Visa, the global payment card network, has officially opened applications for the fourth edition of its Africa Fintech Accelerator. This biannual program aims to empower startups with access to cutting-edge tools, valuable industry connections, and expert mentorship, helping them scale their innovative solutions in the financial technology space.

A Commitment to Financial Inclusion in Africa
Launched in 2023, the Africa Fintech Accelerator is part of Visa’s $1 billion commitment to advancing financial inclusion across Africa by 2027. Over the past three cohorts, the program has supported 64 promising startups, resulting in 15 active partnerships that demonstrate the initiative’s real-world impact.

Success Stories from Previous Cohorts
The accelerator’s success is exemplified by four startups from the inaugural 2023 cohort, which secured strategic funding from Visa. These milestones highlight the transformative potential of the program and its role in fostering innovation within the African fintech ecosystem.

What Startups Can Expect in 2025
The 2025 edition of the Africa Fintech Accelerator invites startups to participate in a three-month journey packed with mentorship opportunities, access to Visa’s advanced technological resources, and potential funding. The program is designed to refine business models, boost scalability, and increase visibility in the fintech industry.

Apply Now and Be Part of the Future of Fintech
Applications for the fourth Africa Fintech Accelerator are open until March 15. This is a unique opportunity for startups to join a transformative initiative and contribute to the growth of financial inclusion across the continent.

Don’t miss your chance to collaborate with Visa and redefine the future of fintech in Africa. Apply today and take the next step in your innovation journey!

in visibility and credibility within the fintech industry.

Applications for the fourth Africa Fintech Accelerator are now open and will close on March 15. This is a golden opportunity for startups seeking to scale their operations and drive financial inclusion across the continent.

Don’t miss your chance to be part of this transformative initiative. Apply now and take the first step toward redefining the future of fintech in Africa!

Apply Here

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Payaza announced today in a statement reported by PUNCH that the funds would enhance its liquidity, enabling the company to scale operations, diversify its offerings, and solidify its market leadership in Africa. The company’s vision is to become the continent’s premier payment gateway, delivering secure and innovative solutions tailored to meet Africa’s unique financial needs.

The approval of this commercial paper program comes at a pivotal time for Payaza as it works to deepen its presence in underserved markets. The funding will empower the company to address critical service gaps and support small and medium-sized enterprises (SMEs) with accessible financial tools.

Seyi Ebenezer, CEO of Payaza, stated, “This milestone reflects the trust and confidence placed in our vision by financial stakeholders. It serves as a testament to our commitment to providing innovative and inclusive financial solutions that drive growth across the continent.”

Similarly, the company’s Chief Technology Officer, Philips Akinyele, noted, “Beyond financial gains, this approval represents a significant step in our journey to bridge the financial inclusion gap in Africa. We aim to continue creating robust solutions that empower businesses and individuals to thrive.”

Earlier this year, Payaza rebranded with a new logo, a revamped website, and an updated application interface. This rebranding aimed to align with the company’s renewed vision for the future and included the launch of new products designed to connect African businesses with international markets.

The company also earned an investment-grade rating from Global Credit Rating (GCR), a subsidiary of Moody’s, which highlighted its sound financial structure and strong governance. These achievements have positioned Payaza as a reliable partner in Africa’s fintech ecosystem.

The Commercial Paper program’s approval is set to reinforce Payaza’s ability to lead in innovation. With these funds, the company plans to enhance its technological infrastructure, develop new products, and create employment opportunities.

By leveraging these resources, Payaza aims to make significant strides in driving financial inclusion and supporting economic growth. The company’s commitment to empowering SMEs and bridging financial service gaps positions it as a key player in shaping the future of Africa’s digital payment systems.

As Africa’s fintech industry continues to expand, Payaza’s ambition and strategic planning stand out. The ₦50 billion program is not just a financial milestone; it is a reflection of the company’s dedication to transforming lives and businesses through technology and innovation.

The post Payaza Secures ₦50 Billion Backing from FMDQ Exchange for Commercial Paper Program appeared first on Venture Deals Africa.

The funding round was led by Nubank, the world’s largest neobank with over 110 million customers across Brazil, Mexico, and Colombia. Nubank contributed $150 million, while M&G’s Catalyst fund and Tyme’s existing shareholders invested $50 million each. Beyond financial backing, this partnership brings strategic advantages, as Nubank’s expertise in data analytics, credit risk management, and product marketing will play a critical role in Tyme’s growth strategy.

