Fintech

Kenya’s Safaricom has received a Payment Facilitator Certificate from Visa to strengthen Safaricom’s merchant ecosystem by expanding its payment acceptance options.

Flutterwave has launched its remittance product Send App in the East African country, Malawi, after announcing an International Money Transfer Operators (IMTO) licence from the Reserve Bank of Malawi in November 2023.

Risevest has acquired Hisa, a Kenyan investment startup; however, Hisa’s operations and structure will remain intact, as will its brand, staff, and activities.

A recent case study by Moniepoint reveals that 83% of Nigerian female business owners still rely on non-institutional financing to grow their businesses, with 40.2% using personal funds and savings.

FlapKap, an Egyptian-born fintech platform, has completed $34 million in a pre-series A funding round to expand its operations across the Middle East and North Africa (MENA).

From Monday, September 9, 2024, Nigerian customers who use fintechs like Moniepoint, PalmPay, and OPay will be required to pay a one-time fee of ₦50 for electronic transfers exceeding ₦10,000 following a directive from the Federal Inland Revenue Service (FIRS).

Flutterwave appointed Mitesh Popat, former Citi CFO, as its new Chief Financial Officer nearly ten months after the former CFO, Oneal Bhambani, ended his tenure in November 2023.

ChitChat, a Zambian social commerce platform has partnered Mastercard to launch new virtual debit cards, leveraging Africa’s expanding eCommerce market.

Alongside Flutterwave’s expansion, NALA has secured a money remittance licence in Uganda, allowing Ugandans in the diaspora to use its services at no charge.

Flutterwave has obtained a Payment Systems Operator (PSO) licence from the Bank of Uganda, enabling businesses in the country to use its payment solutions. It follows its recent acquisition of payment licences in Mozambique and Ghana.

Flutterwave merchants in Nigeria are set to tap into a new customer base as the company announced that they can now accept American Express payments.

Nigeria Inter-Bank Settlement System (NIBSS) has joined Zone’s blockchain network to include payment terminal service aggregator (PTSA) functions on the blockchain.

Dubai’s Network International is launching its digital payment platform, Network One, in Nigeria. The company is set to onboard banks, fintechs, and Mobile Network Operators (MNOs).

dLocal, a cross-border payment platform, has partnered with iTransfer, a money remittance company, to address challenges associated with cross-border payments in emerging markets including Nigeria, with plans to expand into other countries like Morocco and Egypt.

Sendsprint’s acquisition of Nobel Financial will unlock access to the US, one of the largest sources of remittances to Africa.

MTN Nigeria has acquired a 7.17% stake in MoMo PSB from Acxani Capital for ₦6.95 billion ($4.36 million), making MoMo PSB a wholly-owned subsidiary. This move aims to streamline and enhance the fintech’s operations.

Flutterwave has secured a Payment Service Provider licence in Ghana to offer direct collections, payouts, automated invoicing, payment links, and checkout solutions. This follows its recent preliminary payment aggregator license in Mozambique.

JumiaPay, the fintech arm of eCommerce platform Jumia, has appointed Anthony Mbagwu, a former senior business development and partnership manager, as Managing Director to revitalise the struggling fintech.