Saturday, November 23African Digital Business Magazine

Tag: FinTech

Bridging the financial inclusion gap in South Africa requires simplicity and affordability
26Apr By Africa BusinessNo Comments
Fintech, South Africa News

Bridging the financial inclusion gap in South Africa requires simplicity and affordability

Financial inclusion remains a major challenge in South Africa, where millions of people remain outside the formal banking system and where higher-income groups have more access to a broader range of financial services. Despite recent steps being taken in the right direction, Andrew Springate, CEO of tech and financial gateway service provider PAYM8 says innovative solutions aimed at meaningfully addressing financial inclusion must also be simple, easy to use, and most importantly, affordable and interoperable. As the country moves towards digital payment systems, the key to financial inclusion lies in modernising the market and reducing barriers to entry. The adoption of digital payment systems is one way to increase financial inclusion in South Africa, and although there have been severa...
Read More
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...
Read More
7th Edition Connected Banking Summit East Africa – Innovation & Excellence Awards 2023 Concludes with Resounding Success
28Mar By Africa BusinessNo Comments
Events, Fintech

7th Edition Connected Banking Summit East Africa – Innovation & Excellence Awards 2023 Concludes with Resounding Success

The Summit brought together the best and brightest minds in the banking, financial services, fintechs and techfin sectors. The event, which took place on 7th March 2023, featured insightful speakers, award-winning companies, and top-notch sponsors. Attendees were treated to a range of informative sessions, covering topics such as digital transformation, cybersecurity, and risk management. The keynote speeches from industry experts left the audience inspired and informed. Here are the few industry trailblazers who shared the unparalleled content. Michael Michie - Solv Kenya, Timothy Were – Ministry of ICT & Digital Economy, Winnie Syowai Onyancha – KCB Bank Group, Neo Gong – Huawei, George Njuguna – Safaricom PLC, Sahil Arya – Gulf Arican Bank, Moses Ndirangu – Equity Bank Kenya Ltd, ...
Read More
27Mar By Africa BusinessNo Comments
Fintech

Unlocking Africa’s credit potential

Adrian Pillay, VP of Middle East & Africa at Provenir  Fintech in Africa is coming into its own. According to KPMG data, there was a record $1.6 billion in fintech investment across the continent in 2021, across 153 deals, and at two times the value of 2020,  which hit US$800M. From East to West and North to South, countries are seeing sizable deals surpassing anything that came before, and while Nigeria, Kenya, and South Africa are leading the way,  new markets, like Egypt, are also catching up.  Africa’s financial penetration is relatively low compared to other emerging markets like Latin America.  According to The Global Economy, LatAm markets like Chile, Venezuela, and Brazil see 80-90% of their population with bank accounts. This is in stark contrast with Africa, where in 2017, ...
Read More
23Mar By Africa BusinessNo Comments
Fintech

Index Launch: Remittances Play a Powerful Role in Consumers’ Financial Planning

Inaugural Global Money Transfer Index surveys 30,600 consumers in 20 countries across the Middle East, Africa and Asia Pacific; Index voices consumers’ international money transfer preferences for today and tomorrow as they navigate global headwinds. As global populations navigate macroeconomic headwinds, consumers expect remittances to play an even stronger role in their current and future financial planning. According to Western Union’s inaugural Global Money Transfer Index (https://apo-opa.info/402bPIO) launched today, 64% of global money transfer consumers send and/or receive money once a month or more. Over the next 12 months, 75% expect these remittances to increase. The Global Money Transfer Index asks consumers how, when and why they use international money transfer capabilities ...
Read More
Amazon Web Services (AWS) opens applications for its inaugural FinTech Africa Accelerator
22Mar By Africa BusinessNo Comments
Fintech

Amazon Web Services (AWS) opens applications for its inaugural FinTech Africa Accelerator

Amazon Web Services (AWS), the cloud computing division for the world’s largest e-commerce retailer, Amazon, continues to strengthen its footprint in Africa with a call-for-applications from early-stage startups to join their inaugural edition of the AWS FinTech Africa Accelerator.  This program is hosted by AWS’ globally-recognized Startup Loft Accelerator, but unlike other cohorts, this edition will focus on fintech and fintech-adjacent startups operating in Africa. In 2022, fintech startups in Africa raised over $2B USD in venture funding, sustaining Africa’s fintech industry as the top recipient of venture funding on the continent for the past several years (according to Briter Bridges).  The US-headquartered cloud service provider (CSP) has had a long-history of operations in Africa...
Read More
Fintech ImaliPay signs deal with Renda to empower e-commerce across Africa
3Mar By Africa BusinessNo Comments
Fintech

Fintech ImaliPay signs deal with Renda to empower e-commerce across Africa

ImaliPay, a leading fintech-as-a-service provider, has signed a major deal with 3rd Party e-commerce fulfillment solution Renda (1st March 2023). The partnership will support businesses across Africa by simplifying and streamlining the process of order fulfillment for Enterprise and Medium-sized businesses across Africa, starting with Nigeria. The two companies will provide key services to ambitious businesses, making it easier to reach their target audiences and for consumers to access the products and services they need. Renda is a technology-driven 3rd Party fulfillment solution provider that enables enterprise and medium-sized e-commerce businesses to grow and scale across Africa. It enables e-commerce businesses to easily search and book a storage space, monitor real time status of ...
Read More
Why the promise of a cashless society is key to unlocking the Nigerian commerce growth opportunity
3Feb By Africa BusinessNo Comments
Fintech, Nigeria News

Why the promise of a cashless society is key to unlocking the Nigerian commerce growth opportunity

By Justin Floyd, CEO of open commerce platform, Redcloud  Cash is a uniquely expensive and inconvenient way to do business. However, shifting to a world of cashless payments is easier said than done, as many policymakers have discovered to their cost. The Nigerian Government is taking unprecedented steps to reduce the economic reliance on cash and promote digitally-driven commerce. Will its gamble pay off? Along with Sweden and India, Nigeria has moved ahead of other countries in its efforts to reduce the reliance on cash to make commerce flow and drive economic growth. Most notably, in late 2022, the Government announced a cap on weekly cash withdrawals for both individuals and corporations, with punitive fees levied for those straying above the limits. Since then, it has also announce...
Read More
Successful adoption of 3D Secure authentication continues to grow globally, according to study from Ravelin
1Feb By Africa BusinessNo Comments
Fintech

Successful adoption of 3D Secure authentication continues to grow globally, according to study from Ravelin

The adoption of the latest version of 3D Secure authentication for online payments has significantly increased around the world, according to a new report by fraud prevention specialists Ravelin. The global average for transactions passing through the latest version (3DS2.2)  has shot up to 17% from 1% in H2 2022. The frequency of version updates in 3DS2 is fast but so far the industry seems to be keeping pace. 2022 saw the final deprecation of the 3SD1 protocol. Ravelin’s Global Payment Regulation Report highlights generally positive authentication success rates especially compared historically to 3.1. UK and Ireland merchants, for instance, saw 81% authentication success on 3DS 2.1 and 82% success on 3DS 2.2. Globally, authentication rates are similarly strong. But significant numbers...
Read More
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...
Read More