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Moniepoint, OPay, PalmPay responded to 2024 ban with better data collection and compliance
In 2024, Nigerian fintechs faced intense regulatory pressure, including fines and a six-week ban on onboarding new users due to compliance issues with anti-money laundering and fraud prevention standards. In response, fintechs revamped their operations, tightening compliance measures and enhancing data collection practices. With leadership changes at the Central Bank of Nigeria (CBN), the new…
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Airtel Africa reports a $248M gain after tax in 9 months
Airtel Africa has reported a $248 million profit after tax for the nine months ending December 31, 2024, a massive increase from just $2 million during the same period in 2023. The company’s revenue grew by 20.4% to $3.64 billion (in constant currency), driven by the rise in mobile money and data usage. However, currency…
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Visa Partners with Moniepoint to Accelerate Financial Inclusion and Digital Transformation for African SMEs
Moniepoint Inc., a leading business payments and banking platform in Nigeria, has secured an investment from Visa to enhance financial inclusion and digital transformation for African SMEs. Since its founding in 2015, Moniepoint has become a key player in Nigeria’s fintech landscape, offering a wide range of services including digital payments, banking solutions, and credit…
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Microsoft stock slumps more than 6% on disappointing revenue outlook
Microsoft’s stock dropped 6.2% after the company issued weak guidance for the current quarter, following a fiscal second-quarter earnings report that exceeded Wall Street’s estimates. Despite posting earnings of $3.23 per share and $69.63 billion in revenue, Microsoft’s forecast for the next quarter fell short of expectations, with projected revenues between $67.7 billion and $68.7…
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Uber-backed Moove acquires Brazil’s Kovi to continue global expansion
Nigerian mobility fintech startup Moove, backed by Uber, has acquired Kovi, a Brazilian car rental startup, in an all-stock transaction. This move strengthens Moove’s presence in Latin America’s largest ride-hailing market and furthers its global expansion, with operations now spanning 19 cities across five continents. As part of the deal, Kovi’s investors—including Accel, Spectra Investments,…
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Airtel Money eats into M-PESA’s dominance in Kenya, doubling market share to 7.6%
Airtel Kenya’s mobile money service, Airtel Money, significantly increased its market share from 2.9% to 7.6% by September 2024, according to data from the Communications Authority of Kenya (CA). This growth was driven by free Airtel-to-Airtel transfers, lower fees for sending money across networks compared to Safaricom’s M-PESA, and cheaper withdrawal charges. During the same…