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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This Week in FintechSabrina Baxter

💸Fundraise and Exits

• Egyptian fintech, Money Fellows raised $13 Million to expand in North Africa.
• Ghanaian fintech ZeePay  raised $18 Million debt to expand across Africa.

💰 Venture Funds

• Lemfi’s $53 million Series B delivered 29x return for Silverbacks Holdings.

🚀 Partnerships & Product Launches

• South Africa’s SOLmate doubled users to 100,000 as eWallet surge drives growth.
• Onafriq partnered with Circle to power cross-border payments with USDC.

👔 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 rejected Central Bank’s new 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

🎯 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!

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