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Central Bank of Nigeria Approves 17 Fintechs as Mobile Money Operators in Nigeria



POS Business in Nigeria

The Central Bank of Nigeria (CBN) has granted licenses to 17 fintech startups to provide mobile money services in Nigeria.

The recent frustrations experienced by bank customers following the failure of several traditional bank apps as well as USSD codes have spurred a lot of Nigerians to resort to various fintech startups to carry out transactions.

These fintechs no doubt offered relief to Nigerians especially businesses at the time of unprecedented transaction failures by enabling the swift transfer of funds coupled with various juicy offers such as zero transfer charges, bonuses, daily rewards, etc.

Having noticed the large percentage of Nigerians using various fintechs to carry out daily transactions, the Central Bank of Nigeria deemed it fit to authorize fintech operators with existing facilities in order to better regulate them and ensure that citizens putting their hard-earned money in the hands of approved and trusted fintech operators.

The CBN also released a regulatory framework for agent banking operations, which includes several restrictions to mitigate risks in the financial sector.

In a 31-page document, the CBN dedicated section 8.3 to outline prohibited activities for agents. Investors King reports that one of the key restrictions in the guidelines is that agents must not use the purchase option on PoS terminals for cash-in and cash-out transactions.

The CBN also warned agents against transactions where a receipt or acknowledgment cannot be generated. The CBN observed that the agent banking initiative has led to the proliferation of financial service agents across Nigeria.

Check Out The CBN List of Approved Mobile Money Operators in Nigeria

1.) PalmPay

PalmPay is a fintech company that offers digital payment services for consumers and merchants. The fintech startup specializes in digital finance and also provides payment experience for consumers and businesses by making financial services. Their app is their formal financial account, and they build an online and offline payments ecosystem that brings digital products from marketplaces.

2.) Kongapay

Konga Pay is a secure payment method that allows its customers to pay for stuff without using debit cards. It works by Konga’s e-commerce technology integrating with the internet banking portals of major Nigerian banks.

3.) Xpress MTS Limited

Xpress MTS Limited is a subsidiary of Xpress holdings limited, which was granted a mobile money operator license by the CBN last year October. The fintech startup is building an ecosystem to enable people to digitally send and receive money with ease while creating simple financial access for everyone everywhere.

4.) Pagatech Limited

Pagatech Limited operates as a mobile payment company. The Company offers mobile payment services that enable users to send cash, purchase airtime credit, pay bills, and pay retailers. Pagatech serves customers in Nigeria.

5.) Abeg Technologies

Abeg Technologies is a mobile payment application that offers to pay bills, buy airtime, and send and receive money digitally. Abeg fully changed its name to “Pocket by Piggyvest” to emphasize its transition from a money transfer service to a social commerce platform (PocketApp).

6.) Chams Mobile Limited

Chams mobile limited is a fintech startup that is licensed by the Central Bank of Nigeria (CBN) to provide Mobile Money Operations and Agency Banking services. The startup has a special savings wallet KEGOW that allows special savings, debit cards, and thrifts. The wallet is also available for individuals and businesses.

7.) Fortis Mobile Money

Fortis Mobile Money is licensed by the Central Bank of Nigeria (CBN) to provide mobile payment services in Nigeria. It also provides a mobile wallet solution in Nigeria. Users can send/receive money, buy airtime for telecom lines, and make purchases at partner stores such as supermarkets, pharmacies, restaurants, hotels, etc from the wallet. They can pay bills and recharge cable TV subscriptions. Also allows them to book and pay for road transport.

8.) Parkway Projects Limited

Parkway is a leading financial technology provider creating modern banking experiences, proudly developed by Africans and delivered through Africa’s leading banks to businesses and individuals across the continent. Parkway provides simple, intuitive, end-to-end corporate, retail, and transaction banking solutions.

9.) Teasy mobile money

Teasy Mobile Money is a mobile financial platform, offering a virtual wallet to load money by visiting an agent location. Teasy Mobile Money serves in the B2C and B2B space in the FinTech market segments. Teasy Mobile Money’s competitors include Flutterwave, Interswitch, Nuvei, and OPay. Teasy Mobile Money ranks 29th among 50 active competitors.

10.) Nownow Digital Payments

NowNow Digital Payment Systems Ltd provides financial services to Consumers, Agents, and SMES. The company is licensed by the Central Bank of Nigeria as a mobile Solutions Provider. NowNow is on a mission to help Africans get access to financial services.

