financial technology Archives - AfricaBusiness.com

22Oct

By Africa BusinessNo Comments

Fintech, Kenya News, Nigeria News, South Africa News, Startups

Nigerian Fintech, Brass, Secures $1.7mn Financing Round “to bet on African SMEs”

“Africa’s new bank for startups and SMEs” to expand to South Africa & Kenya following funding Brass, a Nigerian digital bank delivering easy access to affordable premium banking services for small and medium-sized businesses (SMEs), has today secured $1.7mn in funding to address the heavily underserved banking needs of local entrepreneurs, traders and fast-growing businesses. The financing round sees participation from Olugbenga ‘GB’ Agboola (Co-Founder of Flutterwave), Ezra Olubi (Co-Founder of Paystack, acquired by Stripe), Hustle Fund, Acuity Ventures, Uncovered Fund and Ventures Platform. The new funding will play a key role in accelerating Brass’ expansion into South Africa and Kenya - just a year after launch, and will kickstart a range of new product categories, including an ex...

12Oct

By Africa BusinessNo Comments

Fintech, Mauritius News, Startups

Peach Payments expands into Mauritius, serves as key event sponsor at Africa FinTech Festival

Peach Payments is pleased to announce that it has set up an office in Mauritius recently in pursuit of its pan-African expansion strategy. As a FinTech start-up that was set up in South Africa in 2012 and expanded into Kenya in 2018, the company is set to make a significant contribution to the pan-African FinTech landscape as a key event sponsor at the Africa FinTech Festival (AFF) which is being held in a virtual format by the Mauritius Africa FinTech Hub (MAFH) from 13 to 15 October 2021. Peach Payments is a world-class payment gateway offering simple, seamless and secure online payment services which enable businesses to easily accept payments on their websites and mobile apps, integrating with leading e-commerce platforms like WooCommerce, Shopify, Wix and Magento. As the organ...

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....

15Jul

By Africa BusinessNo Comments

Fintech, South Africa News

Avoiding Instant Electronic Funds Transfer payments Risks

In 2020, e-commerce in South Africa spiked by 66%, driven by COVID-19-induced lockdowns and a drop in brick-and-mortar retail sales[i]. This increase was accompanied by an upsurge in the use of instant Electronic Funds Transfer (EFT) payments. Towards the end of last year however, the SA Reserve Bank, Payment Association of South Africa (PASA), and Financial Sector Conduct Authority (FSCA) issued a joint statement warning consumers to be aware of the risks associated with this payment method, particularly the use of screen scraping, "which makes it possible for third parties to access bank account data and automate actions on behalf of a consumer using that consumer’s online banking access credentials". The statement went on to detail some of these risks such as the potential for fraud and...

Future proofing banking through the power of data, APIs and automation

15Jul

By Africa BusinessNo Comments

Fintech

Future proofing banking through the power of data, APIs and automation

The global pandemic has ushered in a new paradigm for the Retail Banking sector, one which demands quicker transformation to a customer-centric service that is digitised, personal and convenient. A recent Financial Industries panel discussion held by Kearney, a global consultancy, shed light on how the power of data, Application Programming Interfaces (APIs) and automation could be leveraged to satisfy these expectations and invigorate the sector. Hentus Honiball, Partner at Kearney, maintains that large, traditional banks with complex, cumbersome operating models and legacy technology architecture are now being threatened by agile new fintech entrants. In contrast with the siloed, product-centric approach of traditional players, responsive new players are looking to build customer-centric...

13Jul

By Africa BusinessNo Comments

Fintech, Nigeria News

M-KOPA Expands to Nigeria, Appoints Babajide Duroshola as New Country General Manager

Connected Asset Financing Platform Commercially Launching After 20,000 Device Pilot 12th July 2021. Lagos, Nigeria. M-KOPA, the leading connected asset financing platform, today announces it has officially expanded to Nigeria. To lead the Nigeria team, M-KOPA has named Babajide Duroshola as the new General Manager. A part of the tech company’s broader expansion strategy, the move into the Nigerian market signals M-KOPA’s focus on offering millions of underbanked customers across Sub-Saharan Africa access to life-enhancing products and services such as smartphones, solar lighting, energy-efficient televisions, fridges and digital financial services via its financing platform. The company recorded pilot sales of over 20,000 devices in Lagos, and is rapidly expanding into states across the c...

13Jul

By Arab NewswireNo Comments

Fintech

Bushra Mahdi appointed as the Brand Ambassador for Tetra Pay International in the GCC and MENA region

Bushra Mahdi is appointed as the brand ambassador for Tetra Pay International INC for the countries in the GCC and the MENA alliance of nations. Leading Instagram influencer, Bushra has over 299 thousand followers on her Instagram page making her a youth icon. She is also the founder of Red Films, owing to her passion for cinema and her knack of giving back to society. DUBAI, UAE – (Arab Newswire) - Tetra Pay International INC proudly presents Bushra Mahdi as the brand ambassador to represent the GCC and MENA countries. Bushra is one of the most well-known influencers on Instagram having an extensive follower base of more than 299,000 followers. Bushra has worked extensively with several of UAE’s esteemed organisations which includes the ministry of Interiors and Security Media of Ab...

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...

6Jul

By Africa BusinessNo Comments

Fintech, South Africa News

Telephonic payment solution helps companies deal with Covid-19 challenges

VerPay enables verbal commerce as businesses adapt to serve their customers in contactless ways As South Africa enters its third wave and lockdown restrictions tighten, certain businesses - such as those in hospitality - once again find themselves having to temporarily close their doors, while seeking alternative avenues to generate income, such as take-aways. “The pandemic has forced us all to do business in new ways, and presented new challenges - as well as opportunities, says Dana Buys, CEO of VerPay Pty Ltd, a Cape fintech company that specialises in cloud-based payment. “Not all companies have the means - or inclination - to go completely online. Many consumers still prefer dealing with a person, as opposed to solely an app or webs...

23Jun

By Nicolas GarciaNo Comments

Fintech

Securing the financial institutions’ physical and digital assets with biometrics

Gone are the days when the financial institutions’ (FI) only assets considered to be the gold, cash and other valuables in its vaults. With data widely acknowledged as the new gold, ensuring that only legitimate people get access into the FI’s premises and digital databases is more important than ever By: Nicolas Garcia, VP MEA, Biometric devices It is standard practice around the world for an individual to positively identify his/herself in a bank branch in order to affect all transactions. Means of identification can include what you know (PIN or password), what you have (ID document) and what you are (biometrics). It is no longer even a competition of which of the methods is considered as the most accurate for positively identifying a person – biometrics wins hands down, literally. Bio...