Building on Success in South Africa and the Philippines
Tyme Group’s digital-first banking approach has already delivered remarkable results. In South Africa, TymeBank, launched in 2019, has grown to serve 10 million customers by offering accessible, low-cost banking services. Similarly, GoTyme Bank, launched in partnership with the Gokongwei Group in the Philippines in 2022, has surpassed 5 million customers in under two years.

Coen Jonker, CEO and Co-Founder of Tyme Group, highlighted the significance of Nubank’s involvement:
“Nubank transformed financial services in Brazil. We are excited by the value their thought partnership can bring, particularly in areas like data, product, and marketing – which are key to achieving leadership in our markets.”

Strategic Expansion into Vietnam and Indonesia
The newly secured capital will drive Tyme’s expansion into Southeast Asia, particularly targeting Vietnam and Indonesia. With Indonesia’s large population and thriving digital economy, Tyme is exploring acquisitions to secure a local banking license. According to Jonker, the company’s immediate priority is consolidating its leadership in the Philippines before replicating its success in Indonesia.

A Powerful Partnership with Nubank
David Vélez, Nubank’s Founder and CEO, expressed strong confidence in Tyme’s ability to lead in emerging markets:
“We believe the future of financial services lies in digitally native companies. Tyme Group is well-positioned to scale its model across Africa and Southeast Asia, and we are excited to work together to bring this vision to life.”

Driving Financial Inclusion in Emerging Markets
Tyme Group has made significant strides in promoting financial inclusion. To date, it has amassed over $400 million in deposits and facilitated $600 million in financing for small businesses. By prioritizing underserved communities, Tyme is helping bridge the financial services gap and aligning with global trends toward inclusive digital banking.

A Fintech Unicorn with Global Ambitions
Tyme Group’s rise to unicorn status reflects the transformative power of digital banks in emerging markets. As one of the few African fintech unicorns, Tyme has set its sights on scaling operations, achieving profitability, and delivering long-term value. With plans to go public by 2028, the company’s focus remains on optimizing operations, driving expansion across Africa and Asia, and solidifying its leadership in key markets.

The post Tyme Group Secures $250M Funding, Solidifies Unicorn Status Amid Bold Africa-Asia Expansion appeared first on Venture Deals Africa.

A Bold Vision Rooted in Innovation

Founded in 2021 by Ife Johnson and Justin Ziegler, Juicyway is redefining cross-border payments in Africa using stablecoin technology. The fintech, headquartered in Africa, aims to provide fast and affordable financial transactions across borders. Despite operating under the radar, Juicyway claims to have processed over $1.3 billion in transactions without launching any marketing campaigns or public-facing products.

Organic Growth and Strong Partnerships

Juicyway’s strategy of growing organically has paid off. With over 25,000 transactions completed, the startup boasts a user base of 4,000 businesses, including prominent names in fintech, energy, and other sectors. Some of its major partnerships include companies like Bolt, IHS, Mocoh SA, PiggyVest, Bamboo, and Afriex. This network underscores Juicyway’s ability to meet the financial needs of diverse industries.

The Stablecoin Advantage

Juicyway leverages stablecoins, such as USDC and USDT, to disrupt traditional cross-border payment systems. By purchasing stablecoins through U.S. bank accounts, businesses can bypass the inefficiencies and high costs of fiat-to-fiat currency conversions. These digital assets are sent to digital wallets, where users can either hold them or convert them into local currencies.

This approach is particularly beneficial for remittance services. Businesses can inject liquidity and set favorable exchange rates, offering more flexibility and control over financial transactions. By addressing the inefficiencies of traditional payment platforms, Juicyway is helping businesses save time and reduce costs.

Navigating Regulatory Challenges

To operate in multiple jurisdictions, Juicyway has secured money transmitter licenses in the U.S., U.K., Canada, and Nigeria. These licenses ensure compliance amid the global regulatory uncertainty surrounding cryptocurrencies and stablecoins. As Juicyway expands, it plans to obtain similar licenses in other African countries to strengthen its position as a trusted cross-border payment platform.

Revenue Streams and Future Plans

Juicyway’s business model is built on processing and payment fees, with rates ranging from 0.2% to 10% per transaction. Looking ahead, the company intends to diversify its revenue by earning interest on customer balances. These initiatives align with Juicyway’s goal of becoming the preferred platform for seamless currency conversion across Africa.

With a solid foundation and innovative technology, Juicyway is poised to revolutionize cross-border payments in Africa, empowering businesses and individuals with greater financial control and efficiency.

