The modern FinTech industry, leveraging cutting-edge technologies such as AI, blockchain, big data, analytics, and cloud computing, has reshaped the financial services landscape. This evolution, rooted in advancements in computing technology and the internet, has enhanced efficiency, accessibility, and affordability in financial services. Established in 2019, FinTech Magazine has been at the forefront of providing […]

Platnova Technologies Limited, the beacon of Nigeria’s fintech space, has achieved a significant milestone at the recently concluded Tech Unite Africa Expo, held on March 26th and 27th, 2024, at the esteemed MUSON Centre, Lagos.  The event brought together tech leaders, innovators, investors, and enthusiasts to explore cutting-edge advancements and provide a platform for startups […]

In a strategic move that underscores Kenya’s position as a fintech powerhouse, PayAngel, a UK-based financial technology firm, has announced its expansion into the Kenyan market.  This decision aligns with the recent Forty Under 40 Africa Awards in Nairobi, spotlighting the nation’s burgeoning tech scene. Kenya’s reputation as a technological beacon in Africa was further […]

Aella, one of Nigeria’s biggest lenders and credit providers, is happy to say that it has changed its name from Aella Credit to Aella Microfinance Bank. This business move fits with Aella’s goal of coming up with new ideas and giving all Nigerians access to banking services. To begin with, Akin Jones started the Aella […]

In a notable development within Africa’s tech ecosystem, four former senior managers from Paystack, a prominent African payment company, have joined forces to venture into the continent’s thriving grocery delivery sector. Nigerians Yinka Adewuyi, Gbadegbo Gbade-Oyelakin, Abdulrahman Jogbojogbo, and Abiola Showemimo, all esteemed early employees who collectively dedicated over two decades to Paystack, are poised […]

Lagos State Governor, Mr. Babajide Sanwo-Olu, on Thursday, indicated an interest in a mutually beneficial partnership between the Lagos State Government and Mastercard for technology, digitalization, and innovation. The governor said the development of backend infrastructure by the Lagos State Government will help drive Mastercard’s investment in the state. Governor Sanwo-Olu spoke when the Management […]

Nigerian Access Bank Plc has inked a formal agreement to buy the National Bank of Kenya (NBK) from KCB Group Plc. The purchase is contingent on Central Bank of Kenya regulatory approvals, according to a bank tweet. In a 2019 central bank-facilitated rescue deal, Kenya’s second-largest lender, KCB, bought state-controlled medium-sized lender NBK. Initial reports […]

Ethiopia’s most prominent commercial bank is trying to regain millions of dollars customers took out because of what the bank called a “systems glitch.” There are reports that more than $40 million was taken out of or sent to other banks from the Commercial Bank of Ethiopia, owned by the government when customers learned they […]

The Central Bank of Kenya (CBK) has approved the launch of the TandaPay mobile money wallet, advancing cyber finance in Kenya. TandaPay, a cutting-edge fintech service, claims to transform Kenyan finances by giving a variety of perks to meet individual consumers’ demands. With CBK’s permission, TandaPay will disrupt Kenya’s mobile money industry and build on […]

Youverify, a leading provider of identity verification and anti-money laundering (AML) solutions based in Nigeria, has clinched a significant $2.5 million investment from Elm, a prominent digital solutions provider in Saudi Arabia.  The pre-Series A investment not only injects capital into Youverify but also establishes a strategic partnership aimed at fortifying AML compliance for businesses […]

Flutterwave’s Chief Operational Officer, Bode Abifarin, has resigned. His departure marks the latest high-profile exit from the renowned payments corporation, following a series of notable departures in recent months. In a heartfelt LinkedIn post on Tuesday, Abifarin reflected on his journey at Flutterwave, describing it as a mix of highs, lows, victories, and failures. He […]

Kenya’s Central Bank grants licences to 19 digital credit providers, including Autochek, signalling regulatory scrutiny over predatory lending practices. This move comes one year after the licensing of 32 digital lenders, reflecting efforts to address borrower concerns. In a bid to curb unethical loan collection techniques, the Central Bank of Kenya continues to meticulously review […]

Stanbic Holdings, a prominent company based in Kenya, has announced its decision to suspend its plans to establish a financial technology division.  This move comes in response to regulatory delays from the Capital Markets Authority (CMA), which had initially granted permission for the division’s operation in the fourth quarter of 2023. The decision to halt […]

Moroccan FinTech startup TooKez has successfully secured a significant investment of $1.5 million, in a fundraising round spearheaded by the esteemed Azur Innovation Fund. The public-private seed capital fund, known for its support of innovative ventures, is dedicated to enhancing the customer loyalty landscape in Africa and the Middle East and North Africa (MENA) region. […]

In recent years, Kenya has witnessed a surge in digital credit services, offering convenient and accessible financial solutions to millions. However, alongside the proliferation of licensed lenders, unscrupulous entities have exploited gaps in regulation, leading to predatory practices and consumer exploitation.  In response, Kenyan authorities have initiated a crackdown on unlicensed companies, aiming to safeguard […]

In a bid to further promote financial inclusion across Nigerian communities, PalmPay, an Africa-focused fintech platform, has introduced two innovative financial products – Unlimited Free Transfer and Target Savings – for users of its app. Under this initiative, users of the PalmPay app can enjoy unlimited free transfers to all banks in Nigeria for an […]

Allen Qu will lead African Fintech Company LemFi’s attempts to grow among the Chinese diaspora. Qu, who has built billion-dollar firms in Africa, will be LemFi’s Vice President of Growth, focusing on the Chinese market. LemFi will benefit from his expertise tailoring its revolutionary international payment solutions to the Chinese diaspora. Allen has been a […]