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| Nigeria | Google Pay partners with Verve to accept Naira on Play Store. Google Pay has partnered with Verve (Nigeria’s only domestic card scheme) to enable Verve cardholders to make Naira payments on Google Play Store. TechEconomy |
| | EDITOR'S NOTE | Nigeria's new exchange rate regime, which creates a floating currency and enables access to FX, is creating more opportunities for Nigerians to pay global brands easily. As these companies find repatriating funds collected in local currency easier, we anticipate more collaborations between global brands and Nigerian payment players in the next few months. |
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| Africa | Changera integrates with Moneygram. Changera, a cross-border payment platform, has partnered with Moneygram (the global peer-to-peer payments network) to allow customers to make cash-to-crypto deposits and withdrawals worldwide. With the new integration, Changera now offers cash-in services in Canada, Senegal, Uganda, and Kenya while enabling cash-out services using USDC through the Stellar blockchain network. These services are accessible at over 180 MoneyGram locations worldwide. WeeTracker |
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| Morocco | Apple Pay launches in Morocco. Following its launch in South Africa in 2021, Apple Pay has continued its African expansion with a launch in Morocco. The product will be supported by two Moroccan banks: Crédit immobilier et hôtelier (CIH) and Crédit Agricole Group of Morocco (CAM) Bank. Techmoran |
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| Nigeria | Central Bank of Nigeria (CBN) adds NFC to the e-Naira app. The CBN has added Near Field Communication technology to the e-Naira app to enable contactless payments for users. Tech Nova |
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| Nigeria | The Central Banks of Nigeria and Egypt partner to facilitate cross-border payments. The Central Banks of Nigeria and Egypt have entered agreements to form a Nigeria-Egypt FinTech Bridge to facilitate cross-border regulatory collaboration and information sharing, while streamlining cross-border payments. The partnership aims to eliminate the need for correspondent banking in concluding transactions between both countries. Tech Economy |
| | EDITOR'S NOTE | Cross-border payments are crucial for boosting intra-African trade, with a lot of work being done by private and public players, like AFREXIM Bank’s Pan African Payments and Settlement System project. To process and settle intra-African transactions, African countries rely heavily on correspondent banking, which is costly and inefficient - it’s estimated to cost the continent $5 billion annually.
The FinTech Bridge between Nigeria and Egypt aims to change that by facilitating cross-border regulatory collaboration and information sharing. This partnership could pave the way for cost-effective transaction processing between the two countries and potentially serve as a future model for more efficient intra-African payment rails. |
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| Egypt | Flash raises $6 million seed round. Egypt’s Flash, a new cashless payments solution that provides customers and businesses with a scan and pay service, has raised a seed round of $6 million. The round was led by Addition with the participation of Flourish Ventures and other angel investors. The funding will be used to accelerate the startup’s product development and customer and business acquisition in Egypt. WeeTracker |
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| Egypt | Exits MENA increases pre-seed round to $1.25 million. Exits MENA, an Egyptian fintech investment banking platform, has successfully secured $1.25 million in seed funding. The platform offers an integrated online solution to facilitate mergers & acquisitions and investments in businesses. Practical VC, a Silicon Valley venture company, led the round. Tech Gist Africa |
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Share a tip | 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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