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The Front Page of Global Fintech

The largest fintech community in the world. Subscribe to our newsletter to stay up to date on the latest in news opinions, and all things financial technology.

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This Week In Fintech - Africa (01/29)

This Week In Fintech - Africa (01/29)
Top 10 Fintech equity Fundraises in Africa 2023

Hi Fintech friends 👋, 

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

  • A Nigerian fintech startup processed $150 billion in 2023.
  • Y Combinator added a banking-as-a-service African startup to its portfolio.
  • An African VC ran a "stay default alive" masterclass for its portfolio.
  • A Buy Now Pay Later African startup pivoted its business model to focus on cross-border payments.
  • A fintech startup shut down despite having one year of runway.
  • Opportunity to work at one of four amazing African fintech companies.

💸 Fundraise and Exits

  • Miden raised $500K from Y-Combinator for it’s Banking as a Service to enable African companies build and launch financial products such as virtual card programs, credit systems, reconciliation, and expense management systems.
List of African “Banking as a Service” startups

💰 Venture Funds

  • Here are the key insights African VC Ventures Platform shared with it’s portfolio companies.

🚀 Partnerships & Product Launches

  • Interswitch and OPay partnered for secure payments, following reported fraud cases.
Fraud data on most attacked ID documents Across Africa
  • Visa and Pesaflow partnered to improve digital payments in Kenya.
  • Zilla discontinued its buy-now-pay-later (BNPL) service to focus on Zillawire, it‘s newly launched cross-border payment.
Africa’s BuyNow Pay Later market projections(2021-2028)
  • Raise launched an AI powered tool to Clean up cap tables and corporate structures for African startups.
  • Honeycoin launched the “everything app” for users anywhere in the world.

📰 News of the Week


Moniepoint (previously TeamApt) processed more than 5 billion transactions worth over $150 Billion in 2023 .

MoneyPoint key products

In 2023, Moniepoint(previously TeamApt) one of Nigeria's largest payments startups, processed an impressive 5.2 billion transactions (~433 million transactions monthly) worth over $150 Billion. It represents a 205% increase from 2022, when the startup processed 1.7 billion transactions worth over $100 billion.

MoniePoint funding rounds

Moniepoint currently boasts over 2 million business accounts and 800,000 active POS terminals used daily nationwide. Its business clientele spans various sectors, with the majority coming from retail (38.29%), followed by food and drinks (17.77%), oil and gas (9.11%), IT and electronics (6.12%), beauty and personal care (4.5%), and agriculture (4%).

📑 Read of the week

  • Fintech and energy illuminate DR Congo’s nascent startup ecosystem.  (Techcabal)
  • Global interest, local impact: Seedstar’s Cyrine Ben Fadhel's outlook for African VC. (Benjamindada)

📖 Other News, Reads, and Media

  • Nigerian fintech startup, Cova shut down after two years.
African startups that shutdown in 2023
  • Access HoldCo finalized stages of regulatory approval to acquire ARM Pensions.
Largest Banks in Nigeria by total assets: Access Bank being the Top
  • Livestock Wealth’s lead investor stated that it did the requisite due diligence before investing $530,000) into the company.
  • Nigerian Banks and fintech joined forces to tackle soaring fraud.
  • OPay planned to enforce KYC requirements in March 2024 to prevent fraud and impersonation.
Opay’s journey; from launch to $2 Billion in valuation
  • M-PESA faced another outage in January for undisclosed reasons.
How big is M-PESA by figures

🎥 VIDEO INTERVIEWS/DISCUSSIONS

In Conversation with Aigboje Aig-Imoukhuede who is one of the most successful and esteemed businesspeople on the continent. In 2002, he led the acquisition of Access Bank, which under his 11-year leadership grew into the largest bank in Nigeria and one of the largest in Africa.

🦉 Tweet of the Week

🎯 Fintech Opportunities

  • FairMoney is hiring for Vertical Lead - Merchant Acquiring .
  • Yassir is hiring for Product Manager(Financial Services)
  • Flutterwave is hiring for Product Manager, SMB
  • M-Kopa is hiring for Product Manager - Portfolio Management.

Made in Tanzania 🇹🇿 with 💚

👍🏽👎🏽  Did you enjoy this edition of This Week In Fintech Africa? Please share your feedback with me on Twitter or LinkedIn .