Hi Fintech friends 👋,

Here are the highlights of what happened in African Fintech this week;

• Africa’s biggest mobility Fintech became a trap for Lagos drivers.
• Two Fintech funding rounds were announced.
• African VC raised $17.3 Million for its debut fund.
• Two major African telecoms expanded further into cross-border payments.

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This Week in FintechSabrina Baxter

💸Fundraise and Exits

• Zazu, a digital financial operating system designed for SMEs raised $1 Million to accelerate its rollout in South Africa and Morocco.
• Gigmile raised funding to scale mobility financing for gig workers.

💰 Venture Funds

• Chui Ventures raised $17.3 Million for its debut fund.

🚀 Partnerships & Product Launches

• Vodacom enabled Tanzanians to pay merchants globally via M-Pesa.
• MTN’s MoMo PSB partnered with Thunes to expand cross-border payments for Nigerians.

👔 Leadership Lineup

• Meet the Interswitch Mafia.

📰 News of the Week

• Moove became a debt trap for Lagos drivers.

A new investigation revealed that Moove’s “drive-to-own” model is pushing Lagos drivers into debt. Many were promised new cars and fair financing, but ended up with used vehicles priced far above market rates and daily repayments that kept rising with Nigeria’s tough economy.

👀 Eye Openers

• Can local cards scale? Verve hit 100 million cards issued across Africa.

📑 Read of the week

• Stablecoin Era: African Fintechs Return to the Drawing Board. (Mambo Brief)

📖 Other News, Reads, and Media

• Wise picked South Africa as Its First African Market, here is Why.

🪙 Stablecoin Watch

News;

• Visa partnered with Aquanow to extend stablecoin settlements to Africa.

🎥 VIDEO INTERVIEWS/DISCUSSIONS

• Zazu raised $1 Million last week, here is the interview with the CEO of the company on why it matters to build a digital bank for African SMEs. 

🦉 Tweet of the Week

Made in Tanzania 🇹🇿 with 💚

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