Mobile Banking News

Flutterwave raises over $10 million in series A financing

Flutterwave, an online payments company founded by Nigerian 26-year old, raises over $10 million in series A financing (Infographic)

Flutterwave, which provides modern payments infrastructure for banks and businesses to make and accept payments across Africa, announced on Monday that it has raised over $10 million in a Series A round of funding.

Iyinoluwa Aboyeji, the 26-year old Founder of Flutterwave and Andela

26-year-old founder wants to transform online payments in Africa

Aboyeji is the Co-Founder of Flutterwave, a payments API that makes it easier for banks and businesses to process payments across Africa.

Ecobank Mobile

Ecobank targets 700% customer growth from mobile banking

Ecobank expects its new digital banking platform to help to boost its customer base across the continent to 100 million from 13 million by 2020.

A Diageo factory in Accra, Ghana, produces Orijin Bitters. Credit:

Why Diageo, PZ Cussons, and Atlas Mara are betting big on Africa

As growth in China slows after two decades of breakneck economic development, Western companies are increasingly turning towards India and Africa as the next great untapped opportunities.

Cape Town, South Africa. Photograph: Eric Nathan/Alamy

A New Map for Business in Africa

Only a few years ago, Africa was being dubbed “the next Asia,” and multinationals watched with mounting interest as local economies boomed across the continent.

South Africa's MTN bets on mobile banking with new CEO

South Africa's MTN bets on mobile banking with new CEO

MTN’s new chief executive Rob Shuter has been brought in to boost profits at Africa’s biggest mobile phone group after a $1.7 billion fine in Nigeria, by persuading its 200 million clients to use their handsets to store money and pay bills.

Geoffrey White, CEO, Agility

The macroeconomics across Africa are impressive: Geoffrey White, CEO, Agility Africa

The world in 2016 is very challenging; energy prices have collapsed, China’s economy has slowed; political instability is amok in the Middle East; ISIS wages open war; Russia has resumed its colonial ambitions and Europe is struggling to survive the difference in economic cultural attitudes between the North and South, compounded by the influx of migrants.

In partnership with mobile money platform M-PESA, KCB disburses one loan every eight seconds.

Fact of the Day: Kenyan bank KCB disburses one loan every eight seconds

Bid farewell to long lines at the teller window. Brick and mortar bank branches will soon be going the way of the dinosaur.

Herbert Wigwe, CEO, Access Bank

Mobile telephony enables Nigerian banks to fine tune services

Uzoma Dozie can remember when really effective marketing by banks took a different form.

Africa's digital banking boom

Africa's digital banking boom

Five years ago, banking clients in Nairobi had to spend an hour queuing to pay their utility bills. Fast forward to the present day, and these clients can now pay their bills at the touch of a button from the comfort of their home.

Tayo Oviosu, CEO, Paga

Nigerian mobile payments company Paga attracts foreign backers

When Tayo Oviosu quit his job in the US technology sector to return to Nigeria in 2008, he was a man in search of an idea.

Sub-Saharan Africa Banking Review 2015 - EY - Report

Sub-Saharan Africa Banking Review 2015: EY (Infographic & Report)

This report analyzes three of the largest Sub-Saharan Africa banking markets: South Africa, Nigeria & Kenya. The report also includes Tanzania, Uganda and Rwanda, members of the
East African Community (EAC) regional bloc.

Banking in Sub-Saharan Africa 2015 - KMPG - Report

Banking in Sub-Saharan Africa 2015: KMPG (Report)

The banking sectors of a number of sub-Saharan Africa (SSA) countries have exhibited significant growth in recent years. The key contributing factors have been increased economic activity and improved regulatory oversight.

Market Vectors Africa Index ETF (AFK)

Invest In Africa's Growth Through The Market Vectors Africa Index ETF

The Market Vectors Africa Index ETF is the simplest and most efficient solution for investors to gain exposure to Africa’s economic growth. The fund has experienced a sharp drop in price since 2014, which is not at all correlated to the financial earnings of the fund’s major holdings.

