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Nigeria’s informal economy is powering a payment system that’s growing without credit

Author

Emmanuel Paul

I’m building Finance in Africa, a platform making financial information on banking, insurance, capital markets, and fintech across the continent more accessible and actionable. My work sits at the intersection of journalism, finance, technology and storytelling—with a focus on driving industry insight and professional relevance.

Previously, I was Brand Storyteller at Moniepoint, where I led thought leadership and business storytelling that shaped investor conversations and unlocked partnerships. I also served as Managing Editor at Techpoint Africa, where I directed coverage of Africa’s fintech and innovation economy. I’ve developed industry reports, interviewed global tech and finance leaders, and co-produced events and podcasts that reached hundreds of thousands.

Let’s connect on LinkedIn or Twitter (sorry X), or send tips to emmanuel@financeinafrica.com.

Author

Emmanuel Paul

I’m building Finance in Africa, a platform making financial information on banking, insurance, capital markets, and fintech across the continent more accessible and actionable. My work sits at the intersection of journalism, finance, technology and storytelling—with a focus on driving industry insight and professional relevance.

Previously, I was Brand Storyteller at Moniepoint, where I led thought leadership and business storytelling that shaped investor conversations and unlocked partnerships. I also served as Managing Editor at Techpoint Africa, where I directed coverage of Africa’s fintech and innovation economy. I’ve developed industry reports, interviewed global tech and finance leaders, and co-produced events and podcasts that reached hundreds of thousands.

Let’s connect on LinkedIn or Twitter (sorry X), or send tips to emmanuel@financeinafrica.com.

A market with a woman making payment for an Item

Credibility cost: What Moniepoint’s $3.7m UK move reveals about African payment firms going global

Author

Emmanuel Paul

I’m building Finance in Africa, a platform making financial information on banking, insurance, capital markets, and fintech across the continent more accessible and actionable. My work sits at the intersection of journalism, finance, technology and storytelling—with a focus on driving industry insight and professional relevance.

Previously, I was Brand Storyteller at Moniepoint, where I led thought leadership and business storytelling that shaped investor conversations and unlocked partnerships. I also served as Managing Editor at Techpoint Africa, where I directed coverage of Africa’s fintech and innovation economy. I’ve developed industry reports, interviewed global tech and finance leaders, and co-produced events and podcasts that reached hundreds of thousands.

Let’s connect on LinkedIn or Twitter (sorry X), or send tips to emmanuel@financeinafrica.com.

Author

Emmanuel Paul

I’m building Finance in Africa, a platform making financial information on banking, insurance, capital markets, and fintech across the continent more accessible and actionable. My work sits at the intersection of journalism, finance, technology and storytelling—with a focus on driving industry insight and professional relevance.

Previously, I was Brand Storyteller at Moniepoint, where I led thought leadership and business storytelling that shaped investor conversations and unlocked partnerships. I also served as Managing Editor at Techpoint Africa, where I directed coverage of Africa’s fintech and innovation economy. I’ve developed industry reports, interviewed global tech and finance leaders, and co-produced events and podcasts that reached hundreds of thousands.

Let’s connect on LinkedIn or Twitter (sorry X), or send tips to emmanuel@financeinafrica.com.

Why African fintechs struggle to turn scale into revenue

Author

Pelumi Davis

Pelumi is a freelance writer with over five years of experience spanning content, creative, and academic writing. His work cuts across lifestyle, cryptocurrency, self-improvement, and technical documentation, and he has published academic papers that reflect his blend of curiosity and research. He currently collaborates with Finance in Africa, covering stories on the continent’s financial landscape. Connect with him on LinkedIn and explore his portfolio on Muck Rack.

Author

Pelumi Davis

Pelumi is a freelance writer with over five years of experience spanning content, creative, and academic writing. His work cuts across lifestyle, cryptocurrency, self-improvement, and technical documentation, and he has published academic papers that reflect his blend of curiosity and research. He currently collaborates with Finance in Africa, covering stories on the continent’s financial landscape. Connect with him on LinkedIn and explore his portfolio on Muck Rack.

african market woman smiling while counting money

CBN fines Stanbic IBTC’s Zest ₦2.7m amid deepening losses

Author

Ernest Favour

Author

Ernest Favour

OPINION: Africa’s $120 billion trade finance gap can’t be solved by banks alone

Author

Guest Contributor

This profile hosts opinion pieces and insights from distinguished leaders across Africa’s financial services ecosystem. From banking executives to insurance innovators, regulators, entrepreneurs, policymakers, and thought leaders, our guest contributors bring unique perspectives on the trends shaping capital markets, financial inclusion, technology, and the broader economy.

