Tech

Nigerian fintech Kredete secures $2.25m to help African immigrants send money, build credit score

Published

3 months ago

September 3, 2024

Nigerian fintech, Kredete, has announced securing $2.25 million in seed funding to help with its plans to further scale across the continent and help African immigrants send money to their loved ones and build up their credit score.

The fintech, which was founded in 2023 by Adeola Adedewe, has already built a presence in 20 African countries and is taking bold steps to expand its operations and is focused on “enabling African immigrants to build credit scores and send money back home.”

“Kredete allows users to send money to over 20 countries with low fees, and each transaction contributes to their credit score in their new country,” Adewewe said in a statement.

He added that the financial services platform has developed a unique approach leveraging blockchain technology to create an affordable, seamless solution that helps users build a financial foundation in their new home.

“Since our launching, Kredete has experienced rapid growth with its user base surpassing 300,000 and transaction volumes exceeding $100 million. On average, users have seen their credit scores increase by 23 points within six months of using the platform, highlighting its impact on financial inclusion.

“Kredete is more than just a remittance service; it’s a gateway to financial inclusion for African immigrants in the diaspora.

“Our goal is to empower our users to build a secure financial future, no matter where they are migrating into.”

“Kredete now plans to scale its money transfer services to all African countries, expanding beyond the 20 currently available.

“It will also introduce additional financial products tailored specifically for African immigrants in the diaspora, including credit cards, auto loans, and mortgage loans.

“Long-term, Kredete aims to build a comprehensive financial ecosystem that meets the unique needs of African immigrants, helping them navigate and thrive in their new financial environments.”

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Tech

Ghana partners with The Gambia to provide free roaming services

Published

3 hours ago

November 21, 2024

Isaac Dachen

Ghana and The Gambia are in the process of launching free roaming services that will enhance a West African connectivity.

The plan which is a joint initiative of the Ghana Ministry of Communications and Digitalisation and The Gambian National Communications Authority (NCA) will see mobile users in both countries avoiding extra charges for calls, texts, and data, which in turn, is expected to boost trade, tourism, and economic integration across borders.

The collaboration, according to a joint statement by the two bodies, aligns with the Economic Community of West African States’ (ECOWAS) broader push for seamless regional communication.

“Ghana and The Gambia are forging new paths in West Africa’s digital landscape, implementing a free-roaming initiative,” the statement said.

“This move strengthens regional connectivity while highlighting the role of technological collaboration in fostering economic integration. The initiative enables mobile users travelling between the two nations to make calls, send messages, and use data services without additional roaming fees.”

It further noted that by reducing these costs, the program aligns with the ECOWAS Free Roaming Initiative, which seeks to eliminate barriers to communication across member states.

“It is a boost for trade and travel as the free roaming plan is expected to spur economic activities by streamlining cross-border communication.

“Businesses and individuals travelling between Ghana and The Gambia can now stay connected without worrying about exorbitant charges, facilitating smoother transactions and personal interactions. The initiative is also expected to attract more tourists by ensuring seamless digital access for visitors.

“This collaboration marks another milestone in Ghana’s commitment to expanding digital connectivity, following Ghana’s successful implementation of similar agreements with Côte d’Ivoire, Togo, and Benin, with talks of possible roaming partnerships with Liberia.

“By focusing on digital integration, Ghana and The Gambia demonstrate the power of technology to bridge gaps between countries. This step also serves as a model for other West African nations to join the free-roaming framework, contributing to the larger goal of a connected and economically integrated region,” it added.

Tech

Tanzania to host 6th Ocean Innovation Africa summit in February

Published

1 day ago

November 20, 2024

Isaac Dachen

Dar es Salaam, Tanzania, has been selected to host the sixth edition of the Ocean Innovation Africa (OIA) summit from February 24-28, 2025, as a flagship event within Regenerative Ocean Week.

The Ocean Innovation Africa is set to be Africa’s most significant platform for Ocean Innovation conservation, and sustainable development in the blue economy. OIA2025 will be co-organised with leading partners, including IUCN, GIZ, OceanHub Africa, Catalyze and the Ocean-Climate Platform.

With the theme, “Science-to-Solution”, the Regenerative Ocean Week will present a line-up of sessions designed to bridge the gap between scientific research, business innovation, policy, and community engagement.

According to the organizers of the event, it will bring together African ocean innovators, investors, researchers, policymakers, and community leaders to explore practical solutions that can be applied across the continent.

“These include the OIA Pitch Competition, which is a platform for Africa-based startups and entrepreneurs to showcase breakthrough ideas in ocean-impact solutions, allowing them to connect with investors and industry leaders and emphasizing Africa’s role in driving sustainable ocean initiatives,” the organizers said in a statement.