• Cryptocurrency
  • Earnings
  • Enterprise
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact Us
TechBooky
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Home African

CBN Gives Super-Agent Banking License To Fintech Startup, Kippa

Ayoola by Ayoola
September 12, 2022
in African, Fintech, Start Up
Share on FacebookShare on Twitter

Nigerian fintech startup, Kippa announced that the Central Bank of Nigeria (CBN) has granted it a Super-Agent Banking license, thereby giving the company the leverage to foster its ambition to make it easy for anyone to start and run profitable small businesses in Africa.

A Super-Agent, a corporately licensed entity that is empowered to conduct certain banking activities within the community such as cash deposit and withdrawal, bills payment (utilities, taxes, tenement rates, subscription etc.), cash disbursement and cash repayment of loans, etc, must be licensed by the Nigerian regulator who created this licence to allow more entities that aren’t financial institutions provide services that promote financial inclusion.

Kippa, which was launched June last year began as a finance management app that allows small business owners keep track of their daily income and expense transactions, create invoices and receipts, manage inventory and generally monitor how their businesses perform over time.

The company had in November 2021 raised a whopping $3.2 million in pre-seed funding, with the round led by Berlin-based VC Target Global. Other VCs that participated include Entrée Capital, Alter Global and Rally Cap Ventures. Babs Ogundeyi (Kuda CEO), Kyane Kassiri, Sriram Krishnan (an investor in Khatabook), Raffael Johnen (Auxmoney CEO) and other angel investors invested alongside.

The startup, which as at November 2021 has over 130,000 active businesses who had processed $130 million, revealed that it now has over 500,000 registered merchants within its network, noting that it has recorded an annualised transaction value of over $3 billion.

Kippa’s CEO and co-founder Kennedy Ekezie described the acquisition of this license as a logical next step for the fintech startup in an interview with TechCabal, said:

“What this license does is that it allows us to truly empower all our customers with tools, and infrastructure to not just accept payments, but to start to offer financial services to their end customers,” Ekezie said. “It affords us the opportunity to implement integration with the national switches and allows us to provide business-to-business and platform and services to other fintechs.” 

Kippa’s having the license portends that it is one step closer to becoming a neobank, following in the footsteps pfmany African fintech startups such as Fairmoney, Eversend and Branch have evolved to become one.

But CEO Ekezie in the call with TechCabal opined that Kippa isn’t thinking of the neobank move yet.

 “We definitely would not use the word neobank to describe what we’re trying to do,” Ekezie said. “What businesses want is not a new place to put their money, from my experience. Businesses want opportunities, tools, and finances to grow sustainably and in a manner that’s profitable. With that in mind, we’re trying to continue to provide them solutions to enable them to do that.”

The startup serves merchants across Nigeria’s 36 states with Lagos, Ibadan, Abuja, Port Harcourt and Kano, the top five states where its merchants presence are felt.

Related Posts:

  • fincra
    The Central Bank of Nigeria Issues Fincra its…
  • Kippa Receives Its Super Agent Banking License From Nigeria's Central Bank
    Kippa Receives Its Super Agent Banking License From…
  • Nigeria's Kippa Raises $8.4 Million In Seed Funding Not Too Long After Receiving Its Super Banking License From The CBN
    Nigeria's Kippa Raises $8.4 Million In Seed Funding…
  • paystack licence
    Nigeria's Paystack Receives PSP License From Kenya's…
  • CBK
    Kenya’s Central Bank Says Flutterwave And Chipper…
  • Kenya’s Central Bank Sanctions Flutterwave and Chipper Cash for Operating Without License.
    Kenya’s Central Bank Sanctions Flutterwave and…
  • The Kenyan Regulators Have Discharged And Acquitted Flutterwave.
    The Kenyan Regulators Have Discharged And Acquitted…
  • Chipper Cash Acquires MACRA’s License To Operate in Malawi.
    Chipper Cash Acquires MACRA’s License To Operate in Malawi.

Discover more from TechBooky

Subscribe to get the latest posts sent to your email.

Tags: cbncentral bank of nigeriakippa
Ayoola

Ayoola

Ayoola Faseyi, an Abuja based Journalist with interest in Technology and Politics. He is a versatile writer with articles in many renowned News Journals.He is the Co-Founder of media brand, The Vent Republic.

BROWSE BY CATEGORIES

Select Category

    Receive top tech news directly in your inbox

    subscription from
    Loading

    Freshly Squeezed

    • Vietnam Will Soon block Telegram, App Owners are Surprised May 24, 2025
    • Widespread Downtime Reported By X Users May 24, 2025
    • MongoDB Enters Africa Through Nigeria Targeting $100B Digital Market May 24, 2025
    • Meta Quest’s Headgear Will Soon Support 3D Instagram Images May 24, 2025
    • Mozilla To Shut Down Pocket To Concentrate On Firefox May 24, 2025
    • OpenAI Upgrades Operator Agent’s AI Model May 24, 2025

    Browse Archives

    May 2025
    MTWTFSS
     1234
    567891011
    12131415161718
    19202122232425
    262728293031 
    « Apr    

    Quick Links

    • About TechBooky
    • Advertise Here
    • Contact us
    • Submit Article
    • Privacy Policy

    Recent News

    Court In Russia Issues Approval To Block Telegram App

    Vietnam Will Soon block Telegram, App Owners are Surprised

    May 24, 2025
    Widespread Downtime Reported By X Users

    Widespread Downtime Reported By X Users

    May 24, 2025
    MongoDB Enters Africa Through Nigeria Targeting $100B Digital Market

    MongoDB Enters Africa Through Nigeria Targeting $100B Digital Market

    May 24, 2025
    Meta Quest’s Headgear Will Soon Support 3D Instagram Images

    Meta Quest’s Headgear Will Soon Support 3D Instagram Images

    May 24, 2025
    Mozilla To Shut Down Pocket To Concentrate On Firefox

    Mozilla To Shut Down Pocket To Concentrate On Firefox

    May 24, 2025
    OpenAI Upgrades Operator Agent’s AI Model

    OpenAI Upgrades Operator Agent’s AI Model

    May 24, 2025
    • Login

    © 2021 Design By Tech Booky Elite

    Generic selectors
    Exact matches only
    Search in title
    Search in content
    Post Type Selectors
    • African
    • Artificial Intelligence
    • Gadgets
    • Metaverse
    • Tips
    • About TechBooky
    • Advertise Here
    • Submit Article
    • Contact us

    © 2021 Design By Tech Booky Elite

    Discover more from TechBooky

    Subscribe now to keep reading and get access to the full archive.

    Continue reading

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok