Tech

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

Published

2 weeks 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

Zambian neobank fintech Lupiya set to launch new debit card

Published

6 hours ago

September 18, 2024

Isaac Dachen

Zambian neobank fintech, Lupiya, has entered into a partnership with leading enabler of digital commerce across Africa and the Middle East, Network International, to launch a new debit card.

The fintech which is active in Zambia and Tanzania and has plans to expand into other African countries is an AI-driven neobank driving financial inclusion through its online lending and digital payments platform.

Muchu Kaingu, CEO of Lupiya Pay, who made the announcement in a statement, said the new debit card was e-commerce enabled, together with 3D Secure and tokenisation.

“This will help diversify Lupiya’s value proposition to include not only simplified lending, but also digital payments to its existing and growing new customer base,” he said.

“At Lupiya, we are driven by the mission to revolutionise financial inclusion across Africa. Our partnership with Network International represents a significant leap forward in providing secure, accessible, and innovative digital financial solutions.

“By launching an e-commerce enabled debit card with 3D Secure and tokenisation, we are empowering individuals and businesses to participate in the digital economy more effectively.

“This collaboration is a testament to our commitment to delivering cutting-edge technology that enhances convenience and security for our customers, while driving economic growth and financial independence across the continent,” Kaingu stated.

He added that the platform leverages alternative data and machine learning models to assess creditworthiness, enabling individuals and businesses traditionally excluded by banks to access both credit and secure payment services.

‘Lupiya offers a range of financial products, including personal loans, SME financing, and digital payments, and is now launching a debit card in partnership with Network, a digital payments company that serves governments, banks, public sector companies, fintechs, and merchants of all sizes. The company serves over 250 financial institutions and 130,000 merchants in more than 50 countries,” said Kaingu.

Tech

Five African female entrepreneurs make Visa’s She’s Next Programme final list

Published

1 day ago

September 17, 2024

Isaac Dachen

Five female African entrepreneurs have been pencilled down as finalists for the 2024 edition of the “Visa’s She’s Next Programme”, an initiative dedicated to empowering women entrepreneurs across the continent.

Lineshree Moodley, Country Manager at Visa South Africa, said the She’s Next Programme, which is in partnership with Absa, is aimed at providing women-owned small and medium-sized enterprises (SMEs) with the resources, tools, and mentorship needed to thrive in today’s dynamic business environment.

“The programme aims to support women-owned small businesses through funding, training, and mentorship,” Moodley said in a statement.

She stated that the five finalists who will compete for the grand prize of over $56,000 worth of prize money are InoBiodiesel, Moli & Mela, Diamond Days, eFama App, and HVAC Partners.

“We are delighted to announce the finalists for this year’s She’s Next Programme. These remarkable women exemplify the spirit of entrepreneurship and innovation that is vital for Africa’s economic future.

“At Visa, we are committed to supporting women-owned businesses by providing them with the tools and opportunities they need to succeed. Our partnership with Absa has been instrumental in expanding the reach and impact of this programme, and we are excited to see the incredible journeys of our finalists unfold. The winner of the 2024 She’s Next programme will be announced on September 19.

“In addition to the top five, another 25 SMEs will participate in an exclusively tailored capacity building and mentorship programme in partnership with Absa to further support and empower women entrepreneurs to take their businesses to the next level,” she added.