EMEA Daily: UK FCA Approves Future Fintech’s Acquisition of Khyber Money Exchange

In today’s top stories from Europe, the Middle East and Africa (EMEA), Future Fintech has received approval from U.K. regulator FCA for its acquisition of money transfer company Khyber Money Exchange as it looks to expand its money transfer abilities in the region.

Nigerian B2B eCommerce Firm Omnibiz Raises $15M, Plans to Expand

Nigerian B2B eCommerce company Omnibiz has raised $15 million in a pre-Series A funding round and said it plans to expand further in the region.

Already active in a dozen cities in Ghana and Nigeria and serving 65,000 retailers, Omnibiz aims to add more cities in Nigeria that have a growing retail trade and are not currently supported by a B2B platform.

With the Omnibiz platform, retailers can buy products from 200 brands and access credit, buy now, pay later (BNPL) and other financial services, per the report. They can also manage their bookkeeping with the company’s MyStore app, and gain data and insights about their inventory and pricing.

UK FCA OKs Future Fintech’s Purchase of London Money Transfer Firm

The U.K. subsidiary of blockchain app tech developer Future FinTech Group (FTFT) has gotten permission from the Financial Conduct Authority (FCA) to acquire money transfer firm Khyber Money Exchange.

FTFT UK Limited (FTFT UK) signed a definitive agreement last September to acquire 100% of Khyber from Rahim Shah for 685,000 euros (roughly $687,300).

“We believe that money payment services are a high-margin business that will enable us to capitalize upon an increasing level of international business transactions and money flows. We believe that it will be synergistic with other financial service businesses that we are developing,” Future FinTech CEO Shanchun Huang said.

Standard Bank Looks to Expand Amid Rising Competition in South Africa

South Africa’s largest lender, Standard Bank Group, hopes to make the most of its scale and geographical footprint to fuel its growth, CEO Sim Tshabalala said.

That could mean cross selling a variety of financial solutions, such as insurance and transactional accounts, the CEO told investors.

“We’re very well able to take any combination of established competitors and digital insurgents and take them on head-on,” he said.

Tshabalala also said the bank is increasing its focus on climate change, and expects its green loan book to reach at least 250 billion rand ($15 billion) by the end of 2026, up from an anticipated 50 billion rand at the end of this year.

B2B Marketplace Shoptreo Connects African Artisans, Retailers

Aiming to make it easier for entrepreneurs to sell African-made products throughout Africa, Nigerian startup Shoptreo is offering an online B2B marketplace that connects the continent’s artisans and manufacturers with informal retailers and vendors.

The marketplace was launched in November 2021 by Chief Operating Officer Emmanuel Jacobs and CEO George Uteh and has served customers in Nigeria, South Africa, Ghana and Cameroon. The company is now looking to expand across the continent.

“For some Nigerians and Africans who depend on made-in-Africa products, they had to travel far, some had to close their businesses to be able to go to the market to restock their stores,” Jacobs said.

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