James Mwangi, CEO, Equity Bank

Kenya's Equity Bank to focus on developing mobile banking business

Kenya’s Equity Bank aims to double profits from its foreign markets in east Africa and increase users of its mobile banking service to boost earnings, its chief executive said on Tuesday.

Safaricom's M-PESA

The battle between Africa's mobile phone companies and banks is a boon for financial inclusion

Another week and another bank in Africa is entering the mobile money space.

James Mwangi, CEO, Equity Bank

Kenya's Equity Bank starts mobile money service Equitel to challenge Safaricom

Kenya’s Equity Bank said it would press ahead with offering mobile phone transfer services, stepping up competition to telecoms firm Safaricom’s money transfer product.

Mobile connectivity and technology in Africa: Ahead of the global game.

Mobile connectivity and technology in Africa: Ahead of the global game?

Mobile internet adoption in Africa is taking place at almost double the global rate, a trend that has sparked debate among development and tech enthusiasts as to whether this marks a radical shift in the way the internet of the future will be used and accessed.

M-PESA - Mobile money in East Africa (Reuters/Noor Khamis)

In South Africa and Nigeria, banks want to be phone companies. In Kenya, the phone company is already the bank

There has been so much discussion about the impact of the mobile phone on the financial industry in African countries but this tweet by former bank boss Michael Jordaan, who is now a venture capitalist, best sums things up: “Telcos becoming banks (MPesa) and banks becoming Telcos (FNB Connect). Africa is leading bank/telco convergence.”

Bisi Lamikanra, Partner & Head of Management Consulting, KPMG Nigeria

How the finance sector can drive Africa's economic growth: Bisi Lamikanra, Partner, KPMG Nigeria

The rise of Africa’s financial services sector in recent years has been remarkable.

A customer conducts a mobile money transfer via M-PESA inside the Safaricom mobile phone care center in the central business district of Kenya's capital, Nairobi. REUTERS/Thomas Mukoya

Kenya's KCB signs up 1.8 million mobile banking customers in 3 months

Kenya’s biggest bank by assets, KCB, has signed up 1.8 million customers for its mobile phone-based service since it was launched in March and is on target for 10 million users within a year from now, its chief financial officer said.

Johannesburg Stock Exchange (JSE)

5 things to know about building business in Africa: Anthony Lewis, Director, Capital Markets, JLL Sub-Saharan Africa

Corporate and investor interest in Africa commands the attention of the highest echelons of global business. The theme of the 2015 World Economic Forum on Africa, “Then and Now: Reimagining Africa’s Future”, has my fellow delegates and me reflecting upon our continent’s remarkable turnaround.

Equity Bank

Equity Bank's Equitel mobile money service targets 100 million African customers in 10 years

Equity Bank Ltd., which has started a new mobile payment and banking service called Equitel, is seeking 100 million customers in Africa within 10 years and the first five million by the end of 2015.

Strive Masiyiwa, Founder & Chairman, Econet Wireless Group

Transaction banking is dead: Econet Wireless Founder Strive Masiyiwa

As the evolution of mobile banking continues to disrupt the financial services sector, the founder and executive chairman of privately held telecoms conglomerate Econet Wireless Group sounded the death knell for traditional transaction banking.

James Mwangi, CEO, Equity Bank

Kenya's Equity Bank plans 10-nation Africa expansion, says CEO James Mwangi

Kenya’s Equity Bank plans to enter 10 more African countries in the next decade, in addition to the five it already serves, by building operations from scratch or acquiring existing lenders, its chief executive said on Wednesday.

Safaricom completes migration of M-PESA platform to Kenya

Safaricom completes migration of M-PESA platform to Kenya and plans to open up M-PESA APIs

After two years of intercontinental conference calls, eight test runs, and countless hours put in by 320 consultants, Safaricom has successfully completed the migration of its M-PESA mobile money platform to its data center in Kenya.

Cape Town, South Africa

Africa is the incubator for some of the most disruptive tech ideas

Africa is a continent predominantly of young people, and those young people are benefiting from modern communications networks which connect this vast continent as never before.

The top 7 countries in Africa for mobile money. Credit:

The top 7 African countries for mobile money (Infographics)

As many as 30% of cell phone users in Africa report that they participate in mobile banking. A new report from the Pew Research Center shows the transformative power of the cell phone in the world’s fastest-growing market for mobile technology.

