Africa’s economy holds a lot of promise and growth prospects for international businesses, but one of the continent’s major challenges is its fragmented payments ecosystem.

Pan-African neobank Payday has raised $3m in a seed round led by Moniepoint, with participation from HoaQ, DFS Lab's Stellar Africa Fund, Ingressive Capital Fund II and angel investors.

Apis Growth Fund II, a UK-based private equity fund managed by Apis Partners, plans to invest €29 million (US$31 million) in Peach Payments, a digital payment service provider operating in Africa.

Insurance technology company ETAP has launched ETAP Takaful, a car insurance product based on Islamic principles that aims to redistribute funds to users and support social good in their communities.

Impact-driven startups developing digital financial inclusion solutions for migrants have been selected by Village Capital to participate in the Financial Solutions for Migrants program.

Opportunik is a private wealth fund that aims to give Africans and Diasporans access to global investments with minimal currency or political risk.

Touch and Pay Technologies (TAP) is a Nigerian fintech company that has introduced a digital payment solution for interstate travel from Lagos, Nigeria’s largest city, to other parts of the country.