Cryptocurrency & Digital Assets
Despite CBN's regulations, cryptocurrency in Nigeria is going strong as recent report show that Kenya and Nigeria are at the forefront of cryptocurrency adoption in Africa.
On the global scene, cryptocurrency is increasingly becoming the next gold mine and more and more global players seem to be trooping in every other week either with new product launch, trading/investment options for customers as well as funding in crypto businesses. PayPal and Worldline is joining the likes of JP Morgan, Standard Chartered and a few other heavyweights. While PayPal is extending its crypto services to customers in the UK after launching in the U.S, Worldline would now allow about 85,000 Swiss Merchants to accept crypto payments via POS.
On the CBDC terrain, the US Treasury has announced that CBDCs are to be backed by 100% cash, and in Nigeria, the Central Bank of Nigeria, CBN, has announced it would be working with Bitt to launch CBDC by year end while also setting forth rules for its operation, one of which is N50k maximum transfer limit for non-account holders.
Funding Rounds, Valuations & IPOs
Beyond super-app ambition, oPay is really working out in the trenches of the underserved customer group and mass-market to propel its growth drive, and has recently raised 400m in a funding round led by SoftBank Vision Fund 2. On the continent also, Pan-African fintech PawaPay has just undergone a $9m seed round which it intends to plough into expansion and recruitment. Nigerian Fintech start-up Awabah also recently raised $200k, just after joining Techstars London Accelerator programme.
So many start-ups on the fintech space seem to be heavily leveraging IPOs as an additional source of funding raise. Brazilian Nubank is jumping on the train too, seeking a $55bn valuation when it lists in the U.S.
Acquisitions, Partnerships & Expansion
African startups aren't left out on the acquisition trend, as after its recent $1.2m seed round, Plentywaka has gone ahead to acquire Ghana's Stabus. In India, Prosus has acquired payment giant BillDesk for $4.7bn and plans to merge it with its PayU fintech group.