The African Fintech Monthly Roundup; Assessing All Fintech Developments across Africa in August

The African Fintech industry has recorded outstanding growth in the past decade. There have been numerous startups and massive investments with enormous financial support too. Today, there are over 400 functional Fintech companies across the continents that are changing how businesses are conducted and money is moved from source A to B. The best part is most companies are 80 percent home-grown.

Innovation in Fintech, Financial Technology, is transforming the global financial sector across the globe, and Africa is at the forefront of this change. Major drivers include increased mobile access, financial inclusion, and a favorable landscape. Across the world, Fintech companies have received over 110 billion US$, 2018 will forever remain a viable Fintech year for African industries who raked in millions of dollars and hundreds of investors. In 2019, the growth in this industry experience unbelievable growth as more companies gained recognition for their contribution across various sectors in the African plains. From North of African to the West African, East, and South Africa, African Fintech is restructuring the financial and technological landscape in more ways than one.

As part of boosting the Fintech environment and giving Nigerians tech lovers a fighting chance among their peers in other parts of the world. This year, Techpoint went all out in a two-day conference in July 17 – July 19th 2020. The platform also invites the big names in Silicon Valley like Jack Dorsey founder and CEO of Twitter visiting the continent. The platform has also received huge investors who have helped others startups gain a strong footing.

Throughout the continent, there has been major Fintech development that is changing the space and improving businesses, as we know it. The following are some Fintech companies that have impacted the landscape.

Some African Fintech companies are-

Nokwary Technologies

In the age of Artificial Intelligence, one African company is embracing it and giving customers a better payment platform using the popular chat site WhatsApp. Co-founded by Dennis Asamoah Owusu, Nokwary is a Ghanaian based Fintech using AI-enabled solutions to broaden digital financial services in Ghana and across Africa at large. Currently funded by friends and family, Nokwary received first place in the just concluded Ecobank Africa Fintech competition. The group has developed a WhatsApp banking solution that allows users to conduct all banking transactions over WhatsApp in any language desired.

Leaf Global Corporation

For millions of Africans and refugees across the world, violence and unrest are the biggest drivers to loss of property and wealth. Well, one company is changing this narrative using the distributed ledges system of Blockchain. This active Fintech services based in Rwanda has its headquarters in Nashville, USA, and was founded in 2017. The company is creating a virtual banking system that enables customers, especially fleeing refugees to have access to their money as they run away from home. The Leaf app uses Blockchain to protect refugees money even without any prior knowledge of the platform, users can build a complete and active virtual identity with biometric, savings, spending, and transaction history from their mobile device. The data stay intact even with their mobile devices lost or missing.

Moja Ride

Moja Ride is an Ivorian mobility app to help improve mobility and payments when users move from one point to another. Founded in 2017 by Jean Claude Gouesse with headquarters in Abidjan is helping consumers find, book, and pay for the best rides in their various cities. Moja Ride uses smart card solutions to enable digital payment for all transportation types in Abidjan. Since its inception, it has link clients to drivers and eased payment systems. It has received total funding of 500, ooo US dollars, and is still improving.

Kuda Bank

The bank of the free – with so many bank charges and banking issues that go unsolved, Kuda is changing the way user’s bank. The Kuda app is licensed by the CBN and NDIC ensuring that your funds are safe and data is protected. Founded in 2017 by Babatunde Ogundeyi, Kuda is compatible with all smart devices and offers absolutely free on bank transfer, ATM and withdrawals. With the app, you will save and save smartly. The company has raised over 1.6 million US$ that is used to trump all financial and banking lapses of all its virtual outlets for a successful operation by users.

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Whether you are using it for your personal activities or to run your business, the Migo app is the ultimate payment platform to help you get or repay a loan. Founded in 2014 by Ekechi Nwokah and Kunle Olukotun, the digital credit as-a-service platform just raised 20 million US$ as it plans its expansion into the Brazilian market. Currently active in Nigeria and Kenya, Migo is bridging the lending gap and offering small businesses access to quick collateral-free credit loans using your smartphone data.

TradeSafe Escrow

Founded in 2014 by Jethro O’Brien, TradeSafe is a South Africa based virtual banking system that is leveraging on Fintech to create the first digital escrow service with an API gateway. This offers a stable and transparent platform for easy payment and fund transactions. Although no disclosure of its funding is made public, one of SA’s biggest banks recently acquired a stake in the company. Overall, TradeSafe will enable users to manage, set, and achieve their financial goals effortlessly without any problems.

Get It Done Now

If you live in Nigeria’s crowd city spaces you will understand the need for this platform. Get It Done Now GIDN is a Nigeria based Fintech Company founded in 2018 located in Lagos Nigeria. It was founded by Akinbode Ademola Bamgboye and Alberto Rodriguez Fernandez and has received a total of 66.7£ since its inception. This mobile service provider links you up with the best skills and services around the city easily and enables seamless payment systems too. Whether you are ordering takeaway, looking for credits and loans, or performing simple actions like recharging your phone, Get It Done Now, available on Android and iOS devices.


This Egyptian based trucking app has its headquarters in Cairo and was founded in 2018 by Omar Hagrass, Pierre Saad, and Ali El Atrash. Since its inception, the company has raised 750,000US$ and has 6 investors. Besides, it acquired a local trucking company and competition Trukt to be the most successful B2B trucking marketplace in the country. Trella has perfected a seamless connection of shipper and carrier using technology to empower transparency among truckers and trucking companies, boost earnings and track shipments in real-time. Trella’s goal is to make the trucking business more reliable reduces lapses and losses in the industry.

