Connect with us
SSN
Advertisement
IZIKJON
Advertisement
forex
Advertisement
Stanbic IBTC
Advertisement
Binance
Advertisement
Esetech
Advertisement
Patricia
Advertisement
Fidelity ads
Advertisement
app

Business News

FSD Africa invests $3.2 million in two African fintech firms operating in Nigeria 

Two fintech companies in Africa, MFS Africa and Frontclear, have secured $3.2 million worth of investments from FSD Africa Investments.

Published

on

FSD Africa invests $3.2 million in two African fintech firms operating in Nigeria

Again, two financial technology companies in Africa, MFS Africa, and Frontclear, have secured $3.2 million worth of investments from FSD Africa Investments. This latest round of funds means FSD Africa Investments has invested $12.9 million in the duo fintechs.

In 2018, FSD Africa Investments financed USD$2.2 million in MFS Africa Series B capital raise to support the expansion of its services and network. In 2015, FSD Africa made an investment into Frontclear valued at USD$7.5 million to improving interbank liquidity and strengthening financial markets on the continent.

 

FSD Africa invests $3.2 million in two African fintech firms operating in Nigeria 

Speaking on the new capital infusion, the Chief Investment Officer for FSD Africa Investments, Anne-Marie Chidzero, said, “MFS Africa and Frontclear are two firms that with the right support could have a transformative impact on Africa’s financial markets. MFS Africa has the potential to allow anyone on the continent with a mobile money account to send money aboard or buy something on Amazon.

“While Frontclear is helping banks across the continent access liquidity and knowledge and support to address barriers within the continent’s money market. By investing in these companies, we are giving them much-needed capital to drive change.”

The Founder and Chief Executive Officer of MFS Africa, Dare Okoudjou, said, “MFS Africa’s vision, is to enable every African mobile user to transact freely with anyone, anywhere in the world focusing on creating new digital pathways. This can only happen through investments and partnerships.

“Therefore, this investment will help MFS Africa’s capabilities to build a stronger payments service that will help strengthen Africa’s financial markets, whilst providing support for emerging SMEs across the continent.”

Deal book 300 x 250

[READ MORE: Samsung discloses why it chose Nigeria as investment spot)

Meanwhile, Hugh Friel, Vice President, Frontclear, said, “This investment will enable the Frontclear fund to have a more profitable and efficient capital structure allowing it to increase the number and volumes of inter-bank transactions that will contribute to the economic growth and financial stability of financial markets in Africa.”

About MFS Africa: It is a fintech company that connects over 180 million through a payment system in Africa. MFS Africa operates in partnership with banks, mobile operators and money transfer companies to transact across several platforms. Last year, MFS Africa became the first non-bank to receive a pan-African issuing license from Visa. The partnerships will simplify remittances and expand access to global e-commerce across more than countries in sub-Saharan Africa; a significant development to improve payment services on the continent.

About Frontclear: This is a financial market development company. Frontclear fosters more inclusive markets by supporting interbank lending between domestic banks. As of January 2020, Frontclear had mobilised $1 billion in interbank credit through the issuance of $590 million in guarantees. While active in emerging markets and developing countries around the world, 61% of Frontclear’s portfolio is in Africa, in countries including Ghana, Kenya, Nigeria, Tanzania, Zambia, and Egypt.

bitcoin train

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Tech News

Twitter CEO auctions his first-ever tweet on Twitter, bidding at $2.5 million

Jack Dorsey is auctioning his first-ever tweet on a website that sells tweets as non-fungible tokens.

Published

on

Square buys $50 million worth of Bitcoins, Twitter warns political figures to abstain from fake, misleading statements, Has Twitter's Jack Dorsey changed the popular narrative attached to Nigerians?, Twitter forecasts future drop in revenue after milestone record in 2019 Q4 , Twitter founder, Jack Dorsey invest N2.3 million in Nigerian startup, DevCareer , Some Verified accounts may not be able to tweet, as Twitter freezes password reset to address cyberattack

Twitter CEO, Jack Dorsey is auctioning his first-ever tweet on Twitter “just setting up my twttr” on a website that sells tweets as non-fungible tokens (NFTs).

The tweet was listed for sale on ‘Valuables by Cent’ – a tweets marketplace that was launched three months ago. The tweet was first made in March 2006

The tweet received offers as high as $88,888.88 within minutes of Jack tweeting a link to the listing on” Valuables by Cent” on Friday.

Currently, bidding has reached $2.5 million (€2.1 million) indicating the potential in selling virtual objects that have been authenticated through blockchain technology.

The highest bid for the tweet — $2.5 million — came from Bridge Oracle CEO Sina Estavi. It topped cryptocurrency pioneer, Justin Sun’s $2 million bid.

The final buyer of the tweet will receive a certificate, digitally signed and verified by Jack Dorsey, as well as the metadata of the original tweet. The data will include information such as the time the tweet was posted and its text contents. Most of this information, however, is already publicly available.

According to Valuables by Cent’s terms, 95% of a tweet’s sale will go to the original creator while the remainder will go to the website.

What you should know

  • NFTs is a unique digital certificate that states who owns a photo, video, or other forms of online media.
  • Dorsey’s 15-year-old tweet is one of the most famous tweets ever on the platform.
  • Bidding had reached $2.5 million (€2.1 million) on Saturday, indicating the potential in selling virtual objects that have been authenticated through blockchain technology.
  • More people are currently bidding their tweets on the platform.

Continue Reading

Stock Market

Bamboo’s current rate for buying U.S Stocks weakens to N492/$1

Bamboo is currently offering its users a premium of more than 20% compared to the official exchange rate.

Published

on

The fast-rising Nigerian stock broking application, Bamboo, is currently offering an exchange rate of N492 to the dollar.

About two weeks ago,  the Nigerian stock trading app offered an exchange rate of about N484 to $1.

The green-colored trading app known for allowing local-based Nigerians to invest in stocks listed on the world’s biggest stock market (New York Stock Exchange and NASDAQ) is currently offering its users a premium of more than 20% compared to the official exchange rate set by the Nigerian apex bank.

READ: Nigerian Bitcoin P2P surges by 15% since CBN Crypto ban

That being said, Nairametrics’s most recent research observed Chaka. ng offers the lowest exchange rate charge of N480 to 1$, other Nigerian-based stock trading apps that include Throve and Risevest currently offer their clients N491.68 and N486 to $1 respectively.

In addition, other leading fintech platforms reviewed by Nairametrics also presently offer exuberant rates as high as about N519 to a dollar, thereby adding more transaction costs on a significant number of Nigerians hoping to trade such financial assets.

A growing number of Nigerians are currently increasing their exposure to the U.S stock market taking to the current bearish trend that is being witnessed in the Nigerian Equity market and growing urge in hedging against the weakening local currency.

Consequently, a lot of Nigerians are flocking the New York Stock Exchange (NYSE) on the account it has about 2,800 companies listed, while the NASDAQ has about 3,300 stocks listed. This gives Nigerian investors numerous options where they can invest their money. It is also why the US economy attracts billions of dollars in portfolio investments annually.

READ: Many Nigerians are trooping into foreign stock markets

Bamboo is an investment platform that gives Africans real-time access to invest in or trade over 3,500 stocks listed on the American and Nigerian exchanges right from their smartphones or personal computer.

In partnership with US-based Drive Wealth LLC, Bamboo provides seamless, secure access to US and Nigerian securities.

Continue Reading



Advertisement





Nairametrics | Company Earnings

Access our Live Feed portal for the latest company earnings as they drop.