Appzone, a Nigeria-based company that builds technology for banks, has raised $10m in a Series A round. The funding was led by CardinalStone, an investment banking firm in Nigeria. V8 Capital, Lateral Investment Partners, Constant Capital, and Itanna Capital Ventures also participated, the company said. Appzone was founded in 2008 by current CEO Obi Emetarom […]
Nigerian fintech startup Bankly has announced that it has raised $2 million in a seed round. Bankly digitizes financial services for people in the informal sector, usually small-scale traders who save through rotating savings and credit associations, colloquially known as “ajo” or “esusu” in Nigeria. The startup founded by Tomilola Adejana and Fredrick Adams went […]
Fintech in Nigeria is growing at an impressive scale. The sector features at least one billion-dollar companies that’s been operating for two decades, a startup recently sold for a historic price and a host of new entrants making waves around the continent. But compared to how fintech works in some countries, Nigeria has some way […]
African fintech company Flutterwave announced that it has raised $170 million in Series C funding, valuing the company at over $1 billion. The round was led by growth-equity firms Avenir Growth Capital and Tiger Global. New and existing investors who participated include DST Global, Early Capital Berrywood, Green Visor Capital, Greycroft Capital, Insight Ventures, PayPal, […]
The ride from Lagos to Ganvie, a lake village in Benin republic, is about 150km. The village’s 35,000 people live in a scenic environment that invites curious tourists who have dubbed it the Venice of Africa. But like a number of cities in the french-speaking countries in Africa, Ganvie has a problem; it is a […]
Godwin Emefiele, the Central Bank of Nigeria’s governor, is convinced that cryptocurrency threatens Nigeria’s financial system and must remain under quarantine indefinitely. At a Senate hearing held on Tuesday, Emefiele described cryptocurrency as “money that is created out of thin air” and used by “players in an electronic dark world where transactions are extremely opaque.” […]