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Acquisition activity offers life-line to Africa’s fintechs, startups

Acquisition activity offers life-line to Africa’s fintechs, startups

FINTECHS in Africa continues to show their resilience despite the drying-up of venture capital during 2023, as startups begin to enter strategic partnerships with each other and with larger financial institutions. Over the past two years, the continent has recorded 26 fintech startup acquisitions. That compares to just seven between 2019 and 2021 according to Disrupt Africa’s latest report, Finnovating for Africa: Reimagining the African financial services landscape 2023. “This suggests Mergers and Acquisitions (M&A) activity in the space is hotting up, which will serve as positive news for investors and entrepreneurs alike,” said authors of the report. South Africa…
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Nigerian startup buys US tech co as credit cards go digital, in Africa

Nigerian startup buys US tech co as credit cards go digital, in Africa

CONRAD ONYANGO, BIRD AFRICA STORY AGENCY AFRICA has begun making its own virtual credit cards as fintechs push to end legacy challenges experienced in physical, traditional bank-aligned cards. As startups across the continent move to bring millions of unbanked into the financial sector using digital payment cards, they are also looking to tap into new demand for payment services created by growth in e-commerce and streaming services. Virtual cards offer shortened issuance times and lower costs when compared with traditional cards, and are speedy, cheap and convenient even for those residing in rural areas. Pan-African digital payments company MFS Africa…
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