TechPression

Tag: Fintech

  • MNT-Halan named Global Finance’s Most Innovative Fintech in Africa for second consecutive year

    MNT-Halan named Global Finance’s Most Innovative Fintech in Africa for second consecutive year

    On April 7, Global Finance named MNT-Halan the Most Innovative Financial Technology Company in Africa for the second year in a row as part of its 2025 Innovators Awards.

    MNT-Halan was recognised for the introduction of the Halan Card to the Halan app, which led to 5 million new downloads in 2024, and the scalability of Neurone, the first proprietary core banking system software in the Middle East and Africa, as MNT-Halan entered new markets.

    The company appeared alongside well-known international banks and fintechs like HSBC, Standard Chartered, the Reserve Bank of India, Bank of America, and Nubank.

    Mozambique’s Nedbank won The Most Innovative Bank in Africa

    Nedbank of Mozambique was also awarded the Most Innovative Bank in Africa.

    This is the 12th annual awards program from Global Finance, which honours organisations that consistently forge new avenues and create innovative financial instruments. A comprehensive report on The Innovators 2025 will be available on GFMag.com and in the June print and digital editions of Global Finance. The World’s Best Financial Innovation Labs and the Top Financial Innovations both nationally and internationally, will also be featured in the June issue.

    “Traditional banking is being rapidly transformed by advances such as mobile and real-time payments, the use of blockchain technology, and emerging AI solutions, making financial services more efficient, secure, and accessible,” said Joseph Giarraputo, founder and editorial director of Global Finance. “Global Finance’s Innovators are at the forefront of this transformation and are leading the way to the future of finance.”

    The editorial board of Global Finance made all of the decisions after consulting with reporters who are knowledgeable about the roles these innovators are performing. The regional awards required entries, but the global awards did not.

    Other notable awards include:

    • Most Innovative Banks Globally (2025):
    • HSBC
    • Reserve Bank of India (RBI)
    • Standard Chartered
    • Most Innovative Financial Technology Companies Globally (2025):
    • Auquan
    • Nubank
    • REGnosys
    • Most Innovative Banks by Region (2025):
    • Africa: Nedbank (Mozambique)
    • Asia-Pacific: Taipei Fubon Bank
    • Central & Eastern Europe: Aktif Investment Bank
    • Latin America: Banco Bradesco
    • Middle East: Arab Bank
    • North America: Bank of America
    • Western Europe: Societe Generale
    • Most Innovative Financial Technology Companies by Region (2025):
    • Africa: MNT-Halan
    • Asia-Pacific: KASIKORN Business-Technology Group
    • Central & Eastern Europe: InPost Pay
    • Middle East: Geidea
    • North America: Battery Finance
    • Western Europe: RedCompass Labs

    About Global Finance

    Global Finance was established in 1987, with a circulation of 50,000 and readers in 188 nations, territories, and districts.

    Senior financial and corporate leaders in charge of strategic and investment choices at financial institutions and global corporations are among the readers of Global Finance.

    Its website, GFMag.com, provides articles and analysis based on 38 years of experience in global financial markets.

    Global Finance has offices all around the world, with its headquarters being in New York.

  • South African fintech Stitch closes $55millon funding round

    South African fintech Stitch closes $55millon funding round

    Stitch, a South African fintech company, secured additional $55 million in funding, according to a statement released April 10.

    The company aims to strengthen its position in Africa’s rapidly evolving payments sector by enhancing its end-to-end payment solutions. With this latest round, Stitch has now raised a total of $101 million to tackle payment inefficiencies and interoperability challenges across the continent.

    Stitch, established in 2019 by Kiaan Pillay, Natalie Cuthbert, and Priyen Pillay, specialises in payment infrastructure and open banking. Its technology facilitates the secure connection between businesses and users’ financial accounts, simplifying transactions for enterprise and e-commerce clients. Major African enterprises, including MTN, MultiChoice, and Standard Bank‘s SnapScan, are among the company’s clients.

    As Kiaan Pillay, Sti tch CEO and co-founder, noted, “The goal is to build the rails that power Africa’s digital economy.” This vision aligns with Stitch’s recent expansion efforts, including the acquisition of payment provider Exipay earlier this year. The acquisition marked Stitch’s entry into the in-person payments market, with Exipay’s platform rebranded as “Stitch In-Person Payments.”

    Stitch expansion and investment details

    Raba Partners contributed $4.2 million to the $55 million investment round, which existing investors backed. This investment shows Raba’s ongoing faith in Stitch’s potential for expansion.

