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FairMoney Announces Launch of an Improved Version of Its Mobile App Homepage

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Digital bank and instant loan provider in Nigeria FairMoney has announced the launch of an improved version of its mobile app homepage aimed at providing users with a more seamless and convenient banking experience.

The newly updated app comes with a host of essential features with a fresh new home page interface, making navigation easy for users.

The new features include a shortcut for money transfers, funding of user accounts, ATM card request, and bills payment, all could be done in one tap. Users can also view their account balances, outstanding loan balances, and savings all in one place, at the top banner.

Also, the loan homepage has been optimized to display current loan details, and options to extend or top-up loans, while the savings homepage has been placed at the bottom right corner of the screen, with easy access to both FairSave and FairLock.

Speaking on the revamp of the Fairmoney app homepage, the company’s head of marketing and Branding Nengi Akinola stated that the revamp is a significant upgrade from the previous version, to ensure that customers find it easier and more convenient to use.

In her words, “Our revamped mobile banking app is a result of our commitment to providing seamless banking to our customers. We have focused on making banking as seamless and easy as possible for our users while offering even more value through enhanced functionality”.

She further added that with the new features and functionality, FairMoney hopes to reinforce its position as a leading digital bank in Nigeria. The revamped FairMoney app is now available for download on Google Play Store.

Founded in 2017, by Laurin Hainy and Matthieu Gendreau with a vision to be the leading mobile bank for emerging markets, FairMoney’s vision is driven by the single purpose of bringing financial inclusion to unbanked and underbanked people. 

Investors King understands that the digital bank which started as a digital micro-lender, providing small loans to individuals for business and personal needs, has transitioned into a full-fledged credit-led digital bank; providing full banking services while upholding the promise to make digital banking all-inclusive and available to everyone.

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African Fintech Kuda Raises $100M Despite Investment Challenges

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Kuda Technologies, a leading fintech company with operations in Nigeria and the United Kingdom, has successfully raised nearly $100 million in funding over the past five years.

This significant milestone was revealed by the company’s Chief Executive Officer, Babs Ogundeyi, during a panel session at the GITEX Africa conference in Morocco.

The GITEX Africa 2024 technology fair, which runs from May 29 to 31 in Marrakech, brings together over 1,500 exhibitors from 130 countries and nearly 700 startups.

During the event, Ogundeyi highlighted Kuda’s growth journey and the difficulties African fintech startups face in attracting foreign investment.

“We launched in Nigeria in August 2019 and have raised close to $100 million within that period,” Ogundeyi announced during the panel session titled “Beyond the Starting Lane: Navigating Advanced Funding.”

The session also featured prominent figures such as Sacha Michaud, co-founder of Glovo in Spain; Yassine Oussaifi, partner at Africinvest Tunisia; and Katlego Maphai, CEO of Yoco South Africa.

The discussion centered on the challenges and strategies for securing advanced funding for startups.

Ogundeyi emphasized that African startups often struggle to secure foreign investment due to investors’ unfamiliarity with the local market environment.

To mitigate this, Kuda Technologies established its headquarters in the UK, facilitating easier access to funding from Western investors.

“We are headquartered in the UK, but we are Africa-focused, and there is a reason why we are headquartered in the UK. It’s very much related to access to funding. The capital comes primarily from the west. It’s easier to attract capital in those jurisdictions,” Ogundeyi explained.

He stressed that securing funding is a rigorous process, particularly in Africa, where trust levels are low.

“When we raised our seed funding, the majority of investors had not been to Africa before, making it difficult to connect with something they didn’t understand. It goes beyond investors seeing the numbers or potential; if you don’t have a feel for the environment or understand the psyche of the people, it becomes very difficult to connect resources to that region,” Ogundeyi elaborated.

Despite the challenges, Kuda Technologies has made significant strides. Its subsidiary, Kuda Microfinance Bank in Nigeria, has grown its customer base to 7.5 million users, making it one of the largest fintech companies in Africa.

The company’s expansion strategy includes obtaining licenses in Canada and Tanzania, reflecting its vision of global reach.

Ogundeyi’s insights were echoed by Sacha Michaud, who noted that venture capitalists tend to invest in regions where they feel comfortable.

“We launched in Africa six years ago and were in high funding mode. In every funding round, we had to convince our investors why we were focusing on the region when we could invest our resources in higher-return areas like Europe,” Michaud shared.

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Flutterwave Hit by Another Security Breach, Billions of Naira Diverted to Multiple Bank Accounts

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In another blow to the financial technology sector, Flutterwave, a prominent player in Nigeria’s digital payment landscape, has been rocked by yet another security breach, resulting in the diversion of billions of naira to multiple undisclosed bank accounts.

This incident is the latest in a series of setbacks for the fintech company, raising concerns about the integrity of its systems and the safety of customer funds.

According to insider sources familiar with the matter, unauthorized transactions amounting to approximately ₦11 billion ($7 million) were illicitly transferred to several accounts during April 2024.

However, other sources suggest the figure could be as high as ₦20 billion ($13.5 million), underscoring the magnitude of the breach.

Flutterwave, responding to inquiries regarding the breach, acknowledged the unauthorized activities but stopped short of confirming the exact amount involved.

