| Nigeria | Ghanaian fintech startup, KudiGo, expands to Nigeria. KudiGo, an e-commerce management platform, that helps merchants process payments, analyse data, and perform accounting functions, has launched their services in Nigeria. The startup has processed about $2.4 million in transactions, and is planning to expand to Kenya and Uganda. Tech Gist Africa |
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| Africa | Statistics on mobile money penetration in Sub-Saharan Africa. iRise Hub(@iRiseHub) shared the latest World Bank stats on mobile money usage in Sub-Saharan Africa in this tweet. Twitter |
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| Nigeria | Central Bank of Nigeria (CBN) mandates banks to reduce transfer fees & ATM withdrawal charges. The CBN has issued a directive to all commercial banks in the country, to slash the charges on inter-bank transfers and ATM withdrawals. This move is designed to reduce the burden of bank charges for customers, and encourage financial inclusion. WeeTracker |
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| Tanzania | Vodacom Tanzania and WorldRemit partners to enable mobile money remittance in Tanzania. Vodacom Tanzania is in partnership with WorldRemit, an online money transfer service, to enable ten million customers to receive money directly into their M-Pesa wallets. Using the WorldRemit app, Tanzanians living abroad in over 50 countries, can now send money home. Tech Moran |
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| Africa | TerraPay joins forces with the UBA Group for cross-border remittance. TerraPay, a cross-border remittance company, announced its partnership with financial services provider, the UBA Group, to facilitate real-time money transfers in 20 countries across Africa. The service is currently live in 5 countries that UBA operates in, and will be rolled out to customers in the other countries within the bank's network. Devdiscourse |
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| Côte d’Ivoire | Julaya raises $550,000 to digitise financial services for SMEs. Ivory Coast-based fintech startup, Julaya, has raised $550,000 in funding from French angel investors, to expand their operations in the country. Julaya is a mobile money platform that enables customers to transfer money for free, and across all mobile networks. Disrupt Africa |
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| Kenya | 4G Capital raises $2m for onward lending to SMEs in East Africa. 4G Capital, a Kenyan-based lending startup, raised a $2 million debt facility from Ceniarth LLC. They plan to use the investment for onward lending to informal micro, small, and medium-sized enterprises across Kenya and Uganda. Tech Africa |
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| Nigeria | Nigerian micro-investing startup, Trove raises funding from ARM. Nigerian fintech startup, Trove, has secured an undisclosed amount of equity funding from asset management firm, ARM, to enable their customers to access global investment opportunities. Disrupt 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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