Mara, the Crypto Startup Backed by Coinbase, Collapses Amid Leadership Turmoil and $16 Million Loss in 2022
Mara, a pan-African crypto exchange backed by prominent investors like Coinbase Ventures and Alameda Research, faced a dramatic collapse just two years after its launch. The startup, founded in 2021 with a vision to “build Africa’s crypto economy,” burned through $16 million in 2022, with its leadership falling apart and financial mismanagement at the core […]
Tanzania Cracks Down on Predatory Loans, Bans Unlicensed Digital Lenders
The Bank of Tanzania (BoT) has announced a ban on unlicensed digital lenders operating in the country, urging consumers to verify the licenses of loan providers before using their services. This move targets over 100 unregistered apps that offer instant loans, often to individuals without access to traditional financial institutions. The crackdown addresses growing concerns […]
Vella Finance Shifts Focus from Crypto to SME Bankin
Nigerian fintech Vella Finance has announced it will discontinue all crypto-based operations to concentrate fully on serving small and medium enterprises (SMEs). In a recent email to users, Vella confirmed it would shut down crypto trading, deposits, wallets, fiat-crypto swaps, and other crypto services by October 30, marking a shift towards providing end-to-end banking solutions […]
VIBRA Shuts Down Operations Across Africa, Staff Asked to Resign or Face Termination
VIBRA, the Africa-focused cryptocurrency platform co-founded by Vincent Li of African Blockchain Labs, has ceased operations in all three of its markets—Nigeria, Ghana, and Kenya. While initially reported as a Nigeria-only closure, sources have confirmed the shutdown is continent-wide. The company, which raised $6 million from investors like Lateral Frontiers and Everest Ventures, is reportedly […]
Interswitch Launches Google Pay Integration on Its Payment Gateway for Nigerian Merchants and Users
Interswitch, a leading Nigerian payments company, has announced Google Pay integration on its Interswitch Payment Gateway (IPG), enabling users to make global transactions directly from the Google Wallet app. With this new feature, Nigerian merchants and users can now add their debit and credit card details to Google Wallet, allowing seamless online payments using both […]
dLocal Secures Key Licenses in Kenya and Rwanda, Paving the Way for Growth in Africa’s Expanding Payment Marke
Uruguayan fintech company dLocal has strengthened its footprint in Africa by securing payment service provider licenses from the Central Bank of Kenya and the National Bank of Rwanda. This move comes on the heels of dLocal’s recent entry into Nigeria, where it received a similar license from the Central Bank. These approvals mark an important […]
Tinubu’s Tech Manifesto: Ambitious Promises, Limited Understanding of Nigeria’s Tech Ecosystem
In October, Bola Ahmed Tinubu, the presidential candidate of Nigeria’s ruling All Progressives Congress (APC), released his manifesto titled “Renewed Hope 2023 – Action Plan for a Better Nigeria.” Among the key areas addressed in the 80-page document is Nigeria’s tech ecosystem. While commendable for its inclusion of technology, a closer examination reveals gaps in […]
Nigerian Universities Urged to Play Larger Role in Developing Startup Ecosystem
Abuja, Nigeria — Nigerian universities are under increasing scrutiny for their limited role in nurturing entrepreneurship and contributing to the nation’s startup ecosystem. A recent report, the *Nigerian Startup Ecosystem Report 2022* published by Disrupt Research, highlights that Nigerian universities lag behind institutions in Egypt and South Africa when it comes to supporting student and […]
Africa’s Payroll Tech Boom: The New Frontier in Fintech
As Africa’s fintech scene continues to expand, payroll tech is emerging as a key growth area, reshaping how businesses across the continent manage salaries and employee benefits. Once a largely manual process, payroll is being transformed by startups leveraging digital solutions to save time, improve accuracy, and provide added financial flexibility for employees. Payroll […]