    Stitch has a track record of successfully generating funds to fund its growth. In February 2021, it obtained $4 million in startup finance, and in October 2021, it obtained a $2 million seed extension. In February 2022, Stitch announced a $21 million Series A investment round sponsored by Ribbit Capital, which was expanded by an additional $25 million in October 2023.

    Stitch will use the money to expand into new African markets and improve its APIs for enterprise-grade finance solutions. This strategy helps Stitch compete in a congested fintech sector where Flutterwave and Paystack have expanded.

    Stitch’s capital raising shows its potential to alter African payments despite regulatory hurdles and competition.

  • OPay wins 2024 Fintech Company of the Year

    OPay wins 2024 Fintech Company of the Year

    OPay, the top financial institution in Nigeria, has received the highly coveted Fintech Company of the Year 2024 award from Leadership Newspapers

    The award ceremony, which took place on April 8th at the renowned Aso Rock Villa, honours OPay’s remarkable contributions to financial inclusion, security, and innovation in Nigeria.

    Opay was the only fintech to receive an award at the esteemed event.

    Opay’s steadfast dedication to providing safe, easy-to-use transactions, investing in the advancement of Nigeria’s cashless economic policy, and extending financial access for tens of millions of Nigerians, especially the unbanked and underbanked, led to its selection among numerous candidates for this award.

    OPay’s commitment to security and user confidence

    OPay has demonstrated its unwavering dedication to security and user trust with innovative features like NightGuard, which enables users to limit account access during particular hours for added confidence and security through facial verification, and Large Transaction Shield, which guarantees additional protection for high-value transactions.

    Receiving the award, Dauda Gotring, MD/CEO of OPay, said: “We are deeply honored to be recognised as the Fintech Company of the Year. This award is a testament to our vision of creating a secure, inclusive, and innovative financial ecosystem for every Nigerian. We dedicate this achievement to our loyal customers who inspire us every day to do better.”

    OPay’s position as a trailblazer in revolutionising Africa’s digital payment landscape and influencing the direction of fintech innovation is cemented by Leadership Newspapers’ milestone award.

    About OPay

    OPay, a prominent financial institution in Nigeria, was founded in 2018 with the goal of using technology to increase the accessibility of financial services.

    Among the many payment services the organisation provides are merchant payments, card service, airtime and data purchases, bill payments, and money transfers.

    OPay, which is licensed by the CBN and insured by the NDIC with the same insurance coverage as commercial banks, is well-known for its incredibly fast experience and dependable network.

  • Legal expert Nikiwe Tanga named CLO of MTN Group Fintech

    Legal expert Nikiwe Tanga named CLO of MTN Group Fintech

    On Thursday, MTN Group Fintech named Nikiwe Tanga the new Chief Legal Officer, and her appointment was effective April 1.

    The CEO of MTN Group Fintech, Serigne Dioum, emphasises Nikiwe’s wealth of expertise and dedication to quality, stating, “Her leadership will be crucial as we drive the growth of our fintech operations across Africa.”

    Nikiwe Tanga’s portfolio

    Nikiwe brings a wealth of legal and regulatory knowledge from her more than 22 years of experience in various markets. She established the legal function in the Middle East and helped MTN Nigeria successfully list on the Nigerian Stock Exchange, among other noteworthy contributions since joining MTN Group in 2003. The legal foundation for MTN’s fintech strategy in 14 markets has been greatly influenced by her recent work at Group Fintech.

    Read Also: MTN Group to sell fintech stake to Mastercard in Ghana, Uganda, Nigeria

    MTN Uganda’s fintech users increased by 13.9% to 13.8 million

    In addition to having completed multiple executive leadership programs, Nikiwe holds an LLB from the University of Fort Hare, an MBA from Henley Business School (Africa) in 2024, and is an admitted attorney at the High Court of South Africa. programmes

    “We are confident she will enhance our governance framework and support our sustainable expansion,” says the organisation.

    About MTN Fintech

    MTN Fintech is an MTN Group fintech division that aims to create smooth, easily accessible, and safe financial ecosystems that influence the direction of digital finance, with a particular emphasis on developing mobile financial services, digital payments, e-commerce, short-term insurance, and remittance capabilities.

    Through creative digital technology solutions, MTN Fintech, the platform business of MTN Group, is committed to transforming global financial services. MTN Fintech is dedicated to promoting financial inclusion for all and empowering communities in Africa by leveraging MTN’s broad reach and telecommunications expertise. 

  • Maseera buys ADVA to accelerate fintech innovation in North Africa

    Maseera buys ADVA to accelerate fintech innovation in North Africa

    Maseera Holding for Financial Investments, a portfolio company of International Holding Company’s (IHC) subsidiary 2PointZero, announced on April 3, 2025, that it had acquired ADVA, a leading Egyptian consumer finance platform.

