fintech
Latest articles about fintech in African payments and fintech
Nigerian Banks Bet on Tech Investment to Lead Post-Recapitalisation Era
Nigerian banks are prioritizing technology investments as they complete their recapitalisation requirements ahead of the March 31 deadline. While 21 banks have met the new capital thresholds, experts suggest that leadership in the sector will be determined by AI adoption and digital capabilities rather than balance sheet size.
Huawei Launches AI Finance Program to Speed Up Bank Digital Transformation
Huawei has launched the RONGHAI Financial Partner Program to accelerate AI adoption and digital transformation in banking, growing to over 150 global partners. The program has already demonstrated success by completing a Philippine bank's transformation in under 10 months, dramatically shorter than traditional timelines.
South African fintech launches AI-powered reconciliation platform for retailers
Transaction Junction has launched TJ Recon PRO, an automated reconciliation platform aimed at eliminating manual payment matching processes for African retailers. The platform claims to address revenue leakage issues that currently cost retailers up to 5% of profits while returning 95% of manual reconciliation time back to businesses.
Flutterwave launches naira travel card for Nigerian diaspora
Flutterwave has introduced a physical naira card for Nigerian diaspora members returning home during holidays, targeting a market that spent ₦60 billion during December visits. The Send App Travel Card, launched with Odysy and AfriGO, offers domestic payment capabilities and aims to solve traditional payment challenges faced by returning Nigerians.
Flutterwave Expands Cross-Border Payment Capabilities with Multi-Currency Settlements
Flutterwave is expanding its payment infrastructure to enable businesses to collect and settle transactions in over 20 currencies. The service aims to facilitate cross-border trade by allowing merchants to accept various payment methods and manage settlements through a dedicated multi-currency dashboard.
Flutterwave launches stablecoin infrastructure initiative for African payments
Flutterwave is launching StableRails, an initiative to build regulated stablecoin payment infrastructure across Africa in partnership with Circle and Polygon. The company aims to enable instant cross-border settlements and payments through compliant digital currency rails, targeting merchants and businesses in emerging markets.
Flutterwave acquires African open banking firm Mono in infrastructure push
Flutterwave has acquired open banking infrastructure provider Mono in a strategic move to expand its payments capabilities across Africa. The deal enables Flutterwave to integrate Mono's API-driven platform for financial data access, identity verification, and account-to-account payments while allowing Mono to maintain operational independence.
PayPal Returns to Nigeria Through Paga Partnership Amid Mixed Reactions
PayPal is returning to Nigeria through a partnership with fintech Paga that enables naira withdrawals and merchant services. The move comes amid surging digital payments in Africa but faces mixed reactions from Nigerians who remember PayPal's previous exclusion of the market.
Nigerian fintechs deploy AI mainly for fraud detection, CBN report finds
Nigerian fintechs are primarily using AI for fraud detection, customer service automation and credit scoring, according to a new Central Bank of Nigeria report. The study reveals that 87.5% of fintech firms use AI for fraud prevention, while 62.5% employ it for customer service automation.
Nigeria's Nomba acquires Canadian payments firm to boost Africa trade flows
Nigerian fintech Nomba has acquired a licensed Canadian payment service provider to facilitate faster and cheaper cross-border payments between Africa and Canada. The deal, completed in Q2 2025, will enable direct Canadian dollar settlements and could reduce transaction costs by up to 60% for businesses trading between the regions.
Nigerian Digital Lenders Face Scrutiny Over Predatory Loan Practices
Nigeria's digital lending sector is facing criticism over predatory practices including unauthorized loans and aggressive collection tactics. The industry has grown to over 400 licensed lenders by September 2023, raising concerns about consumer protection and data privacy.
PayPal enters Nigeria through landmark Paga partnership
PayPal has partnered with Nigerian fintech Paga to process all its transactions in Nigeria, marking the global payment giant's full return to Africa's largest economy. The exclusive deal allows Nigerian users to receive PayPal payments through Paga's local infrastructure while giving PayPal access to Nigeria's digital payments market through an established player.
