Author: Insider Editor

Stitch, a South Africa-based payments infrastructure startup founded in 2021, has successfully raised $55 million in a Series B funding round, bringing its total funding to $107 million in just four years. The funding will accelerate the company’s expansion into in-person payments, enhance its online payment suite, and support its entry into card acquiring. Led by QED Investors, the funding round also saw participation from Norrsken22, Flourish Ventures, and Glynn Capital, with notable angel investors, including comedian Trevor Noah. Existing investors such as Ribbit Capital, PayPal Ventures, Firstminute Capital, and The Raba Partnership also contributed to the round. In a…

A group of Nigeria’s largest banks saw a 58% surge in electronic payment revenues in 2024, as digital transactions reached an all-time high, according to their latest financial reports. The jump reflects the growing reliance on mobile apps, card usage, and digital transfer channels, signaling a major shift in how Nigerian banks are making money. Collectively, Access Holdings Plc, Guaranty Trust Holding Company (GTCO) Plc, United Bank for Africa (UBA) Plc, Zenith Bank Plc, First HoldCo Plc, Wema Bank Plc, Stanbic IBTC Holdings Plc, FCMB Group Plc, Sterling Financial Holdings Company Plc, and Fidelity Bank Plc raked in ₦674 billion…

Nigeria’s growing tech ambitions took center stage this week at GITEX Africa in Morocco, as the country positioned artificial intelligence (AI) and cybersecurity as central to its vision for digital transformation—not just for itself, but for the entire continent. Leading the charge was the National Information Technology Development Agency (NITDA), whose Director General, Kashifu Inuwa, laid out a case for integrating AI into leadership and policy frameworks across Africa. AI is shifting the skills we value and the way we work,” Inuwa said during a keynote panel on April 15. It’s an ambitious vision for a country still grappling with…

Zimi a South African electric vehicle (EV) charging startup has raised $320,000 (R6 million) in grant funding from the Energy and Environment Partnership (EEP Africa Trust Fund) to pilot its vehicle-to-grid (V2G) technology—a system that enables EVs to send power back to homes, businesses, or even the national grid when demand spikes. Zimi was one of just 32 projects selected from over 530 applicants in EEP Africa’s latest funding round. The initiative, backed by one of the leading clean energy financiers in Southern and East Africa, is especially timely in a country where load shedding and grid instability are daily…

The Central Bank of Kenya (CBK) and the National Treasury have granted approval for Access Bank’s acquisition of the struggling National Bank of Kenya (NBK), nearly a year after the Nigerian lender initially expressed interest in the deal. However, the transaction is still awaiting approval from Nigerian authorities. In a public notice issued on Monday, CBK confirmed that both the bank and Treasury Cabinet Secretary John Mbadi had endorsed the acquisition, bringing Access Bank a step closer to taking control of NBK. The acquisition could significantly enhance Access Bank’s presence in Kenya, especially given NBK’s extensive branch network across the…

US tech investors are facing growing operational and regulatory challenges in Nigeria and Kenya, according to the US Trade Representative’s (USTR) Foreign Trade Barriers report. Longstanding concerns around corruption, intellectual property (IP) violations, and newly introduced digital tax regimes are complicating investment efforts in two of Africa’s largest tech hubs. The report highlights persistent issues in both countries, noting a failure to curb corruption and strengthen IP protection despite promises from their respective governments. Jamieson L. Greer, the USTR, pointed to rampant counterfeit software, pirated content, and widespread online copyright violations undermining licensed businesses in Nigeria. “IP enforcement remains inadequate…

As Lesotho breathes a sigh of relief following a temporary 90-day suspension of sweeping 50% U.S. tariffs, the highest imposed on any African country. Prime Minister Samuel Matekane is making a strategic push to attract more American investment. One key move? Potentially approving a network services license for Elon Musk’s satellite internet company, Starlink. Speaking at the Third Public-Private Dialogue National Conference in Maseru on April 9, Matekane framed Starlink’s entry into Lesotho as part of broader efforts to create a more open and welcoming environment for U.S. businesses. But the proposal has sparked debate. Critics argue that the tariff…

Equinix, the global data center giant that acquired Nigeria’s MainOne, is investing $140 million over the next two years to expand digital infrastructure across southern Nigeria. The move includes building a brand-new data center in Port Harcourt and expanding its existing Lagos facility, LG3. This development marks a major shift toward decentralizing Nigeria’s internet infrastructure, which has long been heavily concentrated in Lagos—home to 70% of the country’s subsea cable landings and data infrastructure. Five months after completing the integration of MainOne, which it acquired for $320 million in 2022, Equinix is doubling down on its presence in Nigeria. The…

PayTic, a Casablanca-based fintech helping banks and payment providers automate their daily operations, has raised $4.4 million in fresh funding to deepen its footprint across the Middle East and Africa and grow its global distribution partnerships. The round was led by AfricInvest, with backing from Axian Venture Lab and Mistral VC, alongside existing investors CDG Invest, Build Ventures, Concrete VC, and ICP Ventures. This latest raise brings PayTic’s total funding to $7.4 million. Unlike most fintechs chasing end-user adoption, PayTic is quietly building the backbone of modern financial systems—creating tools that automate the “operational aftermath” of payments for banks, fintechs,…

Umba, a digital bank headquartered in Nairobi with operations in Kenya and Nigeria, has raised a $5 million debt facility to scale its secured lending products specifically targeting vehicle financing and small and medium-sized enterprise (SME) loans in Kenya. This move signals a broader shift among Kenyan neobanks away from short-term, high-interest loans toward more sustainable, asset-backed financing. The funding comes entirely from U.S.-based asset management firm Star Strong Capital, with Gahigiro Capital serving as the transaction advisor. The deal is structured as debt, meaning Umba doesn’t give up any equity, bringing the startup’s total funding to $20 million. Umba…