PalmPay, a leading digital bank and fintech platform focused on emerging markets, has launched the PalmPay Debit Card in Nigeria in partnership with Verve, Africa’s largest domestic card scheme. Launching its debit card represents a key milestone in PalmPay’s evolution – from a mobile wallet known for its fee-free transfers and cashback rewards into a
MFS Africa, a Digital payments network, raised $100 million in equity and debt funding led by Admaius Capital Partners in an extended Series C, bringing the round’s total to $200 million. Additional investors included new backers Vitruvian Partners and AXA IM Alts, along with existing investors AfricInvest FIVE and CommerzVentures. Dare Okoudjou, founder and CEO
Visa, a global leader in digital payments, has announced strategic investments and commercial partnerships with two fintechs following their 12-week engagement through the Visa Africa Fintech Accelerator program, which enables start-ups to scale through training, mentorship, and networking opportunities. Visa’s investments include Konnect, a fintech based in Tunisia which enables seamless, accessible, and instant payments
Flutterwave, a Nigeria-based payments technology company, has expanded its presence in Ghana by integrating the Pay With Bank Transfer option in collaboration with Affinity Bank. Ghana recorded over 115 million bank transfer payments in 2023. While Mobile Money remains the dominant payment method for daily transactions, the increasing adoption of bank transfers highlights the growing
By: Pierre Aurel, Chief Product Officer, Stanchion Payments Solution. Originally published here. The number of virtual cards issued worldwide is growing at an unprecedented pace. According to Juniper Research, global virtual card issuance is expected to grow at over 30% annually between 2023 and 2028, driven by relentless consumer demand for seamless, secure and convenient
Network International, a leading enabler of digital commerce across the Middle East and Africa (MEA), has been appointed as a Payment Processor and issuing partner for MTN Group Fintech, Africa’s leading mobile financial services provider. This partnership marks a significant extension of Network’s portfolio of issuer processing collaborations throughout the African continent. With a footprint
Flutterwave, a Nigeria-based payments technology company, has obtained a Payment System License from the Bank of Zambia, allowing it to provide mobile money services. This license enables the company to facilitate local and international business transactions while supporting financial inclusion and economic activity. Zambia’s digital payments sector is growing, with mobile money contributing to nearly
GTBank (Guaranty Trust Bank Ltd) has announced the removal of processing fees on all GTBank POS terminals, reinforcing its commitment to supporting businesses with cost-effective payment solutions. This initiative, which took effect Tuesday, 11 February 2025, communicates that merchants using GTBank POS terminals will no longer incur Merchant Service Charges (MSC) when receiving customer payments.
Raenest, the global multi-currency accounts platform for individuals and businesses across Africa, today announced the completion of its $11M Series A funding. The round was led by QED Investors, with participation from Norrsken22. Follow-on investment came from Ventures Platform, P1 Ventures, and Seedstars. This equity-based capital injection brings Raenest’s total venture funding to $14.3M. With
AWS (Amazon Web Services), a global leader in cloud computing and a key provider for numerous Nigerian startups and commercial banks has announced it will now accept payments in Naira, in addition to seven other local currencies for European clients. This change is expected to reduce cloud expenses for many Nigerian companies, which often host
