Safaricom and Mastercard have signed a partnership to accelerate the adoption of payment acceptance and cross-border remittance services in Kenya. This collaboration focuses on more than 636,000 merchants using M-PESA, Safaricom’s leading mobile money service. Kenya’s payment acceptance market continues to grow, with mobile wallet… Read More
The Central Bank of Kenya (CBK) has significantly expanded its digital lending landscape by granting licenses to 19 new digital credit providers (DCPs), bringing the total to 51 licensed firms. This announcement marks the latest effort by the CBK to regulate the burgeoning fintech sector,… Read More
Experts in Kenya have criticized digital lenders for charging high interest rates, often perceived as infringing consumer rights. Reportedly, the average interest rate for a 30-day digital loan ranges from 20-30% for online lenders, based on the borrower’s risk profile. For a Sh1,000 loan, the… Read More
Verto, a London-based fintech and payment solutions provider, has partnered with United Bank of Africa (UBA) to officially enter Kenya and the East Africa market, according to an announcement. The partnership marks a crucial step forward in providing enhanced financial transaction platforms for entrepreneurs, small… Read More
Kenya’s interior ministry revealed on Wednesday (August 2, 2023) that it would be suspending the local activities of the crypto-related initiative Worldcoin as the nation’s authorities assess various risks to the public’s general safety. The initiative established by OpenAI Chief Executive Officer Sam Altman was… Read More
Nairobi-based Insurtech firm Lami Technologies has finalized a $3.7 million seed extension in order to expand business operations across Africa. The firm’s management noted that the investment round was led by early-stage VC company Harlem Capital along with contributions from Newtown Partners; Peter Bruce-Clark, a… Read More
Kenyan fintech Churpy this week announced a $1 million seed round led by Unicorn Growth Capital. Also participating were Antler East Africa, Nairobi’s business angel network and a group of Rally Cap LPs, including senior executives from Stripe. The funds will be used to support… Read More
Akoin, a digital ecosystem and cryptocurrency developed by global artist and Akon to improve social opportunities and access for African entrepreneurs, is now listing on the cryptocurrency exchange BitMart. The listing with BitMart provides access for Akoin within the United States from people who want… Read More
pinBox, a global PensionTech working towards providing digital micro-pension and social security inclusion, has raised $ 1 million in funding from Venture Catalysts (Vcats), an integrated incubator, along with accelerator fund 9unicorns. Founded in 2016 by industry veterans Parul Seth Khanna and Gautam Bhardwaj, pinBox… Read More
Global fintech infrastructure platform, Nium, announced on Tuesday its clients are now able to send funds to their business partners located in Ghana, Kenya, South Africa, and Tanzania. Customers of Nium are also able to extend this service to their own consumers. “Traditionally, businesses, fintechs and even consumers looking… Read More
Pula, a Kenya-based insurtech, has reportedly secured $6 million through its Series A funding round, which was led by Pan-African early-stage venture capital firm, TLcom Capital, with participation from nonprofit Women’s World Banking. Launched in 2015, Pula claims it is on a mission to reimagine agricultural… Read More
Kenya-based Fintech platform Lendable announced on Thursday it has welcome Hani Ibrahim as its new Chief Investment Officer and Des Denning as its new Chief Operating Officer, as well as the company’s new Chief Financial Officer. According to Lendable, Hani will oversee Lendable’s investment strategy and… Read More
The Monetary Authority of Singapore (MAS) has signed a “Fintech Cooperation Agreement” with the Central Bank of Kenya. The agreement was finalized during the inaugural Afro-Asia Fintech Festival in Nairobi, Kenya. The two entities said they will collaborate to develop digital infrastructure services including KYC… Read More
Following the success of the state-sponsored Singapore Fintech Festival, the Monetary Authority of Singapore (MAS) has partnered with the Central Bank of Kenya (CBK) to launch a new event – the inaugural Afro-Asia Fintech Festival. The conference will take place in Nairobi this coming July…. Read More
Standard Chartered Bank announced on Monday it has officially opened its Africa eXellerator Innovation Hub in Kenya. According to the digital bank, the innovation hub will serve asa platform to collaborated with fintechs in Kenya, as well as the broader African region to drive innovation… Read More
Kenya-based Fintech platform Lendable announced on Thursday the closing of an innovative secured dual tranche 36-month note program, called Multi-Originator Segregated Portfolio 2, or “MOP2.” According to Lendable, MOP2 is the second fundraiser of secured pass-through notes backed by consumer, SME, solar and productive asset loans originated by… Read More
Congressman Brad Sherman is well known for his anti-crypto perspective having attacked digital currencies during Congressional hearings. Modulus CEO Richard Gardner recently challenged Representative’s Sherman opinion pointing to a statement emanating out of Kenya. Bitange Ndemo, Chairman of the Taskforce on Distributed Ledgers and Artificial Intelligence… Read More
Kenyan-based Fintech platform Lendable has been extended a convertible grant from Dutch Development Bank FMO to provide a “first loss” backstop. The $450K convertible grant, provided by the Dutch government’s FMO managed MASSIF fund, aims to reach targeted end-beneficiaries through financing local financial intermediaries and institutions that… Read More
The Senior Vice President in charge of Platforms & Blockchain at IBM, Bridget van Kralingen, gave an inspiring talk in mid-May at the giant Consensus cryptocurrency and blockchain conference in New York. She said she’d long held a dream making micro-finance more available in the… Read More
On Tuesday, Mastercard announced it was extended its strategic partnership with Unilever to launch a new digital lending platform specifically for Kenyan entrepreneurs. While sharing details about the platform, Ajay Banga, President and CEO of Mastercard, stated: “Micro and small businesses are the economic backbone of… Read More
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