Fintech Archives - Page 11 of 19

Payment Fraud: Steps to Take If Your Business Gets Scammed

4Apr

By Africa BusinessNo Comments

Fintech

Payment Fraud: Steps to Take If Your Business Gets Scammed

Payment fraud is a nightmare scenario for any business. Irrespective of size, companies face substantial financial and reputational harm resulting from fraudulent activity. Depending on the severity of the crime and the losses incurred, the very survival of the business may be at stake. Ryan Mer, CEO at eftsure Africa, a Know Your Payee™ (KYP) platform provider, says banking and payment fraud remains a serious concern as fraudsters use increasingly sophisticated methods to exploit process vulnerabilities and take advantage of human error. A 2021 TransUnion report noted a significant surge in fraud and criminal activity related to financial services in South Africa, with fraud in this sector surging over 187% in the last year. An Accenture report from the previous year confirms South Afr...

22Feb

By Africa BusinessNo Comments

Fintech

The biggest fintech trends changing the face of payments in emerging markets

Mark Dankworth, President Business Development Africa at Ukheshe, shares his thoughts on how mobile money, cross-border payments and ‘buy now, pay later’ are transforming the financial sector, particularly in emerging markets, for the better. Last year saw an unprecedented rate of change in the financial sector, with huge growth in the use of digital financial services. A report by CB Insights entitled ‘State of Fintech’ revealed that the third quarter of 2021 was the second highest on record for fintech financing, up by 147 percent year-on-year, and 2022 is looking like more of the same. Fintechs will continue to drive financial inclusion, assisting in the creation of an accessible and sustainable digital economy for all, particularly across developing nations. Africa’s large unbanked...

31Jan

By Africa BusinessNo Comments

Fintech

New wave of fraud targeting bank customers

Fraud continues to pose the risk of serious financial losses for banking customers. All indicators are pointing towards the fact that there are new scams and an increasing number of the victims, warns Reana Steyn, the Ombudsman for Banking Services (OBS). The basic modus operandi of these scams is not new. However, over the years, there is a constant change in the execution techniques that fraudsters have applied. “The success of these scams, and their evolution, is heavily guided by how the consumer will react in each situation,” advised Steyn. Steyn highlighted two recent matters that were investigated by her office where two private banking customers fell victim to the same scam under the exact same circumstances. The story behind convincing the victims to disclose their confiden...

31Jan

By Shahina ParvinNo Comments

Fintech, Ghana News

Ghana has the 9th highest rate for cryptocurrency ownership out of 27 countries

According to the latest Cryptocurrency Adoption Index, conducted by Finder.com, Ghana stands 9th among 26 other countries in terms of adopting cryptocurrency! The study was conducted among 27 countries, which says that Vietnam has the largest percentage of adults owning cryptocurrency - 29%. In the same list stands Ghana, with a percentage of 17% of adults owning cryptocurrency. Ghana has stood just behind countries like Australia, Indonesia, Nigeria, Malaysia, Russia, etc.; but leads in front of countries like Hong Kong, Singapore, Brazil, Norway, Canada, United States of America, New Zealand, Germany, United Kingdom, Japan, etc! Before digging a bit deeper, we should try to know about cryptocurrency in a bit more detail. A cryptocurrency, or simply crypto is a digital currency, tailored...

18Jan

By Africa BusinessNo Comments

Fintech, Startups

3 trends set to dominate African mobile apps in 2022

In 2021, the mobile industry in sub-saharan Africa continued to show incredible resilience against the impacts of Covid-19 and experienced high growth. Digital solutions have provided instrumental support for communities and businesses, boosting their transition into adopting a mobile-first approach to tackle most of the daily challenges across the continent, with fintech applications dominating this surge. According to the Mobile Economy Report, 615 million people in Sub-Saharan Africa will subscribe to mobile services by 2025, that’s equivalent to 50% of the region’s population. As we enter into a new year, Daniel Junowicz, RVP EMEA & Strategic Projects, at leading mobile marketing analytics platform AppsFlyer, explores three key trends for mobile apps in Africa this year. Inve...

