Finance
FINTECH: Two Nigerian startups Beat 10 others to Win Visa’s EI SSA Finals


Visa, the world’s leader in digital payments, announced Nigerian startups CredPal and Zowasel as winners in the Merchant Payments and Financial Inclusion challenges of its first ever Sub Saharan Africa (SSA) Everywhere Initiative, a global program aimed at startups and designed to encourage the development of the next big thing in payments.
The winning solutions beat 10 other contenders selected from 238 submissions to emerge as champions.
The SSA program was structured around three real life business challenges:
- Merchant Payments Challenge: How to enable smaller merchants to accept payments in-store digitally ORProvide a safe and secure solution for online merchants to drive eCommerce and reduce cash on delivery?
- Social Business Payments Challenge: How can startups use Visa’s APIs to leverage mass reach and social media partner platforms like Facebook to help businesses operating in fast-paced consumer centric environments improve cash flow and receive payments?
- Financial Inclusion Challenge: How can startups leverage technology to provide services that are functional for illiterate customers to provide them with secure transaction experiences that build and enhance their confidence in the banking system?
Nigerian startup, CredPal, won the “Merchant Payments” challenge and US$25,000 for its solution that allows business and individuals to pay for purchases in installments across online and offline merchants by providing them with instant access to credit at the point of checkout.
The merchant then fulfills the order and is paid in full while the customer pays CredPal back in fixed monthly installments.
Zowasel, another Nigerian startup, developed a solution which connects under-financed smallholder farmers with investors via mobile phone-based P2P lending and marketplace sales, as well as gives them access to best agricultural practices.
They won in the “Financial Inclusion” challenge. The SSA edition of Visa’s Everywhere Initiative is also the first time that startups have been given a challenge specific to financial inclusion since it was launched in 2015.
Mookh Africa developed a social business payments solution which makes it easy for people in Africa to buy and sell on Facebook, Instagram, and Twitter.
Once the seller creates an online store on Mookh, they can embed it into their Facebook page.
The Kenyan startup won both the “Social Business Payments” challenge as well as the overall prize for its idea. The company took home US$50,000 and the opportunity to work with Visa to develop the concept further.
The Senior Director – Digital Solutions, sub-Sahara Africa at Visa, Geraldine Mitchley, said: We have had the privilege of working with some of the best minds in the region over the last few months and the selected three category winners have the potential to truly change the way people pay in the region. We congratulate Mookh Africa, CredPal, and Zowasel and thank all the finalists for participating in the Everywhere Initiative.”
She added: “The future of digital payments will be shaped through collaboration and we look forward to working with our startup partners to transform the payments landscape over the coming years to the benefit of consumers, merchants and issuers alike. It’s an exciting time in Africa’s payments and fintech space.”
The General Manager: Visa West Africa, said, Oluwakemi Okunsanya, “Visa is proud to play its part in Africa by enabling a smart economy powered by secure digital payments. This vision comes to life when we can collaborate with passionate minds and foster an entrepreneurial ecosystem where innovators can thrive. Today, we saw this passion and innovation first-hand; and we are excited to build on the technologies that have secured the top positions in each of these challenges. Together with Visa and our financial institution partners, we would love to see at least some of these become a reality for consumers in the near future.”
The Managing Director, Accenture Digital Financial Services and one of the judges for the final, Carmen Whatley, said: “VEI is a very powerful initiative. Africa is always made to feel like the lost continent and today we saw what is coming out of the continent. It was mind-blowing and a reminder that good ideas are everywhere. I am energized. It was amazing for me to see that we had a panel of judges who came from very different backgrounds and looked at this from very different angles; and we unanimously decided on the winners. There were very clear, innovative ideas; or ones with phenomenal social impact. All the winners have incredible ideas for Africa – from opening up access to finance for customer, to linking up small farmers with financers – biggest highlight has been seeing these ideas and their social impact.”
Visa’s Everywhere Initiative is a global program designed to support the company’s goal of fostering the growth of next generation payment technologies.
This is the first time Visa has rolled out its Everywhere Initiative in Sub Sahara Africa and shortlisted fintechs from Kenya, Nigeria, South Africa, Uganda and Zambia took part in the final pitch event.
To date, nearly 2,100 fintech startups from across North America, Latin America, Europe and Asia have participated.
Finance
Flutterwave Powers Local Businesses in Ghana Through Pay With Bank Transfer
Reporter: Ikenna Ugwu


Flutterwave, a leading payments technology company in Africa, has broadened its reach in Ghana through the integration of Pay With Bank Transfer, done in partnership with Affinity Bank.
With over 115 million bank transfer payments recorded in Ghana in 2023, this move will ensure that Flutterwave businesses in Ghana can now receive payments seamlessly and securely through a rapidly growing payment method. While Mobile Money leads as the preferred payment type for everyday transactions in Ghana, the recent growth in transactions for Pay With Bank Transfer symbolizes the expanding payment options available for Ghanaian businesses.
Flutterwave has a track record of driving innovation in the African finance ecosystem, and this new development promises versatility, thereby expanding the pool of customers available to businesses. As a preferred payment method, it also promises faster payments while providing access to a more secure process of transacting which benefits both the sender and the receiver (business).
“We are excited to extend our services to the Ghanaian market” says Olugbenga Agboola, Flutterwave Founder & CEO“At Flutterwave, we are driven by the vision of building Africa’s economy. By making payment options like Pay With Bank Transfer available for everyday use, we are expanding access to payments and enabling local businesses to thrive in the economy”
By establishing this strategic partnership, Flutterwave aims to drive the adoption of the Pay With Bank Transfer option in Ghana, using virtual accounts to allow for secure and transparent payments. This will provide enterprises and small businesses with a simpler way to receive payments and give their customers a seamless process of making payments.
Geoffrey Fiador, Manager, Country Operations and Partnerships, at Flutterwave stated: “By delivering essential payment options like Pay With Bank Transfer for businesses in Ghana, we’re providing an easy way for them to increase their revenue opportunities to grow their businesses. ”
This announcement comes at the heels of Flutterwave’s recent approval by the Bank of Ghana to provide inward remittance services. With a track record of success across Africa, Flutterwave continues to be a trusted partner for businesses in over 34 countries, providing the tools and expertise necessary for success in the dynamic African market.
Finance
Stanbic IBTC Capital leads Presco PLC’s ₦82.9 Billion Bond Issuance to drive West African market growth
Reporter: SANDRA ANI


