After a first digital banking experience in Azerbaijan last November, the British company Fintech Farm plans to launch such an initiative in Nigeria over the next two years.
“Our next market is going to be Nigeria, we have visited Nigeria a couple of times already and it is one of our favorite countries,” Dmytro Dubilet, co-founder of Fintech Farm, said. To fund its plans, Fintech Farm raised $7.4 million in a deal led by investment firms Flyer One Ventures and Solid. Several other investors participated.
The company seeks partnerships with authorized local banking institutions. “Usually it’s a 50-50 partnership with a local bank,” Dmytro Dubilet said, explaining that his company "is responsible for the business side of things – the app and credit decision processes. With its local knowledge, the partner bank holds the license and the capital, as both parties invest in the business together equally.”
In November 2021, the British fintech launched a digital bank -Leobank- in its first market, Azerbaijan. It plans to continue its development in eight other emerging markets. In Nigeria, Fintech Farm will offer "fair" interest rates compared to those charged by traditional banks. The company is also thinking of launching mass-market credit cards that will be accessible to low-income populations. This will boost competition in a market already operated by companies such as Fairmoney, Sparkle (which raised $3.1 million last October), and Kuda.
Chamberline Moko
Amazon begins talks with Kenya on low-Earth orbit satellite broadband Kenya’s digital market ...
Dangote to list $20-25 billion refinery within five months NNPC holds 7.25% stake; dividends...
DRC seeks ITC support for local battery value chains Musompo SEZ targets $2 billion private ...
Algeria’s NESDA and the Algerian‑Saudi Investment Company sign cooperation deal focused on researc...
Siguiri mine produced 289,000 ounces in 2025, up 6% Fourth-quarter output rose 15%, boosting annu...
Côte d’Ivoire set become world’s third-largest rubber producer Plans add 500,000 hectares by 2036 Rubber export revenue rose to 1.49 trillion CFA...
Gambia world’s top rice consumer at 256 kg per capita Rice provides 75% rural caloric intake Country imports nearly 80% of rice consumption Rice...
Congo launches paving of 542-km Corridor 13 section Four-year project links Brazzaville to regional capitals Road aims boost trade, support AfCFTA...
Egypt’s CSAG signs JV deal to operate vessels New line to link Egyptian and East African ports Move supports export growth, intra-African trade...
More than 500 media leaders gathered in Nairobi on Feb. 25–26 for the fourth African Media Festival under the theme “Resilient Stories: Reinventing...
Located about 500 kilometers southwest of Cairo, between the oases of Bahariya and Farafra, the White Desert stands out as one of Egypt’s most distinctive...