Fintech Archives - Page 8 of 19 - AfricaBusiness.com

Presenting the 2022 Partech Africa Report: Resilient African Tech Ecosystem Still Growing with $6.5 Billion Raised in 2022

24Jan

By Africa BusinessNo Comments

Fintech, Senegal News, Startups

Presenting the 2022 Partech Africa Report: Resilient African Tech Ecosystem Still Growing with $6.5 Billion Raised in 2022

Amid the drastic pullback in global VC funding, the African tech ecosystem stands out with +8% growth from 2021. Debt funding doubled in volume to $1.5B, accounting for nearly a quarter of the total funding. Fintech, still leading, attracted 39% of the total equity volume; Nigeria retained the top spot with 23% Partech Africa, the VC fund dedicated to technology startups in Africa, has issued its annual report on Africa Tech Venture Capital. The report, which aims to provide a practical picture of the state of the ecosystem, revealed that despite the global VC downturn, the African tech ecosystem grew faster than all other markets globally. Total funding invested into tech startups on the continent reached $6.5B, an increase of 8% vs 2021, spread across 764 deals - compared to 724 rounds...

Touch and Pay [TAP] launch Cowry card cashless fare collection technology on new LRMT Blue Rail Line

24Jan

By Africa BusinessNo Comments

Fintech, Nigeria News

Touch and Pay [TAP] launch Cowry card cashless fare collection technology on new LRMT Blue Rail Line

500,000 Lagosians set to benefit as Nigerian startup becomes first local company to unify rail, bus and ferry via contactless cards Touch and Pay Technologies [TAP], a Nigerian fintech company and leading processor of micro-transactions in Africa, announced today that for the first time, rail passengers across Nigeria’s largest city, Lagos, can access the newly launched Blue Rail Line using TAP’s contactless Cowry card. Founded in 2019, by Olamide Afolabi, Kabir Yabo, and Michael Oluwole, TAP was the first payment company in Nigeria to provide payment infrastructure that allowed contactless payment cards to be used on buses and ferries. The company continues its record of innovation by enabling contactless payment cards to be used on trains in Nigeria. TAP is helping by advancing financi...

19Jan

By Africa BusinessNo Comments

Business, Fintech

Fraud trends every CFO should know

PwC’s Global Economic Crime and Fraud Survey 2022 revealed that 46% of organisations have experienced fraud, corruption, or other economic crimes in the last 24 months. Ryan Mer, CEO of eftsure Africa, a Know Your Payee™ (KYP) platform provider, gives a rundown of what to look out for. 1. Fraud protection is no longer optional It’s hard to believe today, but just a few years ago, even large organisations didn’t have payment fraud protection in place. One of our clients, a listed company, had an ongoing issue with payment fraud totalling over R3 million in losses in the year prior to adopting eftsure. They haven’t lost a cent to payment fraud since. Businesses are taking the threat of payment fraud a lot more seriously than they did even two years ago. They’re acknowledging that the paym...

Africa Tech Summit 2023 Returns To Nairobi For Fifth Edition In February

6Jan

By Africa BusinessNo Comments

Events, Fintech, Kenya News, Tech

Africa Tech Summit 2023 Returns To Nairobi For Fifth Edition In February

Africa Tech Summit, the leading tech conference focused on connecting businesses and driving investments within Africa’s tech ecosystem, will host its fifth edition on the 15th to 16th of February 2023 at the Sarit Expo Centre in Nairobi. “After a sold-out out Summit in 2022, we are excited to welcome back 1000+ tech leaders, investors, and international players in Nairobi for two days. This year’s Africa Tech Summit will feature 150 speakers across two stages, masterclass sessions, an exhibition and multiple networking events to drive business and investment forward,” said Andrew Fassnidge, Director, Africa Tech Summit. With Africa’s tech ecosystem projected to grow from an estimated $115bn to $712bn by 2050 according to Endeavor Nigeria’s recent report, the Summit again connects te...

Accelerating Digital Inclusion and Sustainable Transformation

15Dec

By Africa BusinessNo Comments

Events, Fintech, Forex, Kenya News

Accelerating Digital Inclusion and Sustainable Transformation

The 7th Edition Connected Banking Summit - East Africa will be held on the 7th of March in Nairobi, Kenya The Connected Banking Series focuses on building future-oriented banking models by accelerating the pace of digital transformation and delivering a delightful customer experience in line with policy and regulations while ensuring the highest standards of privacy and security. The Summit will host leaders and experts from across the region representing Banks, Insurance Companies, FinTechs and TechFins, Digital and NeoBanks, Non-Banking Financial Organizations, Cooperatives, Investments Funds, and Asset Management Companies to discuss and deliberate on how integrated solutions are shaping the future of banking. The International Center for Strategic alliances (ICSA) is the Organisers ...

