Kola A.

Nigerian fintech innovator Grey (YC W22) has forged a strategic alliance with dLocal, a prominent player in the cross-border payment sector, to facilitate its growth into new and emerging markets. Founded in 2021 by visionaries Idorenyin O. 0bong and Joseph Femi Aghedo, Grey has quickly become a go-to service for international money transfers, offering its users the ability to swiftly send and receive payments across borders without limitations. The company’s offerings include the provision of foreign bank accounts, instant currency exchange services, and seamless international money transfers. Having secured a US$2 million investment in 2022 with the support of Y Combinator, Grey is on an aggressive expansion path, with Kenya serving as its gateway to the East African market. dLocal specializes in enabling local payment transactions in fast-growing economies, bridging the gap between global merchants and consumers across continents including Africa, Asia, and Latin America. The collaboration with dLocal will empower Grey to extend cross-border payment services to wallets and bank accounts in new territories such as Brazil, Indonesia, Mexico, the Philippines, and South Africa. Click the link to read more: https://lnkd.in/dnUYEduH   #innovationvillage #grey #dlocal #fintech #partnership #ycombinator #techtrends #technews #innovation #emergingmarkets #africabusiness

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Yesterday’s panel discussion, "Banking the Unbanked: Driving Financial Inclusion through Legacy/Fintech Partnerships," at the First Bank of Nigeria Ltd. Fintech Summit 6.0 shed light on how collaboration can transform access to financial services across Africa. --- A key insight was the undeniable role of partnerships between traditional banks and fintechs in bridging the financial gap. By leveraging the strengths of legacy institutions—like trust and wide networks—with fintechs’ agility and innovative solutions, we can build systems that are inclusive and scalable. --- The conversation also highlighted the importance of customer education and trust-building to ensure widespread adoption of digital financial tools. Regulatory support was another major point, with a call for frameworks that encourage innovation while safeguarding users. --- The panel reinforced that achieving true financial inclusion requires collective effort, innovation, and a commitment to reaching underserved communities. What do you think is the biggest challenge in banking the unbanked? Share your thoughts in the comments! #WeAreZone #ConnectToTheFuture #FirstBank #Fintech

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#NigerianBrandsWithGlobalAmbition Flutterwave, a pioneering Nigerian fintech enterprise, was established in 2016 by visionary founders Olugbenga Agboola and Iyinoluwa Aboyeji. With its strategic headquarters in San Francisco and operational hub in Lagos, the company has developed a robust platform facilitating seamless payment acceptance and processing for businesses across Africa and globally. Flutterwave’s expansive reach now spans over 150 countries, accommodating transactions in a staggering 150 currencies, underscored by high-profile partnerships with industry giants Visa, Mastercard, and PayPal. The company’s impressive trajectory is marked by notable milestones, including annual transaction volumes exceeding $10 billion, significant funding injections totaling over $200 million, and recognition as one of Africa’s most dynamic growth companies. Furthermore, @theflutterwave has successfully extended its services to emerging markets in Europe, Asia, and Latin America, cementing its position as a trailblazer in the fintech landscape. This remarkable success story underscores the potential of Nigerian innovators to make a profound impact on the global stage, bridging the divide between Africa and the world economy while unlocking new opportunities for businesses and individuals in the digital era. #naijaCEOs #NigerianCEOs #Nigerian #NigerianBusiness #NigerianEntrepreneur #AfricanEntrepreneurs #AfricanBusinesses #naijapreneur #NigerianBrands #MadeinNigeria #Flutterwave

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As digital payments in Nigeria evolve, compliance is crucial for Payment Service Providers. This week’s #TMTThursday explores the Central Bank of Nigeria’s latest directives aimed at streamlining POS transaction routing and boosting transparency across the payment ecosystem. Learn how the new connectivity requirements and reporting obligations could impact your business. #DOALaw #CBN #TMTThursday #POSRegulations #PaymentSolutions #LegalInsights #Nigeria #ElectronicPayments #Fintech

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Nigerian banks spend ₦80-100 BILLION annually on foreign core banking solutions! Coreinfra is changing the game with indigenous, cost-effective core banking and payment solutions! #core #coreinfra #coreinfrastructure #fintechsolutions #banks #nigeria #banking #business #innovation #tech #solutions

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Join the conversation on Islamic Finance and mortgage

