nigeria

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Nigeria's Apex Bank Withdraws Cybersecurity Levy on Electronic Transactions

FEC

Nigerian Gov’t Approves National Blockchain Policy

The Federal Government of Nigeria, on Wednesday, approved the National Blockchain Policy. Minister of Communications and Digital Economy, Isa Pantami, made the disclosure while briefing newsmen after the weekly Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari at the state house in Abuja. The minister in his

BNPL

ThankUCash Raises $5.3 Seed Funding to Automate BNPL Platforms in Africa

Buy Now Pay Later, — BNPL — is a type of short-term asset financing scheme that has become increasingly popular in the last 5 years. CB Insights, the report states that BNPL startups raised a record $1.5 billion globally in 2020. The sector is expected to reach $680 billion in transaction

fintech startup

WHAT YOU SHOULD KNOW ABOUT THE NIGERIAN FINTECH SECTOR

Fintech is a combination of the words “finance” and “technology. According to Corporate Finance Institute, it describes the evolution of an industry where new technology use cases are developed and deployed to streamline more traditional-looking finance functions. In the Nigerian fintech sector, the payments sub-sector employs the most fintech players,

Airtel

Reasons The NCC Ordered 10% Reversal of Telcos Tariff Hike 

Following the complaints of subscribers, the Nigerian Communications Communications (NCC) in a statement rejected the 10% tariff hike in the prices of voice calls and data services of telecom operators in the country. Although, the move by these operators was in line with the mandate of the commission as provided

Ghana

Kowry Energy Commissions Decentralised Solar Energy Solutions in Sub-Saharan Africa

Out of the 672 million people projected to remain without access to electricity by 2030, 85% of the population will be Africans. In a 2022 report by the International Energy Agency (IEA), 40% of the population in Sub-Saharan Africa have no access to electricity of which the Covid-19 pandemic saw

Bamboo

Bamboo partners with 10th Capital Investments, launches operations in Ghana

Nigerian online brokerage firm, Bamboo has announced its operations in Ghana through its partnership with 10th Capital Investments, a private Ghanaian equity firm. This partnership aims at enabling residents in the West African country to invest in foreign companies. Founded in 2020 by Richmond Bassey and Yanmo Omoregbe, the fintech

Bolt

Bike-hailing business perils in Nigeria

According to a 2021 data by Statista, Nigeria is the largest economy in Africa with its Gross Domestic Product (GDP) at $441. 54 billion preceding South Africa and Egypt with GDP valued at $418.02 billion and $402.84 billion respectively. In the same vein, tech startups in Africa raised

Africa

Byld Ventures raises $15 million fund to back fintechs in Africa

Early-stage investment firm, Byld Ventures has announced its new close of $15 million fund launched in May 2022 to support fintechs in Africa. This comes after the fund reached its first close in June and its second close at $10 million in August. The fund is backed by the Dubai

Business

Chat Commerce platform, Clickatell partners with CBN to enable offline banking

Chatting commerce platform, Clickatell has announced in a press release on Monday about its partnership with the Central Bank of Nigeria (CBN). The partnership is geared towards the e-Naira Central Bank Digital Currency (CBDC) in order to ensure financial inclusion to Nigerians by launching a USSD channel. E-Naira, also known

5G

MTN partners with Ericsson, pioneers 5G launch in Nigeria

In a press release on September 19, leading US 5G network provider, Ericsson has revealed its partnership with South African telecommunications company, MTN to collectively launch 5G network in Nigeria. This follows MTN’s successful commercial launch in Lagos, a day prior to the partnership announcement. As stated in the

5G

Telecom Company, MTN launches commercial 5G in Nigeria

South African telecommunication company, MTN has rolled out 5G commercial services in Lagos, the commercial capital of Nigeria on September 18 at an event. This follows the announcement by the company on August 24, 2022 that it had begun its pilot test in Lagos and six other cities. Other target

Africar

Africar partners with Stellantis to launch Auto24, a used car marketplace

Online automobile marketplace, Africar has partnered with Stellantis, a multinational automotive manufacturing company to launch Auto24, a used car marketplace in Abidjan, Côte d’Ivoire. Africar Group is the leading online automotive marketplace in Africa and operates in more than 40 countries on the continent. It has enabled over 25

AfricInvest

Kenya’s insurtech Turaco raises $10m series A funding

Insurance technology company, Turaco has raised $10 million in series A funding. This was led by AfricInvest via its Cathay Africinvest Innovation Fund (CAIF) and second time investor, Novastar ventures. Others include Enza Capital, Global Partnerships, Zephyr Acorn, Operator Stack, Asi Ventures Limited and Push Ventures. This has brought its

