Fintech Archives - Page 7 of 19 - AfricaBusiness.com

Omnisient Wins Most Innovative Financial Inclusion Technology Award for Enabling Credit Access to the Unbanked in Africa

14Mar

By Africa BusinessNo Comments

Fintech

Omnisient Wins Most Innovative Financial Inclusion Technology Award for Enabling Credit Access to the Unbanked in Africa

Omnisient, the South African FinTech that uses advanced analytics to enable the rapid discovery and monetization of data for financial inclusion, has won the Most Innovative Financial Inclusion Technology of the Year at the Africa Bank 4.0 Awards 2023. The award ceremony, held in Nairobi, Kenya, recognizes companies and individuals that have made a significant impact on financial inclusion across Africa. Omnisient’s platform has been recognized for its ability to enable banks to accelerate the discovery of alternative data for credit scoring of unbanked individuals, resulting in growing financial inclusion in Africa. According to the World Bank, 1.7 billion people lack access to formal financial services, making it difficult to access housing, education, healthcare, and even capital t...

14Mar

By Africa BusinessNo Comments

Fintech

Ukheshe takes a fresh, dynamic approach to its African growth

The adage ‘jack of all trades, master of none’ is apt for enterprises considering expansion into new African markets. Anthony Karingi, Vice President of Business Development - East Africa at leading fintech enablement partner Ukheshe, says the company is taking a collaborative approach to its regional expansion strategy – and is already reaping the benefits. “As Ukheshe expanded into five core East African markets - Kenya, Tanzania, Uganda, Rwanda, and DRC, together with other countries like Zambia and Zimbabwe – we made sure to establish partnerships and leverage local knowledge. We recognised that we cannot be all things to all people and that it would make more business sense to focus on our strengths while working closely with our partners to leverage theirs.” Karingi joined Ukheshe i...

13Mar

By Africa BusinessNo Comments

Events, Fintech, South Africa News

Blockchain innovators flock to Joburg

Blockchain Africa is the continent’s biggest gathering of Web3 expertise and the crypto curious and it’s coming to Sandton on 16 and 17 March 2023 A Web3 wave comes to African shores next week and the continent is perfectly positioned to rise on this tide of innovation in ingenuity. The 9th annual Blockchain Africa Conference gathers together the brightest technology minds and captains of industry to help unlock the potential of blockchain to overcome the obstacles in the developing world. Blockchain has gained traction in Africa, with founders finding early success by bringing efficiency and delivering lower-cost cross-border payments for African businesses conducting trade abroad. A new age of the internet has dawned, and it is energising the continent. In South Africa the Reserve Ban...

Fintech ImaliPay signs deal with Renda to empower e-commerce across Africa

3Mar

By Africa BusinessNo Comments

Fintech

Fintech ImaliPay signs deal with Renda to empower e-commerce across Africa

ImaliPay, a leading fintech-as-a-service provider, has signed a major deal with 3rd Party e-commerce fulfillment solution Renda (1st March 2023). The partnership will support businesses across Africa by simplifying and streamlining the process of order fulfillment for Enterprise and Medium-sized businesses across Africa, starting with Nigeria. The two companies will provide key services to ambitious businesses, making it easier to reach their target audiences and for consumers to access the products and services they need. Renda is a technology-driven 3rd Party fulfillment solution provider that enables enterprise and medium-sized e-commerce businesses to grow and scale across Africa. It enables e-commerce businesses to easily search and book a storage space, monitor real time status of ...

Modernising and regulating SA’s payments industry

28Feb

By Africa BusinessNo Comments

Fintech, South Africa News

Modernising and regulating SA’s payments industry

In the second half of 2022, the South African Reserve Bank (SARB) announced it has its sights set on stricter regulations for the South African payments ecosystem “to ensure financial stability in a world of increasingly innovative and disruptive technology”. Though some new fintech players winced at the thought, it is a necessary move if South Africa wants to keep up with international trends, notes Andrew Springate, CEO of tech and financial gateway service provider PAYM8. Fintechs and Virtual banks are increasingly grabbing a larger share of market space, but often taking on more risk than traditional banks due to their ability to scale up rapidly, says the International Monetary Fund. “Though stricter regulation might it more difficult for new players to enter the market, payments mus...

