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Hi Fintech friends 👋,
Here are the highlights of what happened in African Fintech this week;
Three fintech deals were announced.
Nigerian Fintech delivered 29x return for its investor.
The CTO of the biggest African Fintech company left the company after joining three years ago.
The Central Bank of Nigeria fined the country’s dearest fintech $190K due to a licensing breach.
A Nigerian investment firm acquired banking fintech in the country.
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💸Fundraise and Exits
💰 Venture Funds
Lemfi’s $53 million Series B delivered 29x return for Silverbacks Holdings.
🚀 Partnerships & Product Launches
👔 Leadership Lineup
Flutterwave CTO Gurbhej Dhillon left the company after three years.
📰 News of the Week
Central Bank Of Nigeria fined Paystack $190K over Zap operations, citing licensing breach.
The apex bank claimed that Zap, a peer-to-peer money transfer app launched in March, functions as a deposit-taking product, which is reserved for financial institutions with a microfinance or banking licence. Paystack holds a switching and processing licence, which permits it to route financial transactions between banks and other institutions, but not to hold customer funds.
👀 Eye Openers
What does it take for your fintech to be acquired by an investment firm? Tomilola, whose fintech Bankly was acquired by C-One Ventures, shared a blueprint.
📑 Read of the week
Why is every fintech doing remittance? (Fintech Bridge)
📖 Other News, Reads, and Media
Kenyan banks rejectedCentral Bank’snew loan pricing model.
🎥 VIDEO INTERVIEWS/DISCUSSIONS
Interview with Paul Kimani on how he shut down a winning business to build WorkPay, one of the biggest Africa’s payroll company.
🦉 Tweet of the Week
Ever bought something online... and got scammed? 😡
In crypto, that's usually game over.
No refunds. No undo button.
Once you send stablecoins like USDC, it's gone.@circle wants to fix that. Here's how 🧵👇 pic.twitter.com/3VXfrPsODk— Dennis Owusu-Sem (@dsem221) April 30, 2025
🎯 Fintech Opportunities
This Week in Fintech is hiring for a Senior Marketing Manager. If you are interested or know of anyone who might be a good fit, get in touch!
Made in Tanzania 🇹🇿 with 💚