Through these contributions, Finance in Africa provides readers with diverse voices and expert analyses that enrich conversations on the continent’s evolving financial landscape.

Author

Guest Contributor

This profile hosts opinion pieces and insights from distinguished leaders across Africa’s financial services ecosystem. From banking executives to insurance innovators, regulators, entrepreneurs, policymakers, and thought leaders, our guest contributors bring unique perspectives on the trends shaping capital markets, financial inclusion, technology, and the broader economy.

Through these contributions, Finance in Africa provides readers with diverse voices and expert analyses that enrich conversations on the continent’s evolving financial landscape.

Aerial view of a large sea port filled with cargo containers

From selfie to settlement: How KYC powers digital finance in Africa

Author

Gbemi Lolade Adekanmbi

Gbemi is a communications strategist focused on engineering and technical storytelling, translating complex systems into compelling, human-centered narratives. Catch up with her on Linkedin Gbemi Lolade Akanbi.

Author

Gbemi Lolade Adekanmbi

Gbemi is a communications strategist focused on engineering and technical storytelling, translating complex systems into compelling, human-centered narratives. Catch up with her on Linkedin Gbemi Lolade Akanbi.

KYC Man holding phone mobile payments card

Open rails made Nigeria a payments leader, now cards must follow suit

Author

Guest Contributor

This profile hosts opinion pieces and insights from distinguished leaders across Africa’s financial services ecosystem. From banking executives to insurance innovators, regulators, entrepreneurs, policymakers, and thought leaders, our guest contributors bring unique perspectives on the trends shaping capital markets, financial inclusion, technology, and the broader economy.

Through these contributions, Finance in Africa provides readers with diverse voices and expert analyses that enrich conversations on the continent’s evolving financial landscape.

Author

Guest Contributor

This profile hosts opinion pieces and insights from distinguished leaders across Africa’s financial services ecosystem. From banking executives to insurance innovators, regulators, entrepreneurs, policymakers, and thought leaders, our guest contributors bring unique perspectives on the trends shaping capital markets, financial inclusion, technology, and the broader economy.

Through these contributions, Finance in Africa provides readers with diverse voices and expert analyses that enrich conversations on the continent’s evolving financial landscape.

CBN’s geotagging rule: The end of roaming POS agents in Nigeria?

Author

Emmanuel Paul

I’m building Finance in Africa, a platform making financial information on banking, insurance, capital markets, and fintech across the continent more accessible and actionable. My work sits at the intersection of journalism, finance, technology and storytelling—with a focus on driving industry insight and professional relevance.

Previously, I was Brand Storyteller at Moniepoint, where I led thought leadership and business storytelling that shaped investor conversations and unlocked partnerships. I also served as Managing Editor at Techpoint Africa, where I directed coverage of Africa’s fintech and innovation economy. I’ve developed industry reports, interviewed global tech and finance leaders, and co-produced events and podcasts that reached hundreds of thousands.

Let’s connect on LinkedIn or Twitter (sorry X), or send tips to emmanuel@financeinafrica.com.

Author

Emmanuel Paul

I’m building Finance in Africa, a platform making financial information on banking, insurance, capital markets, and fintech across the continent more accessible and actionable. My work sits at the intersection of journalism, finance, technology and storytelling—with a focus on driving industry insight and professional relevance.

Previously, I was Brand Storyteller at Moniepoint, where I led thought leadership and business storytelling that shaped investor conversations and unlocked partnerships. I also served as Managing Editor at Techpoint Africa, where I directed coverage of Africa’s fintech and innovation economy. I’ve developed industry reports, interviewed global tech and finance leaders, and co-produced events and podcasts that reached hundreds of thousands.

Let’s connect on LinkedIn or Twitter (sorry X), or send tips to emmanuel@financeinafrica.com.

