Hi Fintech friends 👋,
Tomorrow we gather in Nairobi for Stable Salons Africa
Excited to see you all and start the conversations.
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Here are the highlights of what happened in African Fintech this week;
Nigerian Fintech acquired a licensed Canadian payments firm.
Fintechs asked the Central Bank for a growth fund.
South African Fintech hit its first profit since 2022.
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💸Fundraise and Exits
💰 Venture Funds
Nigerian Fintechs asked the Central Bank for a growth fund.
🚀 Partnerships & Product Launches
Lemfi launched Remittance services in Australia.
👔 Leadership Lineup
Cellulant picked Michael Muriuki as its chief product and technology officer.
📰 News of the Week
South Africa’s Lesaka hit its first profit since 2022.
The company reported a net profit of $3.6 Million in the second quarter of its 2026 financial year, compared with a loss of $34.7 Million a year earlier.
Lesaka’s merchant unit, which serves small and mid-sized businesses through its Kazang and Connect brands, saw revenue fall by 13% year-on-year to $131.9 Million. While the merchant base grew 8% year-on-year, average revenue per merchant fell 10%.
The New M&A Fintech Phase.
Fintechs are acquiring banks; Selcom acquired Access Microfinance Bank in Tanzania, Paystack acquired Ladder Microfinance Bank in Nigeria.
They are also acquiring each other; Flutterwave acquiring Mono.
A new pattern is emerging;
Telecoms are eyeing fintech; MTN is actively exploring acquisitions in payments, lending, and remittances.
📑 Read of the week
African startups have a number problem. (The condia)
📖 Other News, Reads, and Media
Digital payment fraud dropped by 51% as Nigerian fintechs fight with AI.
🪙 Stablecoin Watch
South African Reserve Bank Governor warned about the risk of the increasing popularity of stablecoins.
🎥 VIDEO INTERVIEWS/DISCUSSIONS
Interview with Olu Akanmu who has navigated the "commercial battlefield" at the highest levels of telcos, Tier-1 banks, and scale-up fintechs (OPay).
🦉 Tweet of the Week
Made in Tanzania 🇹🇿 with 💚
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