TGIF ☀️
Funding for African startups continues to slump in this quarter as a drop of about 45.6% was noticed in comparison to Q1 2023. Another highlight is how debt financing continues to grow as an asset class for these startups.
This quarter, the ecosystem also experienced a number of expansion and acquisitions. Explore more of what went down in African tech in our newly released quarterly report! download it now
Wema Bank removes 7 fintech partners
Wema Bank has taken a strong stance against financial crime after it suffered a ₦685 million ($594,943) loss to fraudulent activities in 2023.
On Wednesday, the Nigerian bank suspended seven unnamed fintech partners from its payment gateway platform. Four partners were suspended, while three were permanently removed from the platform.
Why? Wema’s decision comes after investigations revealed that there had been an increase in fraudulent inflows into some wallet accounts operated by some of its fintech…
Mariam Muhammad
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https://techcabal.com/2024/04/19/techcabal-daily-wema-bank-unlists-seven-fintechs/
