Hi Fintech friends 👋,
Here are the highlights of what happened in African Fintech this week;
Three funding deals were announced.
Nigeria’s Fintech grew revenue to $76 Million.
Venture capital funding for African startups shrank again last year.
One of East Africa’s countries proposed a bill to regulate Stablecoins.
Nigeria’s Fintech startup valuation climbed to $2.75B despite slowdown in venture funding.
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💸Fundraise and Exits
South Africa, representing 40% of Africa's fintech revenue, boasts a mature market with a strong focus on development.
Nairobi-based digital banking startup Umba raised $5 Million in debt financing from Star Strong Capital.
Kenya Digital Credit Market Share
💰 Venture Funds
Venture capital funding for African startups shrank again last year, though the share of home-grown investors advanced.
Start-ups in Africa raised $2.2b in 2024, a -25% YoY drop
🚀 Partnerships & Product Launches
Kenya proposed the first crypto bill to regulate Stablecoins.
Share of monthly cryptocurrency value sent by Sub-Saharan Africa by asset type, Jul 2022 - Jun 2023
👔 Leadership Lineup
The updated list of Africa’s billionaire club.
📰 News of the Week
FairMoney grew revenue by 62% to $76 Million.
FairMoney, the Nigerian consumer-focused Lending, grew its gross revenue by 62% to ₦121.9 billion in 2024, as it relied on customer deposits for lending operations, according to its unaudited financial report. The company’s profit after tax rose to ₦7.9 billion from ₦780 million in 2023.
This growth came as fintech relied on customer deposits to fund 56% of its loan book, driven by a sharp 1,467% increase in deposits from ₦2.9 billion in 2021 to ₦72.9 billion in 2024. This shift allowed Fairmoney to significantly reduce its dependence on costly borrowings, which dropped from over 80% in 2020 to less than 5%.
👀 Eye Openers
In 2024, customers spend more than $100bn buying from merchants with mobile money.
Read the report
📑 Read of the week
Is fintech becoming a slur? (Notadeepdive)
📖 Other News, Reads, and Media
🎥 VIDEO INTERVIEWS/DISCUSSIONS
Interview with Karim Jouini is the founder of Expensya, an expense management platform sold to Medius Group for $100 Million on how he made it.
🦉 Tweet of the Week
Sometimes 'focus' is a luxury you can't afford https://t.co/kYEoykfvk2 pic.twitter.com/UJTN2Grr8y— Emeka Ajene ✍🏽 (@eajene) April 7, 2025
🎯 Fintech Opportunities
Opportunity to connect and network with founders, partners, and investors in the global stablecoin ecosystem. Register now!
Made in Tanzania 🇹🇿 with 💚
Which global or African fintechs do you know that are transacting in dollars or stablecoins and need to make payouts in Tanzanian currency (TZS)? I had love to speak with them! Reach out [email protected] , Twitter or LinkedIn .
