Browsing: FinTech

Nala Selcom Nala Money, Nala Remittance

Nala is a cross-border payments company based in Tanzania. Selcom is a Pan African financial and payment services provider, offering a comprehensive range of payment, issuing and acquiring services.

Nala, whose services can be accessed via a customized, easy-to-use mobile application, has seeded its services in seven countries, including the US, UK, Kenya, Uganda, Rwanda, Ghana and Tanzania.

During the press conference, a live demonstration of a money transfer from the UK to a Tanzanian mobile wallet was conducted and became a success in less than a minute.

Benjamin Fernandez, Nala’s founder and Chief Executive Officer, stressed the importance of uprooting tech-savvy local talents to enhance the local fintech landscape as Tanzania lags in fintech take-up.…

Nigeria Interswitch secured US$110 million

In Nigeria, where an estimated 38 million people, or 36% of adults, remain financially excluded, the government has set a target of 95% financial inclusion by 2024. 

While this may seem like an ambitious goal, that will require institutions to re-strategize initiatives and policies to accelerate the delivery of financial inclusion services, a lot of tech-backed firms are being developed in the West African country to help achieve this goal. 

Among them is Lagos-based FinTech unicorn Interswitch which seems to have heeded that call, leveraging its position as a market leader in digital payment services to bridge the massive financial inclusion gap and help bring as many people into the financial and economic fold as possible.…

Fintech revolution in Africa

With over 548 million registered mobile money users in sub-Saharan Africa, increased internet access and readily available mobile money solutions, the FX market has become accessible to the majority of Africans. 

The availability of mobile money payment solutions has seen an increase in the creation of fintech startups created solely to cater to Africans interested in trying their hand at trading in both local and international FX markets. 

Firms including Exness, XM.com, Avatrade, CM Trading, Tickmill and Chipper Cash among others all reported a significant growth in trading in 2020. A testament to the growing trading culture driven by fintech across the continent.…

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flutterwave ceo olugbenga agboola 1200x900 1
  • The firm’s CEO Olugbenga Agboola has now come forward to address claims levelled against him in an email to employees
  • This is the first time the CEO has spoken in regards to the claims reported by West Africa Weekly, a Substack newsletter written by journalist David Hundeyin
  • The report highlighted several allegations against the startup and Agboola including fraud and perjury to insider trading as well as sexual harassment

Over the past two weeks, Nigerian fintech startup Flutterwave has been under fire after the firm’s Chief Executive Officer was accused of allegedly committing fraud, perjury to insider trading and sexual harassment.

The firm’s CEO Olugbenga Agboola has now come forward to address these claims levelled against him. 

In an email to employees, Agboola termed the allegations as false, condemning the impact these claims had had on the firm. 

“I’m writing today because I want you to know how concerned I

GBN Pyypl 10022022

Pyypl uses advanced Artificial Intelligence (AI) and Machine Learning (ML) for regulatory compliance, Anti Money Laundering (AML), and Counter-Terrorism Financing (CTF).

The platform also conducts real-time Politically Exposed Persons (PEP) and sanctions (both country and individual) screening against the latest and historical UNSC, USDT, FATF, OFAC, and EUCFSF records, as well as all local databases.

Fintech startups in Africa have continued to gain a lot of attention from investors who have been pouring billions of dollars to support the industry. …

Mustafa Eid, Nader Abdelrazik and Anisha Sekar, co-founders, MoneyHash. www.theexchange.africa

The funds which are an extension of an undisclosed six-figure raise MoneyHash announced last June from investors including Ventures Platform, Kepple Africa Ventures, LoftyInc Capital and lead COTU Ventures is aimed at fast-tracking the firm’s growth in the Middle East and Africa. 

MoneyHash started in Egypt early last year, allowing 17 companies to use its sandbox environment to connect with its API and access payments gateways such as Fawry, Paymob and PayTabs.

As more companies opt to digitize their operations across the board, most firms initially work with one or two payment processing providers. …

Ndovu Cofounders Radhika Bhachu and Ro Nyangeri. www.theexchange.africa
  • Data by the World Bank reveals that at least a quarter of the African population has internet access, a nearly fifty-fold increase in internet usage since 2000. 
  • The rapid spread of the internet across the African continent has been lauded as a key driver of prosperity and a sign of the continent’s technological coming of age. 

Over the past few years, the wealth management industry has seen a significant amount of diversification, from traditionally having products geared towards institutional investors and high net worth individuals to offering more accessible products to low and middle-income earners. 

While WealthTech is not a new concept in Africa, there is room for market players to leverage consumer demand for wealth management products that are more digitally accessible and easy to use. 

WealthTech or wealth management technology is the combining of technology such as AI, big data, SaaS, with financial assets, such as savings, investments,

Norrsken Foundation co-founders Natalie Kolbe, Ngetha Waithaka and Lexi Novitske. www.theexchange.africa

Norrsken22 plans on capitalizing on its general partners’ years of experience and investment philosophies to back startups in fintech, MedTech, Edtech, and market-enabling solutions such as B2B marketplaces and inventory management businesses.

Kolbe, whose previous firm Actis backed Egyptian fintech giant Fawry in 2019 as it prepared to go public, said Norrsken would look at Egypt ‘opportunistically.’ 

Deals from the country that may be of interest to the firm will be those planning an expansion into the four markets Norrsken22 is currently keen on, including Nigeria, Ghana, Kenya and South Africa.…

South Africa's Superstar Banking Corporation, Capitec. www.theexchange.africa

Capitec Bank has 16 million clients, more than half of which bank digitally.

The bank has more than 800 branches spread out through South Africa. Capitec can now claim to be the bona fide largest banking company in South Africa.

Capitec Bank was founded in 2000 in a sector fiercely competed for and dominated by what was then the big four banks, Standard Bank, Nedbank, FNB and ABSA.…

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A digital payment transaction in process in Nigeria. www.theexchange.africa

In a report by GSMA released earlier this year, mobile money accounts grew to 1.2 billion with 43% of new users all from Africa.

Inferring from this growth rate in just one year, it’s clear that the market size for offline payments is significantly larger than online payments. In coming years, we’ll be focusing on this space even as we continue to grow in online payments.

In sub-Saharan Africa alone, there are 44 million micro, small and medium enterprises providing the majority of jobs effectively serving as the backbone of the economy in their countries.…

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