TechPression

Category: Fintech

  • Tether supports MANSA’s cross-border payment solutions with $10 million

    Tether supports MANSA’s cross-border payment solutions with $10 million

    On Thursday, MANSA, a fintech company focused on cross-border payments, announced the successful completion of a $10 million funding round led by Tether, the issuer of the USDT stablecoin. 

    This funding aims to address liquidity challenges faced by payment providers, particularly in emerging markets.

    Read also: Former Leatherback CEO Ibitade launches rival payments firm, Prune

    Funding led by Tether to solve liquidity challenges

    The funding round included $3 million from a pre-seed investment co-led by Tether and Polymorphic Capital, with additional contributions from Octerra Capital, Faculty Group, and Trive Digital. 

    The remaining $7 million was secured as liquidity financing from various institutional investors. MANSA plans to use these funds to expand its operations into Latin America and Southeast Asia, which are known for their liquidity issues in cross-border transactions.

    Mouloukou Sanoh, CEO and Co-Founder of MANSA expressed enthusiasm about the funding: “Securing $10 million in pre-seed and liquidity funding marks a significant milestone in our mission to transform the way money moves. 

    By bringing payments on-chain and leveraging efficient liquidity solutions, we are addressing challenges in cross-border transactions—making payments faster, cheaper, and more reliable worldwide”.

    Read also: e& Enterprise signs 3-year deal with PayPal to boost digital payments for UAE businesses

    Innovative solutions to solve liquidity challenges

    MANSA’s platform utilises stablecoins to provide instant liquidity for payment companies. This approach allows businesses to settle transactions quickly and efficiently, reducing operational costs associated with traditional fiat methods. 

    Sanoh emphasised the importance of on-chain liquidity for instant settlements: “Payments are moving on chain, but in order for payments to move on chain you need to have the on-chain liquidity to be able to settle instantly”.

    Since its launch in August 2024, MANSA has processed over $27 million in transactions. To extend its reach, the company is focused on creating partnerships with payment providers across Africa, Asia, and South America. 

    The newly acquired funds will enhance MANSA’s liquidity infrastructure and support its goal of providing seamless payment solutions globally.

    Paolo Ardoino, CEO of Tether, highlighted the alignment between Tether’s mission and MANSA’s objectives: “MANSA’s vision for addressing liquidity challenges in cross-border payments aligns with our mission to create a more efficient and inclusive financial system”. 

  • Former Leatherback CEO Ibitade launches rival payments firm, Prune

    Former Leatherback CEO Ibitade launches rival payments firm, Prune

    On Wednesday, Ibrahim Ibitade, the former CEO of Leatherback, launched Prune Payments, a cross-border payments company.

    This move comes months after Ibitade stepped down from his role at Leatherback, a company he co-founded.

    Read also: Nib International Bank launches Amber Pay, Paystream to enhance payment, business transactions

    Ibitade left Leatherback to prioritise family life

    Ibitade left Leatherback to focus on his family. In a 2024 interview, he stated, “I want to start a family. I should be married now with kids, but I’m not. My dream and goals of being a family man do not align with the requirements of the job right now. It’s not something that I can juggle”. 

    Despite this, he has returned to the startup scene with Prune Payments, a direct competitor to his former company.

    According to its website, Prune Payments offers similar features to Leatherback, including multi-currency wallets and remittance services.

    LinkedIn posts suggest that Prune Payments began operations in December 2024, just two months after Ibitade left Leatherback.

    However, it appears that user signups and registrations for Prune Payments are currently inactive.

    Read also: MyBucks Zambia seized by Bank of Zambia: What it means for you

    Ibitade’s new company sparks Leatherback exit questions

    The launch of a competing company raises questions about the circumstances surrounding Ibitade’s departure from Leatherback. He mentioned disagreements with Zedcrest Capital, a major investor in Leatherback, indicating a misalignment of goals and visions.