Franc Group

Founded by Thomas Brennan, this South African based app is poised to teach the average African how to grow wealth through investing via your mobile phone. The CEO hopes to help many South African and others break the poverty circle and attain financial freedom over time. The company has raised over 300,000 US dollars since its inception. It is an application that allows users to project a saving and investment goal and investment goals. With the Franc app, users can access the money market, invest, and make tangible profits. Overall the app is set to make investing affordable, assessable, and simple.

Growth Factor

This Ghanaian Fintech company is creating financial inclusion invoicing system to help Small and Medium businesses remain and grow their businesses by effectively dealing with credits and late payments. Their product tagged Nvoicia is targeted at the African Agricultural sector as it hopes to streamline the payment process via invoice discounting using Smart Contracts. This transparent system connects buyers to agricultural producers, suppliers, and financiers but also quickens payment processes enabling farmers to receive payment and reinvest too. Growth Factor was 2nd runner up in the just-concluded Ecobank Fintech roundup competition.


The pandemic shuts down all sporting activities in the world and even as things slowly return to normal, people are still scared of getting infected or spreading an infection. Eksab is an online engaging mobile games app that allows users to predict the outcome of live matches and win great rewards and prices. The company is based in Egypt and founded in 2017 by Ahmed Omran and Aly Mahmoud. Although the company has not declared its funding, it recently received a 6-figure boost from 500 Startup to help scale its products across North Africa and worldwide.


This is an African genomic research, development, and service company that intents to address the under-representation of Africa and African in genomic data research in the world despite having the largest population in the world. Based in the United States but founded in 2019 by Nigerians Abasi Ene-Obong, Damilola Oni, Gatumi Aliyu, Ogochukwu Francis Osifo, and has raised over 15 million US$ to help study African genetics diseases and sort effective solution to tackle it through a streamlined solution.

At less than a year old, 54Gene, it has built an extensive data system of genomic and phenotypic data of Africans and there is no doubt that 54Gene will change how we treat and seek a solution to pressing genetic diseases across African in the future.

Yobante Express

This is a Senegalese startup company founded in 2018 that aims to bridge the gap between last minutes delivers and orders using innovative technology to enhance package deliveries across the state and country lines. Based in Senegal, it recently expanded its services to South African with a strong marketplace that is connecting local courier services with commerce for a better and affordable platform. Today the company effectively handles up to 10,000 parcel deliveries daily and is generating revenues in the tens of thousands.


This is the first African Fintech company that is revolutionizing the insurance industry. Pineapple is a flexible and decentralized peer-to-peer that offers premium insurance for all the users. Founded by Marnus van Heerden, Mathew Elan Smith, and Ndabenhie Junior Ngulube in 2017, Pineapple makes it easy to insure any property in as simple as a snap. Pineapple has proven to be a contender in the Fintech startup that has won several competitions and is improving immensely, including winning the 225 million Rands in a US Fintech industry.


Recently, Flutterwave raised 35 million US$ as a startup Fintech company, which will enable it to expand its service and reach more people across the African terrain and abroad. Flutterwave is a payment system that offers uses alternative payment options for businesses and ecommerce across the region. Founded in 2014 by Iyinoluwa Aboyeji, Flutterwave is transforming digital payments across Africa with several products like Rave, Fly, and Barter for individuals or companies.


Eversend is a Ugandan/French based Fintech startup that is breaking banking protocols as the first Neo bank in Africa. Eversend allows users to send money from anywhere in the world at the best rates, safe and secure without the usual charges that follow it. This multi-currency wallet system means users can save, spend, and transfer money in any currency from anywhere. Founded in 2017 by Stone Atwine and Emma Smith, Eversend raised the sum of 706,000 US$, which will be used to expand to other African countries, including Nigeria and francophone nations. The app is available on Android and iOS and is growing tremendously since its inception.


Founded in 2019 by Edoka Idoko, Ojirehprime is a mobile Fintech solution that is catering to the growing population of Africans. This platform intends to be the biggest digital payment system for African youths in the future. It is leveraging in technology to create access to the bank and unbanked across the continent. Ojirehprime is hoping to create a financial inclusion platform to help not only individuals but small and medium scale businesses deal with the inadequacies associated with financial institutions and payment systems.

Cassava Fintech

Cassava Fintech is a dedicated pan-African mobile payment solution offering integrated social via innovative digital processes for businesses and individuals. Founded in 2017 in South African Darlington T Mandivenga, the platform is connecting retailers and consumers across different ecommerce settings and allows for easy payment gateway too. It allows users to pay, send, receive, and pay for services online or from SA, UK, and the US to anywhere in the world.

Despite the impact of the pandemic, it was an incredible year for African Fintech companies. When compared to a decade ago, the industry has greatly improved as technology is playing a crucial role in the Africa of tomorrow. There is no crystal ball or magic wand to how much will be invested or lost. However, with over 500 million US dollars in various startups across the continent, 2020 is a bright year, and the best is coming afterward. 

Whether it is Jumia, Jumo, or a new one, the continent is building a stable platform of Fintech companies. It is also creating wealth across different terrain that will, hopefully, disrupt the dynamics in all sectors of the economy for good.

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