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Lengthy Licensing Stumps Kenyan Fintech Startups

[Sep 12 10:10 PM] Fintech startups face significant challenges when expanding to Kenya, primarily due to the lengthy and complex process of obtaining an operating license. Obtaining a payment service provider (PSP) license can take up to two years, forcing startups…

Mastercard and Scale Partner to Accelerate Fintech Deployment in Africa

[Aug 18 3:30 AM] Mastercard, the American multinational financial giant, recently revealed it has partnered with the fintech firm Scale to accelerate the deployment of fintech firms in Africa and the Middle East. Amnah Ajmal praised the partnership with Scale…

South African Travel Fintech Turnstay Secures Funding for Regional Expansion from DCG, DFS Lab

[Jul 18 5:30 AM] Venture capital firms DFS Lab and Digital Currency Group (DCG) recently invested $300,000 in Turnstay, a South African travel-focused fintech startup. Turnstay aims to simplify payment procedures for international travelers by leveraging a global…

Tanzania Fintech Startup Nala Secures $40 Million via Series A Round 

[Jul 10 11:30 PM] Tanzanian fintech startup Nala recently secured $40 million in a Series A funding round led by San Francisco-based venture capital firm Acrew Capital. The funds will be used to bolster Nala’s business-to-business (B2B) payment platform and…

Nigerian Fintech Startup Chipper Cash Lays Off Employees in US, UK

[Mar 18 5:30 AM] The Nigerian fintech startup, Chipper Cash, recently abolished the roles of 20 workers based in the U.S. and U.K. The CEO Ham Serunjogi said this decision aligns with its goal of maintaining high operational efficiency and moves the startup closer…

Egyptian Fintech Startup Moneyhash Secures $4.5 Million in Seed Funding Round

[Mar 4 5:35 AM] Moneyhash, a digital payments fintech startup, recently secured $4.5 million in a seed funding round. The fintech startup said it will use the capital raised to enhance its technology and fund its regional expansion drive. The Impact of COVID on…

Nigerian Microfinance Bank Carbon Acquires Fintech Startup Vella Finance

[Feb 18 5:00 AM] Vella Finance, a Nigerian fintech startup, was recently bought by the microfinance bank Carbon. The acquisition of the fintech startup paves for Carbon to launch a new banking platform targeting Nigerian businesses. New Business to Leverage…

Kenyan High Court Unfreezes $3 Million Belonging to Nigerian Fintech Giant Flutterwave

[Feb 5 3:30 AM] A recent ruling by the Kenyan High Court in favor of the Nigerian fintech startup Flutterwave will see it finally get access to $3 million which has been frozen since July 2022. The judge slammed the Assets Recovery Agency for continuing to hold…

Nigerian Payments Fintech Startup Cleva Secures $1.5 Million in Pre-Seed Funding

[Jan 10 3:30 AM] The Y Combinator-backed Nigerian fintech startup has reportedly raised $1.5 million in pre-seed funding. Tolu Alabi, the CEO of Cleva, expressed confidence in her and fellow co-founder Philip Abel’s ability to navigate the competitive fintech…

Nigerian Fintech Flutterwave Secures Money Transfer Licenses in 13 US States

[Dec 12, 2023 5:00 AM] The Nigerian fintech unicorn revealed on Dec.7 that it has obtained money transfer licenses in 13 U.S. states. Flutterwave’s partnership with a licensed financial institution also means that it can now serve customers in 29 states in the U.S…

Africa-Focused Remittances Fintech Zazuu Shut Downs After Failing to Secure Additional Funding

[Nov 21, 2023 2:30 PM] An Africa-focused remittances firm, Zazuu, has become the latest fintech startup to close shop after it failed to raise extra funding. Zazuu and other African fintechs’ funding problems are said to be linked to the collapse of Silicon Valley…

Nigeria’s Fintech Startup Paystack Cuts Workforce, 33 Employees to Depart

[Nov 18, 2023 6:30 AM] The Nigerian fintech startup, Paystack, will be scaling down its operations outside Africa. In addition, Paystack will part ways with at least 33 employees based in Europe and the United Arab Emirates. Co-founder Shola Akinlade has promised to help…

Egyptian and Nigerian Central Banks Sign Agreement to Deepen Cross-Border Regulation

[Jul 20, 2023 5:30 AM] The central banks of Egypt and Nigeria have signed a fintech agreement to deepen the two institutions’ “cross-border regulatory collaboration” and information sharing. The London Institute of Banking & Finance, which also…

Study: Africa Likely to Leapfrog Leading Fintech Regions if It Adopts New Technologies

[May 25, 2023 4:00 AM] Africa will likely leapfrog the top fintech regions if startups on the continent adopt new technologies, the Global Fintech 2023 report by the Boston Consulting Group and QED Investors has said. The report points to the African continent’s…