11.) VTNetwork Limited

VTNetwork, which is doing business as VCASH, is a CBN-licensed payment operator that provides International money transfer services in Nigeria. The startup allows users to transfer money locally and internationally within capabilities in 140 countries.

12.) Opay

OPay is licensed by CBN, insured by the NDIC, and trusted by over 18 million users. The startup enables users to accomplish more with their money by providing smart financial services. OPay is a mobile money platform with an extensive range of services that merchants can offer to their clients. The goal of the company is to help unbanked people.

13.) Visual ICT Limited

Visual ICT Limited is a fast-growing Fintech Startup and a Mobile Financial Services Provider licensed by the Central Bank of Nigeria to provide Mobile money services. Visual ICT works with all players in the financial services arena including the Central Bank of Nigeria, Commercial Banks, Telecommunications Operators, Technology Vendors, and Financial Services Applications Developers as well as Prepaid Bill Issuers and Switching Companies.

14.) Mkudi Nigeria Limited

M Kudi Nigeria Limited was established in 2009 for the exclusive purpose of providing Mobile Money Transfer Services to the Nigerian Public. M Kudi allows both unbanked and banked personnel to send money via their mobile device across Nigeria. Since going live, Mkudi has been building its partner network to include banks, telecommunication operators, and a robust, trustworthy Agent Network.

15.) Hedonmark Management Services

Hedonmark is a fintech startup that allows users to make payments from the comfort of their homes or on the go. It is also a solution provider, proffering professional and reliable back-office management solutions to small, medium, and corporate clients.

16.) Funds and Electronic Transfer (FETS) Limited

Funds & Electronic Transfer Solutions Limited is a Central Bank of Nigeria (CBN) licensed mobile money operator. It has an online e-wallet system that offers easy money transfer, bill payment, top-up airtime, and other mobile payment services.

17.) eTranzact International Limited

eTranzact is Africa’s premier e-payments solution provider delivering electronic transaction switching and payment processing solutions across POS, web, mobile, ATMs, and Cards.

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Multichoice Launches Fintech Platform ‘Moment’, to Offer Expanded Payment Infrastructure For Businesses Across Africa

Africa’s leading entertainment company Multichoice has launched a fintech platform known as ‘Moment’ to offer expanded payment infrastructure for businesses across Africa.



Multichoice- Investors King

Africa’s leading entertainment company Multichoice has launched a fintech platform known as ‘Moment’ to offer expanded payment infrastructure for businesses across Africa.

The company disclosed that its fintech platform will consolidate the $3.5 billion in payments that it processes, and also help consumers to spend and save money wisely.

Speaking on the launch of its fintech platform ‘Moment’, the company said,

“Moment offers expanded payment infrastructure for businesses across Africa to help them collect and make payments easier, quicker, and more affordable in any manner that their buyers or suppliers prefer. Moment will also offer additional options for consumers to spend and save money more wisely. The aim is to transform the African payments landscape by making digital payments more accessible and reliable for domestic, cross-border, and global payments.

Also speaking Multichoice Group CEO Calvo Mawela said,

“Investing in this venture is a logical progression for us, as we already process payments every month from 22 million households across 50 countries. Moment fulfills our strategy to expand our ecosystem by investing in adjacent businesses that provide scalable services, underpinned by technology”.

Moment aims to make digital transactions more accessible to the 350 million consumers that are under-banked or not banked at all. Eventually, it will offer payments across more than 40 countries and hundreds of payment methods to collect, disburse and manage risk.

Investors King understands that the long-term plan is to provide the infrastructure for pan-African payments for the 44 million small businesses operating on the continent and reduce the reliance on cash for payments”.

Some of the other long-term offerings include;

•Payments, Savings, and rewards for consumers

•Payment tools, deep inventory to sell, and financial services for micro-entrepreneurs and SMEs

•Drive adoption of PayShap, TCIB, NQR, and other real-time payment methods across all markets.

•Global-Africa trade for importers and exporters with virtual accounts in 40+ currencies and local payments in 130+ countries.

MultiChoice Group which was listed on the Main Board of the Johannesburg Stock Exchange (JSE) on 27 February 2019, is no doubt one of the fastest-growing video entertainment providers globally, delivering entertainment products and services to 22 million households across 50 countries on the African continent.

In 2020, MultiChoice had a total subscriber base of 20.1 million viewers throughout Africa, and reports asserted that it was one of the fastest-growing pay-TV operators globally.

Its track record of more than 35 years is reflective of a commitment to providing audiences with only the best local, sports, and international content.

