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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 […]

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Global

How Bitcoin Met the Real World in Africa

September 9 2020

• in
• Bitcoin
• Nigeria

“Four months ago, Abolaji Odunjo made a fundamental change to his business selling mobile phones in a bustling street market in Lagos: He started paying his suppliers in bitcoin. Odunjo sources handsets and accessories from China and the United Arab Emirates. His Chinese suppliers asked to be paid in the cryptocurrency, he said, for speed […]

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Global

Leveraging Digital Channels to Deepen Financial Inclusion

August 17 2020

• in
• Fintech
• Nigeria

“Speaking on the app, the Founder, Samuel Muoto said: “Waya PayChat is a digital payment solution that addresses the issue of unbanked and underbanked, while digitalizing payment solutions in Nigeria.” The app is the new fintech app in Nigeria which combines financial inclusion and social solution. It offers safe and secure transactions for the banked […]

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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 […]

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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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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

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 […]