Impact investors FMO and BlueOrchard back Ghana’s digital lender Fido in $30M Series B round
Digital lending platforms have become an easy and swift alternative source of credit for microenterprises and individuals overlooked by traditional banking institutions. These platforms have turned into a lifeline for millions of underbanked and demand will keep growing, pushing the value of the digital lending platform market in the Middle East and Africa to reach $2 billion in the next five years, recording a four-fold growth since 2021.
This is the market opportunity Ghanaian fintech Fido plans to tap as it explores new markets in East and Southern Africa, sustained by fresh $30 million Series B debt-equity funding. The new capital includes a $20 million equity injection from global impact investment manager BlueOrchard and Dutch entrepreneurial development bank FMO.
Initially launched in 2015 by Nadav Topolski, Tomer Edry and Nir Zepkowitz to offer loans over mobile phones, Fido has over the years introduced other products, including savings, bill payments and smartphone financing, to grow its revenue streams.
Read more here: https://rb.gy/y0bmqh
Sasai Money Transfer Expands Zero-Fee Remittance Service Across Africa in Partnership with Airtel Money
Sasai Money Transfer, a division of Cassava Technologies, has announced a strategic partnership with Airtel Money to expand its zero-fee remittance service to additional African markets.
Initially launched in May 2024 in collaboration with Econet in Zimbabwe, the service is now extending its reach, starting with Uganda and soon to include other high-traffic remittance destinations such as Ghana, Malawi, Nigeria, Kenya, and Zambia.
The initiative, which eliminates remittance sending fees for users of the Sasai Money Transfer service in the United Kingdom and South Africa, allows them to send money to family and friends in Uganda without any charges. Through this partnership, recipients in Uganda can also withdraw their funds for free from their Airtel Money wallets, making the process cost-effective for both senders and receivers.
Read more here: https://www.thezimbabwemail.com/banking/sasai-money-transfer-expands-zero-fee-remittance-service-across-africa-in-partnership-with-airtel-money/
UAE payments fintech Ziina scores $22 million Series A
UAE-based payments fintech Ziina has secured $22 million in a Series A funding round led by Altos Ventures, with participation from other top-tier investors including Fintech Collective, FJ Labs, Avenir Growth, Y Combinator, and Jabbar Internet Group.
Launched in 2022 as a P2P payments app for bill splitting between friends, Ziina has since evolved into a payment gateway for small businesses. The firm now counts 50,000 retail and business customers, notching up a tenfold increase in annual revenue growth and a 34% month-on-month increase in customer growth.
The latest financing round brings Ziina’s total venture raised to over $30 million.
Read more here: https://www.finextra.com/newsarticle/44666/uae-payments-fintech-ziina-scores-22-million-series-a
Kenya Joins Asian Infrastructure Investment Bank, Eyes Funding
Kenya has formally joined the multilateral Asian Infrastructure Investment Bank (AIIB) as a fully paid member, which will see it access concessional funding for infrastructure, climate change efforts, connectivity, regional cooperation and technology-enabled projects and programmes.
- The Asian Infrastructure Investment Bank is a multilateral development institution with 109 members and $100 billion capitalisation.
- President Ruto disclosed the development on Tuesday as he met AIIB President and Board of Directors Chairman Jin Liqun and other officials at the bank’s headquarters in Beijing, China.
- The president is in China for the Forum on China-Africa Cooperation Summit (FOCAC).
Read more here: https://kenyanwallstreet.com/kenya-joins-asian-infrastructure-investment-bank-eyes-funding/
Djibouti Aims to Become Regional AI Hub
Artificial intelligence offers Africa a chance to tackle key challenges and drive economic growth. But to fully capitalize on AI, significant investments are needed.
Djibouti plans to become a regional hub for artificial intelligence (AI) innovation, according to Houssein Ahmed Assoweh (photo), the country’s representative at the ICESCO regional workshop for the development of the Islamic World Charter on AI.
In an interview with the Djiboutian News Agency ADI, Houssein Ahmed Assoweh said: “We will continue to invest in AI education and training to strengthen national skills. Additionally, we plan to launch several pilot projects in identified priority areas. The goal is to position Djibouti as an AI innovation hub in the Horn of Africa. I am convinced that Djibouti has an important role to play in the global AI ecosystem.”
Read more here: https://www.wearetech.africa/en/fils-uk/news/tech/djibouti-aims-to-become-regional-ai-hub
Mox becomes the first virtual bank in Hong Kong to offer crypto investments
The service offers a convenient way to gain exposure to the crypto market through a regulated and familiar investment platform without the complexities of managing a personal crypto wallet, making Mox the first virtual bank in Hong Kong to offer crypto-related investment products.
This new service comes at a pivotal time, as a survey reveals nearly one-third of people in Hong Kong have engaged with crypto and 1 in 3 crypto owners are likely to switch their primary banks to one that offers crypto-related products. By fostering a culture of innovation in an increasingly dynamic and fast-paced business environment, Mox strategically aligns its services with customer demand and simplifies access for gaining confidence with an emerging asset class. Crypto-related investing available from the Mox app further solidifies Mox’s position as a forward-thinking digital bank.
Read more here: https://www.finextra.com/pressarticle/102133/mox-becomes-the-first-virtual-bank-in-hong-kong-to-offer-crypto-investments
GoCardless expands capabilities with acquisition of Nuapay
GoCardless, a leading bank payment company, has completed its acquisition of Sentenial Ltd, known for its Nuapay brand, from EML Payments Limited.
This acquisition, first announced in March, marks a major step forward for GoCardless in expanding its service offerings and enhancing its position in the payment solutions market, according to Finextra.
The integration of Nuapay’s services will allow GoCardless to scale up its indirect channels and accelerate the launch of new capabilities.
For the first time, customers will be able to both send and collect payments through GoCardless, which the company has identified as a top priority for its product development. These new features will enable GoCardless to enter a wider range of industries, such as payroll, financial services, utilities, insurance, gaming, and gambling.
Read more here: https://fintech.global/2024/09/03/gocardless-expands-capabilities-with-acquisition-of-nuapay/
OCBC Bank to Offer Digital Bank Accounts for Children Aged 7-15 from October
OCBC Bank is set to offer Generation Alpha—children born after 2009—their own digital bank accounts through the OCBC MyOwn Account, available from 20 October 2024.
This first-of-its-kind account in Singapore allows children aged seven to 15 to manage their finances digitally via the OCBC Digital app, under parental supervision.
Currently, most children under 16 have bank accounts that are jointly held with their parents, limiting their access to digital banking services.
The OCBC MyOwn Account aims to fill this gap by providing a platform where children can manage their finances within boundaries set by their parents.
Read more here: https://fintechnews.sg/100986/digital-banking-news-singapore/ocbc-children-digital-bank-accounts/
