Payments
Latest articles about payments in African payments and fintech
Sovra Secures Over $2 Million to Build Self-Custodial Digital Dollar Platform
Nigerian fintech startup Sovra has raised over $2 million to develop a self-custodial platform for digital US dollar transactions in Africa. The platform, led by CEO Tolu Adedayo, aims to give users direct control over their dollar assets and is scheduled to launch later in 2026.
African Fintechs Deploy Alternative Data to Extend Credit to Underserved
African fintech startups are using alternative data from mobile money and digital transactions to offer credit to an estimated 300 million people without formal credit histories. While the model shows promise in expanding financial access, its scaling faces challenges, including regulatory hurdles and low merchant adoption for services like BNPL in West Africa.
MTN Partners with Alipay to Launch Super App in Nigeria Amid Regulatory Shift
MTN Group is partnering with Ant International to launch a MoMo super app in Nigeria by Q3 2026, following the spinoff of its Nigerian fintech arm into a standalone company. The move aims to revitalise MTN's mobile money business in a competitive market now seen as more receptive due to evolving central bank regulations.
Yoco launches AI-powered platform for South African small businesses
South African fintech Yoco has launched an upgraded business platform featuring its first AI agent, designed to assist small merchants with marketing and operations. The move signals the company's expansion from payments into integrated business software.
ACI Worldwide Partners with Kwik Payments to Expand Digital Commerce in Africa
ACI Worldwide has partnered with South African PSP Kwik Payments to enhance digital commerce infrastructure across Africa. The collaboration aims to accelerate merchant onboarding and consolidate multiple payment methods onto a single platform, amid a complex regulatory environment for digital wallets in the region.
Yuno and Onafriq Combine Networks to Create New Pan-African Payment On-Ramp
Yuno and Onafriq have partnered to merge their payment orchestration and network capabilities, creating a unified gateway for digital payments across Africa. The move aligns with broader industry trends, including the rise of stablecoin settlements, aimed at simplifying cross-border commerce and reducing reliance on legacy banking infrastructure.
Nigeria Emerges as Leader in Cross-Border Stablecoin Payments
Nigeria is leading Africa's adoption of cross-border stablecoin payments, with Flutterwave launching a new product to replace correspondent banking rails. The initiative is supported by a strategic investment from Ripple as part of Flutterwave's Series E funding round.
Huawei Cloud and Egyptian Fintech Thndr Sign AI and Fintech Partnership
Huawei Cloud and Egyptian investment platform Thndr have entered a partnership to develop AI-powered fintech services. The move aligns with broader digital transformation and consolidation trends within Egypt's active financial technology sector.
Ripple Makes Strategic Investment in Flutterwave's Series E Round
Ripple has invested in Flutterwave's Series E funding round to jointly accelerate stablecoin-based payment solutions across Africa. The partnership aims to leverage blockchain technology to create more efficient alternatives to traditional cross-border banking rails, tapping into growing demand in markets like Nigeria.
CBN Launches Payments System Vision 2028, Mandates Data Localisation
The Central Bank of Nigeria has launched its Payments System Vision 2028 and mandated that all payments data be hosted locally by 2027, ending offshore processing. The move is part of a broader regulatory push for data sovereignty and transparency, requiring banks and fintechs to disclose beneficial owners and adapt their operations.
Ripple invests in Flutterwave amid heightened African stablecoin competition
Ripple has invested in African fintech Flutterwave as the company prepares to launch a USD-pegged stablecoin in Nigeria. The funding round coincides with heightened activity in Africa's digital payments sector, where platforms like Ghana's PawaPay are processing billions of transactions annually.
South Africa's BNPL Sector Seeks Formal Regulatory Framework
The buy now, pay later industry in South Africa is lobbying for a formal regulatory framework as the central bank indicates heightened scrutiny of the sector. The regulatory debate coincides with significant investment in local payments infrastructure, such as Visa's new AI-focused data centre in Johannesburg, which could support future BNPL services.