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Fintech Startup P2Vest Launches Insurance Marketplace to Enable Its Customers Access Quality Insurance Products




Peer-to-Peer lending startup that connects verified borrowers to verified lenders to receive and fund a loan respectively, P2Vest, has launched an insurance marketplace to enable its customers to access quality insurance products.

The startup disclosed that the newly launched product will provide solutions to both individuals and businesses enabling them to easily buy and make claims on insurance products using their mobile phones.

Speaking on the launch of the product, CEO of P2Vest Mr. Austin’s Abolusoro said, “We have operated for the past two years with a goal of bridging the financial inclusion gap. However, we have taken this goal a step further by creating a quality insurance marketplace for users.

“We are bringing convenience to individuals, with fast-paced insurarce solutions on their mobile phones and we look forward to creating more inclusive products. I am also glad to tell you that P2Vest is a pioneer of this kind of technology-driven insurance product in Nigeria. We have the license to operate and we are confident about what the future holds”.

Also commenting on the launch is P2Vest Chief Operating Officer Samuel Abolusoro who said, “This is a huge breakthrough as we believe financial inclusion can also be achieved in the Insurance Industry making it possible for users to easily buy and make claims from their insurance companies with their mobile device.

“What we have done creates an avenue for Individuals to access quality insurance products from renowned names in the industry. Our partnerships enable us to expand this digital offering to our users and advance our commitment to driving financial inclusion”.

Founded in 2020, P2Vest provides loan to credit-worthy Nigerians for immediate needs like school fees, rent, and medical expenses, whilst simultaneously availing others the opportunity to make money by lending.

Investors King understands that the startup uses artificial intelligence as part of the credit score algorithm to assess who is loan-worthy, which is a unique strategy that protects lenders whilst providing financing to eligible borrowers. In December 2022, the startup hit the 200,000 users landmark.

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Prembly Partners NAMFISA to Strengthen Innovation And Inclusion in Africa



fintech - Investors King

Africa’s leading provider of compliance and digital security infrastructure, Prembly, has partnered with the Namibia Financial Institutions Supervisory Authority (NAMFISA), to strengthen innovation and inclusion in Africa.

Prembly partnership with NAMFISA will help drive collaboration, identify opportunities, and foster innovation towards building a digital identity framework for Namibia, thus advancing the country’s digital economy at large.

Also, by leveraging Prembly’s expertise in digital identity solutions, NAMFISA aims to create an inclusive and interoperable comprehensive system that supports innovation while meeting regulatory compliance needs.

Speaking on its collaboration with NAMFISA, Prembly’s co-founder and COO Niyi Adegboye disclosed that this partnership signifies the company’s effort to enable innovation and promote safe and digitally sound economies in Africa.

He said, “We are excited to partner with NAMFISA and contribute to developing a digital identity framework for Namibia. This partnership further demonstrates our vision to strengthen innovation and inclusion in Africa, and we are committed to leveraging our expertise and resources to drive this mission forward.

Also speaking on its partnership with Prembly, NAMFISA CEO Kenneth Matomola said, “This partnership with Prembly brings expertise in compliance and digital security to the table. We are most grateful to have received support from Prembly which aligns with NAMFISA’s mission to regulate and supervise Namibia’s financial sector in a manner that fosters innovation, financial inclusion, and stability”.

With Nambia offering strong potential for tech innovation and development, Investors King understands that Prembly’s partnership with NAMFISA is a significant indicator of the development of a large-scale digital security infrastructure that will strengthen the country’s ecosystem.

Having worked with governments and regulatory bodies in over 40 African countries, Prembly has established itself as a leading provider of identity verification, compliance, and online security solutions across emerging markets,

The startup offers the ultimate KYC and Compliance experience across Africa, helping businesses verify, gain deeper insights about customers, and detect and prevent fraud using data directly from authentic issued identifiers and AI-powered technology.

In 2022, Prembly won the Fastest Growing KYC & Verification Company Award during the 2022 NBLA Awards organized by BusinessDay.

With monthly identity verification rates in millions, 100s of digital businesses across emerging markets are being powered to greatness by Prembly’s base array of AI-powered software, which includes, Crypto, Gaming, FMCGs, financial institutions, public sectors, Insurance, Alcohol, and Tobacco.

In terms of unique products, the company has quite a number of them, and one major one with the highest coverage, is its document verification endpoint which allows businesses to verify over 6500 documents across hundreds of countries and regions.

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