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Fintech Startups, Driver’s of Nigeria’s Recent Performance – NITDA DG

Fintech startups in Nigeria have been the drivers of the country’s recent performance, especially in the area of environmental, social, and governance.



fintech - Investors King

The Director-General of the National Information Technology Development Agency (NITDA) Mallam Kashifu Abdullahi has said that Fintech startups in Nigeria have been the drivers of the country’s recent performance, especially in the area of environmental, social, and governance.

He noted that the federal government has been doing well in enabling fintechs in the country to thrive, especially with the application of the developmental regulation approach and enabling policies toward co-creating the tech ecosystem.

The NITDA DG disclosed this while speaking at the Digital Finance Summit, a sideline event of the ongoing GITEX 2022 in Dubai, UAE.

He further noted that 2021 was no doubt a remarkable year for tech startups in Nigeria, as more than 35 percent of direct investments to Africa came to Nigeria, adding that the achievement was not mainly by publicity but by structural design.

In his words, “In 2019, the president redesignated and expanded our ministry to cover digital economy and the Honorable Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim Pantami formulated the National Digital Economy Policy and Strategy for a digital Nigeria; so, that set the stage for the tech ecosystem in Nigeria.

“Between 2017 to 2019, we have seen in Nigeria where farmers access money from the government and also, during the COVID-19, a lot of people could not access the released funds and when you deliver it using cash, it costs much.

“The start-ups are doing fantastically well, but also the government needs to level the playing field for them to plan better.”

The NITDA boss went further by stressing on the need for the government to work with the World Bank, United Nations, and other agencies, to enable them to improve infrastructure for Fintechs for them to reach the unreachable to get them connected.

It should be recalled that Investors King on January 10, 2022, reported that the Japanese International Cooperation Agency (JICA) partnered with Nigeria’s NITDA, to launch iHatch a startup incubation scheme designed to expand the number of innovation-driven enterprises by Nigerian youths.

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M-Pesa Launches M-Pesa Rallonge



Vodacash is launching its new service M-Pesa Rallonge in the DRC to allow customers to financial assistance from their cell phones.

M-Pesa Rallonge is a new service dedicated to M-Pesa users with zero or insufficient balances. Users will be able to take advantage of this service to get an instant overdraft and top up their balance to make a transaction, such as:

  • Send money without withdrawal fees;
  • Purchase Credit for oneself;
  • Purchase Packages for oneself;
  • Purchasing Products;
  • Resubscription to cable channels such as Canal+, Startimes, Easy TV, and Bleusat, except DStv, which only supports payment in dollars.

According to Hashim Mukudi, Managing Director of Vodacash, “M-Pesa continues to provide the DRC with the solutions that can benefit the population and promote digital and financial inclusion. Together we can drive economic development and provide services to those in dire need of access to financial services in rural and remote areas.”

Customers with an active premium account who make regular transactions via M-Pesa will be eligible for the offer. The overdraft is currently only available in Congolese francs, and its limit ranges from 50 to 100 thousand FC, subject to interest charges and penalties for violating the terms and conditions.

M-Pesa is the market leader in the Central and East African regions and the DRC. With a wide range of value-added products and services tailored to the purchasing power of the Congolese population, M-Pesa is the largest mobile money brand with a substantial 61% market share, a 10% contribution to GDP, and over 6 million customers.

M-Pesa also has the largest distribution coverage to ensure service availability to beneficiaries and a rich ecosystem of products to encourage customers to make more digital transactions.

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Flutterwave Introduced Send Mobile Application to Facilitate Fast Transaction of Money to Africa

Flutterwave has introduced a new application to facilitate fast and efficient transactions of money to Africa from the diaspora.



Leading African fintech platform, Flutterwave has introduced a new application to facilitate fast and efficient transactions of money to Africa from the diaspora.

The app which is now available on Google Play Store already has more than 10,000 downloads. 

A check by Investors King shows that $end as the app is named pride itself as a low-fee money transfer platform with multiple ways to transfer funds. 

To drive the adoption of $end, Fluttwrwave signed Tobi Amusan, the Nigeria-born 100m Hurdles Women’s World Record Holder as $endmobile’s Ambassador. 

The company noted that Tobi Amusan signifies what $end Money stands for which is speed and resilience.

While commenting on the deal, Tobi Amusan disclosed that he has been using the $end app to transact across borders. 

“I am excited to be a big part of a product I already use and love. I am always on the road, but I also have a lot of my family members in Nigeria. $end has helped me to keep in touch with them by meeting their needs as much as I can. Happy to be the face of this product for the African diaspora.” she said. 

On his part, the founder and CEO of Flutterwave, Olugbenga Agboola noted that signing Tobi Amusa as an Ambassador is a perfect match for $end “given her speed and efficiency on the tracks”. 

He added that “Send Mobile will help improve the speed and efficiency of transferring money from the diaspora to the African continent for fees, real estate, health, upkeep, and even for investments”. 

Meanwhile, $end can be downloaded on both Google Play Store and Apple Store. The process for signing up only takes a few minutes with just an email address and phone number.

In addition, there are more than 30 countries including Nigeria, Kenya, Ghana, the United States, the United Kingdom, Belgium, Finland, and Australia which users can send money to. 

Conclusively, recipients can receive money through various methods which include mobile money, bank account, barter, and e-Naira

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Kuda Bank Enters British Market, Introduces Nigeria-Uk Remittance Play

The service will enable Nigerians living in the UK to send money to Nigeria without paying a huge transaction fee. 



Kuda Microfinance Bank - Investors King

Nigerian fintech company, Kuda Bank has perfected plans to expand into the United Kingdom market with a remittance service for Nigerians in the diaspora.

The service will enable Nigerians living in the UK to send money to Nigeria without paying a huge transaction fee. 

According to the bank, it will compete in the remittance market with a flat fee of £3 and a transaction limit of £10,000.

Kuda however expects a significant portion of the remittance transaction on its platform to be between the range of £350 to £500. 

Investors King understands that while remittance from Europe and America to Africa runs into billions of dollars every year, it is still largely difficult with high expensive transaction fees. 

Diaspora Remittance to Nigeria is one of the largest in the world and the largest in Sub Sahara Africa. In July 2022, the Nigerians in Diaspora Commission (NIDCOM) stated that remittance from Nigerians in Diaspora has surpassed $20 billion. 

The commission added that remittance has constituted a significant part of the country’s economy. The remittance market accounts for nearly 4 percent of Nigeria’s GDP as of 2020. 

Going forward, Kuda bank stands to benefit from the huge remittance market as remittance from the UK to Nigeria is the second largest after remittance from the US to Nigeria. 

Nonetheless, the bank will be competing with other notable players in the industry which include WorldRemit, Remitly, PayDay, and Lemonade Finance

The bank however seems not perturbed as it banks on its users’ experience, convenience, and price factor. 

“I don’t necessarily think it’s crowded because obviously, there are still a lot of challenges in remitting money to Africa, especially to Nigeria, which is still expensive.

“For us, it’s not just a remittance play. There’s a user experience, convenience, and price factor involved too,” said Chief Executive Officer Ogundeyi. 

Meanwhile, Investors King understands that Kuda Bank has a registered presence in the UK already with the name Kuda EMI Limited. This will make it swift for the company to facilitate its UK-Nigeria remittance service. 

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