Behind Visa and Verve: Inside Nigeria’s card rails and how to build on them

Author

Gbemi Lolade Adekanmbi

Gbemi is a communications strategist focused on engineering and technical storytelling, translating complex systems into compelling, human-centered narratives. Catch up with her on Linkedin Gbemi Lolade Akanbi.

Author

Gbemi Lolade Adekanmbi

Gbemi is a communications strategist focused on engineering and technical storytelling, translating complex systems into compelling, human-centered narratives. Catch up with her on Linkedin Gbemi Lolade Akanbi.

Kenya records 215 million mobile money payments in May, lowest in seven months

Author

Bunmi Bailey

Bunmi holds a degree in Economics from the University of Lagos and has over seven years of experience in content writing.

Her career includes roles as a financial and business journalist at BusinessDay Media and TechCabal, as well as leading the research team at SBM Intelligence—an Africa-focused market intelligence and strategic consulting firm.

She currently serves as Editor at Finance in Africa, a subsidiary of BusinessFront, publishers of Techpoint Africa, Energy in Africa. Catch up with her on Linkedin Bunmi Bailey.

Author

Bunmi Bailey

Bunmi holds a degree in Economics from the University of Lagos and has over seven years of experience in content writing.

Her career includes roles as a financial and business journalist at BusinessDay Media and TechCabal, as well as leading the research team at SBM Intelligence—an Africa-focused market intelligence and strategic consulting firm.

She currently serves as Editor at Finance in Africa, a subsidiary of BusinessFront, publishers of Techpoint Africa, Energy in Africa. Catch up with her on Linkedin Bunmi Bailey.

Image of a Kenyan woman performing a mobile money transaction.

Beyond buzzwords: Global shifts signal a new era of crypto utility in Africa

Author

Ayotunde Alabi

Ayotunde Alabi is the CEO and Country Manager of Luno Nigeria, where he leads the company’s mission to make cryptocurrency accessible, safe, and useful for millions of Nigerians. With over a decade of experience spanning capital markets, fintech, governance, and retail finance, he brings deep expertise and cross-sector insight to the evolving digital asset space.

A Chartered Stockbroker and seasoned financial strategist, Ayotunde has held senior roles at firms like ARM and Spektra, and currently champions initiatives that drive responsible crypto adoption, infrastructure development, and user education. Under his leadership, Luno Nigeria has strengthened partnerships and launched several awareness campaigns—including grassroots crypto literacy workshops and industry dialogues.

Passionate about economic empowerment through technology, Ayotunde regularly speaks at fintech and blockchain events, and actively mentors young professionals entering the space. He believes Africa’s future financial infrastructure will be shaped by tools that are not only innovative, but also inclusive and grounded in trust. Catch up with him here.

Author

Ayotunde Alabi

Ayotunde Alabi is the CEO and Country Manager of Luno Nigeria, where he leads the company’s mission to make cryptocurrency accessible, safe, and useful for millions of Nigerians. With over a decade of experience spanning capital markets, fintech, governance, and retail finance, he brings deep expertise and cross-sector insight to the evolving digital asset space.

A Chartered Stockbroker and seasoned financial strategist, Ayotunde has held senior roles at firms like ARM and Spektra, and currently champions initiatives that drive responsible crypto adoption, infrastructure development, and user education. Under his leadership, Luno Nigeria has strengthened partnerships and launched several awareness campaigns—including grassroots crypto literacy workshops and industry dialogues.

Passionate about economic empowerment through technology, Ayotunde regularly speaks at fintech and blockchain events, and actively mentors young professionals entering the space. He believes Africa’s future financial infrastructure will be shaped by tools that are not only innovative, but also inclusive and grounded in trust. Catch up with him here.

Offline-first fintech: how money moves in Africa without the internet

Author

Gbemi Lolade Adekanmbi

Gbemi is a communications strategist focused on engineering and technical storytelling, translating complex systems into compelling, human-centered narratives. Catch up with her on Linkedin Gbemi Lolade Akanbi.

Author

Gbemi Lolade Adekanmbi

Gbemi is a communications strategist focused on engineering and technical storytelling, translating complex systems into compelling, human-centered narratives. Catch up with her on Linkedin Gbemi Lolade Akanbi.

