Fintech Archives - Page 3 of 19 - AfricaBusiness.com

8Mar

By Africa BusinessNo Comments

Fintech

Fintechs are aiding financial inclusion across sub-Saharan Africa

By Nikki Kettles, Executive of Licences and Payments Regulation at Mukuru As the Southern African Development Community sees growth in fintech operators, it will become easier and safer for people to send money back home, writes Nikki Kettles, Executive of Licences and Payments Regulation at Mukuru. With half of Africans migrating to other countries on the continent to work, and then having to send money home, fintech is playing a leading role in driving financial inclusion, while offering a safe solution at a reasonable cost; and dominating the provision of cross-border remittances. Many migrants living in South Africa trying to send money home have historically experienced several challenges, including unreasonable costs. Other aspects that impacted the historical experience were the ...

21Feb

By Africa BusinessNo Comments

Fintech

In the race to digital wallets, don’t forget cash

Success in the digital payment space will hinge on the ability of new players and incumbents to converge the physical and digital experience into a seamless continuum for the customer. Extending the digital solution to a cash-based customer requires a “phygital” approach, writes Juan Seco, Chief Growth Officer at Mukuru. Digital wallet use, especially in Africa, makes sense when so many people live in rural areas where there isn’t easy access to another way of accessing money, such as through ATMs. Bank of America predicts that by 2026, digital wallets will be used by more than 5.3-billion people, which is more than 50% of the world’s population. Other estimates suggest this number may even be as high as two-thirds of the world’s population, growth that is being driven by emerging market...

23Jan

By Africa BusinessNo Comments

Fintech, South Africa News

Top Payment Trends for 2024

Consumers will increasingly be demanding choices when it comes to payment options into 2024, with security being high on the agenda and offerings that will be keenly watched as potential growth engines. Rory Bosman, Executive for Sales & Marketing at Ecentric Payment Systems adds that shoppers also want value from retailers, physical or online, when it comes to deciding where to spend their hard-earned money, especially in this difficult socio-economic environment. As payment systems continue to develop, often building on offerings already in the market, Bosman details nine key trends he sees as dominating 2024. Buy now, pay later There will be a continued growth in offerings that allow consumers to purchase goods on interest free credit, paying the item off in tranches of, for e...

18Dec

By Africa BusinessNo Comments

Fintech, South Africa News, Startups

Unleashing Africa’s potential: A vision for innovation and entrepreneurship

SA Innovation Summit CEO Buntu Majaja looks back at this year’s successes and quantifies next year’s opportunities. - SAIS2023 brought together 2,600 innovators from 26 countries - The investment capital in attendance equalled around R30 mbillion - Startups are pivoting to or building on AI In the dynamic world of technology and entrepreneurship, the courage and determination of startup founders is invigorating. As the CEO of the SA Innovation Summit, witnessing these entrepreneurs, often unsure of their own capabilities until the moment of truth, fuels a passion for the role and a deep sense of responsibility as an enabler for the industry. It’s believed that everyone possesses an innate desire to contribute positively to the world, and it is this entrepreneuria...

Africa’s Crypto Boom: Insights from Cape Town Gathering

6Dec

By Africa BusinessNo Comments

Fintech, South Africa News

Africa’s Crypto Boom: Insights from Cape Town Gathering

Crypto Fest 2023 blasted into Cape Town, celebrating the next evolution of digital assets and locally built solutions. International headlines may be applauding the fall of some of the first crypto superstars, but a strong attendance at Africa’s premier crypto industry meetup demonstrates that digital solutions can still make a meaningful, positive difference on the continent. Crypto Fest 2023 invited Web3 enthusiasts to experience Cryptopia at Cape Town’s exclusive Cabo Beach Club and hundreds answered the call, a testament to the resilience of the community that is facing a harsh reality. Hannes Wessels, General Manager of Southern and Francophone Africa at Binance – the Title Sponsor of Crypto Fest 2023 – reiterated the role of blockchain as a tool for innovation in the event’s openi...

