Fintech
Top stories
Funding for fintech startups in Nigeria has fallen in Q1 2023 but there are still reasons for startup founders to be excited about the future of the sector. Read on to discover some of these reasons.
Beneficiaries of the ₦2.9 billion ($6.3 million) Flutterwave breach reported in March have confirmed they were detained by the police. Beneficiaries of another set of ₦250 million($543,088) and ₦200 million ($434,470) transactions were also reportedly detained by the Police. Flutterwave insists that there was no breach.
Not much is known about open banking despite the CBN approving regulations for the infrastructure. Here are some answers to questions about open banking operations in Nigeria.
Contrary to reports stating it could acquire Payday for $40 million, Moniepoint’s Head of Global Marketing has denied these reports stating that it’s investment in the startup was a strategic acquisition.
With $3 million in seed funding, Payday wants to help remote workers get paid faster, but could soon offer loans to users.
Payments startups dominate the fintech sector in Nigeria; Mayowa Kuyoro, Partner and Head of West Africa Financial Services at McKinsey & Company, shares her thoughts on potential areas for growth in the sector.
Founded in 2020, Nigerian fintech startup, SeerBit, builds payment solutions for businesses and individuals in Africa. With a presence in 12 countries, it hopes to become the payment option of choice for Africa.
African cross-border payments startup, Chipper Cash, is reportedly considering a sale. Since December 2022, the startup has laid off more than 100 employees as tech companies reel from the decline in venture capital funding.
As cash shortages continue across Nigeria, small and medium-sized businesses are changing their processes and POS agents have not been left out.
In early February 2023, hackers transferred over ₦2.9 billion from Flutterwave accounts. While police investigations are ongoing, Flutterwave is seeking to freeze accounts where some of the money was transferred. A motion to freeze accounts in 27 financial institutions in Nigeria, including Access Bank, Kuda, Zenith Bank, and Opay, has been filed.
Depending on who you ask, the scarcity of cash in Nigeria is causing a lot of hardship. I experienced this hardship first-hand in an attempt to survive a day in Lagos without cash, and here’s how it went.
M-Pesa serves more than 50 million people in Africa. Now it’s turning its eyes to the remittance market.
As the financial services space evolves, more concepts are being embraced. One of them is Banking as a Service. Although not entirely new, it is gaining popularity as technology advances and customer preferences change.
Businesses in Africa struggle to access credit, but Moni, a fintech startup, uses social capital to provide loans for them.
Nigerian fintech startup, Flutterwave, can now process payments in Egypt after receiving a payment services provider and payment facilitator licence.
The CBN wants Nigerians to go cashless, but neither Nigeria nor Nigerians are ready for a truly cashless economy.
Seven months after a Kenyan court froze $3.3 million in Flutterwave’s accounts due to money laundering and card fraud allegations, which Flutterwave denied, the Kenyan government has cleared the company of these allegations.
The CBN claims a domestic card scheme will drive financial inclusion in NIgeria, but that couldn’t be farther from the truth.
Buy now, pay later (BNPL) startups enable customers to spread payments over a specific period but with rising inflation and lower income levels, could there be an alternative for such startups in Nigeria?