Fintech
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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.
Ivorian fintech Waribei has raised pre-seed funding to accelerate the development of inventory financing solutions for local merchants in Africa.
Old Mutual, a South African insurance company, has launched a new platform that combines financial education with streaming entertainment to improve financial literacy, simplifying access to informative content.
Guaranty Trust Bank (GTBank) has informed its customers about a temporary disruption of services between Friday, October 11, and Monday, October 14, to enable its transition to a new core banking application system.
Okra, a Nigerian open banking company, has launched its cloud infrastructure product, Nebula, joining the list of homegrown cloud providers like Nobus, Galaxy, and Layer3.
Zepz, formerly WorldRemit, has raised $267 million in funding to expand in Africa and beyond. This comes three years after the money transfer company raised $292 million in Series E financing.
Fincra, a Nigerian fintech startup, has announced that it has received a Third Party Payment Provider (TPPP) licence in South Africa, allowing it to offer its services to local businesses.
Kazang, a prepaid value-added services (VAS) and card-acquiring business has launched Kazang Pay card acceptance solution for merchants in Zambia after introducing the solution in South Africa
Lesaka Technologies, a South African-born fintech platform, has acquired payment processing firm Adumo for R1.67 billion ($96 million). The cash and stock deal involves about 17 million shares of Lesaka common stock and a cash payment of R232.2 million ($13 million).
Mastercard and Amazon Payment Services have partnered to increase digital payment acceptance in the Middle East and Africa, including Egypt and South Africa, where 95% of consumers consider using emerging payment methods.
India is reportedly in talks with several African countries to assist in developing a digital payments system using its Unified Payments Interface (UPI). Two launches are expected in 2027.
Rise stops virtual card service over fluctuating exchange rate and provider issues.
Uganda’s Agent Banking Company (ABC), a fintech services firm, has secured an undisclosed investment from Goodwell Investments, based in the Netherlands to pursue its growth ambitions. This comes as Flutterwave, eTranzact, others secure licences in the country.
NIBSS increased Flutterwave’s daily settlement limit from ₦7 billion to ₦21 billion and forgot to reset it for three months. A glitch happened within this period and exacerbated Flutterwave’s losses.
Safaricom and Mastercard have entered a strategic partnership to accelerate the adoption of payment acceptance and cross-border remittance services among up to 636,000 merchants in Kenya.
PayRetailers, a South America-based payment processing company, has announced its entrance into eight additional African countries, including Nigeria, Kenya, Ghana, Burkina Faso, Cameroon, Senegal, South Africa, and Ivory Coast.