Tough economic headwinds provide exciting opportunities for agile, customer-centric fintechs

6Dec

By Africa BusinessNo Comments

Fintech, South Africa News

Tough economic headwinds provide exciting opportunities for agile, customer-centric fintechs

By Andy Jury, CEO at Mukuru At this time of the year there is usually a flurry of articles attempting to lay out trends to look out for in various industries over the coming months. This is a good exercise as it gets one thinking about industries broadly and technology specifically. However, it would be remiss to embark on this exercise without first taking stock of where we are now. The fintech ecosystem is currently in a period of stress, less so for incumbents but noticeably for newcomers. This stress is a direct result of macroeconomic pressures piling up to generate headwinds for new market entrants. As we all know, when the macro picture is less than rosy it affects play out on the ground. In summary, there is less money floating around – less money from investors and most notably,...

9th Edition Connected Banking Summit – West Africa Innovation & Excellences Awards 2024

28Nov

By Africa BusinessNo Comments

Fintech, Ghana News

9th Edition Connected Banking Summit – West Africa Innovation & Excellences Awards 2024

Innovations Powering Digital Inclusion and Sustainable Transformation Accra, Ghana Get ready to mark your calendars as the 9th Edition of the Connected Banking Summit- West Africa is set to take Accra, Ghana on February 21st, 2024. This highly anticipated summit promises two days of unprecedented insights, discussions, and networking opportunities, bringing together global executives, industry experts, and visionary leaders from the BFSI sector. The Connected Banking Summit has garnered a reputation for championing forward-thinking banking models, with a focus on accelerating digital transformation, ensuring impeccable customer experiences, upholding regulatory compliance, and maintaining the highest standards of privacy and security. The summit will also feature the prestigious Innovati...

23Nov

By Africa BusinessNo Comments

Fintech

Xion Global bridges the gap between blockchain and traditional financial systems with G+D’s Filia solution

Xion Global uses technology from Giesecke+Devrient (G+D) for an innovative holistic financial solution. By combining it’s web3 multi-chain payments infrastructure and G+D's CBDC solution Filia for interbank deposit token transfer, Xion is creating a seamless financial ecosystem for digital asses as well as public currencies. Xion will provide customized solutions for the Asia Pacific (APAC) and Europe, Middle East and Africa (EMEA) regions. The Proof of Concept (POC) of Xion serves as a cornerstone for the new financial architecture. Leveraging the infrastructures of both companies, this solution enables instant transactions across a variety of blockchain networks and traditional financial channels. Designed for seamless integration with existing financial platforms, the solution offers s...

Understanding generative AI and its impact on payment fraud in South Africa

21Nov

By Africa BusinessNo Comments

Fintech, South Africa News

Understanding generative AI and its impact on payment fraud in South Africa

The accessibility of generative AI tools has lowered the barriers for would-be criminals, while the transition to hybrid work models and geographically dispersed teams has expanded the attack surfaces they can exploit. In this context, the overlap of AI technology and the interests of financial leaders becomes increasingly significant, says Ryan Mer, CEO of eftsure Africa, a Know Your Payee (KYP) platform provider. Numerous financially motivated cybercrimes hinge on the manipulation of accounts payable (AP) staff and the evasion of traditional financial safeguards. As generative AI technologies advance, the art of deception within these crimes is poised to become more sophisticated than ever before. Businesses could soon face a host of new challenges as generative AI models can be used to ...

24Oct

By Africa BusinessNo Comments

Fintech

The Role of Customer Communication Management in Building Trust and Loyalty in Banking Platforms

Peter Ottermann, CTO at GhostDraft Everyone knows what businesses like Uber and AirBnB are - they are platforms that connect vendors who have something to sell with people who want to buy those goods and services. This platform concept marked a fundamental shift in the world of business because what was traditionally difficult - such as finding a place to stay on holiday or trying to figure out where to find transport - has now become easy, fast and convenient. That’s key. It has meant that the modern consumer now expects and demands this type of frictionless experience. Banks are about as traditional a service as you can find, yet technology has enabled them to shift into the platform space. The reason banks are shifting towards becoming platform businesses is that there are many fac...