👨🏿🚀TechCabal Daily – Paystack cuts the Allawee
In today's edition: CBK approves Nedbank-NCBA deal || Nigerian fintech Allawee folds into Paystack || Yele Bademosi transitions to chairman at Onboard || Namibia launches DigiNam, a digital ID infrastructure
In a development that could significantly impact fintech in Francophone Africa, Nigerian fintech company Allawee has folded into the payments giant Paystack. This move comes after a string of recent acquisitions in the region.
Just last week, the Central Bank of Kenya (CBK) approved South African lender Nedbank's acquisition of up to 66% of Kenyan digital-first bank NCBA. The deal, which is not yet finalized, will give Nedbank a strong foothold in East Africa while allowing NCBA to maintain its brand, local management, and headquarters in Nairobi.
The acquisition, announced on August 28, was the result of months of regulatory reviews and a shareholder agreement. NCBA's investors accepted Nedbank's proposal in exchange for both cash and shares in the South African lender. Currently, Nedbank will own 66% of NCBA, with the remaining 34% of shares remaining in the public domain.
While the acquisition is not yet complete, it marks a significant step forward for Nedbank's expansion in the East African market. With NCBA's established presence in Kenya, Uganda, Tanzania, and Rwanda, the merger will bolster Nedbank's foothold in the region.
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