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Hi Fintech friends 👋,

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

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  • Two Nigerian Fintechs secured PSP licenses in Canada.

  • Two African Banks signed an MOU for Fintech license passporting.

  • South Africa’s fintech launched a Stablecoin powered card.

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💸Fundraise and Exits

  • Importa raised $200K for its cross border payments business.

💰 Venture Funds

  • Nigeria’s government launched iDICE Startup Bridge to fund $7K grants and $100K equity investment for post-MVP startups.

🚀 Partnerships & Product Launches

  • Fincra secured PSP licence in Canada to scale cross-border payments.

  • LemFi secured PSP license in Canada to strengthen its Remittance business.

👔 Leadership Lineup

  • 12 women driving Africa’s venture capital market.

📰 News of the Week

  • Kenya and Rwanda launched a Fintech License Passport.

The Central Bank of Kenya (CBK) and The National Bank of Rwanda (NBR) signed a memorandum of understanding to develop a licence passporting framework for payment service providers, allowing regulators to recognise each other’s licensing regimes and coordinate supervision.

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👀 Eye Openers

  • 69% of biometric fintech fraud in Africa is now AI generated. The Central Bank of Nigeria gave fintechs 90 days to prove they can properly monitor transactions under new AML rules.

📑 Read of the week

📖 Other News, Reads, and Media

  • OPay lost Nigeria’s PoS agents to Moniepoint as the CBN deadline approached.

  • 35 people detained in $3.4 Million Equity Bank Mobile Money Fraud.

🪙 Stablecoin Watch

  • Ghana admitted 11 crypto companies into a regulatory sandbox.

  • South Africa’s Lipaworld launched a stablecoin-powered card.

🎥 VIDEO INTERVIEWS/DISCUSSIONS

  • Interview with Joe Kinvi, ex Paystack and Stripe. He shared his journey from working at two influential fintech companies to now building a platform unlocking diaspora investment into Africa, and why diaspora capital could become one of the continent’s most powerful development engines.

🦉 Tweet of the Week

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