Peach Payments, a South African fintech start-up recently announced their intention to expand into Kenya, Nigeria and Namibia. The company offers businesses esp SMEs a way to receive payments from customer across platforms without need for an online platform or integration. In 2016, the company launched a payments solution called “PaySafe” which has already processed over ZAR 1 Billion in transactions and will change how businesses receive payments from customers across the globe. “Our initial target for Peach Payments was online or mobile merchants wanting to monetise audiences in South Africa. Over 200 South African online merchants are using Peach […]
Verdant Capital’s Managing Director, Ed Higenbottam spoke at the recent AfricaCom conference on the panel on mobile financial services, alongside Equity Bank’s John Staley (Chief Officer – Finance Innovation & Technology) and Letshego’s James Wainaina (Group Head of Customer Experience). John Staley explained Equity Bank’s strategy in entering the MVNO business as to try to break the operator dependency, which is an inevitable consequence of most mobile banking in Africa being conducted through the USSD channel. Equity Bank has introduced a film SIM technology to allow customers to switch network in order to perform banking. He explained that most telcos […]
Verdant Capital advises Jumo World Limited on the sale of 100% of afb Ghana to Letshego Holding Limited.
afb Ghana was launched in 2010 and has total assets of GHS 97 million (approx. USD 23 million), making it now one of the largest consumer and micro lending institutions in Ghana. Jumo World, which is backed by leading specialist funds such as Leapfrog, Vostok and Gemcorp, is divesting from afb Ghana in order to focus on its core financial technology business. The acquirer of the business is Letshego Holdings Limited, a leading pan-African consumer and micro finance institution, listed on the Botswana Stock Exchange, with total assets of BWP 7.5 billion (approx. USD 710 million). afb Ghana’s strategy of […]
The non-bank financial institution (NBFI) sector, often referred to as the alternative finance sector or the shadow banking sector, around the world is largely dependent on the institutional market for funding. By regulation, NBFIs in most markets are prohibited from gathering deposits or restricted from transactional banking services, which are critical to attract deposits. In most markets, banks themselves are reluctant to lend to NBFIs, given the potential long-term competitive threat. For example, Capitec of South Africa and Equity Bank of Kenya, which are now very much fully-fledged banks, have roots as NBFIs. In South Africa, the deepest and broadest […]
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