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Moniepoint’s $110m raise and new CFO have fuelled speculation about a commercial bank licence. Experts see it as a chance to expand its services, tapping into Nigeria’s underbanked market.
The Central Bank of Nigeria has granted the Africhange subsidiary in Nigeria, Currenzo, an International Money Transfer Operator (IMTO) licence to process direct remittance into Nigeria, boosting cross-border transactions for the diaspora.
Moniepoint hires ex-Stanbic IBTC CFO, Bayo Olujobi, to lead financial strategy at its microfinance bank as the fintech scales across Africa, reinforcing its regulatory and growth ambitions.
What ideas are Africa’s fintech investors betting on? Four investors speak to Techpoint Africa on sectors they’re excited about.
Nigeria’s fintech growth has heightened the need for secure transactions. OPay addresses this with stringent regulatory compliance and industry certifications like PCI-DSS and ISO certifications.
MTN Nigeria’s MoMo PSB applies for two additional licences as it looks to expand its capabilities in digital payments. This regulatory milestone could redefine telecom-led financial services in Nigeria, enabling MoMo PSB to offer more versatile solutions across the country.
Bamboo has launched a remittance app, ‘Coins by Bamboo,’ to help people transfer money from the diaspora to Africa. The app, available on iOS and Android, allows for fee-free transfers from Canada to Nigeria, with additional markets to follow.
Moniepoint’s Series C has elevated it to unicorn status. With over 10 million users, the startup is eyeing African expansion, but doubling down on Nigeria may yield even better results.
Orange and Mastercard have agreed to allow Orange Money wallet holders to make digital payments through Mastercard’s global network of merchants in seven countries by 2025: Cameroon, the Central African Republic, Guinea-Bissau, Liberia, Mali, Senegal, and Sierra Leone.
MoMo PSB has launched outbound and inbound remittance services, enabling Nigerian customers to send money to 13 African countries through the app and USSD channels. The sender incurs a 3% transaction charge and is notified of the conversion rate.
Ibrahim Ibitade, CEO and co-founder of Leatherback, has stepped down, with Toni Campbell, a managing partner at Kinfolk VC, stepping in as interim CEO. The Group MD and CEO of lead investor Zedcrest Group will also serve as a non-executive director.
FirstBank will transition to a new cloud-based procurement and financial platform from October 26 to November 4, 2024. Vendors are advised to submit invoices before October 25 to avoid disruptions during this migration period.
The past few weeks have been quite challenging for traditional banks in Nigeria. The core banking migrations have halted their services, and some users have been unable to access banking services. Many of these users have turned to fintech platforms that will allow them to perform financial transactions, exemplifying the importance of these platforms, especially…
Nigerian fintech, Woven Finance, which refuted shutdown claims earlier this year, has revealed what really happened, its growth, and a brand refresh to reintroduce users to its payment solution.
Premier Bank, a Somali bank, has introduced Tap2Pay, an NFC wearable payment solution designed to enhance the consumer experience, provide secure and seamless payments, and promote financial inclusion in Somalia.
Open banking is reshaping the financial services sector and Uzoma Dozie, CEO of Sparkle, argues that it will push traditional institutions to improve their offerings and make it easier for small businesses to access the loans they need to grow.
A Federal High Court has frozen 818 accounts in connection with a ₦10 billion cyberattack on Hope PSBank, as investigations continue into one of Nigeria’s largest financial breaches. The bank is pursuing legal recourse for recovery.
M-KOPA appoints global tech leader and former Nokia CEO Rajeev Suri as Board Chairperson. To help guide the fintech’s growth as it deepens its impact.
Safaricom has expanded its International Money Transfer services to Ethiopia through M-PESA Global, allowing customers to send mobile money from Kenya to Ethiopia. This move comes as the telco’s active customer base in Ethiopia reached 4.4 million.
Lendsqr introduces a ₦1 billion on-lending capital pool to empower Nigerian lenders with funding, bridging the gap between technology and capital while providing all digital lenders access to sustainable credit.