African fintech Archives - AfricaBusiness.com

15Oct

By Africa BusinessNo Comments

THE RISE OF FINTECH INNOVATION IN SA: GOING BEYOND PAYMENTS TO TRANSFORM ACCESS AND OPPORTUNITIES FOR STARTUPS

By Annelene Dippenaar Two decades ago, a startup or small business had limited options when it came to processing transactions, with cash being the only option for many. Startups by their very nature also lacked credit histories, making it difficult to apply for finance, and leaving them vulnerable to unaffordable loans when seeking financial support to fund their business needs. Today, the picture is very different, with access to digital finance platforms, management tools, and mobile banking transforming how these businesses can operate. According to the Centre for Strategic and International Studies (CSIS), digitalisation has enabled 700 million people in developing countries to gain access to formal financial services between 2011 and 2014, with 62% of adults having a bank or mobile...

8Jul

By Africa BusinessNo Comments

Fintech, Kenya News

Xprizo enhances fintech platform with iOS launch

Xprizo, a cutting-edge iGaming fintech platform, has amplified its global reach with the launch of its iOS app. This marks a significant milestone in the company’s growth and development as a fintech platform serving the underbanked and unbanked demographics. With the introduction of the iOS app, Xprizo’s network of users across all device types can now enjoy the full potential of the platform. Until now, the app was only accessible on Android devices. The Xprizo web app remains available for PC users and will continue to provide its comprehensive services. The new iOS app includes a brand-new sleek, and modern UI that allows frictionless access to the rich array of fintech functions. Now included within both Apple and Android apps are debit and credit card deposits in all available curr...

Africa Fintech Summit Rolls Out Nigeria Fintech Marketing Outlook 2024, Featuring Trends, Perspectives, Growth Strategies, and More

21Mar

By Africa BusinessNo Comments

Fintech, Nigeria News

Africa Fintech Summit Rolls Out Nigeria Fintech Marketing Outlook 2024, Featuring Trends, Perspectives, Growth Strategies, and More

The Africa Fintech Summit (AFTS) releases its insightful "Nigeria Fintech Marketing Outlook 2024" report, shedding light on the current state and future direction of marketing strategies within the nation's booming fintech industry. This first-of-its-kind report, co-authored by Charles Anijekwu and Jeremiah Ajayi, equips Nigerian fintechs with the data-driven strategies they need to acquire new customers, retain existing ones, and achieve long-term growth. Key findings include: Paid advertising reigns supreme: The report reveals that paid advertising was the dominant channel for customer acquisition across key Nigerian fintech verticals in 2023. High acquisition costs: Sectors like Merchant Payments, Point-of-Sale (POS), Investment & Wealth Management, and Digital Lending w...

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...

8Aug

By Africa BusinessNo Comments

Democratic Republic of the Congo, Fintech

Why an African-based, African-run payments partner with global insights is essential for success on the continent

How to get it right in DRC By Christian Bwakira, MFS Africa's Group Chief Commercial Officer To understand the dynamics of Africa's payment ecosystem, it is crucial to recognise what sets the continent apart from other markets. Unlike economies such as Europe, Africa lacks a uniform infrastructure, especially in francophone countries. The continent presents unique challenges that require unique solutions. When a global enterprise enters the continent, it must understand the dynamics, regulatory frameworks, and local business practices. Failure to grasp how things work in Africa can hinder the ability to connect sellers and buyers and impede business success. Adapting to Africa's payment landscape involves considering the available payment methods, developing user-acquisition strategi...

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...

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...

African fintech platform M-Kopa has provided digital credits worth more than $ 600 million to underbanked customers

13Sep

By Africa BusinessNo Comments

Fintech

African fintech platform M-Kopa has provided digital credits worth more than $ 600 million to underbanked customers

M-KOPA announced the release of its 2021 Impact Report. As a mission-driven company, M-KOPA's tremendous growth is rooted in commitment to both commercial and social goals. The report presents findings on M-KOPA’s smartphone, solar and cash loan customers across Kenya, Uganda, Nigeria and Ghana. While much of the impact has been realised in East Africa, M-KOPA recorded rapid growth following its expansion into West Africa over 2020/21. Key highlights of M-KOPA’s social and environmental impact at the end of 2021 include: $600 million of credit unlocked for customers; 4.5 million lives improved with life-changing products; Over 1 million solar home systems sold, avoiding 2 million tonnes of CO2 emissions; Over 1 million individuals accessing high-quality smart...