Ethiopia’s cashless drive gathers pace with new e-payment directive

Author

Amarachi Orjiude-Ndibe

Amarachi is a finance writer with a knack for turning complex economic data into compelling stories. With over half a decade of writing experience—spanning content creation, journalism, and on-the-ground reporting—she found herself in finance by accident but stayed for the thrill of decoding numbers that shape economies. Now, she covers the policies, trends, and market shifts that drive Africa’s financial landscape, making crucial information accessible to readers across the continent.

At Finance In Africa, Amarachi delivers sharp, data-driven insights tailored for bankers, investors, and finance professionals. She analyses central bank policies, fiscal reforms, and regulatory shifts, translating their impact into actionable intelligence. Her coverage spans banking performance, inflation, currency movements, capital markets, fixed income, and corporate earnings—helping industry players navigate risks and opportunities with confidence.

Connect with her on LinkedIn: Amarachi Orjiude-Ndibe.

Author

Amarachi Orjiude-Ndibe

Amarachi is a finance writer with a knack for turning complex economic data into compelling stories. With over half a decade of writing experience—spanning content creation, journalism, and on-the-ground reporting—she found herself in finance by accident but stayed for the thrill of decoding numbers that shape economies. Now, she covers the policies, trends, and market shifts that drive Africa’s financial landscape, making crucial information accessible to readers across the continent.

At Finance In Africa, Amarachi delivers sharp, data-driven insights tailored for bankers, investors, and finance professionals. She analyses central bank policies, fiscal reforms, and regulatory shifts, translating their impact into actionable intelligence. Her coverage spans banking performance, inflation, currency movements, capital markets, fixed income, and corporate earnings—helping industry players navigate risks and opportunities with confidence.

Connect with her on LinkedIn: Amarachi Orjiude-Ndibe.

From transfers to credit: LemFi’s $1 billion gambit with Pillar in migrant finance.

Author

Ernest Favour

Author

Ernest Favour

A technical deep dive into NIBSS, the infrastructure powering Nigerian payments

Author

Gbemi Lolade Adekanmbi

Gbemi is a communications strategist focused on engineering and technical storytelling, translating complex systems into compelling, human-centered narratives. Catch up with her on Linkedin Gbemi Lolade Akanbi.

Author

Gbemi Lolade Adekanmbi

Gbemi is a communications strategist focused on engineering and technical storytelling, translating complex systems into compelling, human-centered narratives. Catch up with her on Linkedin Gbemi Lolade Akanbi.

MTN MoMo’s Ghana-Nigeria transfers highlight a broken African payment system

Author

Whiskey Oghenemarieno

It is comparing the inflation rate between February 2024 and that of 2025. The rates are different because last year’s own was higher than this year’s.

Then the rebasing inflation index that we now used, (that was changed to last month) means that we use each year as its own base year for calculating inflation unlike previously when we use other years for the base year calculation. Catch up with me on LinkedIn here.

Author

Whiskey Oghenemarieno

It is comparing the inflation rate between February 2024 and that of 2025. The rates are different because last year’s own was higher than this year’s.

Then the rebasing inflation index that we now used, (that was changed to last month) means that we use each year as its own base year for calculating inflation unlike previously when we use other years for the base year calculation. Catch up with me on LinkedIn here.

Zest, Stanbic IBTC’s fintech subsidiary, has been fined ₦2.7m by Nigeria’s central bank for a regulatory filing breach, adding to the fintech’s two-year struggle with unprofitability.

Kenya’s mobile money sector slowed in May 2025, with transaction volumes falling to their lowest level since October 2024, according to the latest data from the country’s National Bureau of Statistics.

Ethiopia’s Finance Ministry has issued a directive making it compulsory for all public agencies to accept digital payments, in a bid to modernise the country’s financial services and deepen financial inclusion.

From Lagos to London,the Nigerian-founded fintech has snapped up UK credit card issuer Pillar, a bold leap from remittance to credit, a leap into a friction, high-potential market.

Before MTN Momo’s cross-border payments, sending money between Ghana and Nigeria could cost anywhere between 8% and 20% in fees.

Top stories

Nigeria’s informal economy is powering a payment system that’s growing without credit

Cash-based merchants are driving digital transfers, but there’s an opportunity to drive credit. The tell tale signs are there.