McKinsey & Company Predicts African Fintech Revenues Could Reach an Impressive $30 Billion by 2025

15Dec

By Africa BusinessNo Comments

Fintech

McKinsey & Company Predicts African Fintech Revenues Could Reach an Impressive $30 Billion by 2025

As the fastest-growing start-up industry in Africa, African fintech raised over US$1,3 billion in 2021 alone, the success of fintech companies is being fuelled by several trends, including increasing smartphone ownership, declining internet costs, expanded network coverage, and a young, fast-growing, and rapidly urbanizing population. [i] African fintech has a significant impact on day-to-day life on the continent and with its current upward trend it can be perfectly poised to rapidly advance Africa’s global competitiveness with an increase in the exporting of fintech services globally. These fertile grounds do have challenges. Regulatory uncertainties and differences between countries are a bottleneck, throttling the expansion of financial inclusion in Africa. This has led to the conti...

15Dec

By Africa BusinessNo Comments

Fintech

Where Can I buy Bitcoin with Cash?

By Erick Pendo Bitcoin was the world's first decentralized digital currency. It was created in 2008 and has since become a popular form of digital payment that allows both buyers and sellers to securely store “money”, and send and receive payments without the need for an intermediary bank or other financial institution. Bitcoin transactions are verified through an open, public ledger known as blockchain that is secured with cryptography. This makes it virtually impossible to double spend, counterfeit or manipulate digital currency. With Bitcoin, users can buy goods and services online or transfer funds directly to others in minutes. How can you acquire Bitcoin? Bitcoin is an attractive payment option for people who want to remain anonymous, transfer money quickly and securely, or bypa...

8Nov

By Africa BusinessNo Comments

Fintech

Global Point Of Sale shipment increases paint a positive retail picture

According to the October 2022 Nilson Report, global Point Of Sale (POS) terminal shipments worldwide reached 136 million in 2021, up 4.3% over 2020. Newland Payment Technology Terminals rose to third place behind Worldline/Ingenico and Pax, with 11.235 million shipments to give the brand a 8.26% share of the global POS market. Closer to home, the Middle East-Africa (MEA) region received 8.9 million POS terminals last year, up 35.7%, growing its market share of global shipments to 6.52% from 5.01%. Newland Payment Technology terminals increased their footprint by one place to become the second-most shipped terminal brand in the region. POS terminals counted include countertop, multilane, tablet and handheld devices with integrated chip and/or magnetic stripe card readers, unattended devi...

Retailers, banks & fintech players unpack SA’s ambitious fintech future

31Oct

By Africa BusinessNo Comments

Fintech, South Africa News

Retailers, banks & fintech players unpack SA’s ambitious fintech future

OPEN FINTECH FUTURE: Jean Olivier of Shoprite, John Singlam of Investec and Anand Naidoo of HelloPaisa shared their fintech journeys in discussion with financial journalist Refilwe Moloto at the dt (Direct Transact) Open the Future gathering in Joburg. Several local innovators came together to discuss the future of fintech for brands, retailers and banks in Africa in the next 20 years. Photo credit: Sandy Coffey Monday 31 October, Johannesburg - As South Africa heads into a financial future where its flow of money will be impacted by a likely greylisting, an irreversible shift to cashless and non-traditional transacting, and more retailers entering the banking game, an unavoidable fintech boom will transform the financial ecosystem as we know it. This picture of the future was painte...

27Oct

By Africa BusinessNo Comments

Fintech, Main

New Research Suggests That Mobile Finance Can Help To Boost A Nation’s GDP

In countries where mobile money adoption is successful, GDP per capita growth could reduce poverty by around 2.6%. Successful deployment and adoption of mobile financial services is associated with positive GDP growth in developing markets, according to new research from Vodafone Group, Vodacom Group, Safaricom, and the United Nations Development Programme (UNDP). Mobile financial services help businesses reduce costs, access credit for investment, and connect with previously excluded consumers, all of which contribute to economic growth. The econometric modelling research [1] – which examined 49 countries in Africa, Asia, and Latin America – found that countries with successful mobile money services had an annual GDP per capita growth rate up to 1 percentage point higher than countries ...