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Risevest shuts down virtual cards 

Investing platform, Risevest today notified users of the shuttering of it’s virtual card, effective from 30th of September. In an email sent to users, Risevest blamed the shutdown on the challenges with the card providers, “fluctuating exchange rates, and delays in issue resolution.” Risevest disclosed that funds left on the cards after the shutdown will […]

Wise resumes naira transfers to Nigeria for the fourth time
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Wise resumes naira transfers to Nigeria for the fourth time

Wise, formerly known as TransferWise, has resumed offering payouts in Naira to Nigerian bank accounts, following a recent change in remittance guidelines by the Central Bank of Nigeria. The London-listed fintech, popular for its low-cost international money transfers, now allows UK customers to send Naira directly to beneficiaries in Nigeria. The decision follows the CBN’s […]

PayPal expands into U.S. POS market with new debit card
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PayPal expands into U.S. POS market with new debit card

PayPal is making a push into the United States point-of-sale payments sector, unveiling a new initiative that integrates its debit card with Apple’s mobile wallet and offers up to 5% cashback rewards. This move marks a strategic effort by the global online payments leader to directly challenge tech giants and traditional banks in the in-person […]

Nigerian startups receive $220k grant from NSIA
News Tech

Nigerian fintech captures 14% share as African startups raise $56m

Nigerian fintech Waza has significantly impacted the continent’s startup funding landscape, securing $8 million in August and capturing a 14% share of the $56 million total raised by African startups for the month. This information comes from the latest report by research firm ‘Africa: The Big Deal’, which monitors fundraising activities across Africa. Waza, a […]

Nigerian fintech Risevest moves to acquire Kenyan Hisa
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Nigerian fintech Risevest moves to acquire Kenyan Hisa

Nigerian fintech startup enabling access to global investments and Nigerian stocks, Risevest is currently in negotiations to acquire Hisa, a Kenyan startup facilitating access to US stocks. Should the acquisition proceed, it would mark Risevest’s expansion into the Kenyan market, following its acquisition of Chaka, a digital trading startup, in September 2023. According to sources […]

US fintech Mercury Bank blocks accounts linked to Nigeria, others
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US fintech Mercury Bank blocks accounts linked to Nigeria, others

American financial technology company, Mercury, has announced plans to terminate the accounts of businesses based in several countries, including Nigeria, effective from August 22, 2024. This decision comes as part of revised eligibility criteria for opening accounts, recently updated by the company. In a list posted on its website, Mercury has identified 15 African nations […]

Fintech Okra ventures into cloud services
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Fintech Okra ventures into cloud services

Nigerian fintech known for its APIs facilitating access to customer data by banks and financial service providers, Okra, is expanding into cloud infrastructure. This move aims to provide local businesses with a cost-effective and reliable alternative to foreign cloud services such as AWS and Azure, particularly appealing in Nigeria’s high inflation and interest rate environment. […]

Carbon shuts down debit card operations in Nigeria
News

Carbon shuts down debit card operations in Nigeria

Nigerian fintech company Carbon has announced the termination of its debit card operations in Nigeria, just two years after its launch. The company’s co-founder and CEO, Ngozi Dozie, made this disclosure on Wednesday through a Substack post. While Dozie did not provide specific reasons for discontinuing the card service, his post suggested that the decision […]

Fintech startup Brass acquired by consortium-led by Paystack
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Fintech startup Brass acquired by consortium-led by Paystack

Two months after securing bridge financing to address working capital challenges, Nigerian business banking startup Brass has been acquired by a consortium of investors led by payment giant Paystack. Other investors in the deal include PiggyVest, Ventures Platform, and P1 Ventures. The acquisition culminates discussions that likely began in early 2024. Ventures Platform, a venture […]

VFD Group has released its financial statements for the first quarter of 2024, showcasing significant improvements in key financial metrics.
News

VFD Group reports N3bn in pre-tax profits Q1 2024

Leading proprietary investment company, VFD Group has released its financial statements for the first quarter of 2024, showcasing significant improvements in key financial metrics. The company reported a revenue of N15.3 billion, a substantial increase from N6.6 billion in the same period in 2023, indicating a positive trend in its income generation capabilities. Net investment […]

News

Ex-Chief Risk Officer sues NIBSS for N1bn over wrongful termination, fraud

A former Chief Risk Officer of the Nigeria Inter-Bank Settlement System, Temidayo Adekanye, has taken legal action against the switching company for what he alleges to be wrongful termination of his employment. Adekanye claims that his dismissal came months after he raised concerns about financial impropriety within the organization. Court documents reveal that Adekanye is […]

Opay warns users against crypto trading on platform
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Opay warns users against crypto trading on platform

One of Nigeria’s prominent fintech companies, OPay, has issued a stern caution to its users regarding cryptocurrency or any virtual currency trading within its app. “In compliance with the CBN directive, please note that OPay prohibits any cryptocurrency and all virtual currency trading. Any account engaging in such activities will be closed, and customer information […]