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💵 Interpol Joins EFCC in N1.3tn CBEX Probe

💵 Interpol Joins EFCC in N1.3tn CBEX Probe

Plus: 💸 Moniepoint Launches MonieWorld

Innovation Village
April 17, 2025

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Today’s Menu ☕️

💰Interpol Joins EFCC in N1.3tn CBEX Probe
💸 Moniepoint Launches MonieWorld to Power Remittances from UK to Nigeria
💵 Visa Backs African Fintechs Konnect and PayTic After Accelerator Program Success
🔋 Scalar and Mergence launch $150 million fund for clean energy in Southern Africa
💵 VOVE ID secures funding from The Baobab Network to propel growth in Africa and the Middle East

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🦹🏻‍♀️ FINANCIAL CRIME

Interpol Joins EFCC in N1.3tn CBEX Probe

In a drive to fight financial fraud, the Economic and Financial Crimes Commission (EFCC) has stepped up its investigation of the N1.3 trillion CryptoBank Exchange (CBEX) scam in partnership with Interpol. This alliance helps address the growing worries about digital investment platforms and their potential for fraudulent activity.

The collapse of CBEX, a digital investment platform purportedly run by a group of foreigners and their Nigerian equivalents, prevented thousands of investors from accessing their money. After launching an inquiry before the site collapsed, the EFCC is currently working to capture local and foreign participants in the fraudulent scam.....…continue reading

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💸 REMITTANCES

Moniepoint Launches MonieWorld to Power Remittances from UK to Nigeria

Moniepoint Inc., one of Nigeria’s top fintech companies, has officially launched MonieWorld, a new digital platform aimed at simplifying remittances and financial services for the African diaspora in the UK. The service is operated through Moniepoint GB, the company’s UK-based subsidiary, and marks its first expansion outside of Africa.

With headquarters in London, MonieWorld is designed to address the longstanding challenges faced by African migrants when sending money back home. The mobile application, now available on both the App Store and Google Play, enables users to send money to Nigeria swiftly, reliably, and without transaction fees.

The move taps into a critical market: remittances from the UK contribute nearly 50% of the total $20.98 billion Nigeria received in 2024 alone. These inflows support everything from household expenses and education to business development and foreign exchange liquidity. MonieWorld aims to make this process smoother and more cost-effective for the Nigerian community abroad........…continue reading

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💵 INVESTMENTS

Visa Backs African Fintechs Konnect and PayTic After Accelerator Program Success

Visa has deepened its commitment to Africa’s fintech ecosystem with new investments in two emerging digital payment startups — Konnect from Tunisia and PayTic from Morocco — following their successful completion of the Visa Africa Fintech Accelerator program.

Both companies participated in a rigorous 12-week program designed to help early-stage fintechs scale through mentorship, industry networking, and access to investment. Now, they are the latest beneficiaries of Visa’s broader effort to foster innovation in digital finance across the continent.

Konnect, a Tunis-based startup, is focused on simplifying digital transactions by enabling users to send payment links via SMS, email, and messaging platforms like WhatsApp. PayTic, on the other hand, aims to automate back-office operations for financial institutions, with a strong focus on risk management and compliance.........…continue reading

🔋 CLEAN ENERGY

Scalar and Mergence launch $150 million fund for clean energy in Southern Africa

Scalar International and Mergence Investment Managers have officially announced the launch of a substantial $150 million private equity fund aimed at financing clean energy and digital infrastructure projects in Southern Africa. This initiative, named the Africa Decarbonization Fund I, is designed to support energy-efficient and decarbonization efforts within the commercial and industrial sectors.

The fund’s investment pipeline is strategically focused on the data centre and manufacturing industries, which have recently experienced a significant 40% decline in grid reliability due to their heavy reliance on the regional energy pool. Most countries within the Southern African Development Community (SADC) obtain their electricity from the Southern African Power Pool, which sources approximately 40% of its power from hydroelectric facilities and around 50% from coal-fired plants. This dependency highlights the urgent need for innovative solutions to enhance energy reliability and sustainability in the region........…continue reading

💰 FUNDING

VOVE ID secures funding from The Baobab Network to propel growth in Africa and the Middle East

Moroccan regtech startup VOVE ID has successfully secured new investment from The Baobab Network, a significant step aimed at accelerating its growth across Africa and the Middle East. While the exact amount of funding has not been disclosed, this investment represents a pivotal milestone for the high-end digital identity verification company, which launched earlier this year and has quickly gained traction with its secure, AI-driven Know Your Customer (KYC) platform.

Founded in 2024 by Khalid Aoussar, Tarik, and Youssef—who are alumni of Timeless Investment GmbH, RemotPass, and Pipedrive, respectively—VOVE ID is on a mission to revolutionize the way businesses verify identities within the USD 18.6 billion global KYC market. The company’s innovative “verify once, use everywhere” approach allows users to leverage a verified digital identity across multiple platforms, streamlining the onboarding process while ensuring compliance with regulatory standards. The platform boasts advanced features such as biometric authentication and automated document verification, which have already attracted a diverse clientele across the MENA and African regions.

The newly acquired capital will be instrumental in supporting VOVE ID’s regional expansion, enhancing platform development, and facilitating team growth. As part of The Baobab Network’s accelerator program, VOVE ID will benefit from strategic mentorship and gain access to a broader ecosystem, enabling the startup to navigate regulatory challenges more effectively and scale its operations at a faster pace........…continue reading