
Africa Fintech Spotlight
African fintech Moniepoint gets Visa backing, plans to work on contactless payments
Visa has joined African fintech Moniepoint as a new investor. The business banking and payments platform confirmed to TechCrunch that it received a “strategic investment” from the global payments giant as both companies look to drive financial inclusion and support the growth of small and medium-sized enterprises (SMEs) across Africa.
Sources close to the deal say the fintech — which announced a $110 million investment last October, received over $10 million from Visa. The fintech, whose Series C now exceeds $120 million, is reportedly in talks with other investors and may attract more funding in the coming months, all while maintaining its billion-dollar valuation, sources say. Moniepoint declined to comment on the size of Visa’s check or interest from other investors.
Read more: https://techcrunch.com/2025/01/23/african-fintech-moniepoint-gets-visa-backing/
One Industry One The FinTech Alliance
In a landmark development for the Kenyan financial technology (fintech) sector, five major representative associations have joined forces to form an umbrella alliance dedicated to driving the growth and development of the industry. The new entity, named The FinTech Alliance (TFA) brings together the Association of Fintechs in Kenya (AFIK), Fintech Association of Kenya (FINTAK), Digital Financial Services Association of Kenya (DFSAK), Digital Credit Providers Association (DCPAK) and Blockchain Association of Kenya (BAK).
Speaking at the launch, the spokesperson of The Fintech Alliance, Ali Hussein, said “Today marks a significant milestone for Kenya’s fintech sector. By uniting under the Fintech Alliance, we are better positioned to address challenges, seize opportunities and drive meaningful change in the industry. Together, we will shape the future of fintech in Kenya and beyond.”
Read more: https://cioafrica.co/one-industry-one-the-fintech-alliance/
African Fintech Startups Show Resilience Despite 7% Drop in Funding
The African tech sector attracted only 7% less capital than in 2023, demonstrating resilience and securing $3.2bn in funding (equity and debt combined), according to the annual Africa Tech Venture Capital report by Partech.
Positive trends, such as increased investor participation and the rise of megadeals, are tempered by challenges including a slowdown in Series A and B deal flow, longer fundraising timelines, and a rise in extension rounds.
Top 10 African countries leading in mobile money regulation
As the mobile money sector continues to expand, it becomes increasingly critical to establish a robust regulatory framework that ensures stability, security, and the integrity of mobile money services.
In 2023, approximately 1.75 billion mobile money accounts processed transactions exceeding USD 1.4 trillion globally.
Sub-Saharan Africa (SSA) accounted for a significant portion of this value, with $912 billion in transactions.
PayPal reaches $2m cybersecurity settlement with New York regulators
A New York State Department of Financial Services (NYDFS) investigation determined that PayPal failed to use qualified personnel to manage key cybersecurity functions and failed to provide adequate training to address cyber risks.
Customer data was exposed after PayPal implemented changes to existing data flows to make IRS Form 1099-Ks available to more of its customers. However, the teams tasked with implementing these changes were not trained on PayPal’s systems and application development processes.
HSBC set to close Zing app
Zing offers users a multi-currency app and debit card, allowing UK residents to hold over 20 currencies, make purchases in more than 200 countries, and send money in over 30 currencies.
In comments sent to FinTech Futures, an HSBC spokesperson says: “Following a strategic review of Zing within the HSBC Group and after careful consideration, we have made the decision to close Zing and integrate its underlying technology platform into HSBC. Zing customers will be informed of an alternative option to become bank customers of HSBC UK and use the Global Money proposition (subject to KYC checks).
“As part of our regular business reviews, we continuously evaluate how to align our resources with our strategic priorities. This includes considering changes to our business structure and entities.
Read more: https://www.fintechfutures.com/2025/01/hsbc-set-to-close-zing-app/
PayDo releases physical and virtual cards
The PayDo Card is available for both businesses and individuals, offering secure online and in-store shopping, payments via Apple Pay and Google Pay, easy ATM withdrawals worldwide, and more—making it a practical and versatile tool for everyday financial management.
The new PayDo Cards offer a range of features to simplify financial management:
Unlimited Virtual & Physical Cards: Instantly issue virtual cards or order physical ones with delivery across Europe.
Read more: https://www.finextra.com/pressarticle/104024/paydo-releases-physical-and-virtual-cards
