Nigeria fintechs – DIGIT INFO

Nigerian Fintech Firm Flutterwave Confirms Hacking Attempt, Says Users’ Funds Safe

DIGIT — Fri, 17 May 2024 22:46:01 +0000

The Nigerian fintech firm Flutterwave claimed on May 16 that it had foiled an attempt to breach its payments platform. Flutterwave asserted that the “unauthorized activities inconsistent with usual customer behavior” did not compromise users’ funds or data confidentiality. According to one report, over $7 million was siphoned from Flutterwave following a cyberattack in April. […]

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Speculators and Crypto Traders Blamed for Naira’s Plunge, Kenyan Institutions Told to End Dealings With Nigerian Fintechs, CAR Token Sale off to Slow Start

DIGIT — Thu, 04 Aug 2022 11:30:00 +0000

In this week’s Africa news highlights, the Nigerian central bank blames speculators for causing the local currency’s plunge to a new all-time low on the parallel market. In Kenya, the central bank has told financial institutions to cease having dealings with two Nigerian fintechs, Flutterwave and Chipper Cash. The Central African Republic’s token sale is […]

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Kenya Central Bank Orders Financial Institutions to Stop Dealing With Two Nigerian Fintechs

DIGIT — Mon, 01 Aug 2022 10:00:07 +0000

In a letter addressed to the CEOs of financial institutions, the Central Bank of Kenya (CBK) has said financial institutions operating in the country must cease and desist from dealing with two Nigerian fintechs, Flutterwave and Chipper Cash. The letter reiterates the CBK governor Patrick Njoroge and the Asset Recovery Agency (ARA)’s assertions that the […]

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Report: Nigerian Crypto Restrictions and Twitter Ban Have ‘Crippled Foreign Direct Investment in the Fintech Industry’

DIGIT — Tue, 10 May 2022 10:30:57 +0000

A new report has concluded that restrictions on cryptocurrency trading, as well as the banning of Twitter by Nigerian authorities, may have “crippled foreign direct investment in the fintech industry.” Foreign Direct Investment ‘Crippled’ A new report has found that restrictions imposed by Nigerian authorities on crypto trading may have contributed to the reduced foreign […]

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Nigerian Fintech Founder: ‘African Fintechs Have a Greater Scale Potential Than Other Tech Startups’

DIGIT — Mon, 09 May 2022 09:30:00 +0000

The African fintech industry has grown rapidly over the past few years and this has caught the attention of some well-resourced venture capital (VC) firms. As one would expect, Nigerian fintech startups have dominated the continent in terms of funds raised or the number of transactions performed. Nigeria’s Burgeoning Fintech Scene This dominance has convinced […]

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Flutterwave Raises $250 Million in Series D Funding Round, Startup Now Valued at Over $3 Billion

DIGIT — Sat, 19 Feb 2022 10:30:31 +0000

Fintech startup Flutterwave announced recently that it has raised $250 million from its Series D funding round. The funding round, which attracted international investors, saw the startup’s value rise to over $3 billion. Capital Raised to Fund Flutterwave’s Expansion Plans The Nigerian fintech startup Flutterwave recently announced it raised $250 million in a Series D […]

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Report: Nigerian Fintechs Account for Nearly 91% of $417.5 Million Raised by Tech Startups in the Country

DIGIT — Tue, 30 Nov 2021 11:30:42 +0000

According to an analysis of the $417.5 million that was raised by Nigerian tech startups during the first nine months of 2021, fintech firms accounted for about $379 million or 90.78% of the total. Nigerian Fintechs Dominate the African Continent Nigerian fintechs currently account for more than 90% of the $417.5 million that was raised […]

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Nigerian Central Bank Wants Financial Institutions to Develop Products Based on Its CBDC

DIGIT — Mon, 29 Nov 2021 13:00:31 +0000

The Central Bank of Nigeria has said it wants players in the country’s payment industry to develop and help introduce products based on its central bank digital currency, the e-naira. Central Bank Open to Suggestions In its bid to deepen the adoption of the e-naira, the Central Bank of Nigeria (CBN) has asked payment service […]

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Nigerian Judge Rules in Favor of Accused Crypto Startup, Accounts to Be Reopened

DIGIT — Wed, 27 Oct 2021 12:30:35 +0000

A Nigerian Federal Court judge recently ruled that the two frozen bank accounts belonging to Rise Vest Technologies, which is accused of trading cryptocurrencies, must be reopened. CBN’s Bank Account Freeze Order Dismissed In a ruling that overturns the Central Bank of Nigeria (CBN)’s August 17 decision to freeze the bank accounts, Judge Taiwo Taiwo […]

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Africa Fintech Start-up Growth: Nigeria Dominates in ‘Big Three’ Markets

DIGIT — Sat, 10 Jul 2021 00:00:50 +0000

According to the findings of the latest study by Disrupt Africa, the number of fintech start-ups based on the African continent grew to 576 in 2021. This figure represents a 17.3% jump from the 491 start-ups that were operating on the continent in 2019. Overall, the number of fintech start-ups in Africa has increased around […]

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