    This acquisition strengthens ADVA’s role as Maseera’s technology and data analytics hub for North Africa, enhancing its regional expansion strategy.

    Enhancing financial inclusion with AI technology

    The acquisition aligns with Egypt’s national digital transformation and financial inclusion agenda, aiming to empower underserved communities through AI-driven financial solutions.

    Amro Abouesh, CEO of Maseera, emphasized, “Together, we will harness the power of data and AI to deliver transformative financial solutions tailored to Egypt’s middle- and low-income segments.” Integrating Maseera’s AI technologies will enhance the customer experience in digital finance, providing faster, more inclusive, and personalized lending solutions for underserved populations in Egypt.

    Read Also: Credit Direct unveils digital solutions to simplify payment system

    ADVA, founded in 2020, is a leader in Egypt’s fintech sector, offering personalized financing for essential services like healthcare and education. They use an AI-driven credit scoring model that incorporates alternative data, such as mobile usage, to assist first-time borrowers and enhance financial access.

    After the acquisition, ADVA will concentrate on Egypt’s consumer finance market, creating tailored financial products for essential needs and improving credit access for underserved groups.

    Regulatory breakthroughs and market expansion

    As part of its next growth phase, ADVA has applied for Egypt’s first digital consumer finance license. This regulatory breakthrough will facilitate seamless onboarding through electronic Know Your Customer (e-KYC) procedures and legally binding e-signatures.

    This innovation could dramatically reduce barriers to access for over 50 million underbanked Egyptians, aligning with the country’s financial inclusion and digital transformation agenda.

    The acquisition aligns with Maseera’s strategy, backed by 2PointZero’s $1 billion commitment to enhance financial inclusion in underserved markets globally.

  • Raenest raises $11 million in Series A funding to facilitate expansion to Egypt, U.S.

    Raenest raises $11 million in Series A funding to facilitate expansion to Egypt, U.S.

    On Tuesday, Raenest, a Nigerian fintech firm that provides a platform for multi-currency accounts for African individuals and businesses, announced it had raised $11 million in Series A funding.

    This brings the company’s total funding to $14.3 million.

    QED Investors led the investment round, which included participation from pan-African venture capital firms such as Norrsken22, Ventures Platform, P1 Ventures, and Seedstars.

    Read also: Visa announces 20 startups for second cohort for Africa fintech accelerator

    Raenest’s global expansion: U.S., Egypt next

    Raenest plans to use the funds to deepen its operations in Nigeria and strengthen its presence in Kenya. The company also intends to expand into the United States and Egypt.

    Raenest holds licences in Nigeria as an approved International Money Transfer Operator (IMTO) and Canada as a Money Services Business (MSB) and is working to secure additional licenses.  They also plan to form additional collaborations with financial institutions worldwide.

    Raenest: Simplifying global payments for businesses and freelancers

    Established in 2022, Raenest initially operated as an Employer of Record (EOR) before pivoting to facilitate international payments for businesses and freelancers. 

    The company provides virtual accounts in USD, GBP, and EUR through its retail product, Geegpay, which helps users manage multi-currency wallets, accept payments, and convert currencies. Additionally, users have access to both physical and virtual debit cards.

    Victor Alade, CEO of Raenest, stated that the funding will allow the startup to continue to address the barriers that prevent Africans from accessing seamless financial services.

    Read also: Raenest sponsors Nairobi’s sixth Africa Tech Summit

    “This funding, supported by new and existing investors who share our mission, provides the momentum to scale our solutions and expand our impact across the continent. We are excited to continue building solutions that connect Africa to the world and drive inclusive growth and prosperity”.

    Gbenga Ajayi, Partner and Head of Africa and the Middle East at QED Investors, expressed support for Raenest’s efforts to redefine cross-border banking for Africans.

    “We firmly believe that by bridging the gap between local and global markets, Raenest will unlock new opportunities for African entrepreneurs, freelancers, and businesses, ultimately driving greater economic empowerment across the continent”.

  • Bamboo secures U.S. licence, offers African investors access to U.S. stock market

    Bamboo secures U.S. licence, offers African investors access to U.S. stock market

    Bamboo, a Nigerian fintech company, dominated headlines on Tuesday after securing a U.S. broker-dealer licence through its affiliate, Bamboo Securities LLC. 

    This landmark achievement positions Bamboo as the first financial organisation from Nigeria to offer Africans direct access to U.S. securities. It enables corporate clients and licensed brokers across Africa to facilitate investments in the U.S. stock market.