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Post 1: The Rise of Fintech in Africa Industry Insight: Fintech is revolutionising financial services across Africa, providing access to banking for the unbanked and underbanked populations. Countries like Kenya, Nigeria, and South Africa are leading the way with mobile money platforms like M-Pesa and innovative payment solutions. Regional Developments: East Africa: Kenya ·      Volume of Mobile Payment Transactions: In 2023, Kenya recorded mobile transactions worth $55.1 billion. ·      Number of Digital Banks: Kenya has seen the entry of digital banks like Umba, which launched operations in early 2023. ·      Number of People Using Services: Approximately 84% of internet users in Kenya use mobile payments. M-Pesa alone has over 50 million active monthly users across Africa. West Africa: Nigeria ·      Volume of Mobile Payment Transactions: Nigeria is a significant player in mobile payments, with a substantial share of the 45 billion transactions made in Sub-Saharan Africa in 2022. ·      Number of Digital Banks: Nigeria hosts several digital banks, including Chipper Cash, Alat, and Kuda, contributing to the 21 digital banks active in Africa. ·      Number of People Using Services: Around 60% of internet users in Nigeria use mobile payments. Southern Africa: South Africa ·      Volume of Mobile Payment Transactions: South Africa is part of the leading regions in mobile money transactions, contributing to the 45 billion transactions in Sub-Saharan Africa in 2022. ·      Number of Digital Banks: South Africa has a robust digital banking sector with banks like Bettr and TymeBank, which have millions of customers. ·      Number of People Using Services: Digital payment services are widely used, with a significant portion of the population engaging in mobile transactions. Central Africa: Cameroon ·      Volume of Mobile Payment Transactions: Cameroon is experiencing growth in mobile banking, contributing to the overall increase in mobile money transactions in the region. ·      Number of Digital Banks: While specific numbers for digital banks in Cameroon are less prominent, the country is seeing a rise in mobile banking services. ·      Number of People Using Services: The adoption of mobile banking services is growing, although specific user numbers are less detailed compared to other regions. Summary Fintech is indeed revolutionizing financial services across Africa, with each region showing significant advancements in mobile payments and digital banking. Kenya, Nigeria, and South Africa are leading the charge, while Cameroon is steadily catching up. #Fintech #FinancialInclusion #Africa #DigitalTransformation

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���� Economic Empowerment Solutions! Powered by Omondi Okoyo Consultants (OOC) ����   Ready to Turn Your Business Dream into Reality? Starting a business can be an exciting yet daunting journey. Here’s a quick guide to help you navigate the essentials:  Do Your Research: Understand your market, identify your audience, and analyze your competition. Knowledge is power!  Create a Solid Business Plan: Outline your goals, strategies, and financial projections. A well-thought-out plan keeps you on track.  Avoid Common Pitfalls: Don't rush into decisions without planning. Avoid overlooking legal requirements and financial management - these can make or break your business!  Take Action: Start small, seek mentorship, and be open to learning from mistakes. Every great entrepreneur was once a beginner! Your dream business is within reach - take the first step today!    �✨ Contact us NOW for Economic Empowerment Training and Technical Assistance! � Email: [email protected] � WhatsApp: +254 733 712726 �✨ #EconomicEmpowerment #OmondiOkoyoConsultants #OOC #Entrepreneurship #StartupSuccess #BusinessTips

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🚀 Presenting the Winning Strategy for Africa's Fintech Market! 🌍   PML OCT PM CHALLENGE,winning team has reimagined fintech in Africa, crafting a roadmap to address key challenges and unlock massive opportunities in cross-border payments. 💸📈 From reducing fees and enhancing security to boosting financial inclusion—they've tackled it all! Here's what they uncovered in the journey:   🔹 Growth Potential: With projections of $65 billion by 2030 and $70 billion by 2040, Africa's fintech market is primed for expansion, fueled by mobile penetration and a large unbanked population. 📱💵  🔹 Top Players: Key competitors like FlutterWave, Chipper Cash, and Lemfi show us the strength of the African fintech ecosystem and the fierce competition shaping it.  🔹 Tech Integration & Regulation: From AI to blockchain and the African Continental Free Trade Agreement, the landscape is evolving fast! 🚀   Problem Focus: High fees and regulatory complexity in cross-border transactions are big roadblocks, especially for freelancers and remittance senders, who face high conversion rates and long delays. 🕒   🎯 Objective: Create a seamless, low-cost cross-border payment platform with a secure wallet, simplified KYC, and robust customer support to make transactions smoother than ever! 💳✨   Roadmap Snapshot: Our team mapped out a phased development approach with essential features up front, focusing on usability, affordability, and security. 🛠️🔒   Kudos to the amazing team for tackling Africa's fintech challenges head-on and paving the way for a more inclusive financial future! Halima Iyke-Oginah, Blessing Asibi Bako, DANIEL UMAH (MBA) , Joy Ozoya ,Nomajuba Hlatshwayo,AbdulGaniu Shelle , MARIAM ATOYEGBE 👏👏 #PMLChallenge #AfricaFintech #CrossBorderPayments #FintechForGood

