Hi Fintech friends 👋,

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

• Global payments giant invested in four African Fintechs
• A new $250 Million planned fund for African startups was announced.
• Africa’s biggest e-commerce reported a $20.1 million operating loss despite the growth of its fintech arm.
• African Fintech investors shared about what kind of Fintechs they want to back now.
• Owner of Africa’s biggest mobile money secured insurance license after a four year wait.
• Africa’s newest fintech unicorn poached a CFO from Africa’s most profitable bank.

We are very excited to announce the TWIF Cape Town fintech happy hour on Friday 15th November.Big thanks to our lead sponsor, Deimos Cloud for supporting us. 

TWIF Cape Town Fintech Happy Hour · Luma

Get ready to experience the most vibrant fintech gathering in Cape Town! This Week in Fintech is delighted to invite you to the TWIF Cape Town Fintech Happy…

This Week in Fintech

💸Fundraise and Exits

• Visa invested in Orda, Oze, WorkPay, and OkHi to boost African financial inclusion.

💰 Venture Funds

• From cross-border payments to micro-insurance; African fintech investors shared what they wanted to see and fund.

• Startupbootcamp announced its planned $250 Million African Startup Fund.

🚀 Partnerships & Product Launches

• Africhange, a bootstrapped remittance company acquired an IMTO license for its Nigerian subsidiary.

• MTN Nigeria planned to obtain two additional payment licenses for MoMo PSB.
• M-Pesa’s owner secured an insurance license after a four-year wait.

• Spenn partnered with Swahilies to embed business and finance management tools into their B2B platforms.
• Lendsqr expanded operations into Kenya with the launch  of an advanced loan processing platform.

• Kenyan savings and investments fintech startup Chumz expanded to Rwanda after hitting 200k users.

👔 Leadership Lineup

• Moniepoint hired Stanbic IBTC CFO for its microfinance bank after a $110 million raise.

📰 News of the Week

• Jumia committed to a “disciplined approach” as operating losses hit $20.1 million in Q3 2024.

Jumia’s Q3 2024 revenue declined by 14%, heavily influenced by currency depreciation in key markets. The company saw a 6% rise in orders, with growth in local currency. Expansion of JumiaPay and focused operational improvements were highlighted as growth drivers. 

The giant reported $20.1 million in operating losses in the third quarter of 2024 and a 14% year-on-year revenue decline to $36.5 million.

👀 Eye Openers

• How the African Fintech landscape is evolving and where growth may head next;

📑 Read of the week

• Africa's unicorns in focus(The Big Deal)

📖 Other News, Reads, and Media

• KCB customers overdrew accounts by $7.7 million following system glitches during migration.

🎥 VIDEO INTERVIEWS/DISCUSSIONS

• Interview with Seye Bandele, Co-founder and CEO of PaidHR, a platform that enables employees to receive salaries in 49 local currencies. He shared the entire journey of building the company, attracting investors, and now scaling it.

🦉 Tweet of the Week

🎯 Fintech Opportunities

An opportunity to be a part of the largest special fintech event in Africa, taking place soon in South Africa. Reach out to wiza@thisweekinfintech.com .

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 .