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A decade ago, Africa’s fintech revolution began as a response to one of the continent’s most persistent challenges: access to finance. In 2011, only 23% of people in sub-Saharan Africa had access to formal financial services, according to the World Bank. The launch of M-PESA in Kenya marked a turning point, proving that mobile technology could leapfrog traditional banking barriers. By enabling millions to send and receive money using basic feature phones, M-PESA laid the foundation for a continental digital finance revolution. As mobile penetration surged, surpassing 500 million unique subscribers by 2022 (GSMA), fintech startups began filling the gaps…
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Flutterwave, the Pan-African payments startup, has launched a new product called Tuition by Flutterwave which will enable Africans to pay tuition for universities in the West in their local currencies. The new product was announced in a blog post on 11th July 2023. African students are increasingly attending universities in the West with the UK, USA, Canada and France being popular destinations. Despite this, paying tuition is still difficult with long wait times and expensive charges as the most convenient means is doing bank transfers. The new product is currently available for Nigerian students but will be launched in other…
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Ugandan fintechs Chipper Cash, Tugende and Asaak have been named in the top 100 Most Funded African Startups in research compiled by Digest Africa, a Pan-African data and intelligence startup headquartered in Kampala. Startups, according to Forbes, is a term used to refer to young companies founded to develop a unique product or service, bring it to market and make it irresistible and irreplaceable for customers. Startups are high-growth companies, and instead of bootstrapping, they turn to investors to grow at the pace they want to. This model is followed globally, and Digest Africa has tracked this funding data for…
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Flutterwave, a leading technology company, has announced that it has raised US$$250 million in Series D funding, valuing the company at over $3 billion as the brand continues to transform the way Africans transact on the continent and worldwide. The investment makes Flutterwave the highest valued African start-up and proves a validation of African talent, innovation and its young inspiring people. It is also a huge endorsement in the growth of the business, innovation and technology landscape in Africa. Flutterwave’s latest backers include some of the world’s most respected investors led by B Capital Group, and with participation from Alta…
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