MoneyHash, the first and leading payment orchestration platform operating in the Middle East and Africa (MEA), has secured $5.2M in pre-A funding. The round was led by Flourish Ventures, a global fintech investor known for backing industry leaders such as Chime and FlutterWave. New investors include Saudi’s Vision Ventures, Arab Bank Venture Capital, and Emurgo
Mastercard has opened its first office in Accra, Ghana, to support the country’s growing digital economy. This expansion strengthens its footprint across Africa, with existing offices in Cairo, Casablanca, Johannesburg, Lagos, Nairobi, and Mauritius. This move is part of Mastercard’s strategy to reinforce relationships with local stakeholders and foster inclusive growth in West Africa. “Opening
Sevi, a fintech company regulated by the Central Bank of Kenya, is revolutionizing stock financing for wholesalers and retailers through its “stock now, pay later” platform. Sevi addresses the challenge of insufficient working capital by providing users with access to credit while ensuring suppliers are paid upfront. With Sevi, suppliers like Coca-Cola, Anytime and Philmed
IFC and BNI Madagascar today announced a partnership to expand access to local currency financing for smaller businesses in Madagascar, including women-led businesses, helping them grow and create jobs. Under the partnership, IFC will provide BNI Madagascar, one of the country’s largest financial service providers, with a $30 million equivalent loan in Malagasy Ariary for
Financial inclusion doesn’t begin and end with a bank account. It will be solved by a multitude of payment technologies – including cash. Financial inclusion is an elusive goal now closer to realisation than ever. It’s being tackled through various innovations from traditional banking and non-banking sources such as fintechs. According to a World Bank
Premier Bank, a leading Islamic financial institution in Kenya, has announced a collaboration with Mastercard to introduce an innovative suite of Shari’ah-compliant debit, credit, and prepaid cards. This collaboration marks a significant milestone in delivering secure financial solutions, tailored to meet the diverse needs of Kenya’s population and the wider market. This collaboration represents Premier
Tranglo, a Cross-border payment hub, has expanded its services in Africa. Tranglo now facilitates payments in Ethiopia, Kenya, Liberia, Madagascar, Mali, Senegal, and Zambia. Remittances are crucial for African households and businesses. Tranglo offers efficient and cost-effective solutions to address high remittance fees. The World Bank estimates that remittances to Sub-Saharan Africa reached US$ 54
IFC, a member of the World Bank Group, has partnered with Standard Bank and Rand Merchant Bank (RMB) to help expand local currency financing for private businesses across Africa. IFC will collaborate with Standard Bank and RMB on cross-currency swaps to manage currency exposure related to its local currency lending. This hedging allows IFC to
Kotani Pay, a licensed on-ramp and off-ramp service provider, has announced its expansion into Rwanda and Uganda. This development marks a significant milestone in empowering local fintech and crypto businesses, providing them with the essential tools to reach more customers and accelerate the adoption of digital payments in East Africa. Rwanda and Uganda are vibrant
President William Ruto has asked Member States of the Common Market for Eastern and Southern Africa (COMESA) to ratify the Pan-African Payments and Settlement System to enable and ease trade among the countries. The President said the African payment system will save Africa more than $5 billion annually in payment and foreign exchange transaction costs.