The post Juicyway Breaks Cover with $3Million Pre-Seed Funding to Shake Up the Industry appeared first on Venture Deals Africa.

A Milestone in African Private Equity

Samantha Pokroy, CEO of Sanari Capital, shared her excitement about the fund’s successful close, emphasizing the trust it reflects in the firm’s investment strategy. “With four investments already made and a robust pipeline of opportunities that align with our themes, this capital enables us to execute our plans swiftly. We are optimistic about the positive impact this will have on the ground and on the fund’s returns,” she said.

A Diverse and Confident Investor Base

The Sanari 3S Growth Fund has attracted a wide range of institutional investors, demonstrating broad confidence in its vision and approach. Key investors include:

• Public Investment Corporation (PIC)
• Alexforbes Investments
• 27four Black Business Growth Fund
• Telkom Retirement Fund
• Motor Industry Retirement Funds
• RisCura
• National Fund for Municipal Workers

This diverse investor base underscores Sanari Capital’s reputation and its ability to bring together stakeholders committed to advancing African businesses.

Scaling Businesses with Global Potential

Sanari Capital’s investment strategy targets mid-market businesses with significant scaling potential, offering investments of up to R250 million (approximately $14 million). The firm’s current portfolio is a testament to this vision, with companies generating about 60% of their revenues in hard currency, reflecting strong export orientation and geographic diversity.

Moushmi Patel, Executive Director of Sanari Capital, highlighted the global demand for South African innovation: “We are continuously inspired by the compelling technology and innovation that thrive in our market.”

Portfolio Highlights

The fund’s portfolio includes businesses that are making a notable impact in their respective industries:

• Edulife Group: Providing affordable schooling solutions.
• LightWare LiDAR: Developing the world’s smallest and lightest LiDAR sensors.
• iiDENTIFii: Africa’s leading enterprise identity verification company.
• Energenic Holdings: A pan-African energy solutions provider.

Commitment to Transformation and Economic Impact

Sanari Capital places a strong emphasis on diversity, transformation, and economic impact in its investment approach. Sihle Gumede, a representative of the firm, commented, “Private equity has a pivotal role in transforming our economy.”

This commitment is evident in the firm’s focus on fostering growth that not only delivers strong financial returns but also drives meaningful change across the African business landscape.

Sanari Capital’s R1.5 billion fund marks a new chapter in supporting technology-driven African enterprises, showcasing the potential of private equity to empower innovation and transformation in the region.

The post Sanari Capital secures $80M to fuel the growth of tech-driven African enterprises. appeared first on Venture Deals Africa.

Empowering Traditional Retail Through Technology

Founded in 2022 by Meriem Benabad, Samer Choumar, and Youssef Ait-Haddouch, Z operates as a B2B marketplace connecting traditional retailers and brands directly with consumers. The platform addresses a critical need in the Fast-Moving Consumer Goods (FMCG) sector, where traditional trade still dominates, accounting for 85% of the market.

Z’s innovative approach seeks to revitalize traditional trade by equipping small businesses with tools to remain competitive in an evolving retail landscape.

Impressive Growth Since Inception

In just two years, Z has achieved remarkable milestones. The startup has onboarded over 15,000 active retailers and processed more than 800,000 orders. This rapid growth underscores the platform’s potential to reshape Morocco’s retail ecosystem.

Backing from Leading Investors

The funding round was supported by prominent Morocco-based venture capital firms, including MNF Ventures, Witamax, Cash Plus Ventures, and Kalys Ventures. Their backing reflects strong confidence in Z’s mission and growth trajectory.

Scaling for the Future

The fresh funds will be strategically invested to enhance Z’s technology, expand its product offerings, and prepare for the next phase of scaling operations.

“This funding marks a pivotal moment for Z, as we aim to scale operations and bring cutting-edge solutions to traditional retail,” said Samer Choumar, one of Z’s co-founders. “Our vision is to empower small businesses and unlock growth across Morocco and Africa.”

With this financial boost, Z is well-positioned to lead the digital transformation of traditional retail in Morocco and beyond.

Moroccan B2B retail-tech startup Z raised $1.05M in seed funding to enhance technology, expand product offerings, and empower traditional retailers in the FMCG market.”

The post Moroccan Retail-Tech Startup Z Raises $1.05M Seed Funding to Drive Expansion appeared first on Venture Deals Africa.

