Tech

Nigerian fintech Africhange launches in the UK

Published

4 months ago

July 8, 2024

Nigerian global remittance services provider, Africhange, has launched its operations in the UK which will enable diaspora Nigerians have easier and faster access to sending cash to their loved ones back home.

David Ajala, the founder and CEO of Africhange, who made the announcement, said starting with the UK-Nigeria corridor and expanding to include Ghana and Kenya before the end of the year, Africhange’s new Authorised Payment Institution License would underpin the delivery of a range of payment solutions, including remittance services for UK users.

“Africhange’s entry into the UK market represents a significant milestone in our mission to deliver the best possible global payments experience for Africans in diaspora,” Ajala said.

“Despite the significant inflows of remittance to the continent, the cost of sending money means a significant percentage of those funds don’t get to the recipients and we want to change that.

‘’We have big plans and we are looking forward to expanding our services, reaching more customers and ensuring that everyone can benefit from seamless and cost-effective international money transfers.”

He stated that with Africhange, Nigerian students enrolled in UK universities can now get discounted exchange rates on top of the market-leading rates available to the general public.

“Africhange is also planning to introduce its innovative loyalty program, Afripoints, which allows users to earn cash rewards for sending or receiving money through the platform.

“With Afripoints, users are able to accumulate points for every transaction, which can be withdrawn as cash or spent as discounts on transactions.

“This program is already available to users in Canada, Australia, and Nigeria, and will soon be launching in the UK.

“Africhange currently supports remittance services across more than 100 corridors globally, with more corridors across Africa, Europe, Asia and the Americas to come, as well as a broader range of payment and financial services for users.

“Users can send money across the world in real-time, with competitive rates ensuring that more money reaches the recipients.

“The company supports money transfer services from Canada, Nigeria, Australia and the UK to various countries across the world, with a range of currencies including US Dollars (USD), Canadian Dollars (CAD), Chinese Yen (CNY), Nigerian Naira (NGN), Kenyan Shillings (KES), Ghanaian Cedis (GHS), Indian Rupees (INR), Australian dollars (AUD), British Pound Sterling (GBP) and more.”

Click to comment

Tech

Rwanda’s e-mobiility startup IZI expands electric bus fleet after getting grant from Green Fund

Published

9 hours ago

October 21, 2024

Isaac Dachen

Rwanda’s e-mobility startup, IZI, has announced the delivery of five electric buses to Kigali, the country’s capital city, after obtaining a substantial grant from the Rwandan Green Fund.

IZI, a frontrunner in electric vehicle solutions which says it is on a mission to electrify Rwanda’s public transport sector, has, in just four months of operation, grown its initial fleet of five electric buses to an enviable height.

CEO of the startup, Alex Wilson, believes the grant is a testament to the success story of IZI.

“These results validate our E-Mobility-as-a-Service model. We’re not just reducing emissions; we’re proving that sustainable public transport is economically viable in Africa.

“Building on this success, IZI has secured an RWF 300,000,000 grant from the Rwanda Green Fund to deploy five additional electric buses in Kigali.

“These vehicles will represent the most advanced public transport in Rwanda to date, boasting features such as an independent intelligent driver’s cabin, air suspension balanced driver’s seat, full LCD dashboard, one-step entry, and a flat-floor design for improved passenger comfort,” he said.

He added that the success of IZI’s pilot has led to strong demand from other Rwandan public bus operators.

“IZI has now signed contracts with 4 leading transport companies for the deployment of over 100 buses, marking a significant expansion of its operations.

“Looking ahead, IZI plans to establish a state-of-the-art battery maintenance and repair facility in Kigali, supporting the entire EV ecosystem in Rwanda and positioning the country as a centre of innovation in the EV industry,” he added.

Tech

Nigerian fintech Yellow Card raises $33m to fund expansion drive

Published

2 days ago

October 19, 2024

Isaac Dachen

Nigerian-based pan-African fintech, Yellow Card, has announced raising U$33 million in Series C funding to enable it drive its global expansion and strategic initiatives, taking its total equity funding to $85 million.

In a statement announcing the funds, Yellow Card’s co-founder and CEO, Chris Maurice, said the capital would be applied to fund growth and expansion, particularly through enhancing Yellow Card’s API and widget products— the gateways for international businesses, including Coinbase and Block, to tap into African markets and for Pan-African companies to easily make international payments and manage their treasury via stablecoins.

“This fundraise not only demonstrates our resilience, but also highlights the vital role of digital assets for businesses across Africa,” said Maurice.

“We are excited about the opportunities, partnerships, and journey ahead; and I’m proud to work with an incredible cohort of investors that share our vision for the industry and the continent.

“Additionally, Yellow Card is developing innovative new products for the continent, strengthening its team and systems, and continuing to lead engagement with regulators across the continent,” Maurice added.

Founded in 2019, Yellow Card has steadily become the largest and first licensed Stablecoin on/off ramp on the African continent with operations spanning 20 African countries and over $3 billion in transactions facilitated across the continent.

In September 2022, the startup had announced the close of its $40 million Series B funding round, and has now followed that up with a $33 million Series C round, led by Blockchain Capital, with participation from Polychain Capital, Third Prime Ventures, Castle Island Ventures, Block, Inc., Galaxy Ventures, Blockchain Coinvestors, Hutt Capital, and Winklevoss Capital.

Speaking on the funding, Aleks Larsen, General Partner at Blockchain Capital, said the future of payments lies in fast, affordable rails for everyone, powered by open networks.

“We couldn’t be more excited to back Yellow Card as they bring Africa on-chain with stablecoins,” Larsen said.