Digital payments South Africa Archives

Bridging the gap: Using a multi-faceted approach to combatting financial inequality

3Oct

By Africa BusinessNo Comments

Fintech, South Africa News

Bridging the gap: Using a multi-faceted approach to combatting financial inequality

By Andy Jury, CEO, Mukuru Formal financial and economic inclusion remain pivotal in addressing the rampant inequality in many African economies today. In 2022, as South Africa grappled with scheduled and unscheduled power outages, businesses were put under tremendous strain as revealed in the FinMark Trust 2022 report. With an estimated 50% of financial transactions in Africa occurring in an informal, over-the-counter, cash-to-cash, unregulated setting, there is significant potential to adopt digital solutions designed to bring about financial inclusion. But more than the technology, driving financial inclusion comes down to using a customer-centric approach to financial services. For any business, this is a logical thing to do. For fintechs, it shows an understanding of the importance a...

How innovative payment solutions are shaping South Africa’s retail sector

23May

By Africa BusinessNo Comments

South Africa News

How innovative payment solutions are shaping South Africa’s retail sector

By Shaun Holley, Deputy CEO & Head of Innovation & Rory Bosman, Sales & Marketing Executive at Ecentric Payment Systems Today’s consumers have access to a myriad of convenient experiences through mobile apps and online platforms, and they expect a similar level of ease when interacting with businesses and specifically payment interactions. Indeed, consumer demand for better and more diverse payment experiences, coupled with the need to trade across multiple channels, is shaping the midmarket retail sector across Africa. Notably, industry research indicates that total transaction value in the digital payments segment in South Africa alone is projected to top the $17 billion mark by the end of this year. While in-store payment points are well understood, the rise of e-commerce ...

22Mar

By Africa BusinessNo Comments

South Africa News

PayShap – South Africa’s first rapid payments programme launched

Ashlin Perumall, Partner, Baker McKenzie Johannesburg In March 2023, the South African Reserve Bank (SARB) announced the launch of PayShap, a real-time rapid payment platform that is aimed at offering safer, faster and significantly more convenient payment options for South Africans. PayShap is the outcome of an industry-spanning collaboration, driven by BankservAfrica, the Payments Association of South Africa and the South African banking community, with the aim of modernizing the national payments industry. It is rooted in the SARB's Rapid Payments Program, as part of its Vision 2025 strategy to reform the South African national payment system framework. The SARB has noted that PayShap will ultimately offer a cost-effective, instant payment service across banks, a proxy service to emb...

A Payment Solution for Africa That Bypasses Complexity

22Sep

By Africa BusinessNo Comments

Fintech, South Africa News

A Payment Solution for Africa That Bypasses Complexity

Understandably, merchants are finding it increasingly difficult to keep abreast of all the latest payment products and solutions that are available. “It is complex and costly for merchants to manage their own integrations into multiple solution providers. Merchants should be focusing on their core businesses and leave payment complexities to specialist companies,” says Andrew Springate, CEO of tech and financial gateway service provider PAYM8. Founded in 2001, PAYM8 quickly expanded its footprint across the African continent and now processes over R3 billion in annual transaction value for its clients, and is one of the few payment solution providers in Africa capable of providing a single offering to merchants spanning both payer and payee-initiated payments. Merchants want all payments...

19Dec

By Africa BusinessNo Comments

Fintech, South Africa News, Tech

Payment fraud – top five scams to look out for

The truth is, all businesses are at risk of being scammed at some point, and just one incident can cost a company millions of Rand. Ryan Mer, CEO, eftsure Africa, a Know Your Payee™ (KYP) platform provider, says that fraudsters are constantly finding new ways to exploit vulnerabilities and attack corporate payment systems and it’s critical that we all work together and share information to remain one step ahead of scammers. Accounts payable fraud is one of the most damaging and is common in companies large and small, targeting the department responsible for paying suppliers and other vendors. A report from JP Morgan found that 81% (source) of organisations were hit with payment fraud in 2019, and only a relatively small portion of losses are recovered because the scam worked so well. He...

12Nov

By Africa BusinessNo Comments

Fintech, Startups

Failing To Win

A new book from Burnet Media, Cape Town will inspire and guide the next generation of African entrepreneurs. Failing To Win by Mike Quinn is the authentic story of a uniquely African startup at the forefront of the continent’s fintech revolution. Inspired to become the “M-Pesa of southern Africa” after Kenya’s pioneering mobile money innovation, Zoona secured tens of millions of dollars in international investment and grew to serve two-million customers in Zambia, Malawi and Mozambique while processing $2.5-billion in transactions. This is an ideal read for anyone doing business or investing in Africa, and in particular for purpose-driven entrepreneurs and impact or venture capital investors. ABOUT THE BOOK In 2009, Canadian entrepreneur Mike Quinn packed his backpack and moved to Lu...

22Oct

By Africa BusinessNo Comments

Fintech, South Africa News

Africa is perfectly placed to take advantage of new payment solutions

Digital innovation has evolved payments solutions at breakneck speeds. Everything from contactless payments, QR codes and digital wallets … consumers today have so many new ways to pay. The big challenge, however, is to ensure that the millions of South Africans who still use cash are able to access these services. “Unfortunately, cash still dominates as the main payment form for millions of South Africans,” says Thomas Pays, CEO and co-founder of Ozow. “This happens simply because of a lack of access to infrastructure, high data costs, and a general mistrust in financial institutions. All of these factors ultimately prevent many consumers from participating in the digital economy.” There is hope, though. A recently published South African Township Marketing Report found that while c...