|Global||Mobile Money daily transactions globally hit $2 Billion. According to the GSMA State of the Industry Report on Mobile Money 2021, daily global mobile money transactions exceeded $2billion and are expected to surpass $3 billion a day by the end of 2022. In 2020, the number of registered accounts grew by 12.7% globally to 1.21 billion accounts from 1.7 billion in 2019. The registered accounts grow monthly by an average of 300 million monthly active accounts. Kenyan WallStreet|
|EDITOR'S NOTE||A lot of this can be attributed to the pandemic and more people going cashless. For example, the value of mobile money transactions in Kenya reached KSh1.16 trillion in the first two months of 2021 as more people used mobile money wallets to pay for goods and services. Mobile money transactions in January this year were KSh590 billion, the value at the same time a year ago was KSh372 billion. This growth continued in February with KSh568 billion compared to KSh350 billion in February 2020 according to data from the Central Bank of Kenya. In March last year, the Central Bank of Kenya increased the daily transaction limits to KSh300,000 from KSh140,000 and waived the transfer fees for transactions below KSh1,000. The fee waiver has been reversed, but most people are still transacting despite the fees.|
|Sudan||Sudan Finance Ministry and MTN sign agreement on electronic Samarat payments. Sudan's Ministry of Finance and Economic Planning will leverage MTN's large distribution and agent network to disburse financial aid to low-income families across the country. This is an extension of the contract between the Ministry and other telecommunications companies such as Sudatel and Zain. The goal of this agreement is to expand mobile financial transfer services to 80% of the population. Mobile Money Africa|
|EDITOR'S NOTE||The program – Samarat, which means ‘fruits’ in Arabic was launched last year to reduce the impact of economic reforms on low-income families by providing financial aid and improving the social protection system and safety nets. The program secured $400 million in funding for the first phase and an additional $420 million for the second phase.|
|Ghana||Zeepay acquires 51% of Mangwee. Ghanaian Fintech Startup, Zeepay has acquired a 51% stake in Zambian Fintech Startup, Mangwee, a mobile money transfer platform. The acquisition is strategic for Zeepay, who is looking to expand operations into Southern Africa. Financial Technology Africa|
|South Africa||South African fintech startup, Peach Payments raises additional funds to accelerate growth. The funding was led by UW Ventures in partnership with Allan Gray, alongside Launch Africa Ventures and other existing investors. With this investment, the company will be able to expand outside of South Africa as well as scaling up the business’s current products and services, and operational and engineering teams. Disrupt Africa|
|Egypt||Egyptian fintech startup Paymob closes $18.5million Series A funding round. Paymob raised $3.5 million in Series A funding in July 2020 and has now added another $15 million of new capital from existing investors in a second tranche. The capital raise was led by UAE-based venture capital firm Global Ventures, and also included A15 and FMO. Paymob will use the proceeds to continue expanding their merchant network, enhance their suite of products, meet the market demands, and fuel their regional expansion efforts. Disrupt Africa|
|EDITOR'S NOTE||Paymob was founded in 2015 by Islam Shawky, Alain El Hajj, and Mostafa Menessy while they were still in the university. The startup has grown since then and their mobile wallet infrastructure processes more than 85% of the market share of the transactions in the Egyptian market and serves merchants in five other markets, including Kenya, Pakistan, and Palestine. We previously reported on their previous round in Issue 68 and we'll continue to watch their growth.|
|South Africa||South African Crypto startup, Revix, raises $4million to fund expansion. The funding which was raised from undisclosed overseas investors and accelerators will help the company launch their mobile app and expand to the European Union (EU). Disrupt Africa|
|South Africa||Troygold secures funding to scale operations. The South African-based “gold digitalization” startup has raised an undisclosed round of investment from Crossfin Ventures to help them scale. Founded in 2018 by Dane and Bastiat Viljoen, Troygold digitizes the value of physical gold and then allows customers to buy, sell, spend and borrow against their gold via a mobile app and a debit/credit Mastercard. Disrupt Africa|
|EDITOR'S NOTE||Troygold digitizes gold by storing gold bars or coins with serial numbers in vaults and issuing ownership certificates to their owners showing which bar or coin and what serial number they own, as well as where it is stored. The stored gold is given a monetary value that the owner can spend either via the mobile app or Mastercard.|
|Uganda||Ugandan fintech startup, Numida, raises $2.3million seed round to expand, launch new products. The seed round was led by MFS Africa, with participation from DRK Foundation, Equilibria Capital, and Segal Family Foundation alongside other angel investors. With this new financing, Numida, a digital lending company plans to expand in Uganda and pilot in a new market. Disrupt Africa|
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.
Know someone who'd enjoy Decode Fintech?