Fintech
Top stories
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.
Happy Pay, a South African Buy Now, Pay Later (BNPL) provider has secured $1.8 million) in pre-seed funding to launch several innovative products, boost marketing, and expand Happy Pay’s merchant base.
TymeBank, a South African digital bank, has secured R169 million (about $9.5 million) from African Rainbow Capital (ARC). This comes as its deposits increased by 59% to $368.93 million and merchant credit advances $102.17 million.
Nigerian fintech Rise completed the acquisition of Kenyan fintech Hisa last week, positioning itself as a leader in Africa’s wealth management sector and setting the stage to capture increased value in the market.
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.