    Read also: Bamboo unveils free app to simplify international money transfers for Africans

    Expanding investment opportunities

    With this new licence, Bamboo aims to democratise investment opportunities for Africans. The company stated, “Licensed brokers across Africa can now provide their clients access to the U.S. stock market”.

    This development is crucial as it allows retail customers and businesses to engage with an extensive range of U.S. equities, including stocks and exchange-traded funds (ETFs).

    Bamboo’s CEO, Richmond Bassey, expressed his excitement about this milestone, noting that it reflects users’ trust in the platform over the past five years.

    Bamboo’s mission is to empower Africans to invest globally and build wealth. 

    According to Bassey, “We think investing in stocks has a bright future in Nigeria. Nigerians are hungry to earn a return on their investments and build wealth”. The company has attracted over 300,000 accounts since its launch in January 2019, indicating a growing interest in foreign investments among African users.

    Read also: Nigerian fintech giant Risevest enters Kenyan market

    A step towards financial inclusion

    The significance of this license extends beyond mere access; it represents a shift towards financial inclusion for millions of Africans. 

    Africans hold less than 1 per cent of global wealth while making up over 16 per cent of the world’s population. Bamboo’s initiative aims to change this by offering wealth-building tools and investment opportunities that were once inaccessible.

    Bamboo’s services are designed to simplify the investment process. Users can trade U.S. stocks directly from their mobile devices or computers, making it easier for them to participate in international markets. 

    The platform also plans to collaborate with licensed broker-dealers across Africa, enhancing its offerings and user experience.

    Alongside its investment platform, Bamboo has recently launched Coins by Bamboo, a remittance app designed to facilitate faster and cheaper money transfers for Nigerians living abroad.

    This variety demonstrates Bamboo’s dedication to developing impactful financial solutions for communities across Africa.

    Bamboo is set to reshape Africa’s investment landscape with its recent licensing achievement, empowering local investors with better access to global markets.

  • Visa Africa Fintech Accelerator hosts 23 fintech startups to pitch to investors in Cape Town 

    Visa Africa Fintech Accelerator hosts 23 fintech startups to pitch to investors in Cape Town 

    Visa recently hosted its second Demo Day for the Africa Fintech Accelerator program, bringing together 23 pioneering fintech startups in Cape Town, South Africa.

    The event provided a platform for these startups to pitch their innovative solutions to an audience of venture capitalists, angel investors, business partners, and ecosystem enablers.

    Read also: Innovative corporate cards: Swypex, Visa modernise business payments in Egypt

    Celebrating African innovation

    Aida Diara, Senior Vice President and Head of Visa Sub-Saharan Africa, commended the participants for their ingenuity and transformative ideas. “I am incredibly impressed by the innovative solutions presented by the startups. Their creative approaches to solving financial challenges are truly inspiring. We are immensely proud to support these fintech pioneers, who are driving digital transformation and showcasing remarkable potential for growth and scalability,” Diara said.

    The Demo Day marked the culmination of a 12-week intensive program designed to equip startups with training, mentorship, and networking opportunities. It featured pitches from three batches of startups representing regions across Africa, including West Africa, North Africa, and Southern Africa.

    A platform for growth and collaboration

    Visa’s Africa Fintech Accelerator program is an initiative aimed at supporting Seed to Series A startups in scaling their operations. Launched in 2023, the program offers one-on-one mentorship, funding opportunities, and strategic partnerships, aligning with Visa’s broader commitment to invest $1 billion in Africa by 2027.

    To date, the accelerator has empowered 45 startups, providing resources and tools to enhance their innovations and drive financial inclusion across the continent. Demo Day is a pivotal moment for participants, offering exposure to key ecosystem players and opportunities to forge partnerships that can propel their growth.

    Read also: Kenyan students present flood mitigation solution at LEAP Digital Talent Camp in China

    Expanding impact and inclusivity

    The third cohort of the program kicked off on November 5 in Abidjan, Côte d’Ivoire, with 19 startups operating across 21 African countries. Notably, 85 percent of these startups feature female leadership—a significant increase from 43 percent in the inaugural cohort and 65 percent in the second. This reflects Visa’s ongoing commitment to fostering inclusivity and empowering women in fintech.

    Visa’s Africa Fintech Accelerator is more than just a program; it is a transformative initiative that underscores the company’s dedication to Africa’s digital transformation. By nurturing talent and providing a robust support framework, Visa continues to champion the innovations shaping the future of financial services on the continent.

    This commitment to growth, inclusivity, and innovation positions Visa as a key driver in Africa’s journey towards greater financial inclusion and technological advancement.

