financial technology Archives - Page 2 of 2

22Jun

By Africa BusinessNo Comments

Fintech, South Africa News

Fintech, Ofin, tackles behavioural changes needed to address financial inclusion

It is a common belief that financial access should lead to financial prosperity. According to the World Bank, financial inclusion is defined as all people and businesses having access to useful and affordable financial products and services that meet their needs. Sakhile Mabena, CEO, Ofin, a venture-backed fintech startup specialising in Behavioural Data Analytics, Financial Process Automation, Behaviour-based Financing and SME Behaviour Nudges, says that to successfully address financial inclusion in Africa it is important to address the financial behaviours and leverage technology to better enable users to become more bankable. Mabena, previously a World Economic Forum Global Shaper, has together with his team, developed an app that focuses on changing financial behaviour, which will ...

18May

By Africa BusinessNo Comments

Fintech, South Africa News

South Africa’s Leading Payment Aggregator and Secure Payment Solutions Provider Expands into Africa

With the African Continental Free Trade Agreement set to generate combined consumer and business spending of $6.7 trillion by 2030[i], the continent requires payment platforms to cater for this growth. To this end, Pay@ - a leading South African payment aggregator and provider of secure payment solutions - will be expanding into several African countries and providing consumers and businesses alike with a variety of payment methods. The company’s CEO, Andrew Hardie says that Pay@ has deployed operations into Namibia, Botswana and Lesotho over the past few years but will now be adding Zambia, Mozambique and Angola to this list, with additional African countries in the pipeline. “We would like to build on the strength of our business in South Africa and grow out our offerings across the con...

29Mar

By Africa BusinessNo Comments

Fintech

Mobile Money Accounts Grow to 1.2 Billion in 2020

GSMA has published last week its annual 'State of the Industry Report on Mobile Money'. It reveals a dramatic acceleration in mobile transactions during the COVID-19 pandemic as lockdown restrictions limited access to cash and financial institutions. The report found that the number of registered accounts grew by 13 per cent globally in 2020 to more than 1.2 billion – double the forecast. The fastest growth was in markets where governments provided significant pandemic relief to their citizens. Providing more opportunities in the formal economy To minimise the economic toll of COVID-19, many national governments distributed monetary support to individuals and businesses. The value of government-to-person payments quadrupled during the pandemic, with the mobile money industry working han...

22Mar

By Africa BusinessNo Comments

Fintech

The Rise Fund to invest $200 million in Airtel Africa’s mobile money business, at $2.65 billion valuation

Airtel Africa to explore potential listing of mobile money business within four years. Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, announced on 18th March the signing of an agreement under which The Rise Fund, the global impact investing platform of leading alternative investment firm TPG, will invest $200 million in Airtel Mobile Commerce BV (“AMC BV”), a wholly-owned subsidiary of Airtel Africa plc (the “Transaction”). AMC BV is currently the holding company for several of Airtel Africa’s mobile money operations; and is now intended to own and operate the mobile money businesses across all of Airtel Africa’s fourteen operating countries. The Transaction values Airtel Africa’s mobile money business at $...

Efficient Payment Solutions Essential for SME Survival

14Mar

By Africa BusinessNo Comments

Fintech, South Africa News

Efficient Payment Solutions Essential for SME Survival

Small and Medium-sized Enterprises (SMEs) have long been hailed as the lifeblood of the economy. Now, in the wake of the COVID-19 crisis, they are critical for its recovery. Not only do they contribute 35-50% of national GDP globally, they also drive over two-thirds of new job creation[i]. Ultimately, the more SMEs succeed, the better our economy performs. However, their success – and survival – hinges largely on cash flow management. This is according to Francois Hamer, Business Development Lead at Pay@ - a leading payment aggregator and provider of secure payment solutions. With cashflow management being the reason why 82% of small businesses fail[ii], Pay@ has developed Yap – an electronic bill presentment and payment tool for on-the-go invoicing and payment requests, specifically for ...

The lessons of 2020 are driving trends in business leadership and Fintech for 2021, says Innovate1Pay Chairman Mahmood Ahmadu

3Feb

By Neha KaulNo Comments

Fintech, Nigeria News

The lessons of 2020 are driving trends in business leadership and Fintech for 2021, says Innovate1Pay Chairman Mahmood Ahmadu

Entrepreneur, Philanthropist and Chairman of Nigerian Fintech firm Innovate1Pay, Mahmood Ahmadu has shared his vision for 2021, as businesses reopen in the new normal. Drawing on the pragmatic leadership required in a highly disruptive 2020, and the positive impact of Fintech during the crisis, Mr Ahmadu believes that the building on these lessons will be crucial for economic revival, in 2021. Founder and Chairman of Nigerian Fintech firm Innovate1Pay, Mr Mahmood Ahmadu has called on business leaders to contextualize their 2021 strategies, in light of the lessons learnt from the disruption due to the COVID-19 pandemic in 2020. Widely acknowledged as one of the leading African entrepreneurs - and recipient of the Forbes Africa Award and Euro-knowledge Award in 2020, for his philanthropy ...

Five Tech Megatrends that can Transform African economies in 2021 and beyond

15Jan

By Richard LiNo Comments

African News, Agriculture, Fintech, Main, Medicine

Five Tech Megatrends that can Transform African economies in 2021 and beyond

The world has been experiencing massive digital disruption with the relentless rollout and adoption of disruptive and innovative technologies. Embracing digital disruption is daunting, since it is extremely unsettling with the rapid change brought about within societies and the severe impact on unskilled labor. Even if the African continent will not be spared by digital disruption, Africa cannot afford to be left out of these global technology (Tech) trends. If technology is wisely implemented, developing African countries are able to hop on the digital bandwagon to rapidly undergo a digital revolution that can boost their respective economies. While disruptive technologies like artificial intelligence, additive manufacturing, augmented and virtual reality, and others are becoming more and...

15Oct

By Giorgi MikhelidzeNo Comments

Fintech, Forex

Why is the fintech industry flourishing in Africa in 2020?

South Africa is moving very fast in the direction of the FinTech industry. The country is very determined not to be behind the whole show. They are also relaxing the regulations in order to help the flourishing of the FinTech industry. How South African FinTech development is transforming the foreign exchange landscape In South Africa, several years ago, almost all the Forex market trades were held by telecommunication. Today everything has transformed and 75% of trades are done online. Expanding the culture of financial technology was always important for the SA. Most of the people who are finding themselves in a good financial situation are involved in trading. FX platform development in SA is also helping the economy. The government is supporting the FinTech development in the country b...