Afridigest Fintech Review: Tingo's acquisition is complete
Week 48 2022: November 27 - December 3
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:
• Two Africa-focused fintech deals were announced for ~$8M in disclosed funding.
• The Central Bank of Egypt launches its financial inclusion strategy for 2022-25, McKinsey released its 2022 global payments report, and the IMF published a new paper on fintech & the remittances market.
• Paystack, DPO Group, Be Mobile Africa, and others launched new product & service offerings. And Kenya’s 'Hustler Fund' also launched during the week.
• Other companies mentioned in today’s Fintech Review: Tingo, Lipa Later, Vella Finance, Cardify Africa, Paymob, Contact Financial, M-PESA, Zone (Appzone), Cellulant, Sama Money, TransferGo.
• Executives mentioned include Safaricom’s Peter Ndegwa, Paxful’s Ray Youssef, Pezesha’s Hilda Moraa, Zone’s Obi Emetarom, FlexID’s Victor Mapunga, Flutterwave’s Dotun Adekunle, Raenest’s Victor Alade, SendSprint’s Damisi Busari, Visa’s Aida Diarra, Mukuru’s Andy Jury, Mastercard’s Mark Elliott, & more.
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Week 48 2022: Nov 27 - Dec 3
🤝🏻 Mergers & Acquisitions
The acquisition of Nigerian agri-fintech platform Tingo by Asia-focused financial technology group MICT (NASDAQ: MICT) was completed. MICT is issuing 19.9% of its common stock to Tingo, together with convertible Series A Preferred and Series B Preferred Stock, as consideration. [Note: Any info/insights on Tingo you have are still very much welcome.]
🚀 Partnerships & Product Launches
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