Hi Fintech friends 👋
Here are the highlights of what happened in African Fintech this week;
It was a quiet week for deals, with no announcements in the Fintech sector.
More than five Fintech partnerships were announced.
A new programme launched to train African angel investors.
London-based $3 Billion fintech launched in Kenya.
African remittance company suspended its services in Ghana amid a central bank clampdown.
💸 Fundraises and Exits
No Fintech deals announced.
💰 Venture Funds
Serengeti Business Angels Network, Ennovate Ventures, and UNCDF Tanzanialaunched Angel Investors Programme to train 50 angel investors.
🚀 Partnerships & Product Launches
London-based $3 Billion fintech Vertopartnered with UBA Bank for its launch in Kenya.
Lipa Later's $1.6 Million Investment FueledSky.Garden's Relaunch in Kenya Post Acquisition.
Safaricom’s M-PESA and ChapaPartnered for Streamlined Payment Solutions in Ethiopia.
Kenyan Prime Bankpartnered with Egyptian card issuing company, MDP to launch multi currency contactless card.
Pezesha launchedPezesha 2.0 to enable Kenyan SMEs apply and access inventory and working capital faster.
Tigo Tanzania partnered with DCB Bank Plc to expand financial inclusion for the unbanked through an Agency Banking service.
Source; Data Tanzania invest
Palmpaydeclared its readiness to spearhead Nigeria’s shift towards contactless payment systems.
Ezraannounced a new partnership with Kacha to power digital lending services to individuals and SMEs in Ethiopia.
128 crypto exchanges applied for licenses in South Africa.
dLocalexpanded Payment Partnership with eSky Group in Latin America and Africa.
French telecommunications operator Orangelaunched its super-app in Africa featuring telecom, e-commerce and financial services.
TerraPayPartnered with Small World Money Transfer to Streamline Mobile Wallet Remittances in Senegal.
📰 News of the Week
LemFisuspended remittance services in Ghana amid central bank clampdown.
Lemfi, formerly Lemonade Finance, secured $34 million since 2019 to create a Neo Bank for the African Diaspora. With an estimated 160 million Africans living abroad and most have one thing in common, the need to send money back home to friends or relatives. LemFi's multi-currency account facilitates seamless money transfers between home and host countries, serving users in 30+ countries. However, Lemfi's recent suspension in Ghana results from the Central Bank's notice affecting eight remittance entities, including Wise, Transfer Go, PayPal’s Xoom, SendValu, Boss Revolution, Aza Finance, and Supersonicz, for lacking proper regulatory approval.
📑 Read of the week
How can alternative payments improve Africa’s digital payment landscape? (Techcabal)
Partnerships for progress: collaboration between banks and fintechs is the future of banking in Africa (Electronic Payments International)
A Paystack Friendship; Montages about dreaming, scenius, and lasting friendships. (Vistanium)
📖 Other News, Reads, and Media
Wealthy Africans Persuaded to Transform Idle Cash into Startup Loans by Fintech.
E-payment cards surged to 62 million in Egypt as of September 2023.
🎥 VIDEO INTERVIEWS/DISCUSSIONS
Kola Aina’s journey, a disruptor in Africa's startup landscape, transitioned from a family business in farming, finance, and printing to a VC powerhouse. Noteworthy for investments in 100 innovative startups, including Paystack, Piggyvest, Mono, Brass, and others.
Interview with Adia Sowho, MTN's Chief Marketing Officer, is a seasoned figure in Africa's tech scene. Starting in consulting and telecommunications, she spearheaded growth at Migo, a digital credit startup, and orchestrated a successful turnaround as Interim CEO of Thrive Agric, an embattled agriculture finance company.
🦉 Tweet of the Week
1/ ~50% of payments in developed markets are done with cards
In emerging markets, the figure is 20%
And across Africa, the figure is a fraction of that
While there's an interesting opportunity for non-card payments across Africa, Visa & Mastercard aren't asleep at the wheel... pic.twitter.com/Gf4J5atmoT— Emeka Ajene ✍🏽 (@eajene) November 30, 2023
Made in Tanzania 🇹🇿 with 💚
