Payaza Secures Fundraising Approval for Expansion as Algeria Bans Cryptocurrencies
Payaza, a Nigerian fintech company, has secured approval to raise funds and plans expansion, while Algeria joins other African nations in banning cryptocurrencies.
Payaza, established in 2020, provides pan-African payment infrastructure. It has received approval from Nigeria's SEC to raise ₦20 billion ($13.3 million) under its ₦50 billion ($33.3 million) commercial paper programme. The funds will be raised in two parts, Series 3 and 4, offering flexibility based on market conditions. Payaza recently demonstrated its financial prowess by repaying ₦14.9 billion from its Series 1 raise.
Meanwhile, Algeria has joined Egypt and Morocco in banning cryptocurrencies. The ban includes purchasing, selling, holding, mining, and promoting digital assets, with penalties up to one year in jail and fines of about $7,700. This move contrasts with Nigeria and the Central African Republic's more open approaches to cryptocurrencies. The ban comes despite the growing use of crypto for remittances and off-grid mining in Algeria, particularly among young people in the south.
In other news, South Africa is exploring low-Earth orbit (LEO) broadband solutions. China Satellite Network Company (CSNC) is building a satellite network to rival SpaceX's Starlink, aiming to provide faster speeds and lower latency for remote areas. Payaza, with its satellite internet solution, is also engaging in talks with the South African communications authority.
Payaza's fundraise and expansion plans signal growth in Africa's fintech sector. Meanwhile, Algeria's cryptocurrency ban highlights differing regulatory approaches across the continent. South Africa's exploration of LEO broadband solutions, involving both CSNC and Payaza, aims to bridge the rural connectivity gap.
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