I furiously binged Mike Flanagan’s The Fall of House of Usher on Netflix recently, and I’m happy to report that I really enjoyed it. It’s a modern horror masterpiece that doubles as a thrilling meditation on guilt, grief, and greed.
Interestingly, it reminded me of the ritual/cult genre of old Nollywood films I grew up watching. Just like Fall of Usher, these films tried to portray greed with blood, and guilt with ghosts, sometimes quite literally.
This is Mike Flanagan’s last project for Netflix, and I’m excited to see what new horrors he makes as he moves over to Amazon Prime Video.
Interswitch reports $40 million loss in chargeback fraud. Interswitch, a Nigerian payments provider, has disclosed a loss of ₦30 billion (~$40 million). According to the company, this was due to a system glitch that allowed bad actors to file chargebacks and receive refunds. TechCabal
Conversations
Nigeria
How do Nigerians save and spend their money? PiggyVest, a leading digital savings platform in Nigeria, surveyed 1000 users and shared insights on how they spend, save, and manage their money. PiggyVest
EDITOR'S NOTE
While the report is based on a survey of a small subset of PiggyVest users, the insights shared are still quite compelling and relevant. As Stephen Deng of DFS Lab notes, the consumer trends highlighted in the report cover similar target demographics for digital consumer apps in Nigeria.
Fundraising
South Africa
Inclusivity Solutions raises $1.5 million Series A extension round. South Africa’s Inclusivity Solutions, an insurtech solutions provider, has extended its Series A funding by $1.5 million, bringing its total Series A funding to $4.5 million. The extension round was led by existing investor, Goodwell Investments, and will be used to drive market expansion and product development. Disrupt Africa
Tunisia
My Easy Transfer secures $450K in funding. My Easy Transfer, a Tunisian cross-border payments startup, has raised $450K from VC firm 216 Capital. The funding will be used to improve its current solutions and develop new products. 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.
