Fintech

An underdeveloped financial system has created a vacuum, necessitating alternative methods to access essential financial instruments like payment services, money transfers, credit, loans, etc.

Many banks are partnering with fintech startups to help them digitalize, enabling them to expand their services and reach more customers at the same time.

Over the long term, this is essentially about going beyond fintech and providing an ecosystem that empowers users on a gradual but progressive journey to financial inclusion.

Since the onset of the COVID-19 pandemic and its related lockdowns, there has been a steep decrease of remittances inbound to Nigeria during 2020 compared to 2019. Now the Central Bank of Nigeria has introduced an incentive scheme to try and boost inbound remittances.

Deya will use their pre-seed investment to improve its platform in the coming months, to be more robust and with a better experience for users, as well as to implement its business model, thus starting to generate revenue to boost its growth.

The partnership between Mastercard and MTN Group is hoped will enable the millions of the mobile service provider's customers to pay on global online platforms with a Mastercard virtual payment solution linked to the MTN MoMo wallet.

USA-based but Africa-focused fintech startup, Pngme, has announced that it has successfully concluded raising $3 million in VC funding which will help it further expand its offerings across Africa.