Outpacing the Competition

ByBit, the second-largest exchange, saw $8.13 billion in deposits during the same period. Other notable exchanges, including OKX, Bitmex, and Robinhood, followed with deposits of $5.36 billion, $3.44 billion, and $2.31 billion, respectively.

Regulatory Challenges Amidst Success

Despite its impressive growth, Binance has faced significant regulatory hurdles in various jurisdictions. In the United States, the company was fined $4.3 billion for violating anti-money laundering regulations.

Nigeria, a key market for Binance, has also presented challenges. The company and its employees faced allegations of money laundering, tax evasion, and currency manipulation. Yemi Cardoso, the Governor of the Central Bank of Nigeria, claimed that Binance generated $26 billion from Nigeria. However, Binance CEO Richard Teng refuted this claim.

Global Dominance and Market Insights

Binance’s global dominance is evident in its market share. China remains its largest market, contributing 20% of its volume with 900,000 active users. The Chinese market represents an $80.6 billion futures market and a $9.4 billion spot market for the exchange.

South Korea is another significant market for Binance, contributing $56.9 billion in futures volume and $1.39 billion in spot volume.

The increasing deposit sizes, with average BTC deposits rising from 0.36 BTC to 1.65 BTC and USDT deposits surging from $19.6k to $230k, indicate growing institutional and individual interest in cryptocurrencies. However, the lack of a comprehensive regulatory framework poses challenges for exchanges worldwide.

The post Binance Attracts Record $23 Billion in Deposits in 2024 appeared first on Venture Deals Africa.

Investors and Funding Details
The $1.6 million funding, comprising a mix of debt and equity, was secured from prominent investors including Norrsken Accelerator, Kaleo Ventures, 54 Collective, P2Vest, and Afrinovation Ventures. This financial backing underscores the growing interest in innovative solutions addressing SME challenges in Africa.

Addressing SME Cash Flow Challenges
Founded in 2023 by Justus Obaoye and Abdulazeez Ogunjobi, Billboxx was established to tackle cash flow issues plaguing SMEs, which frequently experience long or delayed payment cycles from larger enterprise partners. The company’s invoice financing solution provides advance payments to SMEs ahead of client payments, ensuring steady cash flow crucial for business operations.

However, SMEs using Billboxx must first secure approval from their enterprise clients for payment authorization. The platform charges up to 5% for invoice financing and 1.5% in transaction fees for payments processed through its system.

Operational Milestones and Unique Model
Billboxx reports processing over ₦1 billion monthly without any defaults, a testament to the platform’s reliability. “We realised that every business we interacted with faced billing inefficiencies and cash flow problems. Many still rely on manual or Excel-based invoicing,” said co-founder Justus Obaoye.

The fintech serves SMEs primarily but also partners with larger enterprises to expand its reach. Current clients include Monument Distillers and the International Institute of Tropical Agriculture (IITA). By leveraging its unique distribution model, Billboxx acquires SMEs through its partnerships with these larger entities.

A Differentiated Approach
Unlike competitors focusing on mid-market and enterprise-level businesses, Billboxx prioritizes solutions tailored to SMEs. “We aim to become the financial operating system for SMEs in Africa,” Obaoye stated. This vision drives the company’s strategy and product development.

Future Plans and Expansion
Looking ahead, Billboxx plans to extend its footprint across Africa while introducing a new feature designed to help SMEs access market opportunities within corporate ecosystems. Though details of this feature remain undisclosed, it signals the company’s commitment to innovation and growth.

Conclusion
With its robust financial backing and a clear focus on addressing the unique challenges of SMEs, Billboxx is poised to redefine financial operations for small businesses across Africa. The company’s innovative solutions and ambitious goals make it a key player in Africa’s fintech landscape.

The post Nigerian fintech Billboxx raises $1.6 million in pre-seed from Norrsken, 54 Collective appeared first on Venture Deals Africa.

Strong Gains in the Official and Parallel Markets

The naira exhibited remarkable gains over the past week. Starting at N1,663/$ on Monday, the currency strengthened to N1,537/$ by Friday in the official market, achieving a price gain of N126/$.

In the parallel market, the naira peaked at N1,530/$ on Saturday morning before stabilizing at N1,580/$ on Sunday in Nigeria’s commercial hub, Lagos. However, technical analysis indicates that for sustained bullish momentum, the naira must breach the N1,500/$ threshold; failure to do so may see the currency revert to the N1,600 resistance line.

