Flutterwave empowers businesses across multiple industries to streamline payments, lower transaction costs, and scale efficiently in both domestic and global markets. (Image source: Adobe Stock)

Flutterwave, a leading payments technology firm in Africa, has obtained a Payment System License to operate in Zambia

This approval enables Flutterwave to provide secure and cost-effective mobile money services to businesses in Zambia, fostering both local and international commerce while enhancing financial inclusion and economic growth.

Zambia presents a strong growth opportunity for Flutterwave, given the country’s rising internet penetration and widespread reliance on mobile money for daily transactions. Mobile money services account for nearly 70% of Zambia’s financial inclusion rate. With its mobile money collection and payout solutions, Flutterwave empowers businesses across multiple industries to streamline payments, lower transaction costs, and scale efficiently in both domestic and global markets.

“Zambia is a market with enormous potential for growth and innovation, so we are excited to bring our payment solutions here,” said Olugbenga ‘GB’ Agboola, founder and CEO of Flutterwave. “Our goal is to provide businesses across the entire African region with the tools they need to compete not just locally but globally. Flutterwave’s infrastructure now stretches across the majority of Africa and with our new license in Zambia, we are one step closer to achieving our mission. At Flutterwave, we believe that by simplifying payments, we can unlock new opportunities for businesses in Zambia and contribute to the country’s broader economic development.”

For international businesses expanding into Zambia, Flutterwave offers a dependable payment gateway, facilitating smooth local transactions and supporting a wide range of payments, including consumer and business-to-business transactions. Likewise, Zambian businesses seeking global market access can leverage Flutterwave’s cross-border payment solutions to receive payments from the diaspora and conduct international trade seamlessly.

“Acquiring the Payment System License in Zambia is a crucial step in our Pan-African expansion strategy,” said Oluwabankole Falade, chief regulatory officer at Flutterwave. “This license allows us to not only support Zambian businesses in growing and competing globally but also to ensure that our operations are in full compliance with local regulations. We are deeply grateful to the Bank of Zambia for their trust and for the opportunity to work within Zambia's financial ecosystem. We are committed to collaborating closely with the Bank of Zambia and other regulatory bodies to promote financial innovation and drive economic growth.”

With a presence in over 30 countries, Flutterwave has established itself as a trusted payments partner for businesses across Africa. Its expansion into Zambia underscores its dedication to empowering African enterprises and advancing economic growth through digital payments.

South Africa's DMA on the acquisition trail. (Image source: Adobe Stock)

South Africa-headquartered DMA has agreed to acquire a majority stake in Saxo Australia from Saxo Bank, a leading online trading and investment specialist

DMA is a global leader in all-in-one software solutions for financial advisers and wealth managers.

As part of the acquisition and partnership, DMA will leverage Saxo Bank's platform and trading technology for clients for the Australian market.

The Johannesburg-based group will assume 80.1% ownership of Saxo's Australian business, subject to regulatory approval, with Saxo Bank retaining 19.9%.

With the transaction, Saxo's award-winning platforms, product range, competitive prices and interest rates will be complemented and strengthened by DMA's business-to-business knowhow, world-class adviser offering and track record of growth.

“We believe DMA’s platform offering will bring tangible benefits to Australian financial advisers and wealth managers, while the business will continue to focus on delivering high-touch, high-quality service for self-directed retail clients," said DMA's CEO, Richard North.

"It'll be the best of Saxo and the best of DMA and we think that adds up to the marketplace's best choice for investors and partners across the entire lifecycle.”

This transition represents an expansion of an existing partnership between DMA and Saxo in South Africa, the Netherlands and the UK.

In these regions, DMA already leverages Saxo's capabilities, outsourcing the brokerage business model, managing all aspects of trade orders, execution, settlement and post-trade operations.

Saxo's open architecture means that DMA can build additional interfaces, digital services and trading experiences for Australian clients.

Currently, more than 160 wealth managers and adviser networks across Africa, Europe, and the United Kingdom use DMA to access global markets.

Specifically for the Australian market, Saxo's banking as a service (BaaS) solutions paired with DMA's software solutions will enable Australian institutional partners, such as financial advisers and asset and fund managers, to connect front, middle, and back-office functions under one solution.

Saxo will deliver the best-in-class digital investing and trading platforms, and will also provide the back-office infrastructure, from clearing and settlement to execution and custody.

This will support financial services firms to reduce back-office cost and complexity and enhance client-facing services.