Presco PLC (Presco or the “Company”), has achieved a significant milestone with the successful issuance of its ₦82,896,000,000 7-year 23.75% senior unsecured fixed rate Series I Bonds under its ₦150 billion bond issuance programme (the “Transaction”) with the Securities and Exchange Commission (“SEC”). Stanbic IBTC Capital Limited (“Stanbic IBTC Capital”) acted as the Lead Issuing House on the Programme.
The proceeds from the Transaction will enable the Company fund its acquisition of a 100% equity stake in Ghana Oil Palm Development Company (GOPDC), further supporting its strategic expansion objectives.
Speaking on the transaction registration, Mr Reji George, Managing Director / CEO, Presco PLC commented:
“The successful completion of our Series 1 Bond issuance solidifies Presco’s foundation for continued growth and expansion. Aligned with our strategic objectives of increasing our planted area of palm oil and, to lead Africa in the fully integrated edible oil and fats business in the nearest future, the proceeds from this issuance will be primarily directed towards the acquisition of a majority equity stake in the Ghana Oil Palm Development Company (GOPDC).
This not only enhances our operational efficiencies, It also solidifies our market presence and competitive advantage in the palm oil sector beyond Nigeria. Most importantly, this will enable us to better serve our valued customers and deliver sustainable value to our shareholders. We extend our sincere gratitude to Stanbic IBTC Capital and all our advisors for their support throughout this process.”
Also speaking on the transaction registration, Oladele Sotubo, Chief Executive, Stanbic IBTC Capital, said:
“Stanbic IBTC Capital is proud to have advised Presco PLC on the successful issuance of its ₦82.9 billion Series 1 bond. As the largest local currency corporate bond issuance in the Nigerian market in recent years, this milestone underscores our deep expertise in capital markets and our commitment to delivering innovative, high-impact financial solutions.
Beyond reinforcing Presco’s strategic growth, this transaction enhances funding diversification within the agricultural sector, driving sustainable industry expansion. We appreciate Presco PLC’s trust in Stanbic IBTC Capital and the consortium of advisors who contributed to the successful execution of this landmark deal.
Finance
Flutterwave Activates American Express Payments for its Merchants in Nigeria


Flutterwave, Africa’s leading payments technology company, has announced today that its online merchants in Nigeria can now accept American Express payments.
American Express Card Members – with consumer, business, or corporate cards – will be able to make payments directly to e-commerce businesses using Flutterwave in Nigeria.
This service will also be available to Flutterwave merchants in other countries including Tanzania, Rwanda, Ghana and Uganda in the near future.
This collaboration facilitates online transactions and offers a range of benefits for both merchants and online shoppers:
- Flutterwave merchants can attract business from a new customer base of American Express Card Members in Africa and around the world. This includes consumers with personal cards and spenders with business or corporate products. Terms and conditions apply.
- For shoppers, there is more choice when it comes to being able to select their preferred method of payment when transacting with Flutterwave merchants. This collaboration strengthens the American Express global network and increases the number of locations across Africa that can be used by American Express Card Members to purchase a range of different goods and services.
Speaking on the development, Olugbenga ‘GB’ Agboola, Founder and CEO, Flutterwave, said:“At Flutterwave, we’re always looking for ways to connect the world to Africa through payments. This is one of our initiatives to ensure that more people across the world can pay using Flutterwave in Africa. We understand the value of providing shoppers with payment methods that work for them, as well as helping businesses to expand their customer bases. This collaboration also provides more options of where to shop and what to buy to American Express card holders across the globe. By offering American Express as a method of payment, Flutterwave will make the payment process faster and simpler for American Express card holders, and improve the experience for e-commerce businesses using Flutterwave, helping them to start locally and sell globally.”
On his part, Briana Wilsey, Vice President and General Manager of Global Network Services EMEA at American Express, said: “American Express continues to expand in Africa to enable greater payment choice for businesses and consumers. Through the agreement with Flutterwave, a trusted payment provider, we are giving e-commerce merchants in Nigeria the opportunity to reach American Express Card Members around the world. The collaboration is a win-win because it also increases the number of places where our Card Members can use their Cards in Nigeria.”
Flutterwave and American Express share similar visions; to enable businesses across the world to expand their operations in Africa and other emerging markets through a platform that enables local and cross-border transactions via one Application Programming Interface (API).
Flutterwave has processed over 630M transactions in excess of USD $31B, serves global and African customers like Uber, Air Peace, Bamboo, PiggyVest, and across various industries. On the other hand, American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success.