Africa digital economy

KoinKoin exceeds $40m, plans global expansion

Africa’s digital assets exchange company, KoinKoin has revealed its plan for global expansion after it exceeded $40 million revenue in over-the-counter (OTC) transactions. The fintech company launched in 2017 by Ola Atose enables users to buy, sell and transfer digital assets round-the-clock across Africa, Southeast Asia and Western Europe

Business

Flutterwave adopts eNaira as payment option in Nigeria

Africa’s leading fintech company, Flutterwave has announced the adoption of eNaira, Nigeria’s digital currency as part of its payment option asides cards, bank transfers, Barter by Flutterwave, etc — for merchants. The eNaira noted to be the first digital currency in Africa was launched on October 25 2021 as

Angellist Ventures

Bitmama closes pre-seed at $2m, allows surge in Africa’s cryptocurrency

Blockchain payment startup, Bitmama has raised additional $1.65m pre-seed fund bringing its total to $2m following its $350,000 initial pre-seed championed by Launch Africa Ventures, Unicorn Growth Capital, Adaverse and Flori Ventures in October 2021. The new round of investors included the ones from the initial pre-seed round

BBNaija

Opeoluwa Filani becomes Nigeria’s first Showmax General Manager

South African video streaming platform, Showmax has appointed Opeoluwa Filani as its General Manager – to lead its operations in Nigeria. Showmax was launched in South Africa on August 19, 2015 as a subsidiary of MultiChoice Group, a satellite television that operates DStv and GOtv – known for prioritising local contents and

Artificial Intelligence

The Ouut Spotlights Medtech Africa, Nigerian Health-tech With Focus On Non-Communicable Diseases

When American athlete and swimmer, Michael Phelps said, “The problem with heart disease is that the first symptom is often fatal,” he definitely knew that the heart would function till it can’t have it anymore, with no complaints, no notice, no symptoms till it is about to give up.

nigeria

NITDA Releases Draft to Regulate Social Media: Is this another attempt by the  Nigerian Gov't to stifle free speech?

Barely six months since the President Mohamadu Buhari-led federal government of Nigeria lift the 222 days old ban on the micro-blogging site, Twitter – the Federal Government had announced the suspension of Twitter operations on June 4, 2021, after the social media giant deleted a twit by President Buhari for “violation

Funding

Interswitch Secures $110 Million in Investment from LeapFrog and Tana Africa Capital

Africa’s payment company, Interswitch, has raised $110 million in investment from LeapFrog Investments and Tana Africa Capital. The investment will boost Interswitch’s plans to expand the digital payments ecosystem across sub-Saharan Africa. A portion of the investment has been acquired from existing shareholders, with Ignite Holdco Limited, made

Fibre Optic

MainOne expands Fiber Infrastructure to the Lagos Free Zone

West Africa’s leading connectivity and data centre solutions provider, MainOne, has announced the expansion of its fiber-optic network infrastructure to the Lagos Free Zone in Lekki. Being the first private free Zone in Nigeria, the Lagos Free Zone aims to be the preferred investment hub in Nigeria with best-in-class

Business

Ghanaian e-commerce startup Tendo has launched in Nigeria with backing from big name investors

Ghanaian e-commerce platform Tendo has launched in Nigeria after securing investments from leading accelerators such as Catalyst Fund, Google, and Y Combinator. The startup, allows anyone to start an online business without upfront capital. Tendo connects small businesses and merchants to individuals who resell. This allows resellers to add their

APIs

Nigerian fintech startup Sudo Africa raises $3.7M in pre-seed funding to expand into other African markets

Nigerian financial service startup Sudo Africa has secured $3.7 million in pre-seed funding. Sudo Africa is a card issuing API platform, that enables developers and businesses to issue physical and virtual cards instantly. The pre-seed round was led by U. S-based Global Founders Capital (GFC) and had participating, Picus

Earnipay

Nigerian fintech startup, Earnipay, raises $4M in seed funding to offer on-demand salaries to employees in Africa

Nigerian fintech startup, Earnipay,  has raised $4 million in seed funding to provide salary solutions to employees. The seed round was led by venture capital firm Canaan, with participation from XYZ Ventures, Voltron Capital, Ventures Platform, and Paystack CEO Shola Akinlade. Earnipay is a fintech solution that offers a start