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Nium, a global fintech company specializing in cross-border payments, has formed a strategic partnership with Ecobank Transnational Incorporated to enable real-time payment capabilities across 35 African markets. This collaboration leverages Ecobank's existing SWIFT messaging infrastructure and seamlessly integrates with Nium's advanced payment systems. As a result, it allows for instantaneous payment settlement and tracking without the need for additional API integration, simplifying the process for Ecobank and enhancing the user experience. What #Ecobank’s customers stand to gain: Founded by Prajit Nanu, Nium has become a prominent player in cross-border payments, holding regulatory licenses in 40 countries. Through this partnership, Ecobank's customer base will gain access to over 220 markets worldwide, benefiting from real-time settlement in 100 countries. The underlying infrastructure can handle transactions in 100 different currencies, supports collection services in 40 markets, payment settlements within 15 minutes, and offers card issuance capabilities in 34 countries. This partnership is primarily targeted at small and medium-sized enterprises (SMEs) across sub-Saharan Africa. Its goal is to streamline and improve payment services for Ecobank’s business clients. By leveraging #Nium’s global reach and #Ecobank’s robust local presence, the collaboration aims to provide SMEs with efficient, reliable, and scalable financial tools that can drive growth across the continent. Africa Fintech Network, Digital Finance Practitioners Association of Zimbabwe, DRC Fintech Association, Association Fintech Madagascar, Fintech Association Of Nigeria Association For Digital Finance Practitioners - ADFP Zambia, Association of Fintechs in Kenya, Ghana Fintech and Payments Association, Fintech Association of South Africa (FINASA), Mauritius Africa FinTech Hub, Egyptian FinTech Association, Tanzania Fintech Association (TAFINA), FITSPA Uganda, Fintech Association of Botswana, FINTECH.MZ - Mozambique Fintech Association, Alliance of Digital Finance and Fintech Associations Wave Mobile Money, Making Finance Work for Africa (MFW4A), Ripple, Cedar-IBSi Capital & FinTech Lab, Provenir, AFRICA FINTECH FORUM, Ecobank Transnational Incorporated, Cenfri, Africa Digital Financial Inclusion Facility (ADFI)), Digital Pilipinas, International Digital Economies Association iDEA

M-Pesa Celebrates 17 Years: How The Sub-Saharan Africa Fintech is Revolutionizing Financial Inclusion in Kenya And Beyond M-PESA Africa, a Kenyan-based mobile money payments and transfer service, celebrates 17 years in operation since its launch in March 2007. The Safaricom PLC-owned solution, which began in Kenya as a mobile money service, has grown into Africa’s leading all-in-one fintech platform, offering everything from merchant services to savings and loans, which has revolutionized financial inclusion in Kenya and beyond. With regard to financial inclusion, M-Pesa has played a pivotal role by providing a convenient and accessible mobile money platform, which has enabled millions of Kenyans, including those in remote and underserved areas, to access formal financial services. Read more👇 #mpesa #safaricom Peter Ndegwa C.B.S

Fintech Emerges as One of The Fastest Growing Sectors in Rwanda Fintech has been reported to be one of the fastest-growing sectors in Rwanda. According to the 2024 Monetary Policy and Financial Stability Statements report by the National Bank of Rwanda (NBR), funds transfers surged significantly during the period under review. The number of funds transfers via mobile payments surged by 57%, reaching 603 million, while their value increased by 49% to FRW 13,001 billion. Read more👇 #rwanda #fintech #kigali #fintechpayments

This report from the Africa Fintech Network highlights the remarkable growth of 7 unicorn fintech companies. This growth, spurred by the influx of venture capital and international investment, as well as the proliferation of mobile money and improved connectivity, has been enabled by the "diverse financial needs across different demographics". Read more on the ADFI-supported initiative to develop the Africa Fintech Platform - an online one-stop shop to strengthen fintechs across Africa: https://lnkd.in/ecvZhday #digitalfinancialinclusion

