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SimbaPay is a UK-based digital money transfer service serving Kenya, Uganda, Nigeria, and Ghana that delivers money via existing mobile money wallet services and using its SimbaPay app. Simbapay and Kenya’s Family Bank recently launched an instant payment service from East Africa to China. Users can send funds to China through Family Bank’s PesaPap app or Safaricom’s M-Pesa.

Founded in 2009, Paga offers digital bank services (peer-to-peer money transfer, bill payments, online payments, and payroll), achieving a wide reach in Nigeria.

Financial intermediation and financial inclusion in sub-Saharan Africa remain low, despite progress in recent years. Helped by reforms, the depth and coverage of financial systems in sub-Saharan Africa—as measured by the standard indicators of financial development, such as the ratios of private sector credit to GDP and broad money to GDP—have significantly improved over the period 1995 to 2013 (Kasekende 2010). However, on average, countries in sub-Saharan Africa continue to have a shallower financial system than those in other developing regions of the world (Figure 1). In terms of financial inclusion, only 20 percent of the population has a bank account compared to 92 percent in advanced economies and 38 percent in nonadvanced economies (Table 1). Underinvestment, poor infrastructure, and comparatively low levels of financial literacy have contributed to the region being underbanked.

Smartel Money Ltd is company that is rooted in the Kingdom of Lesotho. The aim and focus of Smartel money is to provide mobile payment services, savings & credit and monetary transfers and serve thus as an alternative to traditional banking systems. We aim to provide to individuals, institutions, organizations, multi-industry sectors and governments with the cutting edge, fresh and innovative financial management system in this ever changing world. We also aim to improve the quality of cloud computing (payment as a service) and interaction between computers and people to achieve their payment processes.

This report provides a comprehensive view on mobile payment / mobile wallet market size and growth dynamics, industry dynamics, retail spending, consumer attitude and behaviour, and competitive landscape in Ethiopia.

The $6 million investment will help Fawry, a local company, extend its network of payment terminals across Egypt, a country heavily reliant on cumbersome cash transactions. That is expected to help consumers pay bills and make it easier for businesses to receive payments, stoking commerce and economic growth.

The investment is also designed to help restore investor confidence in Egypt and create jobs in its burgeoning high-tech sector.

Smartel Money LTD is an e-commerce business allowing payments and money transfers to be made through the modern ICT platforms as well as using the mobile and non-mobile platforms as well as using the freely downloaded applications. Smartel money is an internet based e-commerce payment system, which intends to be a payment processor for online vendors as well as click and brick businesses, auction sites, grocers and other commercial users, for which it charges a fee.Smartel Money provides the above via the My Wallet (TM) service which comprises a numerous tailored solutions both for businesses, organisations and end customers. For more information visit our website in the link given below.

Also, in its quest to become a digital bank, Carbon acquired a microfinance bank license. According to Dozie, the license means that Carbon’s customers are afforded additional protection through depositors’ insurance via the NDIC. The Nigerian Deposit Insurance Corporation, a federal insurance agency, protects depositors and guarantees the settlement of insured funds when a financial institution can no longer repay their deposits. With that in place, Dozie says the typical Carbon wallet is now a full-fledged bank account, and customers can perform transactions on the platform as they would with any bank.Like Carbon, other startups on the continent have followed suit by releasing year-on-year metrics. In recent memory, most of these startups play in the fintech and crypto-exchange space. But Carbon remains unique amongst this crop of companies as it releases both transaction stats and real insights into its financial performance.Whereas transaction stats tend to highlight a seemingly explosive year-on-year growth of a company, a comprehensive view of financials will likely show a mixed performance. For instance, Carbon generated $17.5 million in revenue for FY2019, up 68% from 2018. For that same period, it recorded a 23% decrease in its profit after tax numbers, a 222% rise in total liabilities and 107% increase in assets finishing the year off with a 6% increase in total equity.It’ll be interesting to see what these numbers look like for 2020. But that’s not the only event to keep an eye on. In addition to its $10 million Series A from SA-based Net1 UEPS Technologies and a $5million debt financing in 2019 from Lendable, Dozie says the digital bank, which also has a presence in Kenya, is ramping efforts to raise a Series B round soon to consolidate its position on the continent.

In 2018, Carbon, a Nigerian fintech startup, made its financials public for the first time. Although typical for foreign private startups, it’s almost an anomaly in Africa. There have been rare cases in the past, for instance, when Rocket Internet had to include Jumia’s financials in its yearly reports after going public. At the time, the German investment outfit was a founding shareholder in the African-based unicorn.

Nigerian digital bank Carbon hit $240M in payments processed last year, up 89% from 2019

Nigerian fintech firm Carbon — an early-stage financial services startup based in Lagos — has posted on its website financials audited by KPMG.This comes four months after the company obtained a credit rating as a pre-IPO venture. Carbon — which recently rebranded its OneFi holding company and PayLater product titles into one name — plans to continue releasing its financial results on an annual basis, co-founder and CEO Chijioke Dozie told TechCrunch.This may not be totally unheard of in other global tech markets, but for startups in Africa’s big tech hubs — such as Nigeria — it’s a rarity.One of the first glimpses into startup financials in Nigeria came when Jumia shareholder Rocket Internet went public in 2014, which required it to include limited Jumia data in its annual report. The accompanying prospectus to Jumia’s listing this year on the New York Stock Exchange offered the most expansive financial data to date on a tech venture operating in Africa.Prior to this — and still for the most part — companies in the continent’s (mostly) pre-public (earlier-stage) startup hubs — such as Nigeria — provide little to no financial performance info.“Typically, in the local market, we have not seen a lot of voluntary transparency or the availability of data,” said Lexi Novitske — a Lagos-based VC investor at Acuity Venture Partners.“Most startups are concerned such disclosure could expose losses, give market intel to competitors or attract unwanted attention from regulators. It could also lead to negative negotiation leverage if partners saw that they were making good returns.”So why’d Carbon go to the trouble of putting its pre-public accounting out in the open for anyone to see?

