On The Web

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Global

Paystack, with ambitions to become the Stripe of Africa, raises $8M from Visa, Tencent… and Stripe itself

August 28 2018

• in
• APIs
• Ghana
• Mobile apps
• Nigeria

“The company is active today in Nigeria, where its payment API integrates with tens of thousands of businesses, and in two years it has grown to process 15 percent of all online payments; and the plan is to both continue to grow in its home market, as well as expand to more countries, starting with […]

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Global

Nigerians Bury Cash In Backyards As Mobile Money Stumbles

July 19 2018

• in
• Mobile Money
• Nigeria

“Less than 6 percent of Nigerians use their handsets to transact using mobile money, compared with 73 percent of Kenyans, where more than two-thirds of adults have a bank account, according to the World Bank. That’s even though there are more than two phones for every bank account in the West African nation.”

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Global

Ecobank unveils Africa’s first unified digital payment solution

May 7 2018

• in
• Nigeria

“ECOBANK has unveiled a multi-featured digital payment solution, Ecobank Pay, designed to deliver unified and instant self-service across a range of interconnected payment solutions.”

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Global

In Nigeria you need cash for everything, the problem is actually getting hold of it

February 26 2018

• in
• Nigeria

“Anytime Oghenefega Otitifore, an engineer living in Okearo, needs to withdraw cash, she does not bother going to the ATM. In all of Okearo, a suburb just a few kilometers outside Lagos, there are only two ATMs—one is plagued with long queues and the ever present “unable to dispense cash” message on the screens while […]

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Global

Unimpressive Growth in Mobile Payments

November 14 2018

• in
• Nigeria

“The CBN data show that 120 million PoS transactions were recorded in H1 2018, representing an increase of 103% y/y. The volume of point-of-sale (PoS) transactions indicates the impact of the CBN’s cashless policy on the economy. Meanwhile, mobile payments amounted to 28 million transactions valued at N495bn (US$1.6bn) in H1 2018. The volume of transactions […]

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Global

Nigeria’s Gloo.ng Drops Consumer E-commerce, Pivots to E-procurement

March 11 2019

• in
• Ecommerce
• Nigeria

“The Lagos-based venture has called it quits on e-commerce grocery services, shifting to a product that supplies large and medium corporates with everything from desks to toilet paper. Gloopro’s new platform will generate revenues on a monthly fee structure and a percentage on goods delivered, according to Gloopro CEO D.O. Olusanya.”

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Global

Opera’s OPay still plans Africa expansion on Nigerian super app

May 15 2020

• in
• Mobile Money
• Nigeria

“Opera’s Africa fintech startup OPay remains committed to building a multi-service super app in Nigeria as the foundation to expand on the continent. OPay also continues to operate ORide for limited passenger service — though the company is shifting the motorcycle ride-hail operation toward logistics businesses. Opera launched the OPay mobile money platform in Lagos […]

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Global

Nigeria’s Central Bank, in Bid to Help Nation’s Underbanked, Takes Measure to Boost Payment Firms

December 5 2019

• in
• Nigeria

“Nigeria’s central bank is planning to issue licenses to more payment providers, aiming to “improve the country’s financial-inclusion rate to 80% by the end of next year from about 60%,” Bloomberg reports . Central Bank of Nigeria Governor Godwin Emefiele spoke in Abuja last week, promising the new licenses “will help support innovation and competition […]

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Global

Nigeria Is Finally Turning to Telcos to Drive Financial Inclusion Through Mobile Money

October 10 2019

• in
• Mobile Money
• Nigeria

“The regulatory caution and conservatism often blamed for holding Nigeria back finally looks set to change with the central bank reversing a longstanding stance on declining to issue mobile money licenses to telecoms operators. In the wake of the central bank’s change in tack, MTN, Nigeria’s largest telecoms operator, with more than 60 million customers, […]

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Deals

TradeDepot adds $10 million to add financial services to its supply chain services for African SMBs

July 20 2020

• in
• Nigeria

“Nigeria’s e-commerce startup TradeDepot, which connects international brands to small businesses in Africa, has raised $10 million in a new round of funding to expand its business into financial services and credit offerings for retailers. First launched in 2016, TradeDepot has built up a network of 40,000 small businesses in Nigeria and connects them to local […]