Hi Fintech friends 👋,

It has been a busy week with more Fintech announcements, here are the highlights of what happened in African Fintech this week;

• Two Nigerian fintech soonicorns expanded globally through acquisitions.
• Four African fintechs announced funding deals. 
• Africa’s latest Unicorn piloted its “square for Africa” product.
• CEO of Africa’s HR and Payroll Fintech resigned,leaving investors in the dark amid EFCC, LIRS probe.
• Africa’s biggest mobile money provider lost 4.7% market share in Kenya.

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This Week in FintechSabrina Baxter

💸Fundraise and Exits

• Remittance Fintech Lemfi completed acquisition of Irish currency exchange Bureau Buttercrane.

• Cedar Money secured $9.9 million to power cross-border payments with stablecoins.

• Rwandan-based Pula secured a $10 Million grant from Bayer Foundation to provide insurance coverage to 10 million smallholder farmers by 2030.

• NjiaPay raised $1 Million to aggregate Africa’s payment service providers.
• Kenyan fintech startup Sevi, which is revolutionising stock financing for wholesalers and retailers secured an undisclosed amount of funding from Renew Capital.

💰 Venture Funds

• P1 Ventures and Two Other Funds received $7.5 Million Backing from Egypt’s Fund of Funds.

🚀 Partnerships & Product Launches

• Moniepoint piloted its “Square for Africa” product; an all-in-one point-of-sale (POS) terminal that combines payment processing, inventory management, and transaction.

• CreditChek partners with CredPal to expand credit access across Africa.

• Egypt’s Paymob secured UAE Central Bank retail payment services licence.

👔 Leadership Lineup

• Bento CEO resigned, leaving investors in the dark amid EFCC, LIRS probe.

📰 News of the Week

Uber-backed Moove acquired Brazil’s Kovi to continue global expansion.

The acquisition is an all-stock transaction that makes Kovi’s investors shareholders in Moove which has raised about $500 million in debt and equity from investors like Uber at a $750 Million valuation. Kovi has raised over $145 million from different investors.

This deal increases Moove’s annual revenue to $275 million. Moove’s fleet has grown to 36,000 cars operating in 19 cities across five continents.

👀 Eye Openers

• The new model of scaling African Fintechs”

📑 Read of the week

• Is consolidation in African fintech inevitable?(amadi)

📖 Other News, Reads, and Media

• Airtel Money ate into M-PESA’s dominance in Kenya, doubling market share to 7.6%.

• M-KOPA won a trademark case against former agent imitating its name and logo.

• Africa recorded high rate of national ID and driver’s license fraud in 2024 amid a surge in AI-driven incidents.

🎥 VIDEO INTERVIEWS/DISCUSSIONS

• The Interview with the Co-founder of Truzo on how they bridge trust back to African businesses.

🦉 Tweet of the Week

🎯 Fintech Opportunities

• Applications open for 4th Visa Africa Fintech Accelerator. Apply 

Made in Tanzania 🇹🇿 with 💚

👍🏽👎🏽  Did you enjoy this edition of This Week In Fintech Africa? Please share your feedback with me on Twitter or LinkedIn .