Clients and recruiting were two reasons. “From a customer perspective, we are trying to get people to trust us with their financial services…so they can see this is the institution I’m dealing with and this is their financial position,” explained Carbon’s Dozie.Carbon has evolved from its original focus as an online lender to offer a broader array of mobile-based financial services — including payments, investment products, credit reports and business banking services. In March, the company acquired Nigerian payment solutions company Amplify for an undisclosed amount.By stats offered by Briter Bridges and a 2018 WeeTracker survey, fintech now receives the bulk of VC capital and deal-flow to African startups, many of which are attempting to reach the continent’s large unbanked and underbanked populations.Carbon fits into that category and its CEO believes being upfront about the startup’s financial position will attract top talent. “From a recruitment perspective, we want recruits to know we have good prospects — that this is a company that’s doing well and wants to keep doing well,” said Dozie.That impression is buoyed by Carbon’s initial results, which were fairly positive for a Series A-stage startup. The company had revenues in 2018 of $10 million, according to its online annual report, and turned a profit of around $500,000.It’s helped with recruiting interest, according to Dozie, who said he’d marked an increase in candidates inquiring about open positions since the results were posted.

we don’t get considered because investors don’t really think that you can get the results or this performance in the markets that we’re in,” he added — noting that Carbon has operations in Nigeria, Ghana and South Africa and is considering expansion in Senegal, Côte d’Ivoire, DRC and Egypt.Investor Lexi Novitske thinks Carbon offering financial performance data is a good thing for Africa’s tech ecosystem. “The move builds trust from clients, partners or investors in a market where there is not a lot of openness,” she said. “I am encouraged to see how other companies will react. My hope is that more will openly report their own metrics…”Dozie says the company will continue to post audited financials on an annual basis, even if they show losses. If the startup continues to expand, attract capital and talent and grow revenues, other Nigerian fintech firms may follow suit.

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Our scan to pay feature is definitely our most loved solution, but we're evolving into so much more because we can't stop making your lives easier. With SnapScan you can pay in a snap, without the fuss of handling cash, cards, or EFTs.

UK-based mobile commerce company Bango and UAE-based mobile payments enabler TPAY MOBILE have formed a strategic partnership to increase access to mobile commerce.

Cassava FinTech is a pan-African business using an integrated model to drive financial inclusion and digital transactions across the continent. Our core operations in Mobile Money, Social Payments Services, Digital Banking, International Remittances and Mobile Micro Insurance with presence in Zimbabwe, South Africa, Burundi, Lesotho and UK and partnerships in other African countries.

We are a global fintech pioneer, providing solutions for the financially excluded one product at a time. We are all about convenience for our customers, growth for our partners, and financial access for all. The need to solve wicked problems is what drives our innovative spirit.

As for the competitive advantages, we are the most popular service, compared to the rest of the companies, on top of our work during the current period to expand the range of services that we offer, where we signed a contract with beIN SPORTS for their customers to pay subscriptions through us. We also agreed with the company to pick up premiums from beIN customers€one million customers to date€in addition to more than 200 services that we currently have.

Mohamed Okasha, managing director of Fawry, said the company plans to increase its outlets to 100,000 in 2018 compared to 70,000 outlets this year. The company also provides e-payment services for monthly installment payments for the beneficiaries of social housing projects.

Fawry Banking and Payment Technology Services- a joint venture between HSBC, Arab African International Bank, Bank of Alexandria, EFG Hermes, Raya Holding and Fawry management)- is an electronic bill payment and presentment (EBPP) network that enables the Egyptian public to conveniently and securely pay their bills and topup their mobile phones through the various electronic channels available at banks and a network of retailers.

WorldRemit’s low fees and exchange rates are shown up-front and customers can send money easily via the company’s website and app. By extending its money transfer service to SMEs, WorldRemit will save businesses time and money when they make international payments.

Today, we’re pleased to extend that service offering to businesses, and put an end to the steep fees that many pay, especially when sending to Ghana. We’re committed to making it quick, safe and easy for you to pay individuals across borders, leaving you to focus on growing your own business.”

This is a super exciting time for Egyptian fintechs. For Fawry to reach a market cap of $1 billion within one year of its IPO is quite impressive and is a moment to celebrate. This will help the whole industry and will open more doors for fintechs to receive funds and make partial exits.

Commenting on the news, Okasha told WAYA: “This is a super exciting time for Egyptian fintechs. For Fawry to reach a market cap of $1 billion within one year of its IPO is quite impressive and is a moment to celebrate. This will help the whole industry and will open more doors for fintechs to receive funds and make partial exits.”Fintechs and electronic banking companies have seen a huge increase in demand as a result of the pandemic. Fawry saw an increase of more than 50% of the company’s value before the Covid-19 crisis. This number grew exponentially during the crisis.The company went public on the Egyptian Exchange in August 2019, since then its stock price has increased by over 300%. The initial cost of one share at the company was EGP 6.46.According to Fawry’s website, it handles around 2.1 million transactions daily and collected $2.43 billion last year. It has approximately 20 million customers.

Fawry For Banking Technology And Electronic Payment is engaged in providing electronic payment services in Egypt. It offers ways to pay bills and other services in multiple channels like online, using ATMs, mobile wallets and retail points. The firm's network of retailers includes small groceries, pharmacies, stationary, and post-offices among others.

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