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Tag: Fintech

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

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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 […]

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OPay’s valuation hits $2.7bn as digital payment’s adoption rises

The Nigerian fintech startup OPay’s valuation has surged by more than 30% since its Series C funding round in 2021, according to recent corporate filings by Opera, an early investor. This significant increase underscores the impact of Nigeria’s digital payments boom on the emergence of a new wave of financial technology companies. In 2018, Opera […]

Why many Nigerian fintechs may never make profits - Interswitch CEO
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Why many Nigerian fintechs may never make profits – Interswitch CEO

Founder and Group CEO of Interswitch, Mr. Mitchell Elegbe, remarked that numerous fintech ventures in Nigeria might struggle to achieve profitability due to their initial strategy of offering certain services for free. Elegbe made these known on Saturday during the 4th edition of the Doing Business in Nigeria Conference in Lagos. He emphasized that the […]

Brass raises funds after withdrawal challenges - Report
Tech

Brass raises funds after withdrawal challenges – Report

Nigerian business banking startup, Brass has secured a capital infusion from a consortium of investors. The startup faced criticism from customers due to delays in processing withdrawals after the bank couldn’t meet up with customer demands, TechCabal reported. The deal, comprising a combination of debt and equity, was finalized last week, although the exact funding […]

PayPal launches Tap To Pay for iPhone users
Tech

PayPal launches Tap To Pay for iPhone users

PayPal on Thursday announced that it’s launching “Tap to Pay” for merchants with an iPhone through the Venmo and Zettle apps in the U.S. PayPal, which owns both Venmo and Zettle, says the feature will allow businesses to accept contactless card and digital wallet payments directly on their iPhones with no additional cost or hardware. […]

Fairmoney moves to acquire digital bank Umba
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Fairmoney moves to acquire digital bank Umba

Lagos-based digital bank with headquarters in Paris, FairMoney is currently in early-stage discussions to acquire Umba, a credit-focused digital bank providing financial services in Nigeria and Kenya, TechCrunch reported. The potential $20 million all-stock deal signifies FairMoney’s interest in expanding its customer base, particularly in Kenya. However, the move also highlights the challenges faced by […]

Ex-Flutterwave VP Ted Oladele launches fintech startup
Tech

Ex-Flutterwave VP Ted Oladele launches fintech startup

Flutterwave’s former VP of design and innovation Ted Oladele has launched Mira which seeks to reduce the long wait faced by food buyers by utilizing scan codes for payment. Mira has introduced a QR code payment system designed to revolutionize the dining experience by allowing customers to instantly pay for their meals. This innovative solution […]

Opay, Palmpay, others facilitate N46.6trn transactions in 2023 - NIBSS
Tech

Opay, Palmpay, others facilitate N46.6trn transactions in 2023 – NIBSS

In 2023, mobile money operators such as Opay, Palmpay, and 15 others facilitated transactions totaling N46.6 trillion, as disclosed by the Nigeria Inter-Bank Settlement Systems. This figure marked the highest annual mobile money transactions in the country, showcasing a remarkable 140% surge from the N19.4 trillion recorded in 2022. The substantial increase in transaction value […]

Opay warns users against crypto trading on platform
Tech

Opay to remove fraudulent accounts from system

Leading fintech company in Nigeria, OPay, has announced that it will be purging fraudulent accounts from its system starting March 1, 2024. This was disclosed at a press conference on Wednesday, where the mobile money firm also noted that accounts not compliant with Know Your Customer regulations will be blocked. KYC is a mandatory process […]

Tingo founder denies US SEC fraud allegations
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Tingo founder denies US SEC fraud allegations

The founder of Tingo, Dozy Mmobuosi, has reacted to the fraud charges levelled against him and his group of companies by the United States Securities and Exchange Commission (SEC). In a statement on Friday, he described the allegations as spurious. “Mr. Mmobuosi wishes to make it unequivocally clear that these allegations are baseless and he […]

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