Last week has been bombarded with a lot of stories from fintech, blockchain and cryptocurrency. In view of this we have decided to package some of the most important stories in last week coming from Africa in this extract.
PAYQIN ANNOUNCES 3000 THOUSAND EUROS SEED INVESTMENT ROUND
PayQin, a cross-border payment startup that operates a comprehensive e-wallet service for the underbanked in West Africa, has announced a new 3000 thousand Euro seed investment round that takes the company’s funding up to $1 million..
The company added that it aims to reach one million daily transactions in a year and envisions a single payment area for the West African countries.
The company is also backed by several business angels and VC companies from the Baltic countries, and venture capitalist investors from the US and Africa. Meanwhile Founded in 2017 by Fabrice Amalaman and Pierre-Antoine Sesque in London, PayQin as a cross boarder payment startup that has been driving financial inclusion in Africa’s vast underbanked markets, where the mobile phone penetration is twice the rate of banking access.
TANGERINE OFFICIALLY LAUNCHES ITS FINANCIAL SERVICE PRODUCT OFFERINGS
One of the Leading financial services and technology platform in Nigeria and by extension Africa, Tangerine has officially launched its financial service product offerings in a press conference recently.
While speaking about the progress of the company in the last two years, the Head Pensions, Tangerine Nigeria Dapo Akisanya said, in two years, the company has been able to successfully acquire and rebrand several businesses and firmly establishing Tangerine.
He also said the company has been able to make significant strides in repositioning her businesses in readiness for growth by assembling a strong, agile and experienced team that aligns with her strategic thinking”.
AKIBA DIGITAL RAISES OVER ONE MILLION DOLLARS IN PRE SEED CAPITAL
Akiba Digital, a fintech startup that lowers the barriers to entry for small businesses to get financing through their lending partners, has raised more than USD 1.1 M dollars in pre-seed capital to help it expand its market share.
The funding round was led by Expert DOJO and Oui Capital and also included Basecamp Fund, Soma Capital, Hustle Fund, Future Africa, LoftyInc, a former PayPal executive, and a handful of angel investors.
Akiba Digital however said it plans to use the funds to expand its market share in South Africa and link over 20,000 SMEs to lenders via its ecosystem.
CBN ASK BANKS TO SUSPEND FOREX TO BDC OPERATORS
The central Bank of Nigeria has ordered banks in the country to stop Foreign Exchange or Forex to Bureau De Change operators otherwise called BDCs.
The central bank through its governor, Godwin Emefiele made this known via a nationwide broadcast in the country.
The CBN boss also added that the Apex Bank would also no longer process applications for BDC licenses in the country.
SOUTH AFRICAN PAYMENT STARTUP RAISES $83 MILLION IN SERIES C FUNDING
South African payment startup, Yoco, has raised $83 million in Series C funding to scale up its platform and expand internationally.
It would be recalled that the startup raised $16 million back in 2018 in a Series B funding round.
However the funding doesn’t come as a surprise as Yoco is regarded as one of the most valuable startups on the African continent right now.
The payment platform therefore said her aim is to build tools and provide services to small businesses which are the backbone of most economies as they represent 90% of existing businesses globally and also create over 50% of employment in the country
IVORY COAST JULAYA ANNOUNCES $2 MILLION PRE-SERIES FUNDING
Ivory Coast-based fintech startup Julaya, one of the dominating telecom companies has announced a $2 million pre-Series A funding to expand its products across West Africa.
Meanwhile Before launching Julaya the pairs had worked at French payment fintech LemonWay on their service in Mali and Burkina Faso.
In speaking Léopoldie told TechCrunch that the experience introduced them to how mobile money worked across Francophone Africa as LemonWay acts as a payment solution for marketplaces.
IMF CAUTIONS NIGERIA ON DANGERS OF CRYPTOCURRENCY
The International Monetary Fund (IMF) has warned Nigeria and other countries on the danger of adopting crypto assets as a national currency.
