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Kuda Bank reported a significant loss of over $14 million in 2021, with losses increasing by 602% compared to 2020, despite a substantial revenue growth. High non-performing loans and rising operating expenses necessitate a strategic restructuring, prompting layoffs to reduce costs.

Coinbase is in talks with Safaricom to enhance M-PESA with blockchain technology, as the adoption of crypto surges in East Africa, particularly Kenya. The company is also supporting local developers and exploring educational partnerships.

The Central Bank of Kenya will reintroduce lower charges for mobile-to-bank and bank-to-mobile transactions starting January 1, 2023, after waiving them during the pandemic. This aims to promote sustainable growth in the mobile money ecosystem following significant user increases.

Lipa Later, a Kenyan BNPL platform, raised $3.4 million in debt funding to expand services and enhance financial inclusion. The firm plans further fundraising and emphasizes growth within the African fintech landscape.

From October 16-20, 2023, ten African fintech representatives participated in the CATAPULT: Financial Inclusion Africa program in Lomé, Togo, marking the first French-language session and being the inaugural program in Africa, featuring presentations and Q&A sessions.

Mukuru, the South African fintech, has acquired a deposit-taking microfinance institution license in Zimbabwe, aiming to enhance financial inclusion for underserved communities. With 20 years of experience and a vast network, Mukuru plans to deliver tailored digital solutions to small businesses, women, youth, and disabled individuals.

MetaMask partners with MasterCard to launch a debit card linking to self-custody wallets, enabling crypto payments globally. The card, issued by Baanx, will facilitate immediate crypto-to-fiat conversions, enhancing financial access for users, especially the unbanked.

Hon. Samuel Nartey George discussed with CEO Denelle Dixon the Akuna Wallet, a digital payment solution aimed at enhancing financial inclusion in Ghana's creative industry. The collaboration, co-founded by Idris Elba, will facilitate seamless international payments for local creators.

Brij Fintech Ghana has launched a six-month pilot of its BrijX B2B Currency Swap Platform, allowing direct currency swaps between the Ghanaian Cedi and Nigerian Naira. Regulated by the Bank of Ghana, the platform aims to enhance intra-African trade and financial inclusion through partnerships.

Cairo fintech Lucky ONE raised $3 million in a convertible note to enhance its credit services and path to profitability by Q1 2025. The funds will support growth and commitment to financial inclusion for underbanked Egyptians.

Kenyan investment app Hisa has been acquired by Nigerian company Risevest. Hisa will retain its name and staff, with co-founder Eric Asuma becoming a strategy advisor and Eric Jackson returning as CTO.

LemFi has received approval from the Central Bank of Ireland to acquire currency exchange platform Bureau Buttercrane, enabling its expansion in the EEA. Founded in 2021, LemFi serves diaspora communities, recently surpassing $1 billion in monthly transactions.

Scroll, an Ethereum Layer 2 network utilizing zk-rollups, raised $50 million, reaching a $1.8 billion valuation. The funding indicates continued investor interest despite a funding downturn in the sector. Scroll aims to scale Ethereum for a billion users and launch its mainnet in the coming months.