EFEMS: Revolutionizing FX Trading

The Electronic Foreign Exchange Matching System (EFEMS), launched on December 2, 2024, addresses persistent challenges in Nigeria’s FX market, such as opacity and inefficiency. By enabling real-time trading and ensuring transparency, EFEMS facilitates smoother operations and boosts confidence among market participants.

According to Omolara Duke, Director of the CBN’s Financial Markets Department, EFEMS represents a “game-changing tool” for the FX market. In a circular to banks, she stated, “This initiative represents a significant advancement in ensuring uniformity and seamless operations among market participants.”

How EFEMS Works

EFEMS allows authorized dealers, including commercial banks, to place real-time buy and sell orders. The platform automatically matches transactions, ensuring quick execution and offering real-time visibility to both regulators and market players. Key features include:

• Consolidation of trade statistics accessible to market participants.
• Integration with banks’ middle and back-office systems.
• Finality of trades executed on the platform. Naira Surges
• Enforcement of credit and settlement limits to mitigate counterparty risks.

Boost from International Bond Market

Adding to the naira’s momentum, Nigeria re-entered the international bond market on Monday, raising $2.02 billion through oversubscribed Eurobonds. The bonds, sold in two tranches, attracted subscriptions totaling $9.01 billion, significantly boosting liquidity.

The Federal Government issued:

• $1.05 billion in 10-year bonds at a 10.375% coupon rate.
• $700 million in 6-year Eurobonds maturing in 2031 at a 9.625% coupon rate.

A Vision for Transparency and Trust

CBN Governor Mr. Olayemi Cardoso described EFEMS as a revolutionary step toward achieving price discovery and enhancing market transparency. He emphasized, “The exchange rate unification is a crucial reform, but it’s only the first step.”

With the launch of EFEMS, the CBN aims to foster transparency, rebuild trust, and attract fresh investments. As part of this reform, Nigeria’s FX market officially transitioned to the electronic matching system on December 2, 2024.

Conclusion

The introduction of EFEMS and the naira’s strong performance highlight the CBN’s commitment to enhancing Nigeria’s foreign exchange market. These reforms, coupled with the successful Eurobond issuance, mark a pivotal moment in driving stability and confidence in the Nigerian economy.

The post Naira Surges by N126/$ in Under a Week as CBN Drives FX Market Reforms appeared first on Venture Deals Africa.

This announcement was made in a statement by NITDA’s Director of Corporate Communications and Media Relations, Hadiza Umar, on Tuesday. The data, sourced from the Federal Inland Revenue Service (FIRS) and the National Bureau of Statistics (NBS), highlights the significant economic contributions of the ICT sector.

Regulatory Compliance Drives Revenue Growth

NITDA emphasized the critical role of regulatory frameworks in fostering economic development. The agency commended tech companies such as Google, Microsoft, X (formerly Twitter), and TikTok for adhering to the Code of Practice for Interactive Computer Service Platforms/Internet Intermediaries. This compliance has enhanced government revenue while promoting accountability within the sector.

“Data from FIRS and NBS reveals that foreign digital companies, including social media platforms and internet intermediaries, contributed over N2.55 trillion (approximately $1.5 billion) in taxes in H1 2024. This underscores the impact of robust regulations in driving revenue growth in the digital economy,” the statement noted.

Promoting Transparency and Online Safety

NITDA highlighted the tax contributions as a reflection of Nigeria’s thriving digital economy. The agency reiterated its dedication to ensuring a safer and more transparent online environment for all Nigerians.

The Code of Practice, developed collaboratively by the Nigerian Communications Commission (NCC), the National Broadcasting Commission (NBC), and NITDA, provides guidelines for managing harmful content and enhancing user safety. In compliance with this framework, platforms like Google, X, Microsoft, and TikTok reported significant efforts to address harmful content in 2023:

• Content moderation: Over 65.8 million harmful pieces of content were removed.
• User complaints: 4.12 million complaints were addressed.
• Reinstated content: 379,433 pieces of content were re-uploaded after appeals.
• Account closures: More than 12 million accounts were deactivated or closed.

Collaboration for a Safer Digital Environment

NITDA acknowledged the importance of collaboration among stakeholders to maintain a responsible digital ecosystem. The agency reaffirmed its commitment to partnering with industry players to ensure the sustainability of progress in Nigeria’s digital economy.

The Broader Impact

The contributions of foreign tech companies not only bolster Nigeria’s revenue streams but also highlight the country’s potential as a leading digital hub in Africa. With continued regulatory compliance and industry partnerships, the digital economy’s role in national development is poised for further growth.

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