Close Menu
TechCentralTechCentral

    Subscribe to the newsletter

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    Facebook X (Twitter) YouTube LinkedIn
    WhatsApp Facebook X (Twitter) LinkedIn YouTube
    TechCentralTechCentral
    • News

      Icasa takes aim at ‘illegal’ Starlink sales in South Africa

      29 November 2023

      Naspers profit doubles, e-commerce portfolio nears breakeven

      29 November 2023

      Eskom turns the screws on the economy

      29 November 2023

      Elon Musk’s Cybertruck production nightmare

      29 November 2023

      Tech sector feeling impact of Transnet ports chaos

      28 November 2023
    • World

      Hackers stole customer support data in Okta breach

      29 November 2023

      Orange withdraws from process to buy into Ethio Telecom

      28 November 2023

      Musk’s X hit by advertiser exodus

      27 November 2023

      Battery prices are tumbling as input costs fall

      27 November 2023

      Paris mayor quits X, calling Musk platform a ‘gigantic global sewer’

      27 November 2023
    • In-depth

      Africa has a feature phone problem

      23 November 2023

      Is your ISP monitoring your online activity?

      10 November 2023

      The real Big Brother Africa

      2 November 2023

      Compared: Starlink prices around the world – including Africa

      30 October 2023

      Africa is booming

      30 October 2023
    • TCS

      TCS+ | OneTrust’s Joseph Byrne: privacy risk management done right

      29 November 2023

      TCS+ | Ricoh – safe and secure role in today’s digital ecosystems

      27 November 2023

      TCS+ | NEC XON on going toe to toe with cybercriminals

      22 November 2023

      TCS | How ShotSpotter is fighting gun crime in Cape Town

      13 November 2023

      TCS+ | SOC-as-a-service: CYBER1 SOC and the future of cybersecurity

      13 November 2023
    • Opinion

      Could Cape Town become Africa’s Silicon Valley?

      14 November 2023

      Chris Kruger: What I learnt in my decades in IT leadership

      6 November 2023

      Ransomware attacks: how South African companies should respond

      6 November 2023

      Fibre providers urged to go ‘nano’ to cut costs

      31 October 2023

      Big banks, take note: PayShap should be free

      20 October 2023
    • Company Hubs
      • 4IRI
      • Africa Data Centres
      • Altron Document Solutions
      • Altron Systems Integration
      • Arctic Wolf
      • AvertITD
      • CallMiner
      • CoCre8
      • CYBER1 Solutions
      • Digicloud Africa
      • Digimune
      • E4
      • Entelect
      • ESET
      • Euphoria Telecom
      • iKhokha
      • Incredible Business
      • iONLINE
      • LSD Open
      • Maxtec
      • MiRO
      • NEC XON
      • Next DLP
      • Paratus
      • Ricoh
      • Skybox Security
      • SkyWire
      • Velocity Group
      • Videri Digital
    • Sections
      • AI and machine learning
      • Banking
      • Broadcasting and Media
      • Cloud computing
      • Consumer electronics
      • Cryptocurrencies
      • E-commerce
      • Education and skills
      • Energy
      • Fintech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Metaverse and gaming
      • Motoring and transport
      • Open-source software
      • Public sector
      • Science
      • Social media
      • Talent and leadership
      • Telecoms
    • Events
    • Advertise
    TechCentralTechCentral
    Home » Sections » Banking » Andreessen-backed start-up aims to build pan-African digital bank

    Andreessen-backed start-up aims to build pan-African digital bank

    By Bella Genga2 March 2022
    Facebook Twitter LinkedIn WhatsApp Telegram Email

    San Francisco-based Branch International plans to become a pan-African digital bank as it sees a growth opportunity in online financial services on the continent.

    The company, with operations in India, Kenya, Nigeria and Ghana, will build its new business by acquiring microfinance lenders, founder and CEO Matt Flannery said in an interview. New deals, including potentially in Tanzania, will cement Branch’s position as the first fintech to buy banks in sub-Sahara Africa, he said.

    “The establishment of a true pan-African digital bank is long overdue,” Flannery said in the Kenyan capital, Nairobi. “There’s a real need for a sort of borderless bank” that’s able to take deposits and offer small loans, he said.

    Africa is a fertile ground for the new model, given that most people on the continent use mobile-phone digital wallets more often than mainstream bank accounts for financial transactions, according to Flannery.

    Backed by investors including Andreessen Horowitz, CreditEase Fintech Investment Fund and the International Finance Corporation, Branch has disbursed more than US$600-million (R9.2-billion) in loans to over four million people since 2015. Rather than relying on credit reference bureaus, the fintech uses machine learning to determine borrowers’ creditworthiness, he said.

    “We’ve been offering a range of financial products under different licences throughout sub-Saharan Africa,” Flannery said. “We’ll continue to expand that approach over the next years, in particular in places like Tanzania, Uganda, Nigeria and Ghana.”  — (c) 2022 Bloomberg LP

    Andreessen Horowitz CreditEase Fintech Investment Fund IFC Matt Flannery
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email
    Previous ArticleBig test for Ramaphosa as Mantashe fingered in Zondo report
    Next Article Apple halts all product sales in Russia

    Related Posts

    Icasa takes aim at ‘illegal’ Starlink sales in South Africa

    29 November 2023

    TCS+ | OneTrust’s Joseph Byrne: privacy risk management done right

    29 November 2023

    Naspers profit doubles, e-commerce portfolio nears breakeven

    29 November 2023
    Promoted

    Navigating the future of IT: insights from SUSE and LSD Open

    29 November 2023

    Octotel brings new era of internet connectivity to Wellington

    29 November 2023

    IoT boom expected in South Africa

    28 November 2023
    Opinion

    Could Cape Town become Africa’s Silicon Valley?

    14 November 2023

    Chris Kruger: What I learnt in my decades in IT leadership

    6 November 2023

    Ransomware attacks: how South African companies should respond

    6 November 2023

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    © 2009 - 2023 NewsCentral Media

    Type above and press Enter to search. Press Esc to cancel.