The IMF warning followed plans by Nigeria to launch its own cryptocurrency called project Gaint in October 1st.
In a post on its website, IMF warned that the adoption of cryptocurrency would expose banks and other financial institutions to the volatility and fluctuations of the cryptocurrency market.
ZUGACOIN SURPASES OTHER CRYPTO RECORDS
The first Cryptocurrency in Africa ZUGACOIN, has surpassed every crypto records, taking the lead in the global market of Cryptocurencies.
The top trending currency founded by Professor Archbishop Sam Zuga AKA Jehovah’s Field Marshall is trading at a very high value as against Bitcoin 41,000 dollars in the recent development in the world of Cryptocurrency.
ZUGACOIN which is barely a year old is currently on 3 different Blockchains, Ethereum, Binance and Samzuga Blockchain
CEO ICORBP EXPRESSES JOY OVER PATNERSHIP WITH COIN NEWS EXTRA
The Chief Executive Officer of International Council for Registered Blockchain Practictioners ICORBP Mr. Armando Boncales has expressed joy over the partnership between the council and Coin News Extra media
Mr. Armando made this known while speaking at the virtual signage of the memorandum of understanding, between ICORBP and Coin News Extra
In his remarks Mr. Armando said he looks forward to the partnership with Coin News Extra, adding that the partnership will be a tool for spreading awareness in accreditation, certification and orientation in the sub Saharan Africa as regards blockchain
GHANA VP URGES AFRICAN GOVERNMENT TO EMBRACE DIGITAL CURRENCIES
The vice president of Ghana’s Dr. Mahamudu Bawumia says African governments need to embrace digital currencies to facilitate trade throughout the continent.
As reported by Ghanaweb, Bawumia outlined his argument during the Fifth Ghana International Trade and Finance Conference, with the theme “Facilitating Trade and Trade-Finance in AfCFTA; The Role of the Financial Services Sector.”
The vice president argued that trade between African countries demands a “single central payment” system emphasizing that, moving goods over African borders is costly and time-consuming saying that a digital payments system, would rectify these issues.
ICORBP PARTNERS WITH COIN NEWS EXTRA
The international council of registered blockchain professionals otherwise called ICORBP and the leading blockchain, cryptocurrency and cryptocurrency media firm in Africa, Coin News Extra have signed a memorandum of understanding MOU
While speaking the director of accreditation, certification and education of icorbp Dr Tammy Francis who is also a strategist entrepreneur and a teacher said the mission of the ICORBP is to standardize and educate people about the blockchain.
She however said it is an honor to be partnering with coin news extra a leading media house in the ecosystem aimed at improving awareness as regard the ecosystem.
ERNEST MBENKUM SPEAKS ON GAINS OF BANTU BLOCKCHAIN
The CEO of Bantu Blockchain Ernest Mbenkum says the blockchain is an innovation firm that combines the best features of many of the leading technologies to address some of Africa’s biggest problems,
Mbenkum added that it takes a subtly approach in building for the general public first, and then for nerds and developers.
The CEO however said unlike many other platforms that tend to benefit the early adopters especially persons with a lot of money and mining rigs,
CEO BUNDLE STEPS DOWN FOR GREATER CHALLENGES
The CEO of bundle Africa yele Bademosi has officially announce his decision to step down in the capacity as CEO of Bundle Africa as from today, July 31, 2021..
Yele who was CEO until 31st July 2021 said the journey started in 2018 when he joined Binance and like many other persons felt it was the best and good decision for him and his career as a person most especially as the firm was the best and most aligned ecosystem to grow and scale the crypto adoption in the continent .
he added that he ran the Lagos chapter of the Incubation program as a Director of Binance Labs, raising some of today’s leading tech startups in the crypto ecosystem including Xend, Yellowcard, Bitsika and Raise to name a few, which have all gone on to do amazing things
yele therefore said his proudest and most fulfilling achievement by far has been founding Bundle, incubated within the Binance ecosystem.