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Financial Times Features Nigerian Fintech Startup Zone Among Africa’s Fastest Growing Companies in 2023

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British daily business newspaper Financial Times has listed Nigerian Fintech startup Zone among Africa’s fastest-growing companies in 2023.

Following the rigorous process of reviewing entries from hundreds of companies in Africa, Zone became the first blockchain company in Africa and one of a few Nigerian fintech startups to feature on the prestigious list.

Zone joins the likes of several other Nigerian companies such as AFEX Commodities Exchange Ltd, Sankore Ltd, Moniepoint, Paga, Bluecamp Ltd., Veritasi Homes and Properties Ltd., and several others, to feature on the 2023 list of Africa’s Fastest Growing Companies.

Speaking on the company’s feature among Africa’s fastest growing companies in 2023, Co-Founder and CEO of Zone Mr. Obi Emetarom said,

“We are deeply honored by this recognition from the Financial Times and Statista. The team also feels a sense of encouragement to double down on our mission to connect every monetary store of value by harnessing the power of blockchain. By fulfilling our mission, we are laying the foundation for a truly cashless world while  expanding access to financial services and fostering a more inclusive and prosperous future for the African continent.”

Also commenting on the feature is Zone VP of Marketing Olayiwola Osoba who said,

“Being named one of Africa’s Fastest Growing Companies by the Financial Times and Statista is quite exciting for us at Zone. This recognition is an indication of our team’s immense effort to transform Africa’s payment landscape using innovative architecture and a superior tech stack. As we celebrate this milestone, we remain dedicated to enabling reliable, frictionless, and universally interoperable payments across Africa and beyond.”

Founded in 2008 as Appzone, before rebranding to Zone in 2022, the startup is on a mission to connect every monetary store of value using blockchain. As Appzone, it launched the first core banking and omnichannel software on the cloud as well as the first multi-bank direct debit service based on single global mandates.

With its transition to Zone, it is utilizing the power of blockchain technology to connect every monetary store of value and enable reliable, frictionless, and universally interoperable payments.

In doing this, the startup is building Africa’s first layer-1 blockchain network, to enable payments and the acceptance of digital currencies for financial service providers globally.  This will enable the payment of money to anyone through any means, in any currency, which will ultimately maximize financial inclusion and accelerate economic prosperity for Africa and the rest of the world, Investors King understands.

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Flutterwave Partners Token.io to Simplify Money Transfer For Africans in The UK And EU

Flutterwave has partnered with Token.io to make it easier and faster for Africans in the UK and EU to transfer money back home.

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Nigerian fintech company Flutterwave has partnered with Token.io, Europe’s leading account-to-account payment infrastructure provider, to make it easier and faster for Africans in the UK and EU to transfer money back home.

This partnership will see Flutterwave integrate Pay By Bank transfer functionality on its platform to enable African e-commerce merchants to reach a wider audience. Pay By Bank commonly known as A2A payments is a fast and secure way to money between bank accounts.

Similarly, Token.io can now leverage Flutterwave’s presence in Africa to roll out its Pay By Bank option for companies across the continent. The A2A payments also offer merchants cost savings compared to traditional payment methods and settle instantly to improve cash flow.

Speaking of its partnership with Token.io, Flutterwave CEO Olugbenga Agboola said,

“Our partnership with Token.io will make it even faster and easier for individuals and businesses to pay and receive money. By partnering with Token.io to provide Account-to-Account payments to our customers, Flutterwave will advance its mission of connecting Africa to the global economy.”

Also commenting on its collaboration with Fluttewave, CEO of Token.io Todd Clyde said,

“We are confident that Token.io’s infrastructure will help Flutterwave offer its customers a more comprehensive payment solution, with A2A payments being a key part of this for UK, Europe, Middle East, and Africa corridors. This partnership underscores our commitment to enabling payment providers to grow with open banking powered A2A payments, which are projected to exceed 6.5 billion in annual global volumes by 2027.”

Powered by open banking, Token.io’s A2A infrastructure enables payment provider to launch their own A2A payment capabilities to grow their market share. Token.io offers the highest performing and deepest connectivity for open banking-powered A2A payments in the industry, reaching over 567 million bank accounts (80%+ of accounts per market) in 16 European countries.

Investors King understands that Pay By Bank functionality will soon be available on Send by Flutterwave, Flutterwave’s cross-border payment platform. 

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Mobile Money Account Ownership in Nigeria Records Significant Increase in 2022

Mobile money account ownership in Nigeria recorded a significant increase in 2022, which saw it grow from 16% to 22%.

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A 2023 mobile money report which was compiled by GSM associations (GSMA), revealed that Mobile money account ownership in Nigeria recorded a significant increase in 2022, which saw it grow from 16% to 22%.

The country also witnessed a 41% increase in registered agents for mobile money payments. These agents were reportedly responsible for digitizing $294 million in total cash-in transactions, representing 17 percent from 2021.

According to the director of GSMA Mats Granyrd, the key contributors to the growth of mobile money have been regulatory changes in large markets.

In Nigeria for instance, the CBN’s decision to relax its stance on the criteria for operating a financial services company has led to the rise of many new players in the industry.

Also, Telcos such as MTN and Airtel are pushing aggressively into the financial services sector through their various mobile money subsidiaries. The telco’s entry into mobile money according to the report was also responsible for the growth in mobile money account ownership from 16 percent to 22 percent in the last year.

On a positive note, the growth in registered banking agents in the country has no doubt created millions of jobs for people and has increased access to mobile money services for more people.

According to the report, on a global level, registered mobile money accounts grew by 13% year on year, from 1.4 billion in 2021 to 1.6 billion in 2022. However much of this growth happened in Sub-Saharan Africa where there is a 17 percent increase in registered accounts taking its number of users to 763 million.

Investors King understands that Mobile money has recorded tremendous growth over the past two decades, cementing itself as a mainstream financial service. As it continues to grow, demonstrating incredible resilience over the pandemic and beyond, the industry is diversifying rapidly.

The industry is entering new markets and forging new industry partnerships and offering a range of innovative products and services that are helping millions of people send money locally and internationally, manage their savings, pay their bills, increase their income, and access social support.

Meanwhile, experts reveal that there is still a lot of work to be done as about 1.4 billion people remain unbanked and disconnected from formal financial services.

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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.

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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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