19Dec

By Africa BusinessNo Comments

Fintech, South Africa News, Tech

Payment fraud – top five scams to look out for

The truth is, all businesses are at risk of being scammed at some point, and just one incident can cost a company millions of Rand. Ryan Mer, CEO, eftsure Africa, a Know Your Payee™ (KYP) platform provider, says that fraudsters are constantly finding new ways to exploit vulnerabilities and attack corporate payment systems and it’s critical that we all work together and share information to remain one step ahead of scammers. Accounts payable fraud is one of the most damaging and is common in companies large and small, targeting the department responsible for paying suppliers and other vendors. A report from JP Morgan found that 81% (source) of organisations were hit with payment fraud in 2019, and only a relatively small portion of losses are recovered because the scam worked so well. He...

17Dec

By Africa BusinessNo Comments

Fintech, South Africa News

Financial Inclusion across Africa starts here

Africa’s first digital in-store lay-by app is aiming to create financial inclusion throughout the continent – starting in South Africa. Local fintech startup LayUp is taking the lay-by process into the 21st century - for merchants and consumers - with a mobile app and rollout of a terminal app via payment & merchant solutions provider Dashpay, which will make the app accessible to millions of potential customers at thousands of POS points, nationwide. Nearly 24% of adults in South Africa are unbanked and R12bn in cash is believed to be held outside of the banking system. COVID-19 related lockdowns have sent unemployment figures soaring to an estimated 7.6 million, meaning that nearly 30 million people are locked out of the South African economy. More people are being forced to turn to...

16Dec

By Africa BusinessNo Comments

Fintech

Chimera Investment LLC invests $50m in Airtel Africa’s mobile money business

Further to previous announcements, most recently on 16 November 2021, Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, today announces the introduction of Chimera Investment LLC as an additional investor in Airtel Mobile Commerce BV (‘AMC BV’), through a $50m secondary purchase of shares from a subsidiary of Airtel Africa plc (the ‘Transaction’). AMC BV is the holding company for several of Airtel Africa’s mobile money operations; and ultimately is intended to own and operate the mobile money businesses across all of Airtel Africa’s fourteen operating countries. Chimera Investment LLC, through its subsidiary Chimetech Holding Ltd., now holds a minority stake in AMC BV alongside the other minority investors, w...

9Dec

By Africa BusinessNo Comments

Fintech, South Africa News

2021: The year of the online payment

As the world moved indoors two years ago, the online payment space flourished. These are the biggest developments in 2021, and a brief look ahead. This year, South Africans embraced e-commerce, mobile commerce and digital payments like never before - all four major banks have seen massive increases in these payment methods since the start of the pandemic. Absa, for one, says 66% of people now prefer electronic payments over cash. “This trend will only increase in the coming years with more convenient solutions that meet the customer on the platforms of their choice like WhatsApp for example,” says Andrew Springate, CEO of technology and financial gateway service provider PAYM8. To prepare for the increased volume, South Africa is busily setting up for success. Three development...

29Nov

By Giorgi MikhelidzeNo Comments

Fintech, Forex

Should PayPal be concerned about your country’s central bank?

Most governments may have no option but to join the digital currency bandwagon. With the introduction of digital currencies from central banks, the world of money is poised to enter a new era. Is it going to be a paradise of financial inclusiveness or a dystopia of financial instability? What if the project turns out to be a complete failure, unable to compete even with established private networks like PayPal Holdings Inc? These are all conceivable scenarios. As a result of advances in technology, monetary authorities are now able to provide a new kind of electronic currency to the general public. A smartphone wallet linked to a conventional bank account will hold the buying power, which can be transferred in and out as needed. Instead of being a private asset, a person's cash in the ban...