Share of regional transaction activity: Stablecoins and bitcoin Jul 2023 - Jun 2024
Hi Fintech friends 👋,
Here are the highlights of what happened in African Fintech this week;
Nigeria recorded the largest global drop in cash usage as digital payments surged.
One funding deal was announced.
A new $20 Million Fund was launched to back African startups.
Africa’s biggest valued Fintech launched Pay With Bank Transfer in Ghana.
Nigerialobbied the Kenyan President to build a new Kenyan payment system.
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💸Fundraise and Exits
Ex-Network International execsraised$6.75 Million for Enza, an African fintech serving banks.
Network international acquired DPO for over $200 Million
💰 Venture Funds
Yango Ventureslaunched to back African startups with $20 Million fund.
Start-ups in Africa raised $2.2b in 2024, a -25% YoY drop
🚀 Partnerships & Product Launches
Flutterwave’s CEO thoughts
👔 Leadership Lineup
The Central Bank of Nigeria (CBN)appointed 16 new directors, a major leadership shift that will influence banking supervision, monetary policy, fintech regulation, and consumer protection.
Nigerian Fintech Map
📰 News of the Week
Nigeria recorded the largest global drop in cash usage as digital payments surged.
TOP 5 ECOMMERCE PAYMENT PROVIDERS IN NIGERIA, 2023
From 2014 to 2024, cash transactions in Nigeria fell by 59%, the largest drop among the seven major economies analysed. The Philippines followed with a decline (43%), while Indonesia (44%), Mexico (41%), Japan (31%), Germany (24%), and Colombia (22%) also saw drops in cash usage.Data from the Nigeria Inter-Bank Settlement System (NIBSS) shows that the volume of electronic transactions surged by 16-fold (1,514.2%) between 2018 and 2024, rising from 793 million to 11.3 billion respectively.
👀 Eye Openers
M-PESA’s market share fell by 2.3 percentage points to 91% in Q4 2024 compared to Q3, while Airtel Money grew from 7.6% to 8.9% in the same period, according to data from the Communication Authority of Kenya (CA).
📑 Read of the week
The Untold Story of a Crypto Crimefighter's Descent Into Nigerian Prison. (Wired)
📖 Other News, Reads, and Media
Nigeria’s NIBBS, Ceva, lobbied Ruto to build Kenya’s new payment system.
🎥 VIDEO INTERVIEWS/DISCUSSIONS
Interview with Ken Njoroge on how to get ahead in the African startup space. He is a Co-founder of Cellulant, and CEO of PANI VC.
🦉 Tweet of the Week
Why are stablecoins such a force in Africa? See this note from a member of my team. I won't name the country or the bank.
We had an issue with governement payments where the online status showed as "fail" but the amounts were deducted. We also had one payment which was deducted…— Jason Marshall (@__JasonMarshall) March 14, 2025
🎯 Fintech Opportunities
Opportunity to connect and network with founders, partners, and investors in the global stablecoin ecosystem. Register now!
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