Hi Fintech friends 👋,

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

• A new $100 Million fund was announced to back African startups.
• Nigerian Fintech darling fired its Co-founder and CTO.
• Nigerian Fintech expanded massively in Congo.
• Founder of Africa’s most valued Fintech laid out the company’s stablecoin play.

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This Week in FintechSabrina Baxter

💸Fundraise and Exits

• No fintech deals this week. But here’s context: African startups raised $2.2 Billion in 2024. What’s your prediction for 2025?

💰 Venture Funds

• South Africa’s B20 presidency announced a new $100 Million vehicle for African tech.

🚀 Partnerships & Product Launches

• FusePay launched a digital payment platform to help businesses in the East African country manage their finances.
• Nomba expanded into Congo with remittances and is recruiting physical agents to handle inflows from high-volume corridors like China and Dubai.

👔 Leadership Lineup

• Paystack co-founder Ezra Olubi said his termination is unfair and has involved his legal team.

📰 News of the Week

• Paystack fired its Co-founder/CTO over significant reputational damage to the company.

Paystack said “As a regulated company operating in multiple markets, we have a responsibility to act quickly when conduct has the potential to undermine trust. After reviewing the situation, we exercised our right under his contract and followed due process to end his employment.”

👀 Eye Openers

• M-KOPA crossed $1.6 Billion in loans.

📑 Read of the week

• Early. Not Broken.(Ido Sum)
• East African Fintechs Become Profitable, Not Unicorns. (Mambo Brief)

📖 Other News, Reads, and Media

• MTN Group’s remittance flows hit $3.4 billion, signalling a new phase in Africa’s fintech race.

🪙 Stablecoin Watch

News;

• Kenya enforced new law to bring crypto firms under Central Bank’s watch.
• Flutterwave’s CEO laid out the company’s stablecoin play.

🎥 VIDEO INTERVIEWS/DISCUSSIONS

• Interview with the CEO of NjiaPay on why one PSP license is not enough.

🦉 Tweet of the Week

Made in Tanzania 🇹🇿 with 💚

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