This Week In Fintech - Africa (11/20)

Two Fintech deals worth $7 Million were announced including one exit.

One Fintech startup shut down its operations after failing to raise funds.

The SEC suspended trading activity of an African Agri-Fintech startup that was listed on the stock exchange.

The founder of an Africa-based unicorn shared insights into how his startup is navigating and thriving amid the economic slowdown.

Shekel, an African mobility fintech, raised $7 million to assist car dealers in finding, financing, and selling cars in the $30 billion African used car market.

Techstars and Ripple-backed fintech Chimoneyacquired the Nigerian social payments app Scrim.

InDrivelaunched a $100 million ventures and M&A arm to invest in Ride-Hail, Insurtech, and Fintech startups across emerging markets.

Here is the list and terms of most active African early stage investors.

Tanzanian Fintech NALAreceived a Payment Service Provider license from the National Bank of Rwanda to offer remittance and payment services.

South African fintech company Paycorplaunched CryptoExpress to enable users withdraw their cryptocurrency as cash.

Kenya's fintech company, Cellulant, obtained a Payment Service Provider license from the Egyptian government.

Ghanaian fintech startup KudiGo launched a platform to power social commerce.

African crypto startup, Yellow Card introduced PYUSD, a stablecoin by PayPal, on their platform.

The SECsuspended trading activity for African Agri-fintech, Tingo Group on the stock exchange. 

Zazuu, a U.K.-based and Africa-focused fintech that raised $2 million to aggregate remittance services, shut down after failing to raise funds.

The Case for Venture Capital in Africa: 10 Lessons from an Early-Stage VC – Iyin Aboyeji, who also co-founded two African Unicorns: Andela and Flutterwave (Dabafinance)

Addressing low transparency in commissions of mobile money agents (Medium)

Paystacklaid off 33 employees outside of Africa

Ghana’s Central Bank banned Lemfi, Wise, and six other fintechs from offering remittance services without regulatory approval.

M-PESA processed more than $371 billion in value in the last 12 months and thus became a $1 billion per day fintech platform.

After suspending customer withdrawals in May 2023, the Nigerian Web3 platform Patriciaannounced that customers would start regaining access to their funds from November 20.

Leatherback CEO Ibrahim Ibitade denied hiding from Nigeria’s Economic and Financial Crimes Commission (EFCC) after wanted notice.

African banks took over after international lenders exit .

List of loan apps approved by Central Bank of Nigeria

Ham Serunjogi: How Chipper Cash is Surviving the Slowdown