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Issue 146
Aug 29 - Sep 04, 2022

Hi there,

If you were at last week’s Decode Fintech Roundtable (our very first for the year), we hope you had a great time. I’m looking forward to the next one which is not so far away in the future, so watch out!

We’re also inviting you to Africa Tech Summit in Accra, Ghana this September where you’ll be able to connect with 400+ industry leaders, ventures, investors, and innovators from across the African Fintech and Crypto ecosystem. Book your seat here and use discount code DECODE for 20% off tickets.

Enjoy the rest of the week!

Tochukwu Ironsi
Market Intelligence Specialist, Paystack
NigeriaCentral Bank of Nigeria (CBN) grants Flutterwave Switching and Processing license. Nigeria's apex financial regulator has granted Flutterwave, an African payments company, full approval for a switching and processing license. With this new license, Flutterwave can facilitate money movements and process transactions with less reliance on third-party payment processors. CBN grants Flutterwave Switching and Processing license | The Guardian Nigeria News - Nigeria and World News — Business — The Guardian Nigeria News – Nigeria and World News

Here is a CBN circular on the permissible activities under switching & processing.
AfricaFintech in Africa: Rising revenues, uncertain path to profits? McKinsey, the global management consulting firm, has released an extensive report on African fintech, exploring both opportunities and challenges for players on the continent. Fintech in Africa: The end of the beginning | McKinsey
Central African RepublicCentral African Republic apex court rules against Sango Coin use. The Central African Republic's (CAR) Constitutional Court, which is the highest court in the country, has declared purchases with Sango Coin, the government-launched cryptocurrency, as unconstitutional. Sango Coin, which launched in July 2022, was designed to allow investors to obtain citizenship in exchange for cryptocurrency. Central African Republic top court blocks purchases with new cryptocurrency | Reuters
KenyaPezesha raises $11 million in pre-Series A funding. Kenya's Pezesha, an embedded lending startup, has raised $11 million in pre-series A funding. This new round is a mix of equity and debt and will be used to drive growth in new markets like Uganda and Ghana. TechCrunch

In Issue 136, we wrote about Pezesha's partnership with Autochek: "As embedded finance continues to mature, we’ll see more end-to-end solutions like Pezesha that turn entire financial products into simple APIs or interfaces for non-financial businesses."
NigeriaDuplo raises $4.3 million in seed funding. Duplo, a Nigerian-based B2B payments company, has raised $4.3 million in seed funding. The new round follows a $1.3 million pre-seed round in February and will be used to explore and develop new products and business lines. Disrupt Africa
NigeriaGrey raises $2 million in seed funding. Grey, a Nigerian fintech that offers foreign currency accounts and remittance services, has closed a $2 million seed funding. The new round follows their acceptance into Y Combinator's accelerator program. TechCrunch
NigeriaAnchor raises $1 million pre-seed round. Anchor, a Nigerian banking infrastructure provider, has raised $1 million in pre-seed funding. Investors in this round include Y Combinator (which has also accepted the fintech into its accelerator program), Byld Ventures, and other angel investors.  Disrupt Africa
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Do you have an announcement, event, or job posting you'd like to share, or have you come across an interesting bit of African fintech news recently? Hit reply and let me know! I might be able to include it in next week's newsletter.
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Africa Money and DeFi Summit West Africa
Sep 27 - Sep 28, Accra, Ghana
Branch International
Fraud Analyst
Lagos, Nigeria
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