Corporate Council on Africa’s Post

The Ecobank #Fintech Challenge has revealed its 12 top contenders, each vying for the $50,000 grand prize and a spot in the Ecobank Fintech Fellowship program. These fintech innovators, selected from over 1,550 entries across 70 countries, will showcase their brilliance at the Grand Finale on September 27, 2024, in Lomé, Togo. From #Kenya to #Nigeria, these startups are ready to shake up #Africa’s financial scene. Jeremy Awori, CEO of #Ecobank Group, praised their talent and innovation, expressing excitement for future collaborations that could revolutionize the continent’s financial landscape. Isaac Kamuta, Group Head of Payments Service at Ecobank, emphasized that this challenge isn’t just about competition but about building businesses that scale across Africa. The countdown is on—stay tuned as these fintech stars gear up to shine at the finale https://lnkd.in/d-ECr-ku Ecobank Nigeria #EcobankFintechChallenge #AfricanInnovation #FintechRevolution

🚀 Kazakhstan's Fintech Revolution: Where Banks and Startups Join Forces Did you know? Kazakhstan's fintech landscape is booming, thanks to a unique collaboration model between established banks and innovative startups. Almost every fintech company like us has to deal with banks in some manner. So Fintech is not necessary to kill the banking system. It’s about adding value for customers through collaborations. A recent study that we did together with RISE Research, National Payments Corporation of Kazakhstan and Mastercard confirms it well.  Key insights: - Fintech startups in Kazakhstan have surged from just 50 in 2018 to over 200 in 2024 - Banks are actively acquiring startups to enhance their digital ecosystems This partnership model is driving rapid innovation in financial services Why it matters: - Faster innovation: Banks gain access to cutting-edge tech and talent - Improved customer experience: Wider range of digital financial products - Economic growth: The thriving fintech sector attracts investment and creates jobs The study shows that Kazakhstan is emerging as a fintech hub in Central Asia, showcasing how traditional financial institutions and startups can successfully collaborate. This growth presents exciting opportunities for entrepreneurs, developers, and financial professionals in Kazakhstan. The study itself can be found here https://lnkd.in/gg_Y8B7Y. Download it for yourselves. Share this post to someone who might be interested.  #FintechInnovation #Kazakhstan #Fintech

Last year the volume of investment into tech startups was just $3.5 billion, a little over half the previous year's total, according to investment firm Partech total. Fintech firms accounted for $825 million of that figure - down 56% on the previous year. And a significant chunk of fintech funding, just over $300 million, went to one country - Egypt. That left the other three markets making up the African fintech big four - South Africa, Nigeria and Kenya - with just over $500 million between them. https://lnkd.in/e6nfEwjr

African fintech firms shine in Q3 fund-raising efforts - ITWeb Africa: Fintech funding increased by 633% in Q3 2024, compared to Q2 2024, and by 169% in Q3 2023.

It's been a while since we last published, but we're catching up. From fundraises to partnerships to product launches & more, here's what happened in African fintech in March. https://lnkd.in/extegbY6 Executives appearing in this edition: MNT Halan’s Mounir Nakhla, Verto’s Ola Oyetayo, Piggyvest’s Odunayo Eweniyi, Visa’s Eva Ngigi-Sarwari, Jumo’s Joseph Mucheru, Paylican’s Yan Gascon, DFS Lab’s Stephen Deng, Binance South Africa’s Hannes Wessels, Mojaloop Foundation’s Paula Hunter, Itemate Solutions’ Robert van Breukelen, Mukuru’s Andy Jury, Swahilies' John Haule, The Information’s Abubakar Idris, and others. Companies appearing in this edition: Moove, Planet42, MNT-Halan, PaySpace, Interswitch Group, Leatherback, Onafriq, LemFi, Fawry, PremierCredit , Gluwa, Verto, Union54 (YC S21), Zeeh Africa, Octamile , Chipper Cash, Kuda, Eyowo, Zone, & others. News of the month: 1. On a USD basis, Nigerian payments unicorn Interswitch generated just $42M in revenues and $3.5M in profits last year. 2. Airtel Money executives are again talking about an IPO for the mobile money unit — at an expected valuation of ~$4B. 3. In other mobile money news, despite the popularity of M-Pesa in East Africa, West Africa continues to lead the continent’s mobile money growth story. 📢 Afridigest is your intelligent guide to tech in Africa. The Afridigest Fintech Review is a recap of what matters in African fintech. Subscribe to the newsletter today as a free reader or a paying subscriber: afridigest.com/subscribe. #africa #tech #africatech #techinafrica #fintech #payments #lending #emergingmarkets #insights #intelligence