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Credibility cost: What Moniepoint’s $3.7m UK move reveals about African payment firms going global

Moniepoint’s UK expansion lays bare the real cost of global ambition for African payment firms — from million-pound compliance spend to the regulatory discipline global scale deman

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Why African fintechs struggle to turn scale into revenue

Africa is often celebrated as one of the world’s most dynamic fintech frontiers. Yet despite this remarkable dynamism, Africa remains a marginal player in the global fintech market.

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CBN fines Stanbic IBTC’s Zest ₦2.7m amid deepening losses

Zest Payments has been fined $1.89k by Nigeria’s Central Bank for late filing of its 2023 accounts, a fresh setback for the two-year-old fintech, yet to break even despite hefty capital injections.

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OPINION: Africa’s $120 billion trade finance gap can’t be solved by banks alone

Africa’s trade finance shortfall won’t be fixed by banks alone — embedded finance and digital liquidity platforms hold the key to inclusive, cross-border trade growth.

Follow the story

From selfie to settlement: How KYC powers digital finance in Africa

Behind every selfie and ID check lies the hidden machinery powering Africa’s digital finance. Find out how KYC fuels trust, scale, and inclusion.

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Open rails made Nigeria a payments leader, now cards must follow suit

Nigeria’s open rails turned cashless payments into a trillion-naira success. Card exclusivity now risks undoing the gains, raising costs and stifling competition.

Follow the story

CBN’s geotagging rule: The end of roaming POS agents in Nigeria?

CBN orders all POS machines in Nigeria to be geo-tagged within 60 days, ending roaming agents while adopting ISO 20022 to curb fraud and boost payment transparency.

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Behind Visa and Verve: Inside Nigeria’s card rails and how to build on them

Nigeria’s card rails underpin payments, linking banks, fintechs, and merchants in seconds. But building on them means navigating complexity, trust, and scale.

Follow the story

Kenya records 215 million mobile money payments in May, lowest in seven months

Data from the Kenya National Bureau of Statistics show 214.5 million transactions were recorded during the month — a steep 29.2% drop from April’s 303.1 million.

Follow the story

Beyond buzzwords: Global shifts signal a new era of crypto utility in Africa

Crypto is growing up and it needs to move beyond hype. In this piece, Ayotunde Alabi, CEO of Luno Nigeria, shares how crypto is moving towards stablecoins, real-world use cases, and infrastructure built for long-term impact and trust.

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Offline-first fintech: how money moves in Africa without the internet

Explore the mechanics and infrastructure choices behind offline-first fintech in Africa. In Africa, products are engineered to survive (and thrive) where the signal fails. If you work in product or engineering in Financial services, this is for you.

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Ethiopia’s cashless drive gathers pace with new e-payment directive

The directive is part of the government’s broader financial sector reform campaign aimed at deepening financial inclusion, expanding the tax base through improved payment traceability, and enabling long-term economic growth.

Follow the story

From transfers to credit: LemFi’s $1 billion gambit with Pillar in migrant finance.

Nigeria-born fintech LemFi has acquired UK-based credit card issuer Pillar, marking a strategic pivot from cross-border remittances into the underserved migrant credit market.

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A technical deep dive into NIBSS, the infrastructure powering Nigerian payments

Nigeria’s financial ecosystem looks like a crowded maze of banks, fintechs, microfinance institutions, and agencies—but beneath the noise is one quiet force keeping everything running: NIBSS. If your product moves money, verifies identities, or talks to a bank, chances are it’s already riding on NIBSS rails. This guide breaks down what NIBSS does, how it…

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MTN MoMo’s Ghana-Nigeria transfers highlight a broken African payment system

Before MTN Momo’s cross-border payments, sending money between Ghana and Nigeria could cost anywhere between 8% and 20% in fees.

Follow the story

Zest, Stanbic IBTC’s fintech subsidiary, has been fined ₦2.7m by Nigeria’s central bank for a regulatory filing breach, adding to the fintech’s two-year struggle with unprofitability.

From Lagos to London,the Nigerian-founded fintech has snapped up UK credit card issuer Pillar, a bold leap from remittance to credit, a leap into a friction, high-potential market.

Before MTN Momo’s cross-border payments, sending money between Ghana and Nigeria could cost anywhere between 8% and 20% in fees.

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