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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.
Nigeria's Sparkle, a mobile-first digital ecosystem providing financial, lifestyle, and business support services to Nigerians across the globe, has partnered with Network International to power its recently launched payment card offering.
Fintech continues to be an exciting space, despite the massive setbacks in the global economy during 2020. Successful fintech addresses opportunities and this space will be one to watch in South Africa during 2021 as the world moves towards more convenient money systems.