In an audited report published this week, Carbon, the Nigerian fintech company, declared that it made the naira equivalent of $312,905 in profit after tax in 2019. It’s a second successive year of profit for the business. First conceived as a lending platform, it now projects a “full-service” financial services menu that features investments, personal […]
The initial plan at Paystack, the Nigerian fintech company, was to run a 100% remote situation where staff will not be allowed into their physical offices this Friday. All staff were to work from home as a test scenario. The purpose was to provide guidance on how to operate should a shutdown become necessary, according […]
Access to credit in Africa is difficult because banks consider retail loans risky. But payday lenders are filling this gap, promising instant loans with no collateral. While they provide credit, they have high interest rates and repayment periods can force customers into a debt cycle. In response to these concerns, Google updated its policies. Introduced […]
The Central Bank of Nigeria (CBN) wants banks to lend more. This time it’s not just talking. It is compelling them, somewhat. But the new policy it has issued could set the stage for the first real tussle between banks and fintechs.