It now offers interest-free credit that is easier for workers in informal jobs to get than bank loans. OPay was founded three years ago and was once a ride-hailing app. Flutterwave had reached more than 33 African countries by the time of its latest funding round this year those taking part included Tiger Global, an investment firm based in New York.įor the biggest African fintechs, simple payments are only an entry point. As a consequence, investors are backing firms with ambitions that extend beyond their home countries. The Pan-African Payment and Settlement System was launched in September as part of the deal, in order to make the region’s many systems work better together. One reason for firms to expand geographically stems from the African Continental Free Trade Area, a deal that was first agreed on in 2018 and which has now been ratified by 38 countries.
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