The Bank of Uganda has granted Tanzanian fintech NALA an International Money Transfer Operator (IMTO) license, the fintech announced on August 29. This allows NALA to expand its operations in Uganda by integrating directly with mobile money services, offering users a seamless way to transfer funds into local mobile wallets and enhancing the efficiency and security of cross-border payments.

NALA facilitates money transfers from the UK, US, and EU to several African countries, including Uganda. It has collaborated closely with the Bank of Uganda to meet regulatory requirements, contributing to an increase in foreign exchange supply, which is vital for economic growth.

Flutterwave has secured a Payment Systems Operator (PSO) license from the Bank of Uganda, enabling it to offer its payment solutions to businesses in the east-african country. The company announced this new move on August 28.

Ki kati Uganda, we have brought the wave to you! 🇺🇬🦋

We have secured a Payment Systems Operator license from the Bank of Uganda!

Expanding into Uganda aligns with our vision of a financially connected Africa where enterprises can operate seamlessly on the continent and expand… pic.twitter.com/4WKblu1GkA

— Flutterwave (@theflutterwave) August 28, 2024

This milestone allows Ugandan businesses to accept various payment methods, including mobile money, bank transfers and cards, while also facilitating easy remittances from the diaspora.

The expansion allows businesses to boost growth and efficiency by capitalizing on Flutterwave’s solutions, including payment collection, seamless payouts and invoicing.

Proparco has provided a €400,000 loan to Rubyx, an African start-up, through the Bridge by Digital Africa facility. This funding will help Rubyx rapidly expand its algorithmic loan offering for start-ups and microfinance institutions across Africa.

The Bridge by Digital Africa facility, backed by Digital Africa and managed by Proparco, offers bridging finance to young African companies to support their growth between funding rounds.

This investment aims to boost access to loan products for African Very Small Enterprises (VSEs) and Small and Medium-sized Enterprises (SMEs), supporting financial inclusion efforts on the continent.

Ghanaian fintech startup PayBox has launched a mobile application that leverages blockchain technology and artificial intelligence (AI) to reduce transaction fees and simplify cross-border payments.

The application, Buddy, offers streamlined financial solutions for small and medium-sized enterprises (SMEs) across more than 23 African countries.

By functioning as both a mobile and decentralized app, Buddy offers a user-friendly interface, empowering users to manage their personal and business finances with ease.

Lucky, an Egyptian fintech startup, has secured a US$3 million in a funding round led by Lorax Capital Partners, KEM, DisrupTech Ventures, and other existing investors.

The newly raised funds will be strategically allocated to expand Lucky's credit services, reinforcing its position as a leading consumer credit fintech in Egypt.

Lucky offers financial flexibility and increased spending power through its lending schemes, discounts, and cashbacks.

Over the past five years, Nigeria has experienced significant adoption of crypto assets, coinciding with successive declines in the value of the naira. The government, viewing these assets as contributing to the depreciation of the local currency, has decided to regulate the sector to restore order.

The Nigerian government is set to regulate the cryptocurrency industry by September 2024. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), announced this during the FIRS 2024 Stakeholders Engagement with the Senate and House of Representatives Committees on Finance on August 17.

The proposed legislation will address the regulation of cryptocurrency transactions, an area currently lacking legal oversight in Nigeria. "While we cannot ignore cryptocurrency as there is currently no law in Nigeria regulating it, there is a need for legislation to govern this type of transaction," he stated.

In parallel, the Securities and Exchange Commission (SEC) is encouraging virtual asset service providers to join its Accelerated Regulatory Incubation Programme (ARIP) to expedite their registration and compliance with the upcoming Digital Assets Rules.

Nigeria is currently Africa’s largest cryptocurrency market and one of the leading markets worldwide. According to New York-based research firm Chainalysis, the country ranked second in the 2023 Global Crypto Adoption Index that measures crypto adoption across the globe. The widespread adoption highlights the need for a legal framework that can both harness the economic potential of cryptocurrencies and address associated risks, ensuring that the sector contributes positively to Nigeria's economic development.

Hikmatu Bilali

Pan-African fintech firm Flutterwave has been granted an Enhanced Category Payment Service Provider license by the Bank of Ghana, it announced on August 1. This license enables Flutterwave to offer a wide range of payment services directly in Ghana, eliminating the need for third-party services and simplifying payment processes for businesses and consumers.

The firm aims to unify the fragmented payment infrastructure in Africa and support local fintech companies, contributing to a more integrated financial ecosystem.

Kenya's Diamond Trust Bank (DTB), listed on the Nairobi Securities Exchange, has teamed up with Network International, a top digital commerce provider in the Middle East and Africa (MEA). The partnership, announced on July 23, aims to enhance DTB's digital payment solutions.

DTB, with over 155 branches in East Africa, aims to leverage Network's advanced payment solutions and security protocols amidst growing digital payment adoption. The partnership includes debit, credit, and prepaid card processing, e-commerce, fraud prevention, and more.

Zimbabwean financial firm BARD Santner Incorporated launched TX Money Transfer on July 10. The new platform is designed to enhance reliability and transparency in the remittance sector.

BARD aims to improve transparency regarding charges to avoid hidden costs and foster collaboration to eliminate process bottlenecks.

With the launch of TX Money Transfer, BARD Santner aims to set a new standard in Zimbabwe's remittance sector, ensuring better service for clients and strong business returns.

Nala, a Tanzanian payments company headquartered in Kenya, has raised $40 million in Series A funding, Founder and CEO Benjamin Fernandes announced on July 9, on X. The fund will support the company’s global expansion and enhance its payment systems in Africa.

Nala allows users to transfer money from the UK, US, and EU to Kenya, Uganda, Tanzania, Rwanda, and Ghana.