Agence Ecofin TikTok Agence Ecofin Youtube Agence WhatsApp

Finance

PaySika secures first financing, a year after inception

Friday, 15 October 2021 16:48
PaySika secures first financing, a year after inception

(Ecofin Agency) - Francophone Africa-focused digital bank PaySika has secured €300,000 (about $348,412) in seed funding. The deal represents its first fundraising since its inception in February 2020.

PaySika says it will use the money to hire new staff members and expand its solutions. The digital bank is backed by a group of French, British, and Nigerian investors, and plans an official launch of activities in the first quarter of 2022. It will first be active in Cameroon and Gabon, and subsequently in Benin.

The institution, which claims to have reached 20,000 pre-registrations in the pre-launch phase, targets mainly underbanked populations that are underserved by traditional banking services. Only 20% of the population in Francophone Africa has access to banking services, according to official data. With the strong adoption of mobile money and the use of smartphones in the region, many neo-banks like PaySika have decided to develop mobile banking solutions to attract these populations.

Recently in Nigeria, the two-year-old digital bank Sparkle raised $3.1 million to strengthen its business. A few months earlier, in August, Kuda announced it had raised $55 million to expand in Africa. In South Africa, TymeBank raised $109 million last February.

Chamberline Moko





 
Mining


 
Telecom


 
Public Management


ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

AGENCE ECOFIN
Mediamania Sarl
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11

EDITORIAL TEAM
redaction@agenceecofin.com

ADVERTISING SALES
Benjamin FLAUX
bf@agenceecofin.com
Tél: +41 22 301 96 11
Mob: +41 78 699 13 72

 

Please publish modules in offcanvas position.