The collaboration aims to boost the growth of Somali businesses by providing them with a secure and efficient way to conduct online transactions.

The payment gateway will enable businesses to expand their customer reach, boost revenue, and compete effectively on a global scale.

Shehryar Ali, MasterCard’s Country Manager for East Africa and Indian Ocean Islands, emphasized the partnership’s significance, stating that it will enable Somali businesses to tap into the growing e-commerce market.

The platform aligns with MasterCard’s broader goal of integrating 50 million micro and small businesses into the digital economy by 2025.

Premier Bank’s involvement in this initiative is part of its 2030 strategy to create a comprehensive payment ecosystem benefiting both cardholders and merchants.

The rapid growth of online shopping in Africa, fueled by increased internet penetration and the impact of the COVID-19 pandemic, presents a significant opportunity for Somali businesses.

With a growing mobile phone and internet user base, the Premier Payment Gateway is well-positioned to meet the evolving needs of Somali consumers who are increasingly seeking convenient and secure online shopping experiences.

The deal marks a strategic move for LULA, which aims to scale its services and solidify its position in the market.

Founded in 2014 by Xabiso Nodada and Velani Mboweni, LULA offers a tech-enabled solution for employee transportation, providing safe and reliable rides between homes and workplaces.

The company has experienced substantial growth over the past five years, with a consistent year-on-year increase of between 2.5 and 4 times its size, despite economic challenges.

Zeelo, a similar platform specializing in smart bus solutions for organizations, will now see its South African operations integrated into LULA’s platform.

This acquisition is expected to boost LULA’s customer base, vehicle fleet, and workforce, enabling the company to expand its reach both domestically and into other African markets.

“This acquisition is a game-changer for LULA,” said Xabiso Nodada, co-founder of LULA. “It propels us into profitability and provides the necessary foundation for strategic growth.”

Zeelo, which entered the South African market in 2018, is refocusing its efforts on the UK, Ireland, and North America.

The company expressed gratitude for its time in South Africa and confidence in LULA’s ability to continue serving its customers and partners effectively.

“We believe LULA is well-positioned to address South Africa’s transportation challenges,” said Sam Ryan, founder and CEO of Zeelo. “We are excited to support this transition and anticipate LULA’s future success.”

Prime Minister Abiy Ahmed emphasized the significance of this program in a social media post, urging the youth to register, acquire skills, and obtain international certification.

“The 5 Million Ethiopian Coders Initiative we launch today is a great opportunity… I call upon everyone to encourage the youth to register for the program, gain skills, and acquire international certification,” he stated.

This initiative stems from a proposal by Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, originally presented at the 2017 World Economic Forum under the “One Million Arab Coders” program.

The aim is to provide basic digital literacy training to 5 million Ethiopian youth by 2026, with a particular focus on ensuring that at least 50% of the participants are young women.

The program will offer training in Programming, Data Science, and Android Kotlin Developer Fundamentals.

It will be integrated into the curricula of schools, TVET institutes, and other centers, particularly targeting rural areas.

Learners will receive support from mentors on a dedicated Community Platform, helping them overcome technical challenges throughout the 6-7 week course.

Successful participants will earn skill-based certifications.

Prime Minister Abiy highlighted the broader impact of the initiative, stating that the trained coders would “create innovative local solutions” and “become a beacon of hope for our continent.”

This joint effort between Ethiopia and the UAE aims to equip the Ethiopian youth with essential digital skills, fostering innovation and development across the nation.

The facility, named NBOX1, is designed to bolster the country’s digital infrastructure by providing reliable and sustainable cloud services.

Powered by Schneider Electric’s energy management solutions, NBOX1 is a Tier 3+ carrier-neutral data center equipped to support advanced AI applications.

It is positioned as East Africa’s largest and most technologically advanced digital hub for cloud, colocation, and connectivity services.

Kenya’s favorable business environment, including a growing economy, advanced cloud adoption, and abundant renewable energy resources, made it an ideal location for this significant investment.

IXAfrica has been expanding its footprint in the country, with multiple data center projects underway.

The broader African data center market is experiencing rapid growth, with Kenya emerging as a key player.

This development underscores the increasing demand for robust digital infrastructure to support economic and technological advancement across the continent.

The partnership aims to enhance accessibility and convenience for patients across the country.

RecoMed, a digital healthcare marketplace, connects patients with healthcare providers through its online platform.

Discovery Vitality, a global leader in behavior change programs, brings its extensive network of providers to the partnership.

By combining their expertise, the two companies have created a platform that allows patients to easily book appointments with over 1,000 approved Discovery Vitality providers, including pharmacies, GPs, and Discovery Stores.

The service has already seen significant traction, with more than 20,000 bookings made since April 2024.

“This collaboration is a testament to Discovery Vitality’s commitment to empowering our members,” said Sheraan Amod, CEO of RecoMed.

“By simplifying the booking process, we are helping people take control of their health and well-being.”

This list, compiled in partnership with Statista, underscores the rapid growth and innovation within the African fintech sector.

It highlights companies that are driving financial inclusion and transforming financial services across the continent.

The six African fintech companies in the list include:

1. PalmPay (Nigeria)

PalmPay has been recognized for its comprehensive fintech platform, which offers a range of financial services including money transfers, bill payments, credit services, and savings through its user-friendly app and extensive network of mobile money agents.

The company’s dual approach to digital banking combined with offline touchpoints has significantly contributed to financial inclusion in Nigeria, where a substantial portion of the population remains unbanked.

PalmPay’s recognition by CNBC and Statista validates its unique model and its commitment to expanding financial access in emerging markets.

2. Flutterwave (Nigeria/US)

Flutterwave continues to make waves with its robust payment solutions that facilitate seamless transactions across borders.

The company’s innovative payment infrastructure supports businesses of all sizes, enabling them to thrive in the digital economy.

3. Kuda (Nigeria/UK)

Kuda, a leading neobank, has garnered attention for its customer-centric banking services that eliminate the need for traditional banking fees.

By offering a range of digital banking solutions, Kuda has made banking more accessible and affordable for millions of Nigerians.

4. MTN (South Africa)

MTN’s financial services, particularly its mobile money platform, have revolutionized how people in South Africa and other African markets manage their finances.

MTN provides easy-to-use and secure payment solutions, playing a crucial role in enhancing financial inclusion and empowering individuals and businesses to engage in the digital economy.

5. Piggyvest (Nigeria)

Piggyvest has been celebrated for its innovative financial planning tools that help users save and invest money efficiently.

The company leverages technology to offer personalized financial advice and automated savings options.

6. Yoco (South Africa)

Yoco’s payment solutions have empowered small businesses in South Africa by providing them with affordable and accessible point-of-sale systems.

Yoco’s focus on supporting entrepreneurs and enabling digital payments has earned it a place on CNBC’s list, highlighting its role in fostering economic growth and supporting the small business ecosystem in Africa​.

The inclusion of these six African fintech companies in CNBC’s top 250 list is a testament to the innovation and impact of the continent’s fintech sector.

These companies are transforming financial services and driving financial inclusion and economic development across Africa.

Here is the full list – https://www.cnbc.com/the-worlds-top-250-fintech-companies-2024/