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Newly minted African fintech unicorn Moniepoint Group is in talks about acquiring a commercial banking license from the Central Bank of Nigeria. This would enable the company to expand its offerings and reach, increase its share of Nigeria’s financial services market, and enhance its credibility. “The license would also give it a major edge over competitors like OPay and make it the first Nigerian fintech to own a commercial banking license. Nubank, the largest fintech in Latin America, is applying a similar strategy in Mexico, where it applied for a banking license after becoming the primary bank for nearly 60% of its Brazilian customers and serving more than half of the adult population.” Via TechCabal. https://lnkd.in/d6ttHeW3  #financialservices #fintech #banking #regulatoryaffairs

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Are you a technology-driven startup, passionate about leveraging innovations in the financial services sector to solve Africa’s most complex development challenges? Do you have a scalable solution with a defensible position and clear monetization strategy? Then the timbuktoo Fintech Startup Accelerator Programme is for you! The timbuktoo Fintech Startup Accelerator Programme is supporting startups that: - Are deploying technology solutions in the financial services sector: These are startups that have a technology-enabled solution at its core, utilising digital tools and platforms to drive innovation and efficiency in the financial sector. - Are contributing towards the achievement of sustainable development goals (SDGs): Startups whose solutions contribute towards one or more of the SDGs, by promoting growth, industrialisation, trade, education, health, and inclusive governance among others. - Are highly scalable: Startups that demonstrate high scalability either through digital distribution channels or the ability to scale their user base rapidly across markets in Africa. - Hold a defensible position: Startups that have a defensible position, whether through Intellectual Property (IP) rights, network effects, domain expertise, or regional market dominance - ensuring sustainable competitive advantage in the fintech landscape. - Have a strong monetisation strategy: Startups with a clear and sustainable monetisation strategy, showcasing a path to profitability and long-term financial viability The most promising startups from bootcamp will receive long-term tailored support for 5 months from August 2024 to December 2024.  With this curated approach coaching, product refinement, and scaling will be provided to startups. Additionally, partnerships will be facilitated to spur product iterations, market access and capital raising for the startups. Startups selected for incubation and acceleration will have the opportunity to receive equity-free funding of up to $25,000 USD. Read more on how to apply https://lnkd.in/di8FuvNm UNDP Zambia UNDP

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Wema Bank Plc., a leader in Nigeria's banking sector, is taking a bold step to protect its customers from rampant identity fraud by adopting advanced facial recognition technology. In partnership with Daon, an international digital identity trust company, Wema Bank is implementing the Daon xProof (xAuth/xFace) and Daon IdentityX platforms. These cutting-edge solutions will provide robust digital identity verification and authentication on Wema's banking app, ensuring a secure and seamless banking experience. With the integration of xAuth/xFace, Wema Bank customers will enjoy the convenience of accessing everyday banking transactions simply by taking a selfie. This innovative technology enhances security while offering a user-friendly experience across various engagement channels. Clive Bourke, Daon President for Europe, Middle East, and Africa as well as the Asia-Pacific region, emphasized the importance of defending against identity fraud, noting its significant impact on financial losses in the banking sector. Founded in 1945, Wema Bank prides itself on being one of Nigeria’s most resilient and innovative banks. This latest initiative further cements its reputation, following the launch of Africa's first fully digital bank, ALAT, in 2017. Olusegun Adeniyi, Chief Digital Officer at Wema, highlighted that integrating the Daon IdentityX platform would enhance customer safety and ease of access to a wide range of financial services, including better savings, transfers, and rewards. By adopting Daon's suite of identity verification and authentication solutions, Wema Bank is not only enhancing security but also improving the overall user experience for its customers. This partnership represents a significant milestone in Wema Bank's journey towards digital transformation and reaffirms its commitment to providing innovative and secure banking solutions. #DigitalBanking #FacialRecognition #IdentityFraud #WemaBank #Daon #Innovation #CustomerSecurity #Fintech #Nigeria #TechInnovation #BankingSecurity

