Mercury Bank Shuts Down US Accounts of Nigerian Startups
Showmax to stream Nigeria superhero show in 2025 and Nigeria fines WhatsApp $220 Million
What’s happened this Week:
Mercury Bank prohibits Nigeria and other countries from signing up on their platform
Terrapay raises $95 million for remittances to Africa
and more!
In The News This Week:
Showmax to Stream Nigerian Superhero Animation “Iyanu” Across Africa in 2025
Lion Forge Entertainment has announced today that Iyanu, Roye Okupe‘s epic Nigerian superhero animated series, is set to launch in both the U.S. and across Africa in 2025.
The series will be available on Showmax in 44 African countries, while U.S. viewers can watch it on Cartoon Network and Max.
Nigerian Government Fines WhatsApp $220 Million For Alleged Data Abuse
Nigeria’s consumer protection agency, FCCPC, has imposed a $220 million fine on Meta Platforms Inc., owners of Facebook, WhatsApp, and Instagram, for allegedly abusing the data of their Nigerian users.
TerraPay Raises $95 Million in Debt Financing to Boost African Remittances
African digital payments platform TerraPay has announced that they have closed a $95 million debt financing round.
In the rest of the news:
Netflix Raises Its Premium Subscription Prices By 40% in Nigeria
Meta Shuts Down 63,000 Instagram Accounts Which Were Engaged in Sextortion Scams
Chinese EV firm NETA Plans to Set Up Assembly Plant in Kenya
Liberia President Holds Virtual Meeting With Elon Musk Which Could Lead To Starlink Access
South Africa Leads Sub-Saharan Africa In Average Broadband Download Speeds
64% Of Customers Want Shorter Wait Times At Ghana Banks – PwC Banking Report
Deep Dive
Mercury Bank Adds Nigeria To List of Countries Prohibited From Opening Accounts On Its Platform
Details: Mercury Bank, a US-based fintech that provides banking services to early-stage startups and tech founders, has added Nigeria to its list of countries that are prohibited from opening accounts on its platform.
Digging Deeper: A Mercury spokesperson told TechCrunch that it recently updated its eligibility requirements and notified certain customers that it could “no longer support them due to either the address(es) they provided or the locations where we recorded frequent account activity.
Why This Matters: Mercury Bank is a digital bank that is popular with African tech founders from African countries including Nigeria.
Africa Ecosystem Activity
SA fintech startup Peach Payments acquires custom software development firm Operativa - Disrupt Africa
SA climate-tech startup Plentify closes oversubscribed round to accelerate growth - Disrupt Africa
SA Web3 startup Momint secures $50k DFINITY Foundation grant as it positions itself for global expansion - Disrupt Africa
Kenya’s Aquarech, Nigeria’s CoAmana raise funding from Village Capital - Disrupt Africa
Egyptian furniture e-commerce marketplace expands to Saudi Arabia following recent funding - Disrupt Africa
Podcast: Early-Stage Investments with Emmanuel Adegboye, Head of Madica
Emmanuel Adegboye is the Head of Madica. He is a technology executive and leader with a thorough knowledge of Africa’s entrepreneurial and political landscape.
He has significant experience designing and managing large technology projects and initiatives in emerging markets. He’s passionate about using technology for good and believes in the power of young entrepreneurs to solve society’s greatest challenges.
He has previously worked with reputable organisations such as Andela, Venture Garden Group, and Flourish Ventures.
In this episode, we discussed Madica’s investment in three startups from Ghana, Kenya, and South Africa. We touched on Madica’s mission to invest in early-stage startups, what they look for when investing, and more.