    A statement from Leatherback announcing his departure did not provide specific reasons but acknowledged the company’s growth under his leadership, noting that “Under Ibitade’s guidance, Leatherback expanded its global presence and established itself as a trusted partner in cross-border financial services.”

    During his five years with Leatherback, the company secured $10 million in pre-seed funding from Zedcrest Capital in 2022, gained over 60,000 users, and processed over $300 million monthly. 

    It operates in eight countries: Canada, Nigeria, the United Kingdom, Sri Lanka, Pakistan, Nepal, Ethiopia, and India.

    Prune Payments Ltd. was founded in September 2011, with Toyeeb Ibitade Ibrahim holding a 100 per cent stake.

    According to Pomanda, a company information platform that provides the most complete data on the UK market estimated the Prune Payments turnover at £704,000.

  • Mastercard, Tamara launch Sharia-compliant virtual card for UAE payments

    Mastercard, Tamara launch Sharia-compliant virtual card for UAE payments

    On Wednesday, Mastercard and Tamara, a leading fintech platform in the Gulf Cooperation Council(GCC) specialising in shopping, payments, and banking, announced a partnership to launch a virtual card in the UAE.

    This card enhances the region’s split payment ecosystem, offering consumers flexible digital payment options to meet increasing demand in the UAE.

    Read also: Dashen Bank partners with Mastercard, Accion to expand digital banking for Ethiopian MSMEs and women entrepreneurs

    Mastercard and Tamara power UAE flexible payments

    The virtual card will enable Tamara’s customers to split their purchases into up to four equal payments or pay in full through mobile wallets for online and in-store purchases.

    The solution is fully Sharia-compliant, providing instant access to a Tamara and Mastercard prepaid card linked to mobile wallets for easy tap-to-pay functionality in retail outlets.

    Amnah Ajmal, Executive Vice President at Mastercard EEMEA, stated, “It’s partnerships and programs like this one with Tamara that give people access to more payment options across the globe and here in the UAE.

    With our vast acceptance and reach, Mastercard is uniquely positioned to enable lenders and merchants to deliver seamless and secure flexible payment experiences at scale.”

    The initiative aligns with the UAE’s thriving e-commerce sector and the increasing adoption of digital payment solutions. A report by Ken Research projects the transaction value for flexible payment services in the UAE to reach USD 14.7 billion by 2027.

    Read also: Mastercard unveils TRACE technology to detect money mules, track cybercriminals

    Mastercard and Tamara scaling split payment

    This partnership will see Mastercard expanding its presence within the flexible payment and lending ecosystem, allowing cardholders to split payments at checkout. It will also enable Tamara to grow its product suite through added-value services provided by Mastercard.

    Abdulmajeed Alsukhan, co-founder and CEO of Tamara, noted the rising consumer awareness in the GCC regarding the applications of split payment solutions. “Our partnership with Mastercard signifies our commitment to adding flexibility, making shopping a seamless experience for our customers anywhere they shop.”

    “ We eagerly anticipate expanding our collaboration to introduce innovative products and solutions as we continue to drive Tamara’s growth and enhance our customer value proposition. This reflects our ongoing dedication to meeting the evolving needs of our customers through a Sharia-compliant payment solution,” he said.

    The collaboration reflects a dedication to meeting the evolving needs of customers through Sharia-compliant payment solutions and signifies a step forward in making shopping more accessible and convenient in the UAE.

  • e& Enterprise signs 3-year deal with PayPal to boost digital payments for UAE businesses

    e& Enterprise signs 3-year deal with PayPal to boost digital payments for UAE businesses

    On Monday, PayPal, a well-known worldwide provider of payment solutions, and e& Enterprise, the company’s digital transformation arm, announced a strategic three-year partnership that will expand the payment options available to businesses in the United Arab Emirates and beyond.

    This new agreement guarantees a smooth adoption process for businesses, enabling the PayPal wallet as a payment instrument quickly. It does this by utilising e& enterprise’s unified integration APIs, which enable businesses to incorporate multiple payment instruments through a single, streamlined interface.

