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    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

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    Flutterwave debunks Alleged Reports of Hacked Accounts

    Flutterwave debunks Alleged Reports of Hacked Accounts

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

    Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    PICTDA announces Resumption Date for Code Plateau Cohort

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    Releaf secures $3.3 million Pre-series A funding to improve its Food Processing Technology

    Releaf secures $3.3 million Pre-series A funding to improve its Food Processing Technology

  • FEATURED
    Nigeria’s Cash Swap Policy: Goals versus Results

    Nigeria’s Cash Swap Policy: Goals versus Results

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    The Increase in Data Prices is a Big Challenge for Remote Workers in Nigeria

    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

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    Binance now accepts Naira Deposits and Withdrawals

    Binance now accepts Naira Deposits and Withdrawals

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

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    Is Africa Ready to Operate a Digital Monetary Policy?

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    Bundle Launches Web App to Give Users More Accessibility to Crypto

    Bundle Launches Web App to Give Users More Accessibility to Crypto

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    CBN prohibits Foreign Banks from Offering Banking Services

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    Flutterwave gets Switching and Processing licence from CBN

    Flutterwave gets Switching and Processing licence from CBN

    Google Expands its Digital Wallet to South Africa

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    FCCPC Orders Drawdown of Online Credit Companies

    FCCPC Orders Drawdown of Online Credit Companies

  • START UPS
    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    PressOne Africa raises $600,000 Pre-seed Funding to Support Entrepreneurs

    PressOne Africa raises $600,000 Pre-seed Funding to Support Entrepreneurs

    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

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    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Sky.Garden survives Shutdown, gets New Owners

    Sky.Garden survives Shutdown, gets New Owners

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African Payments Company PawaPay, Has secured a $9million Seed Raise.

by Shalom Oyero
August 26, 2021
in News
Reading Time: 3 mins read
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African Payments Company PawaPay, Has secured a $9million Seed Raise.
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An African Fintech company PawaPay has raised $9 million in seed financing from a round which was co-led by MSA and UK-based investment fund 88mph, with participation from Vanani Capital, Kepple Ventures and Mr Eazi’s Zagadat Capital.

The capital was deployed to scale PawaPay’s operational presence, recruit more talent to the team to strengthen its mobile payment solution and expand into new markets on the continent.

Founded in 2020, PawaPay is a subsidiary of online betting platform; it is focused on mobile money infrastructure provided by telecommunications companies (telco) in Africa.

PawaPay enables mobile payments for local and international transactions/financial activities by integrating data from Africa’s major telco’s into one mobile money API.

Each telco in each country provides its own unique mobile money product, which makes the mobile money infrastructure as a whole-across borders and Telco’s-highly fragmented and opaque. But through PawaPay’s simple API, merchants can access more than 300 million customers in more than ten markets and enjoy seamless, transparent and highly reliable payments.

Announcing the development on Monday, Nikolai Barnwell, CEO of PawaPay said, “Africa’s alterative financial infrastructure is in an exciting phase with double digits everywhere. And mobile money has come out as the de facto money infrastructure for hundreds of millions of people on the continent”.

“We are excited to have word-class investors supporting our vision to connect every mobile money wallet in Africa to each other, and the rest of the world, as we continue to make it simpler to do payments”.

In a separate remark, Oluwatosin Oluwole Ajibade, popularly known as Mr. Eazi, singer and founder of Zagadat Capital said, “being investors hugely focused on Africa and very familiar with the landscape, we believe that mobile money focused fintech is not just one of the most exciting places to invest but also one of the most important bridges to ensuring financial inclusion of the billions of people across the continent.

“The kicker for us was that we believe in the clear mission, vision and strategy and we’re confident that the PawaPay team is the best team to achieve it”, he said.

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