Africa Fintech Summit

One way we are starting the week is by reminiscing about the incredible three-day experience that was #AFTSNairobi2024. ? Reflecting on how our efforts, coupled with the contributions of our partners and sponsors, culminated in a value-packed event is just so invigorating! ?? ?? #AFTSNairobi2024 began with a live podcast recording by 54 Collective and a VIP Dinner sponsored by Circle and Onafriq on the first day, followed by the full-day summit on day two, which featured panels, workshops, roundtables, and more, and concluded with a Visa-sponsored happy hour. Day three saw three tracks of ecosystem tours sponsored by Bank of America, The CB Group, and Chevron, as well as a startup pitch competition supported by Amazon Web Services (AWS). Watch the event highlights to enjoy moments from all these engagements! #fintech #financialservices #fintechevent #techevent #africa

With 5M customers, up from last year’s 4M, African pay-as-you-go asset financing startup M-KOPA is set to hit $400M in revenue by the end of 2024. This is impressive, given that the company ended 2023 with $248M in ARR and has had to contend with economic headwinds like any other business in Africa. “Patel said M-KOPA’s revenue growth and profitability are down to several factors. These include improved pricing, expansion into higher-value markets with stronger local currencies, such as South Africa, and reaching more underbanked individuals (1 million added in the last six months).” “Meanwhile, the acceleration in user growth is fueled by the fintech’s optimization of its sales and distribution network. Patel claims M-KOPA now runs the largest direct sales force in Sub-Saharan Africa, with over 30,000 active agents who go door-to-door, selling financed phones in their local communities, providing access to products that people might otherwise struggle to reach.” Via TechCrunch. Learn more: https://lnkd.in/dPgthjPb #fintech #financialservices #assetfinancing #payasyougo #payg #growth #africa Mayur Patel

The Africa Fintech Summit powers conversations that move the needle. Every discussion is an opportunity for Africa’s Fintech Stakeholders to connect the dots, plotting pathways that could change millions of lives through technology and financial inclusion. #financialservices #fintech #financialinclusion #africa

Access Bank Plc, Nigeria’s largest bank by assets, has acquired Standard Chartered’s subsidiaries in Angola and Sierra Leone as it continues to expand its footprint across Africa. “In addition, the company announced that it is working to finalize the acquisition of Standard Chartered Bank’s subsidiaries in Cameroon and The Gambia, as well as its Consumer, Private, and Business Banking operations in Tanzania.” Speaking about Access Bank’s latest acquisitions, the bank’s CEO, Roosevelt Ogbonna, said, “We are pleased to have successfully concluded two important acquisitions in Angola and Sierra Leone. These transactions create synergies that enhance the quality of our earnings from both countries by significantly increasing our market share in corporate and SME banking.” “These combinations mark another pivotal step in realizing our broader vision of becoming the world’s most respected African bank,” Ogbonna added. Via Nairametrics. https://lnkd.in/d4wc3nUe #banking #financialservices #expansion #growth #mergersandacquisitions #africa

Beyond providing money transfer solutions, M-PESA Africa is also democratizing access to insurance in Kenya to increase the country’s insurance penetration rate, which currently stands at 3%. Esther Masese Waititu, Chief Financial Services Officer at Safaricom PLC, shared this during her keynote address at #AFTSNairobi2024. Watch the full video here: https://lnkd.in/eU_Hd53i #fintech #insurance #africa

Airtel Money has partnered with Kenyan retailer Naivas Limited to enable Airtel Money users to withdraw and deposit cash at Naivas’ 109 outlets across Kenya. Speaking about the collaboration, Anne Kinuthia Otieno, Airtel Money MD, said: “This partnership underscores Airtel Money’s commitment to expanding our reach and ensuring that our services are easily accessible.” “We are proud that this collaboration is a testament to our dedication to improving the lives of our customers,” remarked Peter Mukuha, Chief of Operations at Naivas. Via The Kenyan Wall Street. https://lnkd.in/d4YtUBvd #financialservices #fintech #mobilemoney #partnership #expansion

Safaricom PLC has received approval from Capital Markets Authority- Kenya to launch its second money market fund, Ziidi, in partnership with Standard Investment Bank, ALA Capital Limited, and Sanlam Investments East Africa. The digital investment product will be available on the M-PESA platform. “When unveiled next week, Safaricom’s Ziidi will target Kenya’s expanding retail investment market driven by smartphone adoption and digital literacy. Kenya has over 35 million active smartphones compared to 30 million feature phones. “Ziidi will compete with banks, insurers, and fintechs by channeling money market deposits into low-risk investments like government bonds and T-bills.” Via TechCabal. Learn more: https://lnkd.in/dpwj9i3j?

Frank Molla, Managing Director for Africa at MDP, believes that there are two points that payment enablers must keep top of mind: one, payment enablement relies heavily on building and maintaining customers’ trust, and two, understanding each market by listening to consumers is the basis for success. #fintech #financialservices #payments #consumerinsights #africa

Frank Molla, Managing Director for Africa at MDP, believes that there are two points that payment enablers must keep top of mind: one, payment enablement relies heavily on building and maintaining customers’ trust, and two, understanding each market by listening to consumers is the basis for success. #fintech #financialservices #payments #consumerinsights #africa

Kenya has gained global recognition for its innovative approach to mobile money and financial inclusion, thanks to a regulatory environment that encourages innovation while ensuring consumer protection. However, despite this largely positive story, Kenya’s fintech sector still grapples with regulatory issues such as sudden policy changes and the involvement of multiple regulatory bodies. To address these challenges and foster a thriving fintech ecosystem, we organized a closed-door regulatory roundtable discussion at #AFTSNairobi2024 in partnership with the Association of Fintechs in Kenya (AFIK) and regulatory experts. The session brought together key stakeholders, including the Central Bank of Kenya, Nairobi Securities Exchange PLC, Capital Markets Authority- Kenya, fintech companies operating in Kenya, such as Interswitch Group, and other players, to discuss strategies for enhancing and navigating Kenya’s regulatory landscape. Some of the talking points: ??A deep dive into the key regulatory bodies in Kenya and their roles. ??The potential benefits of a consolidated regulatory body for financial institutions and fintech firms. ??Using KYC/KYB tools and processes to combat money laundering and terrorist financing. ??Building a fintech regulatory framework that better enables innovation. #fintech #financialservices #roundtable #regulatoryaffairs #kenya #africa