Profitless growth in informal economy: sales up, Margin down

Hi Fintech friends 👋,

Here are the highlights of what happened in African Fintech this week;

  • The most active Fintech country in Africa removed from FATF Grey List.

  • Nigerian latest Unicorn raised $90 Million to complete a $200 Million.

  • The world's Stablecoin giant invested in Kenyan Fintech.

  • IFC committed $6 Million to a female-led VC investing in African Fintechs.

  • Two Fintechs shut down in Africa.

  • One of the world's biggest Crypto platforms entered Nigeria’s investment market with tokenised US assets.

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💸Fundraise and Exits

  • Moniepoint raised $90 Million to complete a $200 Million Series C round.

💰 Venture Funds

  • IFCcommitted $6 Million to First Circle Capital, a female-led, pan-African VC fund backing early-stage fintech companies across the continent.

  • Mubadala-backed AAFclosed $55 Million for early-stage hybrid fund.

🚀 Partnerships & Product Launches

  • Blockchain.com entered Nigeria’s investment market with tokenised US assets.

  • Nigerian digital lender Lidyashut down operations despite raising $16.45 Million.

  • PayU Kenyashut down after The Central Bank Of Kenya revoked licence.

👔 Leadership Lineup

  • Kenyan Frank Ireri, the former Housing Finance boss who tried to turn mortgage lenders into a modern financial group, died of cancer in Nairobi.

📰 News of the Week

  • Nigeria Removed from Financial Action Task Force(FATF) Grey List.

The FATF added Nigeria to the Grey List in February 2023 due to gaps in beneficial ownership transparency, supervision of non-financial institutions, and the effectiveness of law enforcement. But this wouldn’t be the first time.

👀 Eye Openers

  • No new loans are needed in Africa?

📑 Read of the week

  • The case for M-PESA as a DPI & why it needs to be converted into a bank.(Hapa Kenya)

📖 Other News, Reads, and Media

  • Access Bank might pay $109.6 Million for Kenya’s National Bank of Kenyaand $133 Million for South Africa’s Bidvest bank.

  • Zest, the fintech subsidiary of Stanbic IBTC Holdingsreported its first profitable quarter since its 2023 launch.

🪙 Stablecoin Watch

News;

  • Kenyan Fintech Kotani Pay secured strategic funding from Stablecoin giant, Tether.

  • South Africa crypto exchange VALRsecured key licenses from the Financial Sector Conduct Authority.

  • Zepz launched a new stablecoin-powered wallet, Sendwave Wallet.

Insights & Resources;

❝

Jeez, Deel (via BVNK) charging $21 on a $1000 USDC withdrawal in 2025 shows us that we still have a long way to go. $10 for a SWIFT though. Cost of compliance?— Wiza Jalakasi (@wizaj) October 26, 2025

🎥 VIDEO INTERVIEWS/DISCUSSIONS

  • Interview with Wiza - ‘African Fintech Guy’; From Malawi to Scaling Chipper Cash and EBANX .

🦉 Tweet of the Week

❝

San Francisco🇺🇸 is where magic happens.

If you are a founder, move to SF. It will change your life https://t.co/7C0zQFt11a— Philip | Hurupay (@philip_hurupay) October 25, 2025

Made in Tanzania 🇹🇿 with 💚

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