    By connecting to the e& Enterprise Payments Gateway (EPG) platform, businesses may accept and process PayPal payments without having to undertake complicated IT development work.

    Read also: Paymob secures $22M extension in series B funding, eyes MENA expansion

    PayPal, e& Enterprise express optimism about their partnership 

    Miguel Angel Villalonga, Chief Operating Officer, e& enterprise, said: “Digital payments are not only transforming the way businesses operate but are also redefining customer expectations for speed, security, and convenience.

    Our collaboration with PayPal is set to provide companies with access to versatile, efficient, and globally recognised payment solutions that are essential, empowering them to compete in the global digital economy and keep pace with these growing demands without the brunt of investing in expensive infrastructure.”

    “We’re excited to bring PayPal to e& enterprises’s flagship Payments Gateway, which powers some of the region’s largest enterprises and government services,” said Otto Williams, Regional Head and General Manager for the Middle East, Africa, PayPal “With over 400 million active PayPal accounts over the world, being able to offer a widely recognised and trusted payment option will help businesses meet consumers’ expectations of being able to pay with their preferred method.”

    Read also: Zimbabwe’s EcoCash and South Africa’s MTN MoMo partner to simplify cross-border transactions

    Benefits of e& Enterprise partnership with PayPal 

    For many stakeholders, the inclusion of PayPal in the e& Enterprise payments ecosystem offers substantial advantages.

    Merchants may increase cross-border payment acceptance and appeal to a wider client base by integrating PayPal.

    For businesses in the UAE and the surrounding area trying to contact clients overseas, this is especially advantageous since it promotes cross-border trade and broadens their market reach.

    Companies will be able to continue offering their clients dependable and well-known payment methods that offer transparency in every transaction and the chance to support carbon offset programs by enabling customers to monitor each transaction, assess its environmental impact, and make contributions to offsetting carbon footprints through reputable channels or causes.

    e& Enterprise expects a surge in electronic exports from merchants thanks to PayPal’s well-established global network, which allows them to benefit from greater approval rates from these cross-border payments, guaranteeing more seamless transactions and increased income.

    By integrating PayPal’s well-established product, e& Enterprise’s position as a leader in providing comprehensive payment solutions both domestically and internationally is strengthened. This further expands the capabilities of the EPG platform, enabling businesses to better serve their global clientele and reach a wider audience.

  • Kuda sued by former executive over alleged gender discrimination, hostile work environment

    Kuda sued by former executive over alleged gender discrimination, hostile work environment

    Kuda Technologies, a leading Nigerian and UK fintech platform, has been sued for gender discrimination and wrongful termination.

    The company former Group Chief People Officer (CPO), Rosemary Hewat, Kuda’s filed a lawsuit against the Nigerian fintech firm Kuda Technologies and its CEO, Babatunde Ogundeyi, alleging gender discrimination, wrongful termination, and a toxic work environment.

    The case, lodged with the UK Employment Tribunal, raises claims of a discriminatory workplace culture and unequal treatment of female employees. 

    Read also: OPay, Kuda, Moniepoint, others pause signups amidst CBN probe

    In response to inquiries, a Kuda spokesperson acknowledged the legal proceedings but declined to provide detailed comments, stating, “As this is currently a legal matter, we’re unable to provide any additional information. In line with our current policy and out of respect for privacy, we do not comment on matters of this nature involving current or former employees.”

    Allegations of gender discrimination

    Hewat, who served as CPO from August 2021 until her departure in April 2024, claims she was subjected to prolonged mistreatment that culminated in her forced exit. 

    Also claims she experienced and witnessed discriminatory behaviour that contradicted the company’s Diversity, Equity, and Inclusion (DEI) policy.

    She accused Kuda Chief Executive Officer Babatunde Ogundeyi of undermining her, as well as fostering misogyny and intimidation.

    According to the lawsuit, during a company retreat in December 2023, Ogundeyi allegedly made disparaging remarks about female staff, calling them “low class” and accusing them of lacking “quality or luxury”.