17Feb

By Africa BusinessNo Comments

Fintech

How Artists Can Embrace Music NTFs

The music industry is always at the forefront of the latest trends, so it should be no surprise that NFTs have been embraced by many artists and fans already. If you’re an artist, you might have been thinking about creating NFTs for your fans, or it might not have crossed your mind. This article has been designed to give you more information on NFTs in the music industry and why they might be able to boost you as a music artist. The rise of NFTs in Music NFTs have been around since 2017, but they have only recently started to gain mainstream attention. This is due to several factors, including the increasing popularity of blockchain technology and the emergence of new platforms that make it easier to create and sell NFTs. In addition, the increasing number of high-profile artists and la...

Why the promise of a cashless society is key to unlocking the Nigerian commerce growth opportunity

3Feb

By Africa BusinessNo Comments

Fintech, Nigeria News

Why the promise of a cashless society is key to unlocking the Nigerian commerce growth opportunity

By Justin Floyd, CEO of open commerce platform, Redcloud Cash is a uniquely expensive and inconvenient way to do business. However, shifting to a world of cashless payments is easier said than done, as many policymakers have discovered to their cost. The Nigerian Government is taking unprecedented steps to reduce the economic reliance on cash and promote digitally-driven commerce. Will its gamble pay off? Along with Sweden and India, Nigeria has moved ahead of other countries in its efforts to reduce the reliance on cash to make commerce flow and drive economic growth. Most notably, in late 2022, the Government announced a cap on weekly cash withdrawals for both individuals and corporations, with punitive fees levied for those straying above the limits. Since then, it has also announce...

Successful adoption of 3D Secure authentication continues to grow globally, according to study from Ravelin

1Feb

By Africa BusinessNo Comments

Fintech

Successful adoption of 3D Secure authentication continues to grow globally, according to study from Ravelin

The adoption of the latest version of 3D Secure authentication for online payments has significantly increased around the world, according to a new report by fraud prevention specialists Ravelin. The global average for transactions passing through the latest version (3DS2.2) has shot up to 17% from 1% in H2 2022. The frequency of version updates in 3DS2 is fast but so far the industry seems to be keeping pace. 2022 saw the final deprecation of the 3SD1 protocol. Ravelin’s Global Payment Regulation Report highlights generally positive authentication success rates especially compared historically to 3.1. UK and Ireland merchants, for instance, saw 81% authentication success on 3DS 2.1 and 82% success on 3DS 2.2. Globally, authentication rates are similarly strong. But significant numbers...

Blockchain Africa Conference 2023: Gearing African businesses to compete in the global marketplace

31Jan

By Africa BusinessNo Comments

Fintech, Ghana News, Kenya News, Nigeria News, South Africa News

Blockchain Africa Conference 2023: Gearing African businesses to compete in the global marketplace

The adoption of blockchain technology has gained traction in South Africa, Kenya, Nigeria and Ghana – resulting in more efficient and lower-cost cross-border payments to facilitate African businesses conducting trade abroad1. This shift can be attributed to an increase in global ratification of the technology where approximately 44% of the top 100 public companies2, including tech giant Amazon, Tencent, Nike and MacDonalds. More and more businesses are venturing towards the new technology prompted by the need for increased trust, security, transparency, and traceability of data shared across business networks. Moreover, the most significant appeal of blockchain technology in an African context is that it is both cost-effective and efficient, for which there is a real need and can potential...

Blockchain to rebuild African financial system and tell new story

25Jan

By Africa BusinessNo Comments

Fintech

Blockchain to rebuild African financial system and tell new story

Blockchain Research Institute Africa Making Strides in Levelling Financial Playing field Africa has an enormous cash and informal trade economy, however, at the root of many challenges that Africa currently faces is financial exclusion. An alarming 900 million are unbanked in Africa due to numerous challenges, including accessibility to banks, occupation barriers, financial limitations, gender issues, and a liquidity crunch. The incumbent financial system (FS) leans toward the urbanized, serving a limited uniform people group and has contributed to slowing down inclusion in the past. It requires uniformity to be successful; those who do not fit the mould that the financial system is designed to serve, struggle to save, participate in the economy, and generate wealth. It has been challeng...