Africa’s Weekly Fintech Review – December 09, 2023

December 09th, 2023
Africa’s Weekly Fintech Review

What’s inside?

• NIBSS announcement causes chaos in Nigerian fintech scene
• Flutterwave receives 13 licenses in the US
• Kenya’s Lipa Later acquires eCommerce company, Sky.Garden
• Bujeti raises $2M USD for scaling of its corporate cards platform

Making the news

Chaos among Nigerian fintech community after Nigeria Inter-Bank Settlement System (NIBSS) memo 
“Nigerian financial services companies are racing to reassure users after a memo from the Nigeria Inter-Bank Settlement System (NIBSS) asked banks and mobile money operators to delist unlicenced fintechs from directly accepting consumer deposits. The memo affects companies that own superagents, payment solution service providers (PSSPs) or switching licenses. By regulation, financial services with only these licenses cannot directly accept consumer deposits, particularly through bank transfers. According to the Central Bank of Nigeria, over 100 entities currently hold these licenses in Nigeria.” TechCabal

Banking & Telecom Activity

  • BankservAfrica and UnionPay partner to fast-track affordable, accessible, and innovative card payments across South Africa 
  • SocGen to sell two subsidaries in Burkina Faso and Mozambique to Pan-African banking group, Vista Group 


Startup Activity

 Kenya – Digital commerce SaaS startup, tappi, raises $1.5M USD pre-seed funding round to accelerate growth in Kenya and Nigeria 
 Kenya – Insurtech startup Lami‘s acquisition of Bluewave collapses after a supposed failure to agree on acquisition terms 
 Kenya – eBus startup, BasiGo, raises $5M USD debt facility from BII to scale the company’s local production and deliver 100 buses 
 Kenya – Fintech startup, Lipa Later, acquires eCommerce brand, Sky.Garden, with plans to revamp and rebrand the platform
 Nigeria – Fintech startup, Bujeti, raises $2M USD to grow its corporate cards and spend management platform 
 South Africa – Sports data company, Sportable, raises $15M USD Series A as the company looks to expand its partnership with international tournaments 
 Tunisia – Team collaboration startup, Cynoia, raises ~$930K USD for expansion into West Africa with plans to start in Senegal and Ivory Coast 

Investor Activity

  • Pan-African early-stage VC firm, Chui Ventures, secures $9M USD commitment from Mastercard Foundation 
  • Fuse Network announces $10M USD grant program to help startups and businesses to access Web3 payment systems 
  • Pan-African accelerator, Startupbootcamp AfriTech, launches investor syndicate designed to connect founders with mentors and capital 

Featured Article

AI-Powered Solutions for Agriculture in Africa – Guest Author in WeeTracker 
“…AI is catching up with agriculture too much and taking it to the next level. Regions like Africa, where agriculture is the cornerstone, face the scope of development. In contrast, they face too many challenges as well. The entrance of AI here begins to transform this domain completely. Farmers are getting advanced; their economic growth is visible, which enhances their productivity.” Continue reading

Graphic of the Week – Countesy of Africa: The Big Deal by Axel Peyriere

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AFTS partners in the news

Flutterwave receives Money Transmitter Licenses (MTL) in 13 US States 
“Money transfer licenses are issued by state regulators to allow financial technology companies to engage in the transmission of money. These licenses enable Flutterwave’s solutions like Send App, which facilitates money transfer between the U.S. and Africa, and enterprises that use Flutterwave for last-mile payout globally.” Continue reading

AFTS in the headlines

Highlights, Big Ideas, Impact, and More From the Africa Fintech Summit Lusaka 2023
“With such a diverse lineup of ecosystem-building engagements, it was no surprise that attendees generally thought the summit delivered on its promises and were quick to share their experiences alongside photos and videos from the event.” Continue reading on TechCabal

11th Africa Fintech Summit set to be hosted in Nairobi, Kenya in Q4 2024
The AFTS Organizational Team is fast at work planning Africa’s largest financial technology event of the year, set to take place over the course of 3-days at Nairobi’s new JW Marriott. Reach out to the AFTS team at to enquire about sponsorship & partnership opportunities. 

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