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Afridigest Fintech Review: Crypto use cases on the continent? Ripple-MFS Africa partnership provides latest proof point

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Fintech

Afridigest Fintech Review: Crypto use cases on the continent? Ripple-MFS Africa partnership provides latest proof point

Week 46 2022: November 13-19

Emeka Ajene
Nov 20, 2022
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Afridigest Fintech Review: Crypto use cases on the continent? Ripple-MFS Africa partnership provides latest proof point

afridigest.substack.com
The Afridigest Fintech Review is a weekly recap of what happened in African fintech.
Hello again, friends! Remember: this Fintech Review goes out on Sundays, the regular Week in Review goes out on Mondays, and the French-language Revue de la Semaine goes out on Wednesdays. (Assuming no delays.)
On to this week’s highlights:
• Just one Africa-focused fintech deal was announced for ~$11M (including debt).

• Payments unicorn Chipper Cash expands to Zambia with proposed acquisition of fintech pioneer Zoona.
• Enterprise blockchain platform Ripple expands to Africa, thanks to MFS Africa partnership.

• New product & service offerings from Flutterwave, Fido, & Huawei.
• Other companies mentioned in today’s Fintech Review: Adumo, Pezesha, SecondSTAX, Nestcoin, Ovex, VALR, Kuda, BitMama, Branch, Paystack, Risevest, PalmPay, Wave, Finplus, Moni, Awabah, eTranzact, PesaPal, Union54, Kuunda.
⭐ Not interested in fintech? No problem, visit the Notifications section on your Account Settings page and deselect the Fintech option. (And if you speak French, make sure to turn notifications on for Afridigest Français — it’ll come back from hiatus soon.)

(This Fintech Review is behind a paywall. You can
see previous, non-paywalled examples here, here, and here. We hope you’ll consider supporting us with a subscription.)

Week 46 2022: November 13-19

-💸 Fundraises
AFRICA
  • 🇿🇦 Adumo, a South African payments platform, raised ~$11M (ZAR190M) in an undisclosed split of equity & debt.


🤝🏻 Mergers & Acquisitions
  • Pan-African payments unicorn Chipper Cash announced the acquisition, subject to regulatory approvals, of Zambian B2B payments fintech Zoona. The deal supports Chipper Cash’s overall growth & expansion strategy across Africa and offers complementary benefits such as Zoona’s API, disbursements, and transfer solutions. Zoona was founded in 2008 and has processed over $3B to date via its Tilt service. Zoona investors include Quona Capital, AHL Venture Partners, Flourish, Microvest, BlueHaven Initiative, Omidyar Network, and 4Di.

    Twitter avatar for @HSerunjogi
    Ham Serunjogi @HSerunjogi
    Excited to announce that @chippercashapp is acquiring Zoona - a true pioneer of Africa’s Fintech industry. This will allow us to better serve individuals and businesses while also expanding our physical footprint across the continent.
    techcabal.comChipper Cash set to buy Zambia fintech pioneer Zoona | TechCabalPan-African cross-border payment app Chipper Cash is set to acquire Zambian fintech company Zoona Transactions International, according to a statement shared with TechCabal.
    6:34 PM ∙ Nov 18, 2022
    292Likes82Retweets

🚀 Partnerships & Product Launches
PARTNERSHIPS
Twitter avatar for @Ripple
Ripple @Ripple
We’re thrilled to announce that our On-Demand Liquidity (ODL) solution is expanding via our partnership with @MFS_Africa! Africa holds 70% of the world's $1T mobile money value, and ODL will further enhance digital payment rails across the continent.
on.ripple.comA Win for Financial Inclusion in Africa | RippleLearn about the latest development in crypto solutions as Ripple partners with MFS Africa to support global financial inclusion.
11:58 AM ∙ Nov 15, 2022
5,589Likes1,957Retweets
  • MFS Africa, pan-African digital payments gateway that connects over 320 million mobile money wallets across 35+ African countries, announced a partnership with leading enterprise blockchain platform Ripple. MFS Africa will use Ripple’s on-demand liquidity product ODL — which relies on the cryptocurrency XRP to support cross-border payments — to carry out low-cost real-time transactions on its platform. (For another recent example of enterprise crypto use cases on the continent, see Pezesha’s August 2022 partnership with Cardano around DeFi pools for liquidity.)

  • SecondSTAX (Secondary Securities Trading and Aggregation eXchange), a Ghanaian investment platform for trading African securities, secured partnerships with the Ghana Stock Exchange and the Nairobi Securities Exchange. The startup announced a $1.6M pre-seed in Week 38 and this set of partnerships is the first step in its journey. As a result, institutional investors from across the continent will be able to access Ghanaian and Kenyan exchanges via SecondSTAX’s platform.

  • EthSwitch, Ethiopia’s national payment switch, and Ethiopia’s Oromia Bank announced partnerships with Mastercard. For the first time, Mastercard debit, credit, and prepaid cards are accepted in Ethiopia. Locals and foreign Mastercard users in the country can now withdraw local currency from Oromia Bank ATMs.

LAUNCHES
  • Flutterwave officially launched its mobile app Send for Android and iOS. Previously available via web app only, Send allows individuals and businesses to send money to local bank accounts and mobile money wallets across the continent.

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