    Hewat also claims that Ogundeyi cultivated a culture of fear, with employees reportedly viewing him as unapproachable. 

    Hewat stated that the environment at Kuda was “intimidating, hostile, degrading, humiliating, and offensive” to her and other women.

    Claims of illegal firing and unequal stock options

    Read also: Moniepoint, Paga threaten account blockage over Crypto transactions

    A key point of contention in Hewat’s complaint involves the allocation of Employee Stock Ownership Plans (ESOPs). 

    She alleges that, contrary to her contractual agreement, she was offered stock options at a higher Series B valuation, while a male colleague in a similar executive role received options at the more favourable Series A price. 

    When she raised this issue, Ogundeyi allegedly dismissed her concerns, implying that her colleague’s role was “more important” than hers. 

    Hewat claims she was forced out of the company in April 2024 after enduring prolonged mistreatment and that her dismissal came shortly after she formally raised concerns about workplace discrimination. 

    She is seeking compensation for lost benefits and emotional damages, arguing that her firing was a form of retaliation for speaking out.

    As the case unfolds, it raises questions about Kuda’s commitment to workplace inclusivity and fair treatment of employees.

  • 𝐕𝐢𝐬𝐚’s ‘𝐓𝐚𝐩 𝐭𝐨 𝐀𝐝𝐝 𝐂𝐚𝐫𝐝’ expands 𝐭𝐨 𝐔𝐤𝐫𝐚𝐢𝐧𝐞, 𝐆𝐞𝐨𝐫𝐠𝐢𝐚, 𝐒𝐨𝐮𝐭𝐡 𝐀𝐟𝐫𝐢𝐜𝐚 to enhance digital payments

    𝐕𝐢𝐬𝐚’s ‘𝐓𝐚𝐩 𝐭𝐨 𝐀𝐝𝐝 𝐂𝐚𝐫𝐝’ expands 𝐭𝐨 𝐔𝐤𝐫𝐚𝐢𝐧𝐞, 𝐆𝐞𝐨𝐫𝐠𝐢𝐚, 𝐒𝐨𝐮𝐭𝐡 𝐀𝐟𝐫𝐢𝐜𝐚 to enhance digital payments

    Visa‘s “Tap to Add Card” service, which allows users to digitise their bank cards by just tapping them against their phones, has been extended to South Africa, Georgia, and Ukraine.

    The conventional manual card entry method, which has been found to be both error-prone and vulnerable to fraud, is eliminated by this technological advancement.

    Read also: X partners with Visa to power X Money wallet, peer-to-peer payments

    In order to guarantee safe credential provisioning, the service uses Visa’s Chip Authenticate service, which creates a special, one-time code during the tapping procedure.

    The statement released on February 11 states, “Bringing enhanced security and convenience, Tap to Add Card eliminates the cumbersome process of manual entry, a common source of errors and a vulnerability exploited by fraudsters seeking to compromise sensitive card information.”

    The statement adds, “The tap generates a unique, one-time code validated by Visa’s Chip Authenticate service, ensuring secure provisioning of card credentials and offering a significantly faster and more secure alternative to traditional methods.”

    Advantages of Visa’s “Tap to Add Card”

    In addition to providing cardholders with a more convenient and safe digital wallet integration experience akin to in-store payments, the solution offers numerous advantages throughout the payment ecosystem.

    Read also: Kenya scraps electronic travel authorisation for 52 African countries

    The solution improves transaction approval rates, lowers customer care enquiries, and lowers provisioning fraud risks and related expenses for financial institutions.

    Improved security standards and maybe greater token provisioning rates as a result of fewer card entry errors benefit digital wallet providers, opening up new consumer experiences.

    “Tap to Add Card is designed to benefit all stakeholders in the payments ecosystem,” Visa adds. “Offering an experience similar to in-store payments, cardholders can enjoy a faster, more convenient, and more secure way to add cards to their digital wallets, encouraging greater adoption of digital payments.

