AppZone acquires switching license from the Central Bank of Nigeria

NIGERIA – Appzone, a sub-Saharan African payment infrastructure company, has been granted approval in principle by the Central Bank of Nigeria (CBN) to operate under the switching and processing license category. The switching license would allow the company to directly interact and collaborate with key payment stakeholders, including the Nigeria Central Switch hosted by the Nigerian Interbank Settlement System (NIBSS),…

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OPay partners Mastercard to drive financial inclusion across MEA region

AFRICA – OPay and Mastercard are collaborating to drive financial inclusion across the Middle East and Africa by partnering to open up digital commerce in the region, according to a press release Wednesday (May 18). The mobile payments FinTech startup OPay was launched in Nigeria in 2018 by founder and CEO Yahui Zhou. The partnership with Mastercard allows merchants in…

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Emergency response platform RapidDeploy raises equity funding from Nedbank CIB

SOUTH AFRICA – South African emergency response platform RapidDeploy has raised equity funding from Nedbank CIB, the corporate and investment banking division of the Nedbank Group, one of the four largest banking groups in South Africa. Founded by Steven Raucher and Brett Meyerowitz, RapidDeploy is an open and integrated response platform, transforming first responder communications centres of any size into…

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Madison Life Assurance set to sale of US$68M property to shore up capital

KENYA – Madison Life Assurance Kenya Limited, a leading Insurance company in Kenya, has announced plans to sell properties valued at KSh8 billion (US$68.59m) and quit the annuity business in a move to restructure its balance sheet and boost capital. The insurer said it has decided to cut annuity business, including investments in property which it terms as an expensive…

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World Bank to fund US$30B projects in Nigeria, other countries

NIGERIA – The World Bank is set to disburse a total of US$30 billion to fund existing and new projects in Nigeria and other countries as part of a global response to combat the ongoing food security crisis. The international financial institution, in a statement on the funding plan, noted that the financing will include US$12 billion funding for new…

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ACT Afrique Group appoints Mr. Papa Oumar Syr Diagne as Director, Head of Financial Advisory

SENEGAL – The pan-African strategic, financial and communications advisory firm ACT Afrique Group has appointed Mr. Papa Oumar Syr Diagne as Director, Head of Financial Advisory by decision of  April 15, 2022. In his new role, Papa together with the team will continue to propel the platform’s goal of serving a wide range of clients in the public and private…

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Software startup Bamba secures US$3.2m seed fund to scale its app

KENYA – Bamba, a mobile-first enterprise software for micro-merchants in Africa, has secured US$3.2m in seed funding to scale its app and build its team. Venture capital firm 468 Capital led the round with participation from Presight Ventures, Jigsaw VC, and high-profile angels Mato Peric, Leonard Stiegeler, Laurin Hainy and Thomas Stafford. Ex-Wells Fargo exec says the company held ‘fake…

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ING finances its first social impact loan in Ghana to boost education sector

GHANA – International corporate banking institution that operates as a subsidiary of ING Bank, ING has financed its first social impact loan in Ghana ING’s Structured Export Finance teams in Amsterdam and Frankfurt, with support from the Sustainable Finance team, closed the US$185.37million commercial and credit export facility, which is covered by SERV (Swiss Export Risk Insurance) The loan, which…

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Fintech Tala appoints Munyi Nthigah as its General Manager for Kenya

KENYA – Digital credit provider Tala has announced the appointment of Munyi Nthigah as its General Manager for Kenya. In his new role which he takes up immediately, Nthigah will oversee end-to-end business growth and overall operations for Tala Kenya’s 120-person team, accelerating Tala’s position as one of Africa’s leading fintech. “Mr. Nthigah brings a wealth of fintech experience to…

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Skaleet partners Mobiblanc for cutting-edge technology to serve banks across Africa

MOROCCO – Skaleet, an international fintech providing a next-generation Core Banking Platform (CBP), has partnered with Mobiblanc, an Agile Digital Services Enterprise (ESN), to offer turnkey solutions to financial institutions across Africa. The partnership will ensure that financial institutions have the capacities to launch new digital and innovative financial solutions that they can provide to their customers, whether businesses or…

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