Wednesday, November 27African Digital Business Magazine

Fintech

Fintech Africa

27Jul By Clinton LeaskNo Comments
Fintech, South Africa News

Here’s why South African billers, retailers and banks should consider open finance solutions

By Clinton Leask, Head of Digital at Pay@ Open banking, a relatively new concept in the field of financial technologies, is fast becoming a major source of innovation that is poised to reshape the banking industry – globally and in Africa. Open Banking is a capability that provides third-party service providers access to consented consumer banking, transaction and other financial data from banks and non-bank financial institutions using application programming interfaces (APIs).1 Open banking allows the networking of accounts and data across institutions for use by consumers, financial institutions, and third-party service providers. Open banking became formally accepted in Europe through the European Union Second Payment Services Directive (PSD2) adopted in 2015 to facilitate a better ...
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8Jul By Richard BertchNo Comments
Fintech

5 Best Cryptocurrency to Buy in July 2022

A cryptocurrency is a digital currency secured with cryptography. It can be used to make payments and transfer funds. People are increasingly using cryptocurrencies to pay for goods and services, which is also an investment opportunity. Not all of the cryptocurrencies that have been created are worth investing in. Some investors will be looking to get the biggest bang for their buck, while others will be looking to diversify their portfolios.  Bitcoin is the most popular and widely accepted choice when it comes to cryptocurrencies, but there are thousands of others to choose from. Each one has its characteristics such as its value, popularity, whether it's volatile or stable, and much more. Bitcoin If you're looking for the best cryptocurrency to invest in today, Bitcoin is a great choi...
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6Jul By Clinton LeaskNo Comments
Fintech, South Africa News

Youth will drive the future of digital payment solutions in Africa

By Clinton Leask, Head of Digital at Pay@ With 70% of sub-Saharan Africa under the age of 301 and the youngest population in the world, Africa is home to one of the most ambitious, highly motivated and vibrant youth populations in the world. Millennials, the largest living generation of today, together with Gen Z, are set to make up 72% of the world's workforce by 20292. Their combined purchasing power and influence will shape the world of commerce in the years to come. The youth of today will probably never understand the challenges many faced with the limited methods of transferring money. From mobile money to e-wallets, digital payments have evolved and continues to do so. Today, we are seeing payments being processed via QR codes, and have become increasingly popular3 in the past ye...
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Diverse payment channels are the foundation of enhanced intra-African trade
9Jun By Aart JurriaanseNo Comments
Fintech

Diverse payment channels are the foundation of enhanced intra-African trade

By Aart Jurriaanse, Business Development Executive at Pay@ Eighteen months since the commencement of the African Continental Free Trade Agreement (AfCFTA), and despite less than ideal circumstances due to the COVID-19 pandemic, 43 African states have ratified the agreement. What’s more, nearly 90 percent of negotiations on product-specific rules have been concluded, covering more than 70 percent of intra-African trade[ii]. But while the foundations for enhanced exchanges between African markets may be laid, the emphasis is now on implementation, which demands that attention be placed on the continent’s payment landscape. Among other things, AfCFTA is set to reinvigorate economic activity in markets across the continent. In doing so, analysts at the World Bank believe that AfCFTA will lif...
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11May By Africa BusinessNo Comments
Fintech

More Banking Executives View Fintechs as Partners in Economist Impact Report on Digital Competition in Global Finance Commissioned by WSO2

In a global survey of 300 C-suite banking industry executives, 54% say their financial institutions have faced greater competition over the past three years from digital alternatives while 47% of UK respondents found this to be the case. However, these executives also indicate that they are better positioned to compete. Notably, 85% of respondents reported that they have, to some extent or more, the necessary technological tools to create new digital products and services. This rises to 90% for UK respondents. The survey was conducted for a new report[1] from Economist Impact[1], “Threat assessment 2022: digital competition in global finance,” which was commissioned by WSO2, a leader in digital transformation technology. In addition to reviewing the competitive landscape, the report exami...
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Tailored Payment Solutions Unlock Growth for Unserved Segments in South Africa
3May By Barry Williams and Clinton LeaskNo Comments
Fintech, South Africa News

Tailored Payment Solutions Unlock Growth for Unserved Segments in South Africa

By Barry Williams, Sales & Marketing Head and Clinton Leask, Business Development Lead at Pay@ In 2017, only 35 percent of the African population had access to banking services and this figure was projected to increase to 48 percent in 2022.1 The South African National Payments System (NPS) is regarded as world-class,2 as the banked population rose from 77 percent in 2017 to 80 percent in 2018.3 However, regardless of the strides that the NPS has contributed to the South African payments industry, a significant number of people remain unserved. There is a demand from South African consumers for a diverse offering of convenient and secure payment methods. In addition to the convenience that comes with tailored payment solutions, the provision of diverse payment solutions plays a pivot...
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Uganda-based fintech offering onboarding-as-a-service receives scale-up funding
25Apr By Africa BusinessNo Comments
Fintech, Uganda News

Uganda-based fintech offering onboarding-as-a-service receives scale-up funding

Laboremus Uganda, the B2B fintech that enables onboarding at scale, has received a funding boost from DOB Equity and FCA Investments to grow the company’s fintech platform in Uganda and neighboring markets. Laboremus’ platform helps banks and fintechs verify their customers’ identities and onboard them as customers.  This alleviates one of the key bottlenecks in providing access to credit for consumers in Sub-Saharan Africa. Laboremus’ SaaS solution combines Know Your Customer data, Anti Money Laundering checks and customer interaction for onboarding. This allows the industry to serve the unbanked population more cost-effectively, even in the most rural parts of the region. Current clients include Standard Chartered, a.o. Equity Bank, dfcu Bank and the pan-African fintech Wave. The inve...
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Cryptocurrency scams are on the rise in SA: How crypto cons work and how to protect yourself
21Apr By Africa BusinessNo Comments
Fintech

Cryptocurrency scams are on the rise in SA: How crypto cons work and how to protect yourself

The digital gold rush is here. As more people attempt to make money from cryptocurrencies, criminals and con artists aren’t far behind. Make sure you know how to recognise the biggest schemes that want to part you from your digital coins says Carey van Vlaanderen, CEO of ESET South Africa. The world seems to have gone ‘crypto-mad’. Digital currencies like bitcoin, Monero, Ethereum, and even Dogecoin, are all over the internet. Their soaring value promises big wins for investors (if you’re “buying the dip”, that is). And the ‘fortunes’ to be made by mining for virtual money have echoes of gold rushes that formed the first mining towns in South Africa back in the 1800s. Or at least, that’s what many, including a long list of scammers, will have you believe. In reality, if you’re interested...
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11Apr By Africa BusinessNo Comments
Fintech, Nigeria News, Startups

Kippa launches new digital payments product for SMEs in Africa

 Kippa, the fast-growing fintech start-up offering digital business and financial management solutions for SMEs in Africa, today announces the launch of its second product, ‘Kippa Payments’, a digital payments solution enabling users to send and receive payments from customers and perform extended payments transactions automatically. Kippa Payments, which will be available to access within the existing Kippa app, is the second product launched by the firm since it was founded less than a year ago in June 2021. Customers will now be able to send transfers and payments for bills, as well as products and invoices to customers, contained with embedded payment links for a small processing fee. This latest digital product can automatically detect, record, synchronise and therefore validate user...
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