On The Web

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Global

Nigeria’s Mobile Money Transactions Surge by Over 3000% in the First four Months of 2022

June 14 2022

• in
• Nigeria

“The value of mobile money transactions in Nigeria increased by 3,454.46 per cent (N4.86tn) in the first four months of 2022 from (N136.85bn) in the corresponding period of 2019, as citizens continue to embrace digital payments as part of a measure to contain the spread of Covid-19. According to data provided by the Nigeria Interbank […]

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Global

Nigeria Grants MTN Licence for Mobile Money Banking Service

April 11 2022

• in
• Mobile Networks (MNO)
• Nigeria

“The Central Bank of Nigeria has approved the licence for MTN’s Mobile Money (MoMo) Payment Service Bank in the country, extending its services to wider banking operations, it was announced on Monday. Mobile money is a growing contributor to MTN Nigeria’s income, and the new banking licence would allow the company to explore growth opportunities […]

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Global

Nigeria’s Central Bank Is Tightening Control of Its Identity Database to Check Fraud Better

October 18 2021

• in
• Nigeria

“Online payments reached record heights in Nigeria in the third quarter of 2020, when the value of transactions increased to $116 billion from $68.3 billion in the same period in 2019. But this welcome jump came with a staggering increase in financial fraud. Between January and September 2020, fraudsters made over 46,000 attempts on customer […]

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Deals

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

October 15 2021

• in
• Nigeria

“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

August 16 2021

• in
• Nigeria

“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

July 12 2021

• in
• Nigeria

“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

July 2 2021

• in
• Neobanks
• Nigeria

“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

June 14 2021

• in
• Mobile Payments
• Nigeria

“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

May 27 2021

• in
• Nigeria

“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

Nigeria’s Mono Raises Millions to Power the Internet Economy in Africa

May 24 2021

• in
• Nigeria
• Open banking

“In February, Nigerian fintech startup Mono announced its acceptance into Y Combinator and, at the time, it wanted to build the Plaid for Africa. Three months later, the startup has a different mission: to power the internet economy in Africa and has closed $2 million in seed investment towards that goal…In a region where more […]