THE AFRICAN FINTECH UNICORNS’ JOURNEY - OVERVIEW Unicorns, a business worth a minimum of $ 1 billion, are making significant waves in Africa, particularly within the rapidly growing fintech sector. This trend highlights the remarkable transformation of financial services across the continent, where innovative technology is redefining traditional banking and payment systems. Evidently, the timeframe for achieving unicorn status in Africa has consistently narrowed over the years, underscoring the dynamism and vibrancy of the African fintech ecosystem. We are excited to share these compelling reports on the fintech unicorns in Africa, starting with an industry overview that highlights their journey. Read more in the attached report. Segun Aina, Ali Hussein Kassim, Deji Ajani, Ph.D. Jameelah Sharrieff-Ayedun, Ph.D., Patrick Saidu Conteh PhD, FCCA(UK), MBA, BSc(Hons)., Josephine Olok, Digital Finance Practitioners Association of Zimbabwe, DRC Fintech Association, Association Fintech Madagascar, Fintech Association Of Nigeria Association For Digital Finance Practitioners - ADFP Zambia, Association of Fintechs in Kenya, Ghana Fintech and Payments Association, Fintech Association of South Africa (FINASA), Mauritius Africa FinTech Hub, Egyptian FinTech Association, Tanzania Fintech Association (TAFINA), FITSPA Uganda, Fintech Association of Botswana, FINTECH.MZ - Mozambique Fintech Association, Alliance of Digital Finance and Fintech Associations Wave Mobile Money, Making Finance Work for Africa (MFW4A), Ripple, Cedar-IBSi Capital & FinTech Lab, Provenir, AFRICA FINTECH FORUM, Ecobank Transnational Incorporated, Cenfri, Africa Digital Financial Inclusion Facility (ADFI)), Digital Pilipinas, International Digital Economies Association iDEA, Interswitch Group, OPay, Flutterwave, Fawry, Wave Mobile Money, MNT-Halan, Chipper Cash

🚀💡 Exciting Times Ahead for African Fintech! 💡🚀 Buckle up, folks! The African fintech landscape is set to hit the $3 billion mark by 2024, marking a monumental leap for the sector. 📈🌍 Mobile payment platforms like M-Pesa and Tigo Pesa are the undisputed champions, revolutionizing the way people handle money in Kenya and Tanzania. 📱💸 And let's not forget the Nigerian giants Flutterwave and Paystack, paving the way for seamless transactions and record-breaking collections! But hold onto your hats because the game's evolving faster than ever! 🎩🔥 ErrandPay is shaking things up, turning microfinance banks into neobanks overnight, granting access to smoother and swifter financial services for all. 💼💳 This isn't just about convenience; it's about inclusion! These platforms are tearing down barriers, allowing even those without traditional banking access to step into the formal financial sector. 🌐💼 But wait, there's more! Digital banking and lending platforms are on the rise, making financial services and credit more accessible for individuals and small businesses across the continent. 💰💼 Sure, there are hurdles to overcome, like regulatory uncertainty. But fear not! Countries like Nigeria, Kenya, and South Africa are stepping up to the plate, creating a more welcoming environment for fintech innovation. 🌍🤝 And here's the kicker: By 2024, over 40% of Nigerian adults will have dipped their toes into fintech services at least once! That's millions of people embracing digital banking and mobile money, thanks to the transformative power of fintech. 🚀💳 With government support and initiatives like Nigeria's fintech hub, the stage is set for even greater growth and success in the years to come. 🌟 So, fellow innovators, let's ride this wave of change! Fintech isn't just a trend; it's the future of finance and beyond. 🌊💼 Let's keep our eyes peeled for what 2024 has in store as we embark on this thrilling journey together! 💥✨ #AfricanFintech #Innovation #martech #omnichannelmarketing #marketingautomation #predictiveanalysis Akshay Arora Euphoria 🌍💰

