Hi Fintech friends 👋,

Here are the highlights of what happened in African Fintech this week;

• Nigeria recorded the largest global drop in cash usage as digital payments surged.
• One funding deal was announced.
• A new $20 Million Fund was launched to back African startups.
• Africa’s biggest valued Fintech launched Pay With Bank Transfer in Ghana.
• Nigeria lobbied the Kenyan President to build a new Kenyan payment system.

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This Week in FintechSabrina Baxter

💸Fundraise and Exits

• Ex-Network International execs raised $6.75 Million for Enza, an African fintech serving banks.

💰 Venture Funds

• Yango Ventures launched to back African startups with $20 Million fund.

🚀 Partnerships & Product Launches

• Moneda Invest Africa and meCash partnered to enhance critical SME financing in Africa with the launch of “Musa”.
• Quidax joined Busha to list SEC-regulated cNGN stablecoin.
• Flutterwave launched Pay With Bank Transfer in Ghana.

👔 Leadership Lineup

• The Central Bank of Nigeria (CBN) appointed 16 new directors, a major leadership shift that will influence banking supervision, monetary policy, fintech regulation, and consumer protection.

📰 News of the Week

• Nigeria recorded the largest global drop in cash usage as digital payments surged.

From 2014 to 2024, cash transactions in Nigeria fell by 59%, the largest drop among the seven major economies analysed. The Philippines followed with a decline (43%), while Indonesia (44%), Mexico (41%), Japan (31%), Germany (24%), and Colombia (22%) also saw drops in cash usage.Data from the Nigeria Inter-Bank Settlement System (NIBSS) shows that the volume of electronic transactions surged by 16-fold (1,514.2%) between 2018 and 2024, rising from 793 million to 11.3 billion respectively.

👀 Eye Openers

• M-PESA’s market share fell by 2.3 percentage points to 91% in Q4 2024 compared to Q3, while Airtel Money grew from 7.6% to 8.9% in the same period, according to data from the Communication Authority of Kenya (CA). 

📑 Read of the week

• The Untold Story of a Crypto Crimefighter's Descent Into Nigerian Prison. (Wired)

📖 Other News, Reads, and Media

• Nigeria’s NIBBS, Ceva, lobbied Ruto to build Kenya’s new payment system.

🎥 VIDEO INTERVIEWS/DISCUSSIONS

• Interview with Ken Njoroge on how to get ahead in the African startup space. He is a Co-founder of Cellulant, and CEO of PANI VC.

🦉 Tweet of the Week

🎯 Fintech Opportunities

• Opportunity to connect and network with founders, partners, and investors in the global stablecoin ecosystem. Register now!

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