FinTech Archives - Page 5 of 10 - AfricaBusiness.com

31Jan

By Shahina ParvinNo Comments

Fintech, Ghana News

Ghana has the 9th highest rate for cryptocurrency ownership out of 27 countries

According to the latest Cryptocurrency Adoption Index, conducted by Finder.com, Ghana stands 9th among 26 other countries in terms of adopting cryptocurrency! The study was conducted among 27 countries, which says that Vietnam has the largest percentage of adults owning cryptocurrency - 29%. In the same list stands Ghana, with a percentage of 17% of adults owning cryptocurrency. Ghana has stood just behind countries like Australia, Indonesia, Nigeria, Malaysia, Russia, etc.; but leads in front of countries like Hong Kong, Singapore, Brazil, Norway, Canada, United States of America, New Zealand, Germany, United Kingdom, Japan, etc! Before digging a bit deeper, we should try to know about cryptocurrency in a bit more detail. A cryptocurrency, or simply crypto is a digital currency, tailored...

18Jan

By Africa BusinessNo Comments

Fintech, Startups

3 trends set to dominate African mobile apps in 2022

In 2021, the mobile industry in sub-saharan Africa continued to show incredible resilience against the impacts of Covid-19 and experienced high growth. Digital solutions have provided instrumental support for communities and businesses, boosting their transition into adopting a mobile-first approach to tackle most of the daily challenges across the continent, with fintech applications dominating this surge. According to the Mobile Economy Report, 615 million people in Sub-Saharan Africa will subscribe to mobile services by 2025, that’s equivalent to 50% of the region’s population. As we enter into a new year, Daniel Junowicz, RVP EMEA & Strategic Projects, at leading mobile marketing analytics platform AppsFlyer, explores three key trends for mobile apps in Africa this year. Inve...

9Dec

By Africa BusinessNo Comments

Fintech, South Africa News

2021: The year of the online payment

As the world moved indoors two years ago, the online payment space flourished. These are the biggest developments in 2021, and a brief look ahead. This year, South Africans embraced e-commerce, mobile commerce and digital payments like never before - all four major banks have seen massive increases in these payment methods since the start of the pandemic. Absa, for one, says 66% of people now prefer electronic payments over cash. “This trend will only increase in the coming years with more convenient solutions that meet the customer on the platforms of their choice like WhatsApp for example,” says Andrew Springate, CEO of technology and financial gateway service provider PAYM8. To prepare for the increased volume, South Africa is busily setting up for success. Three development...

29Nov

By Giorgi MikhelidzeNo Comments

Fintech, Forex

Should PayPal be concerned about your country’s central bank?

Most governments may have no option but to join the digital currency bandwagon. With the introduction of digital currencies from central banks, the world of money is poised to enter a new era. Is it going to be a paradise of financial inclusiveness or a dystopia of financial instability? What if the project turns out to be a complete failure, unable to compete even with established private networks like PayPal Holdings Inc? These are all conceivable scenarios. As a result of advances in technology, monetary authorities are now able to provide a new kind of electronic currency to the general public. A smartphone wallet linked to a conventional bank account will hold the buying power, which can be transferred in and out as needed. Instead of being a private asset, a person's cash in the ban...

24Nov

By Africa BusinessNo Comments

Fintech, Tech

The CIO’s roadmap for digital transformation

As the pandemic dispersed the workforce, necessitating more sophisticated means to connect, collaborate and communicate, digital transformation became a business imperative. Fikile Sibiya, CIO at fintech specialist e4, explains why a roadmap for the future is essential in this transformation, and elaborates on what it should entail. Organisations in diverse industries are transforming their business models by embracing modern technologies to enhance their product offerings, client experiences and ways of doing business. Though this shift was already happening pre-pandemic, it has sped up considerably since 2019. As all this analogue-to-digital transformation is occurring, and occurring at a fast pace, the existing workforce often does not have the requisite skills to keep up with t...

16Nov

By Africa BusinessNo Comments

Fintech

Paysend reaches 5 million customers globally in under 5 years

One of the world’s fastest growing FinTechs having added 1.5 million customers in the last 6 months alone. Accelerating customer growth driven by strategic investment following landmark $125M Series B funding round in May 2021. Investment and innovation driving financial inclusion, set to unlock $5.4bn in annual savings for consumers and SMEs by 2025. Paysend, the card-to-card pioneer and international payments platform, announces that it has reached five million customers, with one and a half million customers joining in the last six months alone. Founded less than five years ago, this makes Paysend one of the world’s fastest growing FinTechs. Paysend’s platform is unique, owning the entire payment value chain. It removes the need for third-party acquirers or processors whic...

8Nov

By Africa BusinessNo Comments

Business, Fintech

Mitigating the risks of payments fraud

Global losses from payment fraud have tripled from US$9.84 billion in 2011 to US$32.39 billion in 2020, according to Deutsche Bank’s 2021 report on the future of payments. And financial professionals are saying COVID-19 hasn’t helped matters, with 65% believing that the global pandemic is to blame for some of the accelerated rate in fraud activity, revealed by a 2021 survey by the Association for Financial Professionals (AFP). While these cybercriminals can target many areas of an organisation, the dangers are ultimately measured in financial terms. This means that Chief Financial Officers (CFOs) can no longer ignore cyber security simply because it is a complex issue outside their area of expertise. As custodians of the company’s monetary assets and financial data, CFOs are responsible ...

28Oct

By Udette KirschNo Comments

Fintech, Nigeria News, South Africa News

Cryptocurrency and herding behaviour

By: Udette Kirsch - behavioural economist & strategic marketing specialist Cryptocurrencies refuse to play by the rules. People rely on experts for all sorts of advice, but when it comes to cryptocurrencies, they seek advice from peers and the internet. So, what causes this behaviour, and what are the implications? Hint: it’s rooted in behavioural psychology. Recent studies suggest that crypto-currency investors rely less on expert advice and increasingly follow peer investor communities for guidance. The daily value of South African crypto trading recently exceeded $141 million for the first time, indicating that many South Africans consider the risks of this complex, unregulated market to be acceptable for the returns which it may deliver. Digital advocates have hailed cryptocurr...

28Oct

By Andrea TuckerNo Comments

Fintech, South Africa News

How business can harness the power of blockchain

By Andrea Tucker, Head of Research & Development and Strategic Projects at fintech specialist e4 In today’s digital world, where faxes have all but been replaced by email and landlines by smartphones, doesn’t it seem strange that we’re still signing contracts in person? That we’re driving hours to do so, creating mountains of paper trails, and storing them in lever arch files to gather dust, when the technology exists to eliminate this physical burden? Blockchain has been proven to solve this problem, yet its business adoption has been slow. The technology at the heart of bitcoin and other virtual currencies, blockchain is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. It’s time for the way we do admini...

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...