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
• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...
In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...
• BOAD releases CFA10 billion ($17.8 million) to support Boungou and Wahgnion gold mines.• Burkina F...
Transport and food prices have been climbing steadily across Africa in recent years. In Côte d’Ivoir...
• Burkina Faso-based financial group, Vista Group Holding, has acquired a majority stake in Société ...
• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo • License award comes on stream as part of the...
• The International Monetary Fund (IMF) has authorized a $262.3 million disbursement for Ethiopia, taking total payments under Extended Credit...
• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boosting regional trade and investment• Part of broader...
• IFAD initiates a program worth $358.26 million to bolster dairy sector in Kenya, Rwanda, Tanzania, and Uganda • The program, called DaIMA, aims...
The Gerewol tradition is a fascinating ritual celebrated by the Bororo Fulani, a nomadic community primarily located in Chad and Niger. This annual...
In northern Ethiopia, in the Tigray region, lies Axum (also spelled Aksum), an ancient city that once stood at the heart of one of Africa’s most powerful...