On The Web

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Deals

Nigerian Fintech Okra Raises $3.5M Backed by Accenture Ventures and Susa Ventures

April 21 2021

• in
• Nigeria

“Since 2019, Plaid-esque companies, but with different twists to their offerings, have emerged to solve these issues. Today, Nigeria’s Okra , arguably the first to gain mainstream attention, is announcing that it has closed a seed round of $3.5 million…Okra likes to describe itself as an API “super-connector” that creates a secure portal and process to […]

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Global

Nigeria’s $155b E-transactions

April 20 2021

• in
• Nigeria

“Nigeria continued to witness steady growth in electronic transactions in the first quarter of 2021. According to the Nigeria Inter-Bank Settlement System (NIBSS) , Nigeria processed ₦58.8 trillion ($155 billion) worth of electronic transactions between January and March 2021. Launched in 2011, the NIBSS is a consortium of all Nigeria’s licensed banks and the Central […]

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Global

Backed by YC, Vendease Is Building Amazon Prime for Restaurants in Africa

March 19 2021

• in
• Nigeria

“For small and mid-sized restaurants in Nigeria and most of Africa, food procurement can be a complex process to manage. The system is such that a business can easily run out of money or have considerable savings. Most restaurants don’t have access to deal directly with farms to get better deals because they lack the staffing to chase them. Besides, they […]

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Global

Nigerians Turn to Stablecoins for Protection Against Inflation – CoinDesk

March 15 2021

• in
• Cryptocurrencies
• Nigeria

“Okeke Leticia Chigozie, a 28-year-old Nigerian logistics worker, dreams of opening her own shoe store in Nigeria. Having no credit history, she does not qualify for a bank loan to fund her enterprise. Instead, she joined a traditional savings group in her community, sometimes called esusu. These savings circles allow those without access to traditional banking […]

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Global

Open Banking Is Coming to Nigeria

February 24 2021

• in
• Nigeria
• Open banking

“Last week, the Central Bank of Nigeria (CBN) released draft regulations for the open banking framework in Nigeria. It’s in line with the prediction by Stears Business that conversations around open banking regulations would move forward in Nigeria in 2021. What’s all the fuss about? Open banking, often described as the future of banking, is the idea […]

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Global

Nigerian Digital Bank Carbon Hit $240M in Payments Processed Last Year, up 89% From 2019

February 1 2021

• in
• Fintech
• Nigeria

“In 2018, Carbon , a Nigerian fintech startup, made its financials public for the first time. Although typical for foreign private startups, it’s almost an anomaly in Africa. There have been rare cases in the past, for instance, when Rocket Internet had to include Jumia’s financials in its yearly reports after going public. At the […]

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Global

Aella, Amazon Partner on Underbanked Empowerment

January 6 2021

• in
• Nigeria

Single point financial service and payment solutions firm, Aella App, said it is working with Amazon Web Services, Inc. (AWS) to empower underbanked individuals to have quicker access to credit and other financial services using Amazon Rekognition for identity verification.

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Deals

Stripe acquires Nigeria’s Paystack for $200M+ to expand into the African continent

October 15 2020

• in
• Nigeria

“When Stripe announced earlier this year that it had picked up another $600 million in funding, it said one big reason for the funding was to expand its API-based payments services into more geographies. Today the company is coming good on that plan in the form of some M&A. Stripe is acquiring Paystack , a […]

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Global

Nigeria Fintech Sparkle Announces Partnership with Visa

September 9 2020

• in
• Fintech
• Nigeria

“Nigeria’s digital banking platform Sparkle partnered with Visa in a collaboration aimed at entrepreneurs, consumers, and SMEs throughout Nigeria. Sparkle is a digital financial services platform supporting Nigerians across the globe. The new partnership will equip Sparkle with greater flexibility and freedom on how in-app payments are made. Users of the Sparkle app can make […]

On The Wires

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Domains

Epos Now Launches Major Push Into Nigeria

March 11 2021

• in
• Nigeria
• POS

“Epos Now, a global software and payments technology company, supporting over 35,000 retail and hospitality locations across 71 countries, has launched its cloud point of sale (POS) solution in Nigeria , making its first entry into the African market…Nigeria has been chosen as the launchpad for Epos Now’s entry into Africa due to its status as a rapidly expanding market […]