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Feb
22
2024
By BIRD STORY AGENCY
Nigerian E-payments eclipse South Africa’s 2022 GDP, in latest surge

Nigerian E-payments eclipse South Africa’s 2022 GDP, in latest surge

BUSINESS
WHEN the Nigerian Central Bank introduced newly designed currency notes in November 2022 and a month later put a cap on the maximum amount of hard cash that individuals and corporations could withdraw, the idea was to tame money laundering in the country. During that year’s Christmas festive season and in the run-up to the 2023 Nigerian presidential election in February 2023 –– two high spending seasons –– the country was hit with shortages of the naira currency. Nigerians, however, appear to have found solutions to the problem, according to official statistics. In December 2023 alone, 968 million transactions took…
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Jul
09
2022
By The African Mirror
$40-million in Flutterwave’s accounts frozen in Kenya

$40-million in Flutterwave’s accounts frozen in Kenya

NEWS
A court in Kenya has frozen over $40 million in accounts belonging to Africa-focused payments giant Flutterwave under the country's anti-money laundering laws, court documents showed. Founded in 2016 in Nigeria, the San Francisco-headquartered firm specialises in individual and consumer transfers, one of several fintech firms facilitating and capitalising on Africa's booming payments market. Earlier this year, the firm raised $250 million, valuing the startup at more than $3 billion. Kenya's Assets Recovery Agency sought and was granted a High Court order to freeze several accounts with three banks belonging to Kenyan-registered Flutterwave Payment Technology Ltd. Flutterwave confirmed to Reuters…
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Sep
15
2021
By The African Mirror
More African countries dive into a cashless future with new MTN, Flutterwave deal

More African countries dive into a cashless future with new MTN, Flutterwave deal

BUSINESS
SETH ONYANGO, BIRD MTN’s new deal with payments technology firm, Flutterwave is set to deliver cash to mobile wallets of more Africans via MTN Mobile Money (MoMo) with the planned expansion in Cameroon, Côte d’Ivoire, Rwanda, Uganda and Zambia. This digital move is primed to plug millions of unbanked people in those countries into mainstream financial services and prop up businesses especially those in remote areas. MTN and Flutterwave’s deal follows Safaricom’s entry into Ethiopia earlier this year, giving it access to a market of more than 110 million potential subscribers. Safaricom, East Africa’s biggest telco, is gearing up for…
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