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The Front Page of Global Fintech

The the largest fintech community in the world. Subscribe to our newsletter to stay up to date on the latest in news opinions, and all things financial technology.

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Fintech Expansions Week (TWIF - Africa 09/16)

Fintech Expansions Week (TWIF - Africa 09/16)
Can Africa export global tech products and services?

Hi Fintech friends ๐Ÿ‘‹,

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

  • NASDAQ-listed South African fintech planned to finalize its $85 million fintech startup acquisition in October 2024.
  • Nigeria based Fintech expanded in Kenya with acquisition of a Kenyan startup.
  • Egypt based payments startup raised $22 Million in series B extension.
  • Africa based VC raised $1 Million to invest in Fintech startups.
  • The Uber-backed Fintech mobility African startup expanded in the US.
  • Two African Unicorns secured licenses to expand services in new markets.
  • UK based money transfer fintech restarted naira transfers to Nigeria for the third time after a two year pause.

๐Ÿ’ธFundraise and Exits

  • Nigerian investment fintech Rise completed acquisition of Kenyaโ€™s Hisa.
African Fintech M&A
  • Paymob raised $22 million in Series B extension, achieving profitability in Egypt.
Mastercard New payments index 2022(Egypt)

๐Ÿ’ฐ Venture Funds

  • First Circle Capital  Africa raised $1 Million from Nyala Facility to invest in Fintechs.
About First Circle

๐Ÿš€ Partnerships & Product Launches

  • Uber-backed Moove took its search for profitability to America.
Moove has disclosed funding at least twice every year since 2021.
  • Wakandi secured the Payment Systems Operator (PSO) license in Uganda.
  • Kenya's Safaricom received Payment Facilitator Certificate from Visa, expands payment acceptance models.
Safaricom is the most valuable company in East Africa
  • Flutterwave commercially launched its remittance product Send App in Malawi.
Flutterwave funding rounds
  • Chipper Cash received a broker-dealer license by Ghana's Securities and Exchange Commission (SEC).
Chipper Cash stats
  • Wise (formerly TransferWise) restarted naira transfers to Nigeria for the third time after a two year pause.
  • Gozem might expand to Mobile Money services amid Super App Shakeup.
State of Mobile Money in Sub-Saharan Africa 2023

๐Ÿ‘” Leadership Lineup

  • US Authorities piled fresh Pressure on Nigerian Government to Release Binance Executive.
Tigran Gambaryan

๐Ÿ“ฐ News of the Week

  • NASDAQ-listed Lesaka planned to finalise $85 million Adumo acquisition in October.
Image Source: Lesaka.

First announced in May, the deal will expand Lesakaโ€™s consumer and SME merchant financing services into Botswana, Kenya, Namibia, South Africa and Zambia.Through the acquisition, Lesaka claims it will reach 1.7 million customers and 119,000 merchants in the Southern African region. The company currently has 1.5 million customers.

๐Ÿ‘€ Eye Openers

  • If mobile money companies had access to customer deposits , would their fees drop?

Let us know your thoughts in the comments, and we will publish them in next weekโ€™s newsletter.

๐Ÿ“‘ Read of the week

  • Artificial Intelligence Part 2 - AI in Financial Service Provision. (Substack)
  • My Africa-China Tech-Business Trip Experience.(Substack)

๐Ÿ“– Other News, Reads, and Media

  • M-KOPA lost an appeal and so it must pay taxes to Kenya.
M-Kopa Journey

๐ŸŽฅ VIDEO INTERVIEWS/DISCUSSIONS

  • Interview with Sim Shagaya, one of Nigeria's leading entrepreneurs who built groundbreaking ventures like E-Motion, Konga, uLesson and now he entered venture capital space with โ€œThe Honey Badger Fundโ€

๐Ÿฆ‰ Tweet of the Week

๐ŸŽฏ Fintech Opportunities

People will be talking about this event for weeks after it happens.

Main sponsors confirmed. few more slots remaining. If youโ€™re keen, this is the time. Please reach out at wiza@thisweekinfintech.com.

Made in Tanzania ๐Ÿ‡น๐Ÿ‡ฟ with ๐Ÿ’š

๐Ÿ‘๐Ÿฝ๐Ÿ‘Ž๐Ÿฝ  Did you enjoy this edition of This Week In Fintech Africa? Please share your feedback with me on Twitter or LinkedIn .