Hi, welcome to Tech This Evening, an After-Work Tech Newsletter from Techparley Africa. Sure, there is a lot to unpack right now. Sit back, while I walk you through.
Top Story: Nigeria’s Fincra Secures Canadian Licence to Build Regulated Rails for Africa’s Cross-Border Payments
African businesses and diaspora communities spend billions each year on cross-border payments, yet delays and high fees remain a persistent problem. Wole Ayodele, co-founder and CEO of Fincra, believes Africa’s payment problem is not a product problem. It is an infrastructure problem.
According to him, the continent has no shortage of apps that promise fast, cheap cross-border transfers. What it lacks are the regulated rails underneath them.
Fincra, the infrastructure company Ayodele co-founded with Gideon Orovwiroro in 2021, is attempting to fill that gap. The company’s latest move, a Payment Service Provider (PSP) licence in Canada positions it to operate on both sides of one of Africa’s busiest trade and diaspora corridors, replacing slow correspondent bank chains that inflate costs and extend settlement times.
“Securing a PSP licence in Canada is an important step in our mission to build the rails for an integrated Africa,” said Ayodele. “We have so much potential in Africa; we are the fastest-growing continent. But to really tap into that growth, we still need some infrastructure to get there.”
Other Tech News Stories You Should Read:
Memories AI Partners Nvidia to Build ‘Visual Memory’ for AI Wearables and Robotics. Read now.
Denodo Introduces New Data Platform to Help Enterprises Scale Generative and Agentic AI. Read now.
Wadhwani AI Global and Smart Africa Partner to Advance Responsible AI Adoption Across Africa.Read now.
On Startup Spotlight:
Fintech Startup, Fido Partners Uber to Offer Instant Loans to Drivers in Ghana
Uber drivers in Ghana can now access instant loans of up to GH₵10,000 (approximately $920) following a new partnership between Uber and Fido, a fintech firm specialising in digital credit, savings, and microinsurance.
The collaboration is designed to provide drivers with quick, collateral-free access to working capital through Fido’s digital platform, reducing the delays and documentation barriers typically associated with traditional lending.
Launched in 2015 by Nadav Topolski, Tomer Edry, and Nir Zepkowitz, Fido uses machine-learning-driven credit scoring to serve individuals and small businesses with limited access to formal financial services.
“By partnering with Fido, we are enabling drivers on the Uber platform to access credit that is fast, transparent, and tailored to the realities of running their business,” Jada Badu, country manager for Uber Ghana, said.
“Through Uber’s platform, we are reaching a community of digitally active entrepreneurs who face barriers to traditional banking services, including limited formal credit histories and overbearing documentation requirements,” Philip Twum, head of business development at Fido, said.
Quadri Adejumo brings you all the details. Read here.
Also Read:
PropelMapper Targets 1.7M Field Advisors with Voice-First Agri-Tech Platform to Transform Farm Intelligence. Yakub Abdulrasheed brings us the details, here.
Quote of the Day:
“Any sufficiently advanced technology is equivalent to magic.” – Arthur C. Clarke.
Thank you for joining me yet again this evening. Stay safe, and see you tomorrow for the next tech newsletter.
Best, Quadri
