Tag Archives: fintech

In 2017 we will see Nigeria blooming

Africa is a market of great opportunities and also of lost opportunities. The second largest continent in the world is slowly rising from his knees – at least in the area of payments. According to data from the African Development Bank, the Black Continent has the fastest growing middle class in the world. More than 313 million people, or 34% of the population of Africa, spends more than $ 2.20 a day – a 100% increase in less than 20 years.

Into this introduction there fits perfectly latest financing acquired by startup Paystack. Nigerians received a $ 1.3 million investment. The startup specializes in handling online payments. In Africa such platforms are still rare.

As one of the first Nigerian companies, Paystack got admitted to Y Combinator – the famous incubator located in Silicon Valley. Paystack then received a grant of $ 120,000, It might seem modest, but in Nigerian terms it was quite a lot. This allowed the startup to build foundation of the company, gaining more than 1.5 thousand active clients and finally win that $ 1.3 million grant.

Nigeria is experiencing real business booming. Last year, Nigerian companies collected a total of $ 150 billion in revenue. Yet, majority of transactions were carried out offline. Nigeria, however, has one of the fastest growing digital markets. By 2020, the country is supposed to significantly increas the use of smartphones.

In Nigeria there also operates FinTech bank Sun Trust Bank, founded by the country’s richest man Aliko Dangote. According to the report by KPMG, in the past two years in the FinTech industries there we invested more than $ 200 million – the third result on the continent – after South Africa and Egypt.

Startup bank N26 expands into 9 European countries

The company, formerly known as Number26, now offers accounts in 17 European countries. Bank-based mobile application extends its services to Belgium, Estonia, Finland, Latvia, Lithuania, Luxembourg, Netherlands, Portugal and Slovenia.

Like the Atom Bank in the UK and GoBank in the United States, N26 is a fully mobile bank. Opening an account takes only eight minutes and this can be done by downloading the application on your device running iOS or Android. Customer identification is performed by a video call and requires to show your passport. After verification, the customer can transfer money to a free bank account and receive a MasterCard card.

The Bank currently operates in Germany, Austria, France, Spain, Italy, Greece, Ireland and Slovakia. In France, the use of bank services is currently limited, but probably will be again fully open in February.

N26 has received a banking license in July and has acquired over 200 000 customers in eight markets. The Bank says that its goal is to provide services to all Europeans over the next few years.