Nigeria's Paga partners with PayPal to unlock cross-border payments
Paga has partnered with PayPal to enable Nigerians to receive international payments and withdraw funds in local currency. The strategic collaboration removes longstanding barriers to global digital payments and has already attracted tens of thousands of users.
Flutterwave launches diaspora travel card for Nigeria with AfriGO, Odysy
Flutterwave has launched a new travel card in partnership with AfriGO and Odysy, targeting Nigerian diaspora members who face payment challenges when visiting home. The SendApp Travel Card can be funded with foreign cards and offers nationwide acceptance across payment channels, with same-day delivery available in major Nigerian cities.
Nigeria's Trove Finance acquires broker-dealer to bring trading in-house
Nigerian fintech Trove Finance has acquired UCML Securities Limited to bring its brokerage operations in-house, rebranding it as Innova Securities Limited. The strategic move gives Trove direct control over trade execution and compliance as it seeks to enhance service delivery for its growing user base that has facilitated over ₦500 billion in trades.
Flutterwave partners with YooMee Money to power super-app ambitions
Flutterwave has partnered with Cameroon's YooMee Money to power its super-app ambitions through API integration for streamlined payment operations. The collaboration aims to simplify mobile money and card payments while enabling YooMee Money's expansion across West and Central Africa.
African tech sector braces for major consolidation wave in 2026
Africa's tech sector is poised for significant consolidation in 2026, following a record 67 M&A deals in 2025. The trend is particularly strong in fintech, with companies seeking strategic acquisitions to gain regulatory compliance, market access, and technological capabilities.
Flutterwave acquires Mono in major African fintech consolidation
Flutterwave has acquired African open banking provider Mono in a strategic move to enhance its financial infrastructure capabilities. The deal aims to streamline payment processes and improve financial data accessibility for SMEs across the continent.
NALA partners with Noah to launch stablecoin settlement network for emerging markets
NALA and Noah have launched a cross-border settlement network using stablecoins to enable instant payments between Africa and Asia. The partnership aims to reduce remittance costs and settlement times for businesses operating in emerging markets, where traditional transfer fees can reach over 8% in some regions.
Flutterwave to launch stablecoin wallets across African markets
Flutterwave is partnering with Turnkey to launch stablecoin wallet capabilities across its African payments platform. The integration will enable merchants and users to hold and transact in USDC and USDT alongside fiat currencies, marking a significant expansion into digital assets for the pan-African fintech company.
MTN targets fintech acquisitions to boost digital financial services
MTN is actively pursuing fintech acquisitions in payments, lending and remittances to accelerate its financial services growth across Africa. The strategy shift comes as the telecom giant repositions itself as a technology platform while exploring targeted market entries with financial services, particularly in East Africa.
Flutterwave builds Africa's largest stablecoin infrastructure
Flutterwave is developing Africa's largest stablecoin infrastructure, leveraging its Mono acquisition to enable digital currency services for over one million users. The company has successfully validated end-to-end stablecoin transfers and currency conversions under real market conditions.
PayPal, Paga launch cross-border payment integration in Nigeria
PayPal and Nigerian fintech Paga have launched an integration enabling Nigerian users to receive international payments via PayPal and withdraw funds locally through Paga's digital wallet. The partnership provides a workaround for Nigerian users who have faced PayPal restrictions since the early 2000s, while tapping into Nigeria's growing digital payments market that recorded ₦657.8 trillion in transactions in 2023.
PayPal returns to Nigeria after 20-year ban despite persistent fraud concerns
PayPal has re-entered the Nigerian market through a partnership with Paga, 20 years after exiting due to fraud concerns. The move comes despite Nigeria maintaining its position as a major cybercrime hub, though the country's financial infrastructure has significantly improved.