𝐀𝐟𝐫𝐢𝐜𝐚'𝐬 𝐟𝐢𝐧𝐭𝐞𝐜𝐡 𝐦𝐚𝐫𝐤𝐞𝐭: 𝐁𝐨𝐨𝐦𝐢𝐧𝐠, 𝐛𝐮𝐭 𝐜𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞𝐬 𝐫𝐞𝐦𝐚𝐢𝐧! Africa's fintech market is set to explode, growing 13x by 2030! But can regulation keep pace & support innovation? Click to learn more about the opportunities & challenges facing this exciting sector: https://lnkd.in/dXz4XkN7 #fintech #Africa #futureoffinance

The Rising Tide of Fintech Innovation in West Africa: A Beacon of Economic Transformation In recent years, West Africa has emerged as a vibrant hub for financial technology, demonstrating remarkable progress in the Fintech sector. This upsurge is not just transforming the financial landscape but also empowering millions by democratizing access to financial services. Here's a glimpse into the development of Fintech in West Africa and its far-reaching implications. **Innovation at the Forefront** West Africa's Fintech scene is booming, thanks to a perfect blend of innovative startups, supportive policies, and a growing appetite for digital solutions among consumers. Companies like Paystack and Flutterwave are leading the charge, providing payment solutions that cater to the unique needs of the region. These platforms have not only streamlined transactions but have also bridged the gap for countless businesses and individuals previously excluded from the traditional banking system. **Financial Inclusion: A Leap Forward** One of the most significant impacts of Fintech in West Africa is the enhancement of financial inclusion. With over 350 million unbanked adults, the region has seen a dramatic shift as Fintech services offer accessible banking, savings, and credit facilities via mobile phones. This accessibility is not just changing how transactions are made; it's altering the very fabric of economic participation, enabling small businesses and entrepreneurs to thrive. **Regulatory Landscape: Nurturing Growth** The regulatory environment in West Africa has evolved to nurture the growth of Fintech. Governments and regulatory bodies are implementing frameworks that protect consumers while encouraging innovation. Initiatives like the Pan-African Payment and Settlement System (PAPSS) are set to further integrate and streamline cross-border payments, showcasing a commitment to fostering a conducive ecosystem for Fintech development. **The Road Ahead** As we look to the future, the potential for Fintech in West Africa is boundless. With increasing investment, a young and tech-savvy population, and ongoing digital transformation, the region is poised for even greater achievements. The journey ahead involves scaling these innovations, enhancing cybersecurity, and ensuring that the benefits of Fintech reach every corner of society. **Conclusion** The development of Fintech in West Africa is a testament to the power of technology in driving economic growth and inclusion. As stakeholders in the global financial ecosystem, let's celebrate these achievements and support the continued evolution of this dynamic sector. The story of Fintech in West Africa is just beginning, and its impact on economic empowerment and inclusion holds inspiring prospects for the world, with KAF Technology ready to assist this growth. #Fintech #WestAfrica #FinancialInclusion #Innovation #EconomicGrowth

