MEA Fintech Weekly Information: Nigeria to Intently Scrutinise Fintech Startups

In final week’s MEA fintech information, the Central Financial institution of Nigeria (CBN) has as soon as once more hinted that it will likely be retaining a detailed watch on fintech startups within the nation.

At a current seminar, Director of the Banking Supervision Division of CBN Mustapha Haruna mentioned that the CBN would proceed monitoring fintechs within the nation (Nairametrics).

Haruna added that the CBN was eager to handle the related dangers of fintech companies, together with the “risk to shopper knowledge safety.”

“Whereas we might not precisely remove these threats, we should make sure that we’re in a position to minimise these threats to customers and to monetary establishments, in addition to the monetary system and its stability,”

Haruna famous.

He additionally highlighted the market worth of fintech corporations, citing EY’s Nigerian Fintech Census 2020. The report mentioned that Nigerian fintechs raised over US$439 million as of the top of 2020. Over half of those investments got here from overseas buyers.

As of September this yr, fintech startups have raised 57% of the entire investor {dollars} raised by African startups – over US$1.6 billion. Half of this was raised in Nigeria alone.

With the fintech sector in Nigeria booming on this method, the CBN might want to guarantee the steadiness of its monetary system, Haruna mentioned.

In an earlier submit, we talked about 4 Nigerian fintechs going through the warmth from the CBN, within the wider context of a extra stern enterprise setting sooner or later.

The 4 fintech corporations in query – Risevest, Bamboo, Trove and Chaka – had their accounts frozen for violating the CBN’s pointers. Within the weeks since, Bamboo’s account has been briefly unfrozen for wage and hire funds, whereas Trove and the CBN have publicly mentioned that they have been working to resolve the difficulty amicably.

MEA Fintech Information Highlights

Regional information

– The African Improvement Companions III Fund closed at US$900 million. It has made 4 investments thus far, together with in fintechs Channel VAS and MNT-Halan (Africa Information).

– Flutterwave publicizes yet one more fintech partnership, this time with Airtel Cash (firm announcement).

– Pan-African funds platform Payday raised US$1 million in pre-seed funding (Africa Inc).

– Fatora, Hala and Verofax gained Abu Dhabi International Market’s The Search MENA and Turkey version (ADGM).

South Africa

south africa

– MTN’s digital and fintech companies to be led by a brand new CFO (TechMetro Africa).



– Nigerian crypto infrastructure startup Bitmama raised US$350k pre-seed funding for enlargement (Disrupt Africa).

– Nigeria’s fee infrastructure firm Interswitch partnered with Cameroon’s blockchain-based paytech firm Interstellar Inc over blockchain-powered infrastructure companies and options (The Nation).


– Cameroon-based crypto funding platform Ejara raised US$2 million in funding (Tech in Africa).


– Mauritius-headquartered Finclusion Group raised US$20 million from debt financing supplier, Lendable (firm announcement).



– Egypt-based youth banking startup Z-Walet to launch pay as you go card and app for children aged six to 18 (Fintech Futures).

– Egyptian insurtech startup Amenli raised US$2.3 million seed funding (TechCrunch).

Saudi Arabia

– Saudi IT firm Al Moammar Info Techniques to launch BNPL and e-marketplace subsidiary (Zawya).



– The Qatar Improvement Financial institution concludes yet one more hackathon with over 300 functions (6Park).



– DIFC Academy launched its DOLFIN eLearning Platform for compliance professionals in partnership with K2 Integrity (The Fintech Occasions).

– A global blockchain-backed CBDC infrastructure challenge, which included the UAE, is growing a production-ready digital foreign money resolution after profitable prototyping for worldwide remittances (Fintech Futures).

– UAE’s fee gateway firm Telr and SME financing startup LNDDO launched a brand new SME-focused credit score facility program known as “Telr Finance” (IBS Intelligence).

– Abu Dhabi’s digital asset buying and selling platform MidChains accomplished its first trades throughout listed belongings (WAM).

– UAE’s crypto platform BitOasis raised US$30 million in a Collection B spherical for enlargement (Fintech Information Center East).



– Bahrain-based biometrics and id verification standing Faceki raised undisclosed pre-seed funding from enterprise capital agency Nama Ventures (Fintech International).



– Pakistani fintech and logistics startup PostEx raised US$1.5 million in seed funding (Daybreak).


– Israel-based derivatives fintech startup WeMatch closed a US$19.5 million Collection B spherical (Fintech Information Center East).

Advisable Studying

“Nigeria’s considerably under-tapped digital funds trade is poised for vital development. A myriad of things throughout trade fundamentals, constructive nation demographics and regulatory help have fashioned the bottom of anticipated accelerated development for the fintech trade in Nigeria…” Learn extra about Nigeria’s fintech funding growth.

“Fintech presents a major alternative to drive Qatar’s financial diversification, one of many 4 pillars of Qatar’s Nationwide Imaginative and prescient 2030. It additionally gives a large alternative for SMEs in GCC international locations, notably in Qatar, to achieve larger entry to funding, one of many main challenges they face globally…” Right here’s what you could know in regards to the state of fintech in Qatar.

That’s all in our wrap up of MEA fintech information for final week. Subscribe to our Center East and Africa newsletters to proceed receiving the highest MEA fintech information in your inbox.

Featured picture: edited from Unsplash

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