digital banking Archives - AfricaBusiness.com

Payday re-launches in Rwanda with SpaceX’s Starlink

25Apr

By Africa BusinessNo Comments

Fintech, Rwanda News

Payday re-launches in Rwanda with SpaceX’s Starlink

Africa’s leading neobank’s expansion into Rwanda aims at making digital banking accessible to all remote workers & professionals on the continent while ensuring access to fast and reliable internet connection Payday, the leading Pan-African neobank issuing global (USD, GBP & EUR) accounts to Africans, has announced its re-entry into Rwanda, following the official launch of SpaceX’s Starlink in the East African country. The re-entry into Rwanda marks a significant milestone in Payday’s Pan-African and global expansion plans, as well as its burgeoning working relationship as a payment processor for Starlink by SpaceX. Announced in February 2023, Rwandans can purchase Starlink routers from the satellite communications corporation, as the country looks to meet its overall targets fo...

Big Fintech Company “Opportunities” for Small Businesses or Mousetrap for Your Money

2Sep

By Africa BusinessNo Comments

Fintech

Big Fintech Company “Opportunities” for Small Businesses or Mousetrap for Your Money

This small post contains unpleasant moments from Fintech companies that small companies or entrepreneurs face. Best Online money transfer, Best Digital payment services... = High Fees, Big Saving on Customer Support, ..... But Virtual Selling Assistant without Real Support. A characteristic feature of such companies is primarily enriching only shareholders and strategy without developing customer relations. Read Twitter of such companies and their leaders. You will see a lot of pleasant tweets to their investors and one tweet with thanks to customers. Only money. Therefore, automation in many cases, in order to reduce staff and does not pay attention to individual customer requests. But they will not miss automatic profits. Because soon robots will become cheaper than the price of human ...

18Oct

By Mark DankworthNo Comments

Fintech

Africa is leading the way in mobile money, and it will change banking as we know it

By Mark Dankworth, President International at Ukheshe Technologies Mobile transacting is fast becoming the golden egg of financial services – and nowhere more so than in Africa. According to the Global System for Mobile Communications’ (GSMA) 2021 State of the Industry Report on Mobile Money, the number of registered mobile money accounts grew by 12.7% globally in 2021 to 1.21 billion accounts – double the forecasted growth rate. Sub-Saharan Africa makes up the biggest slice of this pie on all fronts – number of accounts (548 million of the 1.2 billion accounts), transaction volume (27.4 billion of the 41.4 billion transactions) and transaction value ($490 billion of the $767 billion worldwide). Clearly, the continent is leading the charge when it comes to transacting via mobile phones....

27Sep

By Africa BusinessNo Comments

Business, Fintech, Interview, South Africa News

PLATFORM BANKING AND OPEN BANKING: why it’s the next big thing for banks and their customers

Incumbent banks are starting to look to “platform banking” to stay relevant and loved by customers. But what is platform banking in the first place? And why is it a good thing for society? Anthony de Gray Birch, co-founder and Chief Operating Officer (COO) of Direct Transact, South Africa’s biggest banking enabler of the past 20 years, explains how the banking business is evolving and how smarter, friendlier digital platforms will change the game for the finance industry and its customers. What is platform banking and how can it change the game for banks? Established banks always run on top of multiple legacy systems that were patched together over the years. In fact, many well-known banks still run on decades-old mainframe technology with near extinct code that is very hard to maintain....

22Sep

By Africa BusinessNo Comments

Fintech, Kenya News, Mozambique News, Nigeria News, South Africa News

Banks across Africa Turn to IBM Hybrid Cloud and AI Solutions to Accelerate Digital Innovation

Africa’s leading banks including EcoBank, Nedbank, Attijariwafa Bank, United Bank of Africa, Co-operative Bank of Kenya and Banco Mais are tapping into IBM technologies to help advance financial inclusion across the continent IBM today announced that major financial institutions across Africa have selected hybrid cloud and AI capabilities from IBM to unlock digital innovation and continue their work to develop digital-first solutions, ultimately broadening access to financial services on the continent. COVID-19 continues to accelerate the already rapid changes that were happening across the financial services sector in Africa, fast-tracking the adoption of digital technologies to boost financial inclusion. With over 475 million Africans expected to be mobile internet users by 2025 GSMA –...

89% of GCC consumers will opt for digital banking services over visiting a physical branch post Covid-19

7Jul

By Africa BusinessNo Comments

Fintech

89% of GCC consumers will opt for digital banking services over visiting a physical branch post Covid-19

77% of respondents in the GCC access digital banking services at least once a week 44% are willing to switch to a different bank due to poor customer relations 31% perceive their bank’s current offering of access to online banking services as weak Consumer appetite for digital banking services continues to grow in the countries of the Gulf Cooperation Council (GCC), accelerated further by the COVID-19 pandemic, according to a new survey conducted by Backbase with YouGov. Eighty-nine percent of respondents to the survey said that they are now more likely to opt for digital banking services rather than make a physical visit to a bank branch, with consumers saying they prefer digital self-service banking solutions delivered with the same convenience as their ecommerce, entertainment, and...

Affordable digital banking to revolutionise price-sensitive East African payments market

21Apr

By Africa BusinessNo Comments

Fintech, Kenya News

Affordable digital banking to revolutionise price-sensitive East African payments market

In a region still dominated by cash and mobile money options, like M-Pesa, new collaborations between fintechs are looking to capture the price-sensitive market with innovative, open-loop digital payment solutions in East Africa. According to Mark Dankworth, President International, Ukheshe Technologies, the region is poised for a surge in digital banking growth, with the likes of MCQR and virtual cards likely to make the biggest impact. This follows the Kenyan retail-tech startup, Tanda, leveraging Ukheshe Technologies’ cutting-edge Eclipse API to increase their digital banking offering in Kenya and East Africa to include QR payments, digital wallets and the issuing of physical and virtual cards. The move will empower Tanda agents and merchants throughout East Africa to implement 100,000 ...