Fintech on the Move: Lesaka Acquires Adumo: South African fintech giant Lesaka has announced an $86 million acquisition of Adumo, a leading point-of-sale provider. This move strengthens Lesaka's position in the payments space [FinTech Futures: FinTech News, Analysis & Resources in Africa]. Peach Payments Secures Funding: Johannesburg-based Peach Payments has secured a $31 million Series A funding round. The investment will fuel expansion across new markets in Africa [FinTech Futures: FinTech News, Analysis & Resources in South Africa] Tyme Bank Banks Big: Challenger bank Tyme has completed its Series B funding round, bringing in an additional $70 million from Tencent and CDC. This positions them for further growth in the competitive banking landscape [FinTech Futures: FinTech News, Analysis & Resources in South Africa]. Beyond the Headlines: Crypto Regulation: South Africa continues to be a leader in crypto regulation with the recent approval of 59 crypto asset service provider (CASP) licenses [Bizcommunity: Fintech news]. Insurtech Innovation: South African insurtech startup LeaseSurance has successfully raised R3 million in seed funding, showcasing the potential of the insurtech sector [Fintech News Africa: South Africa Archives - Fintech News Africa]. #FintechZA #FinancialInclusion #Innovation What fintech trends are you most excited about? Share your thoughts in the comments! #ProdBox #EmpoweringTheFuture

Growth opportunities for African fintech abound, especially in South Africa - TechTrendsKE: Fintech solutions, particularly those addressing payment challenges, continue to dominate innovation and attract significant venture capital interest ...

Mapping FinTech Maturity Across Africa 🌍  While building Zazu, we’ve taken a deep dive into the different maturity levels of fintech across the continent to shape our entry & expansion strategy. While Africa’s dynamics differ significantly from Europe, each region offers unique opportunities/challenges in terms of 🌐 digital maturity, 📜 regulatory environment, 🔑 licensing requirements, 📊 financial inclusion & 🛡️ eKYC infrastructure. Here’s our regional breakdown: 🇲🇦 Morocco: On its way to become a digital nation, but still early in its fintech development. Traditional methods dominate, with cash/cash-on-delivery prevalent. Limited open banking initiatives, but competition is emerging with inyad, Onepay and Chari Pay. 🇹🇳 Tunisia: Strong entrepreneurial & tech talents, yet scaling remains a challenge due to regulatory hurdles and the central bank's dominant role. Political factors further limit competition (& financial inclusion, thanks to Flouci (by Kaoun)) despite the early adoption of the Startup Act. 🇨🇮🇸🇳🇲🇱(+..) WAEMU Region: Nascent but promising market driven by successes like Wave Mobile Money and InTouch. Mobile money is a key enabler, but regulatory ambiguity and high licensing costs slow progress. Common currency & regulator makes it an attractive region for scale, esp. for Bizao | Payment hub in AfricaWizall Money Djamo Julaya or PayDunya. 🇪🇬 Egypt: FinTech pioneer with ties to the Gulf. Regulatory environment remains complex but increasingly supportive in issuing new licenses, fuelled by a growing ecosystem (+ rising investments, incl. recently Fawry, Halan - حالا, Swypex), making it attractive despite complexity.  🇰🇪 Kenya: The birthplace of mobile money & one of Africa’s fastest-growing economies. Despite High competition/M-PESA Africa dominance, cash remains prevalent, driven by a large informal sector. 🇳🇬 Nigeria: The largest FinTech ecosystem in Africa. Mostly Consumer & SMB-focused startups, with big currency devaluation risks. Leaders include Moniepoint Group, Kuda, PalmPay. 🇿🇦 South Africa: The most sophisticated ecosystem, with high financial inclusion (card-led rather than to mobile money), a progressive regulator & the strongest GDP/capita. While licensing remains a challenge for newcomers, players like Yoco & TymeBank have set a strong precedent for new ones like HAPPYPAY, Stitch, Precium, etc. 🔍 Hope this offers valuable context into the diverse dynamics for anyone exploring entry or expansion within Africa's FinTech landscape. 🙏 A special thanks to all contributors Iyinoluwa Aboyeji Sherif Nessim Mzila CDFA Laurie Clark Ismael Belkhayat Maya Oda Pacha Youssef Koun Mathias Léopoldie Niccolò Sapio Yewande Odumosu Amandine Lobelle Beatrice Muru Munashe Dema Dorra Mahbouli, MBA and more.