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AI is transforming industries globally, and in Nigeria, it's offering innovative solutions to longstanding challenges, particularly in banking. Nomba, a fintech startup (formerly Kudi) founded in 2017, is leveraging AI to deliver affordable, accessible financial services to millions of unbanked and underbanked Nigerians. Through AI-powered tools, Nomba is bridging the financial gap and simplifying banking for all. Nigeria’s traditional banking system struggles to serve rural areas due to poor infrastructure and high costs. With limited access to smartphones and the internet, many communities remain unbanked. Nomba saw an opportunity to overcome these challenges by using AI to reach people directly, wherever they are. Nomba integrated AI into its platform, starting with a smart chatbot that enables users to perform financial transactions—money transfers, bill payments, airtime top-ups—via SMS, USSD, and platforms like WhatsApp. The AI chatbot processes natural language inputs, making interactions feel human-like, while continuously learning to improve response times. On the backend, machine learning models detect fraud patterns, securing transactions and enhancing trust. Key Results: 📌 Expanded Financial Access: Over 2 million Nigerians, many in rural areas, now access banking services without needing smartphones or the internet. Nomba makes transactions as simple as sending a text, providing essential services to previously excluded communities. 📌 Increased Efficiency: AI allows Nomba to handle millions of transactions daily with minimal human intervention, reducing costs and ensuring scalable growth. 📌 Enhanced Security: AI-powered fraud detection monitors transactions in real-time, flagging suspicious activities and reducing the risk of fraud. Nomba's innovative use of AI is transforming Nigeria’s fintech space, showing how advanced technology can drive financial inclusion and solve complex social challenges. #NombaNomba #FinancialInclusion #AIDrivenSolutions #TechForGood #NigeriaFintech #BankingInnovation #DigitalTransformation #FintechAfrica #InclusiveBanking #AIinFinance

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Lendsqr, a Nigerian loan management software provider, has launched a $600,000 on-lending initiative to support local digital lenders. The program aims to provide essential capital to lenders holding State Moneylender or Cooperative licenses, enabling them to expand their credit offerings and enhance financial inclusion across Nigeria. At this critical time, personal loans in Nigeria have surged by 329.28% to a whopping ₦7.52 trillion by March 2024, but licensed lenders went from 173 in April 2023 to 311 by September 2024, and the digital lending landscape has expanded significantly. Through this program, Lendsqr offers an innovative overdraft model where lenders only pay interest on utilized funds. The company has implemented a comprehensive risk assessment process and provides real-time monitoring through a user-friendly dashboard The program exclusively serves Nigerian lenders who must be registered with the Corporate Affairs Commission, maintain valid lending licenses, and possess current tax documentation. Initial loan amounts range from ₦1 million to ₦15 million, with interest rates determined by risk assessment. #NigerianFintech #DigitalLending #FinancialInclusion #AfricanStartups #FintechInnovation

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Transform your payment experience with JamboPay! Download the JamboPay App and enjoy seamless transactions at your fingertips. 🙌💰 #Fintech #SeamlessTransactions

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This is for Fintech Business Development , Sales and Partnership peeps.. 📣 Do you feel left out in the Ecosystem.. Drowned by all the acronyms , jargon and Tech... This month we have something specific for you. Join us in our community Forum as Abi Odedeyi takes us on a practical journey on how to harness more from meetings to yield better partnerships and collaborations in Fintech.

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Nigerian entrepreneurs and small to medium-sized enterprises (SMEs) are being called upon to submit their applications for the Sterling Bank Green Innovation Challenge. This initiative is focused on providing financial support to businesses that are actively involved in creating innovative solutions within the agricultural sector, clean technology, or social enterprises that are committed to fostering sustainability and positive environmental impact. The challenge is specifically targeting those who are at the forefront of developing startups, SMEs, or various business models that prioritize innovation, ecological sustainability, and contributing to environmental betterment. For those ventures operating within the clean technology and social enterprise sectors, the Sterling Bank Green Innovation Challenge is offering grant funding of NGN2 million, which is equivalent to approximately US$1,200. This grant is intended to help these businesses scale their operations and increase their impact. Moreover, a substantial financial facility of NGN20 million, roughly US$12.2 million, is being made available for businesses that fall under the agriculture category. This larger sum of money is aimed at supporting agricultural enterprises that demonstrate a strong potential for innovation and sustainability, enabling them to expand their activities and contribute significantly to the green economy. Click the link to read more: https://lnkd.in/d95_WaGU #innovationvillage #steringbank #greenimmovatiun #challenge #startup   #entrepreneura #founders #smallmediumenterprise #financialreward #cleantechnology #niigeriaeconomy #businessnews #techpreneur  #africabusiness

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