One month after obtaining a court order to recover $24 million lost to unauthorised POS transactions, Flutterwave suffered another security breach that allowed unknown persons to divert billions of naira to several bank accounts. The perpetrators illegally transferred ₦11 billion ($7 million) to several accounts in April 2024, one financial services insider with direct knowledge … Read more
Digital lending is notorious for teaching expensive lessons. While every lender will talk up their proprietary algorithms and foolproof loan decision systems, many loan books will show that few have hacked profitable lending. Yet, Credit Direct, a digital lender whose name may not draw a flicker of recognition from most people, reported ₦4bn ($2.6 billion) … Read more
Tanzania’s Central Bank will no longer allow unlicensed digital lenders to operate in the country and has told customers to look out for valid licenses before patronising loan companies. The Bank of Tanzania’s (BoT) new restrictions are believed to be linked to questionable lending practices like debt-shaming of defaulters, and high interest rates. ​​ The directive … Read more
Lesaka Technologies, the NASDAQ-listed fintech company with a market capitalisation of R4.5 billion ($242 million), is acquiring payment platform Adumo for R1.59 billion ($85 million) in cash and equity. The deal is scheduled to be completed in the third quarter of 2024 and will extend Lesaka’s payment footprint in the southern African region to five … Read more
Chipper Cash, a pan-African fintech startup, has resumed operations in the US after a two-month pause, and after a restructuring exercise that saw the company remove all US and UK roles, focusing its staff presence in Africa. Now, US-based customers can once again send money to friends and family in Chipper Cash’s African markets in … Read more