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Daily Digest Monday, 19 October 2020

Funding In West Africa Government Launches A $343m Credit Guarantee Scheme For Businesses The Ghana Care Guarantee Scheme (GCGS), to be administered by the Ghana Incentive-based Risk-sharing System for Agricultural Lending (GIRSAL), is to help SMEs to borrow from banks at lower rates and with longer tenor. Read more Call For Application & Other Web-Events Fintech, E-commerce Firms Go Big In Buy Now, Pay Later Service Ahead Of Festival Season Until now, most players focused on extending a credit line to borrowers, wherein the customer could withdraw any amount until he exhausted the credit line. Read more Opinion Corner The Five Hidden Secrets For Investing Success To achieve financial success you must know...

Fintech, E-commerce Firms Go Big In Buy Now, Pay Later Service Ahead Of Festival Season

Fintech companies and e-commerce firms are increasingly focussing on buy-now-pay-later options, wherein consumers can buy an item and get interest-free credit for 35-45 days . Interest is subsequently charged on any amount that remains to be paid. Until now, most players focused on extending a credit line to borrowers, wherein the customer could withdraw any amount until he exhausted the credit line. However, considering that it is a point-of-sale loan, interest rates are higher than personal loans. “A traditional loan is the cheapest. A credit line is more expensive than a traditional loan and pay-later loans would have higher interest rates ranging between 20% and 36% per annum," said Gaurav Gupta,...

Government Launches A $343m Credit Guarantee Scheme For Businesses

The government of Ghana has launched a GH¢2 billion ($343m) guarantee scheme to support universal banks in the country to offer financial support to small and medium enterprises (SMEs) for them to recover from the COVID-19 shocks. The Ghana Care Guarantee Scheme (GCGS), to be administered by the Ghana Incentive-based Risk-sharing System for Agricultural Lending (GIRSAL), is to help SMEs to borrow from banks at lower rates and with longer tenor. Read also: 5 Nigerian Startups Selected To Join 7 Others At The Africa Tech Summit Connects (ATS) The GIRSAL is a non-bank financial institution incorporated as a private company by the Ministry of Finance, with seed funding from the...

Daily Digest Friday, 16 October 2020

Funding In Africa Stripe Acquires Nigeria’s Paystack For $200M+ To Expand Into The African Continent Stripe is acquiring Paystack, a startup out of Lagos, Nigeria that, like Stripe, provides a quick way to integrate payments services into an online or offline transaction by way of an API. (We and others have referred to it in the past as “the Stripe of Africa.”) Read more Funding In South Africa Carscan Secures Funding From Leading SA VC Investors Offering a range of services, Carscan assists the automotive industry to buy, sell, rent, service, insure, finance, and auction vehicles. The advanced technological tools utilised help to eliminate fraud, governance, and, automotive industry risks. Read more Call For...

5 Nigerian Startups Selected To Join 7 Others At The Africa Tech Summit Connects (ATS)

Five Nigerian firms have been shortlisted among the 12 African startups to pitch live at this month’s digital Africa Tech Summit Connects in Kigali, Rwanda. This is to showcase their solutions to the global audience of 500 investors, corporates, and other stakeholders. Read also: Nigerian Ed-Tech Startup Edves To Raise Funding To For Further Expansion In Africa Disrupt Africa and Africa Tech Summit (ATS) disclosed it had reviewed its partnership to integrate startup-focused sessions plenary and pitching chances in its virtual Africa Tech Summit Connects event scheduled to hold virtually on the 20th – 22nd of October 2020. What you need to know ATS is a fully-virtual event and not...

Stripe Acquires Nigeria’s Paystack For $200M+ To Expand Into The African Continent

When Stripe  announced earlier this year that it had picked up another $600 million in funding, it said one big reason for the funding was to expand its API-based payments services into more geographies. Today the company is coming good on that plan in the form of some M&A. Stripe is acquiring Paystack, a startup out of Lagos, Nigeria that, like Stripe, provides a quick way to integrate payments services into an online or offline transaction by way of an API. (We and others have referred to it in the past as “the Stripe of Africa.”) Paystack  currently has around 60,000 customers, including small businesses, larger corporates, fintechs, educational institutions and online betting companies, and...

Why London’s Calling For The FinTech Industry

The year 2020 was going to be a wild ride for London’s financial services firms even without COVID-19. After all, Brexit was set to move from a theoretical change to a concrete reality, changing the rules for financial services players all over the country as well as for those on the continent. But add a pandemic to the mix and things got tumultuous pretty fast, Plaid U.K. Head Keith Grose and Innovate Finance CEO Charlotte Crosswell told Karen Webster as part of a recent PYMNTS TV session on London’s FinTech environment, in partnership with London & Partners, the official international trade, investment and promotion agency for London. But the panelists agreed that, such challenges aside,...

Carscan Secures Funding From Leading SA VC Investors

A cutting-edge South African tech startup, Carscan, has secured an undisclosed amount of investment funding from Kalon Venture Partners, IDF Capital, and a private investor. An automotive industry disrupter Founded by Obins Choudhary and Chander Prakash, Carscan has created an innovative service that allows users to track the condition of their vehicles. With its augmented reality platform that utilises visual AI technology, Carscan is able to provide an accurate, reliable, agnostic, complete, and traceable digital record of a car. As a tech-focused startup in the automotive industry, Carscan is disrupting the industry as it changes how stakeholders and consumers interact. Offering a range of services, Carscan assists the automotive industry to buy,...

Daily Digest Thursday, 15 October 2020

Funding In Africa Nigerian Ed-Tech Startup Edves To Raise Funding To For Further Expansion In Africa Prior to the adoption of the Edves software, 70% teachers in the schools which have now adopted the program used to waste a lot of time in time doing paperwork that could be automated. Doing a student report can take up to 2 weeks. Read more Funding In South Africa Actis Acquires US$140m Stake In Fibre Network Octotel According to a statement from Actis, the deal attaches a US$140 million enterprise value to Octotel. Similarly, Actis will buy a non-controlling interest in internet service provider RSAWeb. Both transactions are subject to regulatory approval. Read more Funding...

With Evolve Credit, Nigerians Can Find, Review, And Apply For Loans And Financial Products

Now, more than ever, there is an overwhelming need for loans and financial products in the Nigerian market. This is evident in the increase in loan applications from individuals and small businesses since lockdown restrictions began. But with most loan providers operating offline, it proved difficult for some customers to apply for this financial service. Still relying significantly on offline lead generation, in-person meetings, and paper applications, offline methods played a big part in deciding the fates of these businesses during the lockdown. Read also: Andreessen Horowitz Publishes 'Crypto Startup School' Documentary Besides that, another problem exists. Not all SMEs and individuals who succeeded in getting loans via the available online lenders had...

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