In a statement to TechCabal, the company assured the public that no customer funds were lost or compromised, and the confidentiality of customer data remained intact.

The modus operandi of the perpetrators involved transferring the stolen funds to various accounts across five financial institutions over a span of four days.

To evade detection, the transactions were carefully orchestrated to stay below thresholds that trigger fraud checks, highlighting the sophistication of the operation.

Law enforcement agencies have been notified of the breach, and investigations are underway to apprehend those responsible.

Flutterwave has also initiated measures to mitigate the impact of the incident, including temporarily restricting the accounts implicated in the unauthorized transfers.

Industry analysts note that this is not the first time Flutterwave has fallen victim to such security breaches. Over the past fourteen months, the company has grappled with multiple incidents of unauthorized transfers, raising serious concerns about the adequacy of its cybersecurity measures.

In October 2023, Flutterwave reported unauthorized transactions totaling ₦19 billion ($24 million), affecting thousands of account holders across 35 banks and financial institutions.

Subsequent breaches in March and February 2023 saw millions of naira diverted to numerous bank accounts, further exposing vulnerabilities in the company’s systems.

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Moniepoint Inc Moniepoint Inc Named Africa’s Fastest-Growing Financial Institution by Financial Times

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Moniepoint Inc, parent company of Nigeria’s leading financial institutions, Moniepoint MFB and TeamApt Ltd has been ranked by the Financial Times, one of the world’s leading business news organizations, recognized internationally for its authority, integrity, and accuracy as Africa’s fastest-growing financial institution.

The world’s leading financial publication confirmed Moniepoint Inc’s accolade in its annual “Africa’s Fastest Growing Companies” survey, released today. It is the second consecutive year Moniepoint has achieved both the fastest-growing fintech milestone, and, ranked in Africa’s top four fastest-growing companies overall.

The survey was compiled by Statista, a leading research company renowned for its insight into African companies’ actual performance, in a rigorous screening process. In this survey, companies are ranked based on 2019-2022 data by their absolute growth rate of revenues and their compound annual growth rate (CAGR). Moniepoint’s growth rates of 7,979% (absolute) and 332% (CAGR) ranked it ahead of hundreds of leading companies from diverse industries such as technology, telecoms, financial services, and healthcare.

Moniepoint Inc has long been one of Africa’s largest business payments platforms, processing over $182 billion for customers in 2023. It will be recalled that in August 2023, Moniepoint MFB entered the personal banking market offering reliable banking services to millions of individuals across Nigeria.  The holding group also doubled its global headcount, growing to over 1,800 employees by the end of 2023.

This recognition highlights Moniepoint’s success as Africa’s leading fintech, driving financial inclusion by empowering underserved businesses and individuals to access the formal financial system, contributing to a key goal of the Nigerian government.

Tosin Eniolorunda, Group CEO of Moniepoint Inc., said: “We are thrilled to be recognised by the Financial Times as Africa’s fastest growing fintech for the second consecutive year. Achieving rapid growth and scale is a fantastic achievement; maintaining that year-on-year is even better. The ranking is a testament to the dedication and hard work of the entire Moniepoint team, and the trust of millions of customers across Africa in the Company.

“2023 was a pivotal year for Moniepoint. Moniepoint has moved from being an agency-dominated institution to becoming merchant-dominated as we have seen a lot more people embrace more digital payment solutions. It is humbling to see that we have become a household name that people have come to know and trust, the bellwether for reliable transactions every time.

With our foray into the personal banking market, we have been able to deliver seamless and reliable payment solutions for Nigerians especially those in underserved communities as we continue to supercharge access to financial services and contribute to economic growth and wealth creation.  2024 is set to be even more exciting with continued growth, driving compliance and innovation, as we maintain our leading role within the African fintech sector, driving financial inclusion across Africa.”

According to David Pilling, FT Africa Editor, “The third year of our now expanded ranking of Africa’s Fastest Growing Companies comes against a background in which many economies are struggling to recover from the Covid pandemic. The FT-Statista list reveals the type of companies that, even in hard times, have managed to grow, often by disrupting markets…This year, our ranking has a wider geographical spread of companies than before. The big newcomer is Morocco, with 12 companies in the top 125 against just three last time. Mauritian-domiciled companies also did well with nine winners, against four in 2022. South Africa had 42 companies in the list, followed by Nigeria’s 25, while Kenya tied third at 12.”

Moniepoint Inc.’s technology powers over five million businesses and their customers, offering all the payment, banking, credit and business management tools they need to succeed.  Establishing itself as a market leader in Nigeria across various segments from commerce to health and hospitality amongst many others, Moniepoint’s transformational and positive strides has earned it local and international plaudits.

In 2023, for the second year running, Moniepoint Inc was named amongst the 100 most promising private fintech companies by CB Insights. Moniepoint MFB received the Rising Star Family Business Award at the Pwc/Businessday Family Business Summit; while bagging the Fintech Company of the Year award at the 16th edition of Leadership Newspapers Conference and Awards.

Industry analysts have averred that as a strongly embedded and systemic institution in the digital payment services segment, with an eye on the future, Moniepoint Inc is poised to continue to deliver innovative solutions that promote inclusivity, drive sustainability and create new vistas in the markets where they operate.

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