Browsing: Flutterwave

Artificial intelligence in Africa
  • Artificial intelligence in Africa can potentially propel the fintech industry into a new era of financial inclusion.
  • AI tools can analyse data from client discussions, producing legal documents in simple language and at a fraction of what it would typically take to draft a contract.
  • Banks, for example, can make their services more affordable to their customers by rolling out AI-powered chatbots to handle routine queries while sparing them from having to travel to a bank branch.

It’s difficult to imagine a time before the widespread adoption of mobile technology in Africa – particularly where financial services are concerned. For millions of unbanked people, transactions were limited to cash, postal services or even the barter system.

Now, in much the same way as mobile payments completely disrupted the status quo, AI has the potential to propel the fintech industry into a new era of financial inclusion. And perhaps most exciting …

Nala Money Benjamin Fernandes
  • Nala Money has Payment Service Provider licenses in several countries, including its founder’s home, Tanzania.
  • In 2020, Africa’s e-payments industry, across domestic and cross-border payments, generated approximately $24 billion in revenues, of which about $15 billion was domestic electronic payments.
  • Africa’s domestic e-payments market is expected to see revenues grow by approximately 20 per cent per year, reaching around $40 billion by 2025

“Little did I know that if a European-based client of mine could have subscribed to Nala Money, I would have received $100 more to my fee.  Unlike Nala, the money order service I use has a low exchange rate and is somehow unconventional.”

This testament is not a promotion or a boost for the latter but an admission of facts and experiences Tanzanians who might receive remittance often or once could face.

Nala, started by Tanzanian youth Benjamin Fernandes in 2017, aimed to increase economic opportunities for …

Flutterwave-Fintech
  • Olugbenga Agboola, co-founder and CEO of Africa’s largest fintech company, Flutterwae fintech, purchased a Miami beach house valued at $7.1 million.
  • Flutterwave’s raised $250 million in February 2022 at a valuation of $3 billion making it one of the few unicorns in Africa.
  • The fintech has faced legal and regulatory hurdles in Kenya including the freezing of $40m held by Flutterwave on money laundering allegations.  

Olugbenga Agboola, co-founder and CEO of Africa’s largest fintech company, Flutterwae fintech, purchased a Miami beach house valued at $7.1 million. This purchase raises various questions after the Nigerian fintech company was allegedly hacked resulting in a $4.2 million loss.

Business Insider Africa reported tha Agboola had purchased a six-bedroom, seven-bathroom house in Miami beach. According to official records, the property was previously owned by the Boschetii Group, a real estate development firm. They purchased the plots for $1.2 million in 2021 and built

Flutterwave enables Google Pay for African businesses. www.theexchange.africa

Online payment solutions are immensely beneficial for their users, both customers and merchants alike. Online payments help reach global customers, reduce the cost of transactions and provide payment security (compared to cash payments). They create a more pleasant experience for the users who need not rush to banks and malls to buy or pay for their needs.

Pan-African fintech giant Flutterwave has kept its promise about Google Pay, as users of the global payment service can now use it for transactions with merchants on Flutterwave’s stores.

Google Pay was designed to enable users’ safe, seamless, contactless payments. It uses near-field communication (NFC) technology to facilitate fund transfers for retailers in physical stores. Users can also save their card details into the Google Wallet service and make online or in-app payments.…

Flutterwave accorded a switching and processing license from Nigeria’s Central Bank www.theexchange.africa

The Central Bank of Nigeria (CBN) has accorded a Switching and Processing License to Flutterwave, an African payments technology business. This is widely regarded as the CBN’s most significant payment processing licence.

Flutterwave can provide customers with transaction switching and card processing services with this licence. Other benefits include non-bank acquisition, agency banking, and payment gateways.

  • The Central Bank of Nigeria (CBN) has accorded a Switching and Processing License to Flutterwave, an African payments technology business.
  • Flutterwave can provide customers with transaction switching and card processing services with this licence.
  • Flutterwave is permitted to facilitate transactions between banks, fintechs, and other financial institutions thanks to the Switching and Processing licence
  • Additionally, the company can handle card transactions, participate in agency banking, and provide payment services directly to customers

Flutterwave is permitted to facilitate transactions between banks, fintechs, and other financial institutions thanks to the Switching and Processing licence.

Additionally, …

patrick njoroge bbc
  • The regulator noted that the two companies were not licensed to operate in Kenya, so they should not provide remittance or payment services to buyers and sellers
  • On July 7, the High Court froze more than US$50 million in 62 bank accounts belonging to Flutterwave and four Kenyans
  • It was suspected that the millions were proceeds of fraud and money laundering
  • Chipper Cash was founded in 2018 by Ham Serunjogi and Maijid Moujaled. Serunjogi is a Ugandan, while Maijid is a Ghanaian
The Central Bank of Kenya (CBK) has warned consumers against engaging with fintech payments Flutterwave and Chipper Cash.
The regulator noted that the two companies were not licensed to operate in Kenya, so they should not provide remittance or payment services to buyers and sellers.
CBK governor Patrick Njoroge said the two companies’ operations remain suspended in Kenya.
“Flutter wave is not licensed to operate remittance provider
A Flutterwave customer service station. The Flutterwave scandal is a stain on the Nigerian tech-unicorn that has received much praise in recent times. www.theexchange.africa

Court documents show that Flutterwave Payments Technology ltd is owned by Nigerians Olugbenga Agboola, Adeleke Christopher, Iynoluwa Samuel, and Flutterwave Inc, which is registered in the United States and has an office at 1323 Columbus Avenue, San Francisco.

David Mouko Elizaphan Omaanya, a Kenyan, is also a director, but he doesn’t own any shares. Olugbenga Agboola and Iyinoluwa Aboyeji started the Nigerian company in 2018.

The court heard that between November 2020 and this year, Flutterwave put Sh12.4 billion into a single account at Equity Bank. This shows how much money the start-up was able to handle.

Later, the money from the Equity account was sent to Rem X Ltd, which Nehikhare Eghosasere and Demuren Olufemi Olukunmi own.…

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

Africa Private Capital Deals

The application for this programme went live on March 8 and will be processed on a rolling basis until the deadline on May 1, 2022, at 11:59 GMT.

The rigorous and immersive Investor accelerator programme will launch in June 2022, running for 20 weeks until late October.

Participants in this programme will be taught actively, with multiple live sessions every week, occurring on evenings and weekends to engage them. Investor accelerator guarantees over 800 hours of content, distributed across strategic block-based learning and complemented by a team of panels with leading industry professionals like GPs and Executives in many Venture Capital firms actively investing in or based out of Africa markets.…

The Harambeans are young entrepreneurs transforming the innovative African ecosystem. www.theexchange.africa

In the latest fundraising led by B Capital Group, Flutterwave raised US$250 million, with participation from Alta Park Capital LP, Whale Rock Capital and Lux Capital.

Flutterwave said in an emailed statement on Wednesday. “The investment has enabled the company to become the highest valued African startup,” a Flutterwave email read.

Flutterwave has processed transactions worth more than US$16 million in over 50 million transactions across dozens of countries in Africa, facilitating cross-border transactions in multiple currencies for companies, including Uber Technologies Inc., Booking.com and Alibaba’s Alipay. It has evolved beyond payments products to an online marketplace and a lending channel to small and medium businesses.

With operations from the Nigerian commercial hub of Lagos to Nairobi, Kenya, the San Francisco-based company will continue to grow in East Africa. According to Flutterwave’s software engineer, the company also plans to expand its Francophone African nations such as Senegal and Cameroon.…