  • Opay, Moniepoint, others begin N50 stamp duty deductions on transactions exceeding N10,000

    Opay, Moniepoint, others begin N50 stamp duty deductions on transactions exceeding N10,000

    Fintech firms such as OPay, Moniepoint, and others have begun deducting N50 Electronic Money Transfer Levy (EMTL) from transactions exceeding N10,000.

    The fintech firms assert that this deduction conforms with the requirement of the Federal Inland Revenue Service (FIRS) and that monies will be remitted to the nation’s tax authority.

    This required deduction is anticipated to increase PoS charges and affect Nigerians who mostly rely on these services for cash transactions.

    Read also: CBN imposes penalties on banks for cash withdrawal violations

    Message to customers

    The EMTL, which previously applied to commercial banks only, is now applicable to all fintech companies, including OPay, Moniepoint, PalmPay and so on.

    This extension might be related to efforts by the federal government to increase its revenue by raising taxes and levies.

    The fintech companies sent out a brief notice to their clients to inform them of the new development.

    Opay wrote, “Dear customer, in line with the FIRS, the EMTL applies starting December 1st, 2024.”

    Moniepoint states, “Dear customer, you will be charged stamp duty of N50 on inflows of N10,000 and above. Moniepoint collects and remits this on behalf and to FIRS.”

    Read also: Nigerian government proposes 5% tax on telecom, betting and gaming services

    What you should know about the Electronic Money Transfer Levy (EMTL)

    In Nigeria, electronic money transfers or receipts are subject to a one-time fee of N50 known as the Electronic Money Transfer Levy (EMTL).

    It covers all electronic money transactions within a bank or financial institution regulated in Nigeria, with the following exclusions: Transfers under N10,000; Funds transferred to one’s personal account; Funds moved electronically between the same owner’s accounts at the same bank.

    The Finance Act 2020 included the EMTL to promote the expansion of electronic money transfers in Nigeria.

    All three levels of government receive a portion of the EMTL’s revenue. The federal government receives 15 percent of the revenue from the EMTL, state governments receive 50 percent, and local governments receive 35 percent. This distribution is based on derivation.

    FIRS in December 2022, instructed deposit banks to deduct and remit the EMTL on foreign currency transactions.

  • FirstBank’s 6th fintech summit: A platform for innovation and strategic partnerships

    FirstBank’s 6th fintech summit: A platform for innovation and strategic partnerships

    First Bank Nigeria Limited has announced its 6th edition of its fintech summit themed “Banking on Partnerships” scheduled for November 13 and 14 at the Lagos Continental Hotel.

    As part of the event, the financial institution will introduce the Fintech Innovators Pitch Programme to support early-stage fintech businesses and foster innovation in the financial services ecosystem.

    The summit will be attended by industry leaders, innovators, and experts who would rub minds on new trends of the financial sector.

    Read also: Bluechip Data and AI summit 2024: Empowering the digital era for a future-ready Africa

    Since its launch in 2016, the FirstBank Fintech Summit has been a key eveny, drawing top authorities on digital innovation from Nigeria and other countries. Although the Summit moved to an online format in 2020 due to the COVID-19 pandemic, 2024’s edition will be a hybrid, offering both in-person and online participations where attendees can interact with distinguished speakers and engage in thought-provoking conversations.

    Launching of Fintech Innovators Pitch Program to empower early-stage startups 

    According to the bank, one of the main highlights of this year’s summit is the Fintech Innovators Pitch Program, which was established to support early-stage fintech companies and foster innovation in the financial services industry.

    A chance to present their innovative solutions to FirstBank, well-known investors, and industry experts will follow the selection of entrepreneurs, who will receive extensive training. FirstBank will provide crucial assistance to winning startups to get their goods to market, including resources, strategic direction, and access to a large network.

    A must-attend event for business executives and innovators, the FirstBank Fintech Summit 6.0 delivers an exciting schedule of seminars and priceless networking chances. Expert keynote addresses, panel discussions, investor and regulatory roundtables, fireside chats, and masterclasses will all be featured during the two-day Summit.

    Read also: Africa HealthTech Summit to address digital transformation in healthcare

    FirstBank Group CEO remarks on the fintech summit 

    Speaking about the summit, the CEO of FirstBank Group, Olusegun Alebiosu, said, “This year’s summit provides a platform to unite industry leaders, innovators, regulators, and thought leaders to explore how collaboration and partnerships can shape the future of financial services and technology.

    “As FirstBank continues to lead in innovation, this event presents another unique opportunity to engage with key stakeholders and deepen our understanding of emerging trends in the Fintech landscape emphasising our role not only as a participant but also as a leading and preferred partner in the Fintech domain.”