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Deals

Nigeria’s Flutterwave in Talks to Triple Valuation to $3 Billion

“Flutterwave Inc. , a Nigerian payments firm, is seeking fresh funding at a valuation of $3 billion or more, a figure that would roughly triple its last valuation, according to people with knowledge of the matter…Also in March, Flutterwave said it will collaborate with PayPal Holdings Inc. to enable the U.S. giant’s global customers to […]
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Global

Nigeria Updates Mobile Money Operator Guidelines

“Nigerian banking regulators have released new guidelines governing the services offered by the country’s mobile money operators (MMO). It is the first update in six years and is meant to address the sweeping changes seen since 2015. Ibrahim Moshood, an associate with Centurion Law Group , said the rules govern two types of operations, the […]
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Global

CBN steps up action to regulate mobile money services

“The Central Bank of Nigeria, CBN, has released Regulatory Guidelines and Framework for Mobile Money Services in the country to create an enabling environment for orderly introduction and management of the services. The guidelines stated that the  Mobile Money Operators (MMOs) shall not carry out the following activities: Grant any form of loans, advances and […]
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Deals

Tiger Global Leads $42M Series B in Nigerian Credit-led Neobank FairMoney

“Neobanks have led the charge as regards venture capital funding for consumer fintech startups. But while they have collectively dominated the fintech space, they don’t operate a monolithic model. There are five distinct models, and the one adopted by Nubank, the $30 billion behemoth , is the credit-led model. Neobanks operating this model start by offering credit via cards […]
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Domains

Nigerian Payments App Paga May Be Africa’s Next Unicorn

“Nigeria’s biggest mobile payments company is vying to become Africa’s next unicorn, and its ambitions now stretch beyond the continent. Paga, whose backers include U.S. billionaire investor Tim Draper and former Goldman Sachs Group Inc. economist Jim O’Neill, boasts 17 million unique users including tech entrepreneurs, businesses and individuals in Africa’s most populous nation. Modeled […]
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Deals

African Fintech OPay Is Reportedly Raising $400M at Over $1.5B Valuation

“Chinese-backed and Africa-focused fintech platform OPay is in talks to raise up to $400 million, The Information reported today. The fundraising is coming two years after OPay announced two funding rounds in 2019 — $50 million in June and a $120 million Series B in November…In 2018, Opera, popularly known for its internet search engine and […]
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Deals

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

“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

“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 […]