Banking
Kredete Raises $22m Series A Fund to Boost Credit Expansion
By Adedapo Adesanya
Kredete, a fintech focused on helping African immigrants build credit and access financial services, has raised $22 million in a Series A round to expand credit-building infrastructure with stablecoin transfers to Africa.
The raise was led by AfricInvest through its Cathay AfricInvest Innovation Fund and Financial Inclusion Vehicle, with participation from Partech and Polymorphic Capital.
In August 2024, the firm raised $2.25 million in seed funding led by BFF, with participation from notable investors, including Techstars, Tezos Foundation, Polymorphic Capital, Launch Africa, Neer Venture Partners, SDF and DNA Fund. The round also saw contributions from angel investors who have supported successful payment ventures such as Wise and Western Union.
The latest round brings Kredete’s total funding to $24.75 million. The company will use the capital to expand into Canada, the United Kingdom, and European markets.
Kredete aims to bridge that gap by linking financial responsibility abroad to credit scoring at home and overseas. The company is rolling out Africa’s first stablecoin-backed credit card across 41 countries, alongside rent reporting, savings-linked credit, and goal-based loans.
Founded in 2023 by Adeola Adedewe, Kredete links remittances with a proprietary credit-building engine. Users can send money to over 30 African countries while improving their credit history in the U.S. and abroad. Kredete has also built an API for businesses to make cross-border payments into Africa using stablecoin rails.
Kredete says it has reached 700,000 monthly users, processed $500 million in remittances, and improved U.S. credit scores by an average of 58 points.
Speaking on the raise, Mr Adedewe said, “We’re building a system that rewards financial responsibility across borders. This raise is about scaling that infrastructure globally — and making sure that the millions of Africans abroad are finally seen, scored, and served.”
“Kredete has been focusing on serving the African diaspora while addressing the key bottlenecks faced by payment operators when they move money in and out of Africa,” said Mr Khaled Ben Jilani, Senior Partner at AfricInvest, adding that, “It is one of those extremely rare start-ups that has managed to solve several problems at once—both for its African consumer clients, as well as for the large payments companies operating in Africa.”
“Adeola and his team are driving transformative innovation in remittance and cross-border payment infrastructure. We’re excited about how their work is enabling better financial services for the African diaspora and unlocking broader opportunities across the ecosystem. We are thrilled to partner with Kredete on this journey,” added Ms Lewam Kefela, Principal at Partech.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
By Adedapo Adesanya
Nigeria’s Bank Verification Number (BVN) enrolment has slowed significantly in 2026 following the introduction of a stricter regulatory framework by the Central Bank of Nigeria (CBN), with the latest data from the Nigeria Inter-Bank Settlement System (NIBSS) showing that registrations are on course to fall well below last year’s record.
The BVN database stood at 69.55 million as of July 5, 2026, up from 69.32 million in June, indicating that only 228,947 new registrations were recorded over the period. Since the end of 2025, when the database stood at 67.8 million, total enrolments have increased by 1.75 million.
At the current pace, however, BVN registrations are unlikely to match the 4.3 million new enrolments recorded in 2025, suggesting a sharp deceleration in growth this year.
The slowdown comes after the CBN introduced a revised BVN regulatory framework in March, with the new rules taking effect on May 1, 2026. The framework tightened controls around enrolment, identity verification and fraud monitoring as part of efforts to strengthen the integrity of the banking system.
Among the key changes was the introduction of a minimum enrolment age of 18 years, effectively preventing minors from registering for a BVN.
The new framework also limits customers to a one-time change of the phone number linked to their BVN and requires financial institutions to place BVNs linked to suspected fraudulent transactions on a temporary watch-list for up to 24 hours while investigations are carried out.
The stricter rules contrast with last year’s surge in registrations, which was largely driven by the introduction of the Non-Resident Bank Verification Number (NRBVN) initiative that enabled Nigerians in the diaspora to complete BVN enrolment remotely, removing physical barriers and expanding access to the financial system.
Launched on February 14, 2014, the BVN scheme was introduced by the CBN in collaboration with the Bankers’ Committee, NIBSS and German technology firm Dermalog to assign every bank customer a unique biometric identity that can be verified across Nigeria’s banking industry.