  • Kenyan market welcomes Vesti, a new migration fintech startup

    Kenyan market welcomes Vesti, a new migration fintech startup

    On Monday, Vesti, a migration fintech company backed by Techstars, launched in Kenya to empower immigrants and foster financial inclusion in Kenya and abroad. 

    Vesti plans to serve 1 million more customers in 2025, and it sees significant opportunities for business expansion and talent acquisition in Kenya.

    In 2024, Vesti marked the opening of its cutting-edge software engineering office in Lagos, representing a N1 billion investment in Nigeria’s traveltech sector.

    Olusola Amusan, Co-founder and CEO of Vesti said, “Our expansion into Kenya represents more than market growth; it’s about creating a meaningful impact in East Africa’s migration journey. We’re introducing solutions that address real challenges faced by aspiring global citizens in this region”. 

    “Kenya’s position as East Africa’s technology and innovation hub, coupled with its sophisticated financial infrastructure, makes it an ideal market for Vesti’s next phase of growth,” stated Olusola Amusan, Co-founder and CEO of Vesti. “Our entry into Kenya is not merely geographical expansion; it’s about integrating into East Africa’s vibrant startup ecosystem and enabling more individuals to achieve their global aspirations.”

    Read also: Nigerian government takes over crisis-marred Keystone Bank

    Vesti’s vision for east Africa

    Vesti’s platform offers legal and financial services for immigrants, including AI-powered support, remittances, and foreign exchange. Following expansions to Ghana, Zambia, and the UK, Vesti intends to expand to Bangladesh, India, and Pakistan in 2025.

    Vesti was founded by brothers Olusola Amusan and Abimbola Amusan, who immigrated to the United States. The company aims to be the primary legal and financial services platform for immigrants, providing information, community, and a smooth transition.

    COO Abimbola Amusan stated, “Our expansion into Kenya represents more than market growth; it’s about creating a meaningful impact in East Africa’s migration journey. We’re introducing solutions that address real challenges faced by aspiring global citizens in this region”.

    Vesti is also hiring for several positions in Kenya, including business development executives, customer success lead, QA testers, compliance managers, account executives, sales development reps, and front-end and Mbike engineers.

    Visit the WeVesti.com career to get started, or email join@wevesti.com.

  • MyBucks Zambia seized by Bank of Zambia: What it means for you

    MyBucks Zambia seized by Bank of Zambia: What it means for you

    The Bank of Zambia has stepped in to take control of Ecsponent Financial Services Limited, also known as MyBucks Zambia, over insolvency— the company has run out of money and can no longer pay its debts. This move, which happened on Sunday, February 16, 2025, was made according to the country’s Banking and Financial Services laws.

    A resolution to seize MyBucks was approved by the Board of Directors of the Bank of Zambia on February 16, 2025. This action is intended to protect the interests of both depositors and creditors.

    The goal is to avoid the institution’s “disorderly exit” which could collapse the nation’s financial system, if not well-managed.

    Read also: Bank of Zambia launches K5 billion facility for businesses affected by drought, electricity shortage

    The statement, signed by Besnat Mwanza, Assistant Director Communications of Bank of Zambia reads, “To safeguard the interests of depositors and other creditors, and to prevent a disorderly exit from the institution, the BoZ Board of Directors passed a resolution to take possession of MyBucks on February 16, 2025, at 16:23 hours.”

    The Bank of Zambia pledged to prepare a statement of affairs and take any other appropriate procedures in accordance with Section 73 of the BFSA throughout the possession period.

    Why did the Bank of Zambia intervene?

    The Bank of Zambia has the constitutional authority to oversee and regulate financial companies in the country, like banks and loan providers. One of its main jobs is to make sure that money in the country stays safe and that financial institutions are stable.

    When a company like MyBucks Zambia can’t pay its bills and has no money left, the law allows the Bank of Zambia to step in and take control to stop the situation from getting worse. The Bank of Zambia is using its legal authority to protect people’s money and avoid a situation where a lot of people lose their savings.