FinTech market in Africa March 2024, by Financial Technology Partners / FT Partners Africa’s FinTech ecosystem has shown remarkable resilience and growth despite macroeconomic challenges. The sector has attracted significant investment, with large financing rounds and frequent exits drawing the attention of global investors. The adoption of global best practices has mitigated key investment risks, leading to a surge in FinTech funding over the past three years. Although 2023’s financing volume of $1.2 billion is lower than the record levels of 2021, it remains nearly three times higher than the $430 million recorded in 2019. The continent’s FinTech landscape is bolstered by several favorable factors, including a large, young, and tech-savvy population, high cash usage, and a rapid shift from informal to formal sectors. Increasing mobile penetration and supportive regulatory environments further enhance the ecosystem. The COVID-19 pandemic accelerated the adoption of FinTech solutions, as consumers and merchants sought alternatives to physical cash. This shift has led to the widespread use of mobile wallets, cards, and other non-cash payment methods, facilitating both domestic and international commerce. Africa is a global leader in mobile money, with nearly half of the world’s mobile money customers residing on the continent. Mobile wallets and mobile money services are crucial for financial inclusion, providing a gateway for the unbanked population. As these services expand, a comprehensive FinTech ecosystem is emerging, connecting consumers, merchants, and service providers, and introducing new functionalities and use cases. #africa #fintech #startup #egypt #economic

Africa has a NEW UNICORN🦄. Here’s a back story about the company’s beginning and its CEO. Tosin Eniolorunda was the firstborn among three children in a middle-class family in Ibadan, South Western Nigeria. He attended Obafemi Awolowo University, where he studied Mechanical Engineering. Upon graduation, he got into Interswitch Group, Africa’s oldest Unicorn. However, he was dissatisfied with the company's reward mechanisms for builders. After working for a few years, he met his now co-founder, Felix Ike. They left Interswitch and launched TeamApt in 2015. They started by building software solutions for banks, such as mobile apps and other digital software. They worked with premier Nigerian banks like Sterling Bank, Unity Bank, Zenith Bank Plc, and First Bank of Nigeria Ltd. Over the years, they have built enterprise software that includes a white-labeled digital banking product (@Moneytor), enterprise software for small business management (Monnify), and an agency banking platform (Moniepoint). Out of the three services Moniepoint took off, it became the largest revenue driver. So, the company doubled down on agency banking. As of 2019, TechCrunch reported that they had an engineering team of 40, served 26 African banks, processed $160 million in monthly transactions, and had revenue growth of 4,500 percent over three years. Because of these impressive numbers, Quantum Capital Partners single-handedly funded TeamApt's first institutional round of $5.5 million. By 2021, TeamApt raised a Series B led by Novastar Ventures alongside other investors. In July 2022, TeamApt became QED Investors’ first investment in Africa, and the payments company announced a pre-series C round that was believed to be over $50 million. Novastar Ventures made follow-on funding in the new round, while Lightrock and @British International Investment (BII) also participated. On January 13, 2023, TeamApt rebranded to Moniepoint, bringing all its consumer-facing products under one umbrella. Moniepoint’s popularity soared in February 2023 during the central bank's ill-fated attempt to replace Nigeria’s currency notes, which left banks unable to cope with the demand for cash. Moniepoint Group, OPay, PalmPay, and Kuda, were the fallback payment operators due to their efficient agency banking services. Currently, Moniepoint Group is Nigeria’s largest merchant acquirer and in-person payments platform. Moniepoint Group processes over 800 million transactions, with a monthly total value exceeding $17 billion. Today, Moniepoint raised $110 million in its Series C round, led by Development Partners International and other investors such as Google’s Africa Investment Fund, Verod Capital, and Lightrock. With this latest raise, Moniepoint joins the enviable ranks of African unicorn companies such as MNT-Halan, Interswitch Group, Flutterwave, Chipper Cash, OPay, Wave Mobile Money, and Andela. Read more about Moniepoint’s raise here https://lnkd.in/egnK6VAC

A read to enjoy with your Monday morning coffee. A recent opinion piece I've written about how fintech success comes down to meeting customers where they are at. Offering choice as a key customer-centric feature of product design. Africa has such an exciting blended payments landscape with loads of opportunity! #payments #fintech #customercentricity #buildtrust #choiceiskey #digitalpayments #Mukuru

Blocks for Building and Expanding Fintechs in Tanzania: According to the IMF, Tanzania, a nation of 60 million people, is among the fastest-growing economies in 2024. Over the past two years, the Fintech industry in Tanzania has experienced The post Blocks for Building and Expanding Fintechs in Tanzania appeared first on Fintech Africa. #Fintech #Africa