The new business will retain Saxo Australia's staff, led by its CEO, Adam Smith, while looking to bolster its Australia-based workforce to ensure clients get the best investing and trading experience.

The name and brand of the new business will be determined after a transitional period, with the business to continue operating as Saxo Australia in the meantime.

The sale comes after Saxo Bank in June 2024 announced a review of strategic opportunities in the Asia-Pacific, seeking to accelerate its growth in the region.

"We will ensure a smooth transition and aim to enhance the offerings and services provided,” said Smith. “The clients of Saxo Australia will notice absolutely no disruption in service, product range, or platform access. We are very pleased to partner up with DMA and believe that this will be a game changer for Australian clients.”

This partnership with Afreximbank offers a unique opportunity for Libya to expand its trade ties across the continent and drive economic growth. (Image source: Adobe Stock)

The State of Libya has officially joined the African Export-Import Bank (Afreximbank), becoming the 53rd member, marking an important step toward enhancing continental trade and economic integration

This accession reflects Libya’s commitment to advancing Africa’s integration agenda through trade and investments, particularly in North Africa.

This partnership opens the door for Libya and Afreximbank to collaborate on several key development projects, with a focus on trade facilitation, infrastructure, and financial support. Notable projects include financing the development of the Misurata Free Zone and the construction of a road linking Libya, Chad, and Niger, which is expected to boost intra-African trade. Afreximbank will also provide technical and financial support to the Sahel-Saharan Bank for Investment and Trade (BSIC) to expand its operations in East Africa and assist Libyan exporters in gaining access to trade finance and African markets.

Minister Al-Mabrouk Abdullah highlighted the strategic importance of this partnership for Libya’s economic reconstruction and diversification, stated, “This partnership will not only provide vital financial and technical support to Libya but will also enhance the country’s role in intra-African trade.”

Benedict Oramah, president and chairman of Afreximbank, welcomed Libya’s membership, emphasizing the country’s historical significance within the continent:
“We are excited to warmly welcome the State of Libya to the Afreximbank Global Africa family. Libya’s historical connections with the rest of the continent positions it as a crucial player in advancing continental trade and economic integration. By joining, Libya’s Public and Private Sector entities will gain access to our extensive range of funded and unfunded products and services, particularly those geared towards deepening Libya-Africa trade and investment relations, investing in trade-enabling infrastructure, as well as transforming the structure of the Libyan economy.”

Libya’s GDP reached US$50.49bn in 2023, ranking it as Africa’s 12th largest economy. However, less than 10% of its trade is with other African nations. This partnership with Afreximbank offers a unique opportunity for Libya to expand its trade ties across the continent and drive economic growth.

The ACV Fund is projected to reduce approximately 17mn tons of CO2 emissions. (Image source: AfDB)

The Persistent Africa Climate Venture Builder Fund (ACV Fund) has received a US$10mn boost from the African Development Bank in order to propel climate technology entrepreneurship across sub-Saharan Africa

The US$10mn investment has been provided through the Sustainable Energy Fund for Africa (SEFA) and will help ACV Fund address the critical financing needs for early-stage climate technology entrepreneurs. Focusing on high-potential ventures in key sectors (such as solar, electric mobility, agriculture, circular economy, and energy efficiency), the initiative seeks to support African entrepreneurship and will utilise the investment in order to unlock US$70mn in funding for African climate-focused ventures.

“This commitment reflects the African Development Bank's confidence in our climate investing and in-depth Venture Building model in sub-Saharan Africa,” remarked Wairimu Karanja, partner and chief legal officer at Persistent. “The ACV Fund invests financial and human capital in early-stage companies led by outstanding entrepreneurs and gender-aligned teams that can drive meaningful climate impact while achieving commercial scalability.”

SEFA's strategic investment is expected to attract additional private capital while mitigating the risks associated with early-stage climate technology businesses. This blended finance approach addresses the shortage of equity financing that often hinders the growth of climate ventures.

The ACV Fund is projected to deliver transformative impacts, including the addition of 200MW of renewable energy capacity, expanded energy access for 420,000 households and 31,000 businesses, as well as the creation of over 66,000 jobs.

“Africa is at the forefront of both the climate crisis and the climate opportunity,” commented João Duarte Cunha, manager of the bank group’s renewable energy funds division, which oversees SEFA. “We are keen to catalyse more risk and venture capital to support promising African technology start-ups developing commercial solutions to complex climate and development issues. We look forward to our partnership with Persistent as one of the more seasoned early-stage investors in the continent, with a strong track record in energy access and clean energy transition.”