    The Bank of Zambia in this instance used Section 64 of the BFSA, which permits the central bank to seize a financial institution when it becomes insolvent.

    The apex bank has demonstrated its dedication to preserving the stability of the financial system and safeguarding the interests of creditors and depositors through its action.

    Read also: Zambia to end use of bank cheques with new payment transition plan

    Prevention of possible catastrophe 

    The acquisition of MyBucks Zambia represents a major shift in the financial industry of the nation.

    The significance of efficient regulation and oversight in preserving financial stability is emphasised.

    The Bank of Zambia’s steps are intended to avert a possible catastrophe and guarantee that the financial system as a whole won’t be negatively impacted by the institution’s demise.

    Depositors and creditors are urged to maintain composure and assist the authorities as the Bank of Zambia works to resolve the issue. Protecting their interests and preserving the nation’s financial stability are the goals of the central bank’s operations.

  • Sierra Leone launches instant payment service to boost cashless economy

    Sierra Leone launches instant payment service to boost cashless economy

    Sierra Leone on Thursday introduced its instant payment service through the national switch, enabling citizens to send money instantly between banks, mobile carriers, and bank accounts. This is part of the government’s effort to boost cashless economy.

    By April 1, all participants in the industry must integrate the system, which is already being used by seven banks and two mobile money service providers.

    “Today we have a system that is directly connected to the banks. Through interoperability, we are removing an additional cost, which reduces our operating costs. This allows us to improve the quality of service offered to customers,” explained Martison Obeng-Agyei (pictured, right), Managing Director of Afrimoney Sierra Leone (Africell).

    Read also: Sierra Leone’s petroleum directorate joins African Energy Week 2025 as strategic partner

    According to David Mansaray, CEO of Orange Money Sierra Leone (Orange), this project will make it easier for people to get loans and, in the end, make banking and business-to-business transactions more efficient.

    BSL’s goal to boost cashless economy 

    The Bank of Sierra Leone’s (BSL) goal is to create a cashless economy by revolutionising the nation’s payment system.

    The central bank has progressively introduced bank card interoperability and then point-of-sale interoperability after the national payment switch was introduced in April 2023. To enable Liberians to use payment cards issued in Sierra Leone abroad, the international gateway would be opened in the next phase.

    Recall that the central bank of Sierra Leone reported that as of December 31, 2023, there were 8.2 million mobile money accounts in the country, with only 1.7 million of those accounts being active.

    Additionally, the latter found 22.3 million bank accounts, but it did not specify how many individuals owned them. But according to the BSL, 29% of people over the age of 29 had an account with a financial institution or a mobile money service provider as early as 2022.

  • Nib International Bank launches Amber Pay, Paystream to enhance payment, business transactions

    Nib International Bank launches Amber Pay, Paystream to enhance payment, business transactions

    To enhance payment ease and expedite business transactions, Nib International Bank, a leading commercial bank in Ethiopia, has launched two new digital payment apps, Nib Amber Pay and Nib Paystream.

    At the inaugural event, which took place at the bank’s headquarters, Henok Kebede, the CEO, gave a speech outlining the main features of the new services. The bank announced on Thursday.

    Read also: Safaricom’s M-PESA Ethiopia crosses 10.8 million subscribers as revenue declines by 74%

    Nib Amber Pay to streamline business transactions 

    By enabling users to safely receive payments and track their business operations via mobile devices, Nib Amber Pay, according to Henok, is made to streamline business transactions.

    Nib Amber Pay is specifically designed for companies with numerous sales representatives, enabling them to accept payments from a single account using a mobile application. It provides four distinct payment options.

    Read also: Wegagen Bank replaces HelloCash with E-Birr to enhance payment services

    Nib Paystream to enhance digital payments

    With the help of the second product, Nib Paystream, businesses will be able to accept digital payments for their services by supporting online transactions.

    According to Henok, the launch of these digital services is in line with the bank’s continuous initiatives to improve service delivery through technology and modernise its financial processes.

    In the future, the bank intends to keep embracing and putting new digital solutions into practice.