Kenya Seeks Feedback on New Crypto Regulations
Kenya’s National Treasury has launched a public consultation on a new bill and policy aimed at regulating cryptocurrencies and virtual asset companies, including crypto exchanges. This comes after the International Monetary Fund (IMF) raised concerns that Kenya is falling behind in regulating the sector.
The new bill could help solve the confusion that has stopped banks from dealing with cryptocurrencies. It also provides an opportunity for crypto exchanges like Binance, which have been operating without official approval, to work under a clear set of rules.
The National Treasury said the bill and policy will help manage and grow the virtual assets market. The public is invited to share their thoughts on the policy and bill.
Read more: https://fintechnews.africa/44548/fintech-kenya/kenya-cryptocurrency-regulation-public-consultation/
Mastercard Opens It First Office in Ghana, Strengthening its West Africa Footprint
The move aims to deepen relationships with stakeholders, foster inclusive growth, and provide innovative financial solutions tailored to the Ghanaian market
Mastercard has launched its first office in Accra, Ghana, signaling its commitment to the region’s growing digital economy.
Why it matters
The move aims to deepen relationships with stakeholders, foster inclusive growth, and provide innovative financial solutions tailored to the Ghanaian market.
Mukuru launches mobile wallet in Zimbabwe to bolster financial inclusion
Next-generation financial services platform Mukuru (www.Mukuru.com) has launched a mobile wallet in Zimbabwe called Mukuru Wallet. The secure digital store of value follows Mukuru’s award of a Deposit-Taking Microfinance Institution (DTMFI) licence in Zimbabwe by the Reserve Bank of Zimbabwe.
Building on Mukuru’s trusted capabilities, which support more than three-million Zimbabwean customers, the wallet has several benefits, including its standout features: two pockets that allow users to send and receive money locally and internationally from mobile phones, safe storage of funds as well as a free cashout on international transfers.
Read more: https://www.africa.com/mukuru-launches-mobile-wallet-in-zimbabwe-to-bolster-financial-inclusion/
Investors bet $1bn in Africa’s fintech companies
Fintechs solidified their attractiveness to investors in 2024, attracting over $1 billion in funding, according to Africa: The Big Deal.
The data insight firm that tracks funding of $100,000 and above noted that the sector’s share of total start-up funding increased to 47 percent from 42 percent in 2023, marking its highest proportion since 2021. African startups raised $2.2 billion across all sectors in 2024.
It noted that four fintech companies — Moniepoint, Tyme, MNT-Halan, and M-Kopa — featured among the year’s top ten fundraisers, signifying the sector’s robust growth.
Read more: https://businessday.ng/technology/article/investors-bet-1bn-in-africas-fintech-companies/
Fintechs rule: Moniepoint, Tyme, others raised 47% of $2.2bn African startup funding in 2024
Fintech continues to be the most preferred for venture capitalists as the sector attracted $1.026 billion in funding in 2024. This number represents 47% of the total $2.2 billion, according to data by African startup venture funding analytics company, Africa the Big Deal.
According to it, fintech’s share of the total is an improvement from the 42% share of the total that the sector commanded in 2023. Indeed, this year’s share is the highest the sector has enjoyed since after the pandemic (2021).
This is quite interesting considering that as at the end of the first half of 2024, the sector had contributed only 22% of the total funding, lagging way behind climate tech.
Read more: https://technext24.com/2025/01/13/fintech-moniepoint-tyme-funding-n-2024/#google_vignette
Jingle Pay to launch in Pakistan as Bank Alfalah acquires 9.9% stake
Dubai-based digital banking fintech Jingle Pay is preparing to launch in Pakistan this year after Bank Alfalah acquired a 9.9% equity stake in the company.
Founded in 2019 and launched in the UAE a year later, Jingle Pay provides multi-currency accounts, payment cards, peer-to-peer payments, and a remittance marketplace through an app-based offering targeting millennial and Gen Z consumers.
Backed by an investor base including MoneyGram and AppliedAI, Jingle Pay claims to have processed over two million transactions in 2024 while facilitating over $1 billion in international money transfers across more than 150 payment corridors.
Goldman Sachs invests in Canadian fintech Float Financial
The round was led by Growth Equity at Goldman Sachs Alternatives, with participation from Omers Ventures, FJ Labs, Teralys and Garage Capital.
Similar to US outfits Brex and Ramp, Float launched in 2021, offering Canadian firms a range of business finance products designed to help them spend, save and grow their money.
In 2024, the company significantly expanded its expense management software and corporate cards offering, adding features to automate accounts payable, make reimbursements frictionless and surface real-time insights into company spending.
Read more: https://www.finextra.com/newsarticle/45302/goldman-sachs-invests-in-canadian-fintech-float-financial