Africa's telecom firms are becoming rivals for banks.

Mobile money, mobile banking: Africa's telecom firms are becoming rivals for banks (Video)

The number of people across Africa using mobile phones continues to grow. The increasing volume of financial transactions made on these phones has enabled telecommunications companies across the continent to set themselves up as major competitors in the banking business.

Joshua Oigara, CEO, KCB

Kenya's KCB sees growth from new M-PESA-based mobile phone accounts, says CEO Joshua Oigara

Kenya’s largest lender KCB has launched a new service that allows depositors to open mobile phone-based accounts, which it’s CEO said could make up to nearly a third of its business in two years.

Visa and MasterCard moving into mobile pay in Africa

Visa and MasterCard moving into mobile pay in Africa

Americans may just be getting used to mobile pay, but consumers in many African countries have been paying with their phones for years.

Ashish J. Thakkar, Founder & MD, Mara Group

Ashish Thakkar and Bob Diamond's venture plans mobile banking push

Ashish Thakkar, who co-founded African banking venture Atlas Mara along with former Barclays group chief executive, Bob Diamond, says they are planning a major push into mobile banking in Africa, as their aggressive takeover strategy continues.

Employees stand inside a mobile phone store specializing in the sale of Samsung Electronics Co. handsets in Nairobi, Kenya, on April 17, 2013. Photographer: Trevor Snapp/Bloomberg

Europeans Selling Mobile Payments Should Ask Africa for Help

As telecommunications carriers in Europe seek a share of the billions of dollars likely to flow to companies that build mobile-payment systems, Claudio Chiche has a few words of advice: Ask Africa for help.

Innovative credit scoring in Africa uses mobile phone usage and social media activity to measure creditworthiness of individual borrowers

Innovative credit scoring in Africa uses mobile phone usage and social media activity to measure creditworthiness of individual borrowers

In yet another example of how mobile technology is revolutionizing service delivery in Sub-Saharan Africa …

Bitcoin's Big Opportunity In Africa

Bitcoin's Big Opportunity In Africa

On a Tuesday night at a Nairobi tech incubator, Michael Kimani preaches the virtues of crypto currencies to a small gathering of tech-savvy Kenyans.

M-PESA tries again in South Africa with more tailored approach

Can mobile money conquer new markets? M-PESA tries again in South Africa with more tailored approach

Since its launch in 2007 by mobile-phone giant Vodafone and local partners, M-Pesa has taken East Africa by storm.


Commonwealth Bank of Australia (CBA) acquires Johannesburg-based digital banking startup TYME for undisclosed amount

The Commonwealth Bank of Australia (CBA) has acquired Johannesburg-based startup TYME, which builds and operates digital banking solutions.

HelloCash launches in Ethiopia

Multi-bank and multi-bank mobile money service HelloCash launches in Ethiopia

BelCash Technology Solution PLC has partnered with two banks to launch HelloCash mobile money services in Ethiopia.

Orange and Ecobank launch money transfer service between Orange Money accounts and bank accounts

Orange and Ecobank launch money transfer service between Orange Money accounts and bank accounts

Orange ( and pan-African banking group Ecobank have rolled out a service that will enable Orange Money subscribers who also have bank accounts with Ecobank to transfer money between their respective accounts.

What’s Happening in Nigeria’s Economy? (Image credit: Bloomberg News)

What's happening in Nigeria's economy? The short answers

The Nigerian economy is being challenged by crashing oil prices despite the central bank’s best efforts to stem outflows.

National Bank of Angola (Banco Nacional de Angola)

Africa Comes Into View

China’s growth story has been remarkable. The country’s economy grew at a staggering 10% annualized pace for 20 years as its government conducted a massive infrastructure building campaign.

mBanking transactions in Nigeria hit over $2B, says Central Bank of Nigeria

mBanking transactions in Nigeria hit over $2B, says Central Bank of Nigeria

Nigeria’s apex bank the Central Bank of Nigeria (CBN) has announced mobile financial transactions in Nigeria had exceeded US$2 billion.