Launched in 2015, Jumo is a banking as a service (BaaS) provider that powers the infrastructure for banks and fintechs to offer lending and savings products. It has so far distributed $3.5 billion to more than 18 million customers and is positioning itself as the pipeline to help players tap the vast underbanked market with …
Google to invest $1 billion in Africa over five years Google plans to invest $1 billion in Africa over the next five years to ensure access to fast and cheaper internet and will back startups to support the continent’s digital transformation. The company would among others, target startups focusing on fintech, e-commerce and local …
Chinese lending to developing countries has come under sharp focus since the release of several reports that have reshaped the debate. The only way to determine the true cost of Chinese loans is through greater transparency, better regulation, and accountability by both the lending and borrowing countries. The fact that African leaders have very …
Vodacom Group, a subsidiary of U.K.-based Vodafone Group, is Africa’s largest financial technology (Fintech) operator. Vodacom’s markets cover over 400 million people with South Africa as its largest contributor, representing 74 percent of its FY21 operating profit. Vodacom launched its popular M-pesa mobile financial service in 2007, and now is Africa’s leading fintech player, …
Yabx , a fintech venture offering credit products across 12 countries, is aggressively expanding its market share in the digital lending space in Africa. Delivering some of the best performing portfolio returns for its partner banks, Yabx has witnessed significant momentum in its existing lending portfolios. With partnership agreements signed with leading Banks and Wallet …
Established African banks have enjoyed profitable banking markets for decades but face growing competition from Fintech companies using the latest Blockchain technology. Only 43% of Africa’s population has a traditional bank account, creating huge opportunities for financial services providers that are able to tap this massive unbanked market. Providers are trying to gain access to …
Pezesha, a Pan-African fintech company building scalable lending infrastructure for small and medium-sized enterprises(SMEs) and institutions, has announced the close of a seven-figure growth funding round led by GreenHouse Capital (GHC). The fintech has also received on-lending liquidity support from the Greenhouse Capital subsidiary Venture Garden Group (VGG).The fresh funding will enable the fintech …
Africa’s Fintech sector is witnessing unprecedented growth, driven by an influx of foreign investors hoping to get in on the ground floor of an ecosystem ripe for innovation. Moreover, startups are securing around $330.5 million in H1 2021, more than double the amount raised the entire year before. The sheer size of the market and …
In a continent with the lowest per capita vehicle ownership in the world, a Fintech focused on lending wants to change that. Moove, an African mobility company with a Fintech play and is raising $23 million in Series A to scale rapidly across the continent. Moove is Uber’s exclusive car financing and vehicle supply …
Increasingly, African Fintech startups are moving from focusing on niche areas such as payment, lending insurance, and investment, to offering a wide range of complementary services. Almost 25% of the Fintech startups tracked this year are operating in multiple categories. This is up from 15% in 2019 and 8% in 2017. The report is …