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Tanzania boosts foreign investment in fintech startups
The Tanzania Investment Centre (TIC) is actively promoting foreign investment in the nation’s fintech startups, which play a vital role in addressing financial challenges and fostering economic development.
At the recent PesaTech networking event and Demo Day held in Dar es Salaam, TIC’s Director of Research and Information Systems Leopard Shayo, underscored the significance of supporting local innovators, particularly the youth, who are essential in creating innovative solutions.
Shayo emphasized that many fintech innovators in Tanzania are young and possess a strong spirit of creativity and quick thinking.
Read more here: https://www.ippmedia.com/the-guardian/business/read/tanzania-boosts-foreign-investment-in-fintech-startups-2024-09-23-174616
South Sudan Limits Cash Withdrawals as Juba Moves to Boost Cashless Economy
A recent decision by the The Bank of South Sudan (BOSS) to limit cash withdrawals to 10 million South Sudan Pounds (SSP) has elicited mixed reactions, as Juba moves to discourage large withdrawals and encourage cashless transactions.
- The SSP has appreciated rapidly against the USD, but the ripple effects of a stronger economy have not been felt by the country’s citizens.
- The apex bank is also making a push for fintech as a solution to reducing the need to carry large amounts of cash.
- Juba’s experiment will require many factors to fall into place in quick succession, but it also offers an opportunity for banks and fintech’s to invest in growth.
“The maximum limit for cash withdrawal across all channels by public sector institutions, government spending agencies, corporates, and individuals is SSP10 million,” BOSS Governor James Alic Garang said at a press conference last Tuesday, according to reports by local media. “The public is urged to join the banking system by opening bank accounts to facilitate their receipts and payments or promote digitalization of financial services.”
Read more hee: https://kenyanwallstreet.com/south-sudan-limits-cash-withdrawals-as-juba-moves-to-boost-cashless-economy/
Banking tech companies cash in as fintech rewires business
As the financial services ecosystem undertakes a major digitisation drive, opportunities are opening up for startups such as Zeta and M2P Fintech that offer banking technology to banks and financial service providers.
Bengaluru-based Zeta powers the consumer-facing PayZapp application for HDFC Bank while M2P Fintech built the core banking system for Unity Small Finance Bank.
Now, these banking tech companies are looking to expand their client base and tap emerging opportunities in North America, West Asia, Africa and other South Asian countries as banks worldwide open up to digital payments, tech-based lending and such.
Mastercard Teams up With Safaricom to Unlock ‘New Opportunities’ for M-PESA Merchants in Kenya
Payments giant Mastercard has partnered with Kenyan mobile network operator Safaricom, to accelerate the adoption of payment acceptance and cross-border remittance services across Kenya.
Through the Mastercard and Safaricom partnership, the two entities hope to benefit the 636,000 merchants in Kenya using M-PESA, Safaricom’s mobile money service and the preferred way to make a payment across Africa.
By leveraging M-PESA’s merchant network and Mastercard’s global payment infrastructure, this partnership aims to offer more secure and scalable payment solutions available to merchants. enabling them to serve customers across global markets. The partnership will also look to boost remittance services, streamlining cross-border transactions efficiently.
Read more here: https://thefintechtimes.com/mastercard-teams-up-with-safaricom-to-accelerate-payment-acceptance-adoption-in-kenya/
Top 10 investors in African tech startups as per survey
Although funding to African tech startups has slowed in recent years, reflecting global trends, the continent continues to demonstrate resilience.
By the first half of 2024, African startups had secured over $1.1 billion in funding, according to Wee Tracker. Despite the overall dip, African investment surged, with $1.67 billion injected through new funds during the same period.
Latest analysis by Africa: The Big Deal highlights the most active investors in Africa’s startup landscape for the first half of 2024. Notably, five investors completed at least one deal per month on average, a slight drop from seven in the first half of 2023 and significantly below the 33 deals recorded in the same period in 2022.
Read more here: https://www.the-star.co.ke/sasa/lifestyle/2024-09-24-top-10-investors-in-african-tech-startups-as-per-survey/
M2P Fintech raises over $100 Mn in primary and secondary funding
Application programming interface (API) infrastructure platform M2P Fintech has raised Rs 850 crore (around $101.8 million) through a primary and secondary financing round led by Helios Investment Partners.
The Series D round also saw participation from marquee banks across Asia, with existing investor Flourish Ventures doubling down on their investment in the company. Of the total amount, $70 million came from primary investment, while the remaining was raised through secondary transactions. According to the company, this round has brought its valuation to Rs 6,550 crore (approximately $790 million).
Entrackr was first to report about the M2P Fintech’s new fundraise, providing a detailed break-up and crucial insights including valuation.
Read more here: https://entrackr.com/2024/09/m2p-fintech-raises-over-100-mn-in-primary-and-secondary-funding/
First Bank, fintech summit to focus on digital economy
FirstBank has partnered with the Nigerian Fintech Festival to drive innovation and collaboration aimed at advancing Nigeria’s digital economy.
According to the lender, the festival, which is taking place on Thursday in Lagos, will host over 1,000 industry stakeholders from the fintech and financial services sectors.
The bank said in a statement on Monday that this year’s edition, themed “The Convergence to Co-create & Celebrate Nigeria’s Truly Digital Economy”, underscored the festival’s dedication to fostering innovation and collaboration in Nigeria’s digital landscape.
Read more here: https://punchng.com/first-bank-fintech-summit-to-focus-on-digital-economy/#google_vignette
REGULATION | Binance Not Applying for Crypto License in Nigeria Without Release of Detained Officer
Binance, the largest cryptocurrency exchange in the world, will not be applying for a license to operate in Nigeria without the release of its detained employee, Tigran Gambaryan.
This was revealed by a company spokesperson according to a local Nigerian outlet.
“We are pleased that Nigeria is making progress in the development of its digital assets regime. We hope that someday soon, once Tigran has been freed and our issues are settled, we may seek registration,” the Binance spokesperson stated.
Read more here: https://bitcoinke.io/2024/09/binance-not-applying-for-nigeria-crypto-license-without-detained-officer-release/
