FinTech news in FairMoney category

Upon carefully studying different models pioneered by digital-first banks such as TymeBank, Kuda and FairMoney, they saw a big gap for building a savings product that helps solve what they think is the biggest problem facing African consumers: inflation and currency devaluation.

Finclusion Group, a fintech that uses AI algorithms to provide financial services to African customers via an array of credit-centric products, has raised $20 million in debt and equity pre-Series A financing.

Unlike most developed countries, the West African nation lacks an advanced credit bureau system to detail people’s credit histories, so there’s some scepticism to how Fintech Farm will use credit cards to operate.