Ripple Invests in African Fintech Giant Flutterwave, Tying XRP to Payments
Ripple has made a strategic investment in Flutterwave to integrate its stablecoin, RLUSD, and the XRP Ledger into the African payments giant's network. The move aligns with growing stablecoin adoption in the region, exemplified by Nigeria's dominant share of inflows, and follows other African fintechs exploring similar digital currency initiatives.
Bank of Ghana directs banks to cease support for foreign currency crypto wallets
The Bank of Ghana has ordered all regulated financial institutions to immediately stop processing transactions for cryptocurrency accounts held in foreign currencies. This directive aligns with a regional trend of tightening controls over digital financial flows, as seen in Nigeria's recent orders for fintech divestitures and data localisation.
Flutterwave Secures Strategic Investment from Ripple, Valuation Reaches $3.2 Billion
Nigerian payments giant Flutterwave has secured a strategic investment from blockchain payments firm Ripple, reaching a $3.2 billion valuation. The funding announcement coincides with a new directive from Nigeria's central bank ordering fintechs to separate their licensed payments businesses from other financial services.
PawaPay Processes Three Billion Transactions as Merchant Payments Grow
PawaPay has processed three billion transactions, driven by a surge in merchant payments across Africa. The milestone coincides with new regulatory directives in Nigeria and a major investment in rival Flutterwave, highlighting a period of both growth and formalization in the continent's fintech sector.
NALA Secures $50 Million Credit Facility to Expand Cross-Border Payments
African payments company NALA has secured a $50 million credit facility to expand its cross-border remittance and B2B payment services. The debt financing reflects a broader trend in African fintech towards building credit infrastructure and deepening financial services beyond core payments.
Telda and Mastercard launch integrated financial platform in Egypt
Egyptian digital bank Telda and Mastercard have launched a unified financial platform that combines payments and investment access in one app. The move aims to simplify wealth-building for Egyptian consumers and reflects broader trends in digital banking and financial inclusion across the region.
Myka Raises Pre-Seed Capital to Digitise Nigeria's Insurance Distribution
Nigerian insurtech startup Myka has raised pre-seed funding from Ventures Platform and TLcom Capital to build a digital platform for insurance distribution. The company aims to modernise the country's fragmented agent network to improve sales efficiency and policy management.
Peerless Launches SeaBaas Lite Core Banking Platform for African Microfinance
Digital banking platform provider Peerless has launched SeaBaas Lite, a cloud-based core banking system designed for African microfinance banks. The platform aims to lower infrastructure costs and help smaller lenders digitize operations to expand financial inclusion.
Egypt's BNPL firm Valu gets initial nod to launch operations in Jordan
Egyptian BNPL provider Valu has received initial regulatory clearance to operate in Jordan, marking its first expansion plan outside Egypt. The move follows the company's acquisition by fintech unicorn MNT-Halan, which recently secured fresh capital to grow its digital financial services.
Aruwa Capital Invests $2 Million in Sika Financial Group for Cross-Border Expansion
Aruwa Capital Management has invested $2 million in Ghana's Sika Financial Group to help the fintech expand its cross-border payments and business finance infrastructure. The move aims to address persistent inefficiencies in intra-African financial transactions for small and medium-sized enterprises.
Interswitch Partners with Temenos to Expand Digital Banking Services
Interswitch has partnered with Swiss software firm Temenos to integrate its Banking Cloud platform, expanding the Nigerian company's ability to offer digital banking solutions to financial institutions across Africa. The move signals Interswitch's strategic shift towards providing a more comprehensive suite of technology services beyond its core payments infrastructure.
Paga Partners with Crossmint and Sui to Advance Stablecoin Infrastructure
Nigerian fintech Paga has partnered with blockchain firms Crossmint and Sui to integrate USD Coin stablecoins into its platform, targeting cheaper and faster remittances and payments. The move aligns with broader African fintech trends towards more interconnected digital finance infrastructure.