Ecobank teams up with Nium to enable cross-border payments across 35 African markets.

Ecobank Transnational Incorporated (ETI) has formed a strategic partnership with US paytech firm Nium to revolutionize cross-border payments across 35 African markets, enabling real-time transfers to over 220 global markets. The collaboration integrates Nium's advanced payment infrastructure with Ecobank's existing SWIFT workflows, promising faster settlement times and enhanced payment tracking capabilities.

The pan-African banking group, headquartered in Lomé, Togo, will leverage Nium's API-based platform to modernize its payment systems, allowing seamless conversion between SwiftMT and ISO20022 messages. This initiative marks a significant advancement in African financial inclusion, supporting Ecobank's extensive network of 15,000 employees serving 32 million customers across sub-Saharan Africa and international locations including France, China, UAE, and UK, with comprehensive corporate, consumer, commercial, and investment banking services.

Read more: https://www.techarena.co.ke/2024/11/11/ecobank-nium-cross-border-payments-africa/

UK Invests USD $5.2 Million In USD $240 Million SME Listed Fund Sponsored By FSD Africa Targeting Institutional Investors.

The British High Commission in Nairobi has launched a USD $5.2 million (KSh 667 million) Listed SME Debt Fund to support Kenyan micro, small, and medium enterprises, aiming to mobilize up to USD $300 million in sustainable financing. Sponsored by FSD Africa , the initiative targets raising USD $240 million from domestic institutional investors and the remainder from foreign sources.

The fund aims to transform SME financing in Kenya by reducing borrowing costs from current rates of up to 40%, targeting support for 10,000 MSMEs and creating or protecting 89,000 jobs. This sector-agnostic initiative seeks to unlock the potential of Kenya's USD $30 billion institutional investor base while providing an attractive investment opportunity through de-risked MSME investments. The program particularly emphasizes supporting marginalized groups, as SMEs account for 98% of Kenyan businesses, contribute 24% to GDP, and provide 30% of employment opportunities.

New Energy Opportunities And Investment Surge In African Countries.

Africa's energy sector is undergoing a dramatic transformation, attracting significant international investment across renewable energy, natural gas, and innovative power solutions. Leading this shift are South Africa, Morocco, and Egypt in solar development, while Kenya and Ethiopia advance wind and hydropower projects respectively, showcasing the continent's diverse energy potential.

The sector's growth spans multiple technologies and regions, from Mozambique's emergence as a future LNG hub to Namibia's green hydrogen initiatives, and Kenya's geothermal expansion. Private sector participation through public-private partnerships is accelerating, particularly in Nigeria and South Africa, where regulatory reforms are creating new investment opportunities. Off-grid solutions are simultaneously gaining traction in rural areas, with East African nations leading in solar home systems deployment. This comprehensive energy transformation, while facing infrastructure and regulatory challenges, positions Africa as a key player in the global energy transition, with significant developments to be discussed at the Africa Energy Indaba in March 2025.

Read more: https://www.africa.com/new-energy-opportunities-and-investment-surge-in-african-countries/

MY EXPERIENCE ATTENDING GOPHERCON AFRICA 2024

The inaugural GopherCon Africa 2024 marked a milestone for the continent's Go programming community, bringing together developers of all experience levels for a two-day conference focused on technical innovation, community building, and knowledge sharing. The event featured comprehensive sessions ranging from event-driven architecture to advanced testing strategies, with industry leaders addressing both technical depth and practical applications.

Key highlights included discussions on Africa's emerging role in the global Go ecosystem, state-of-the-art talks on topics like OpenTelemetry and gRPC, and emphasis on open-source contributions as pathways to career advancement. The conference demonstrated Go's growing importance in African tech, particularly in fintech and cloud computing, while addressing challenges in creating awareness and job opportunities. The successful launch establishes a foundation for future growth of the Go programming language across Africa, with speakers emphasizing community building and local user group development as crucial next steps.

Read more: https://dev.to/johneliud/my-experience-attending-gophercon-africa-2024-171e

Credits: John Odhiambo

Turkey's Papara joins Thunes cross-border payments network.

Thunes and Papara have formed a strategic partnership enabling Türkiye's 21 million Papara users to send money to over 3 billion mobile wallets, 4 billion bank accounts, and 15 billion cards across 130 countries in 80 currencies. The collaboration marks the first time such comprehensive international money transfer services are available in Türkiye.

The integration connects Papara to Thunes' Direct Global Network, allowing real-time transfers directly to Papara accounts while leveraging Thunes' SmartX Treasury System and Fortress Compliance Platform for enhanced security and efficiency. This partnership significantly expands cross-border payment capabilities for Turkish users, enabling transfers across Africa, Asia, Europe, the Middle East, and the Americas. The alliance represents a major advancement in Türkiye's digital financial services landscape, offering faster and more convenient international money transfer options while removing traditional barriers to cross-border payments.

Interview: Jason Cao on Huawei’s fintech frontier and digital transformation innovation.

华为 Digital Finance BU, serving over 3,700 financial institutions including 53 of the world's top 100 banks, is leading digital transformation in the banking sector through its "Four Zeros" framework: Zero Wait, Zero Trust, Zero Downtime, and Zero Touch. CEO Jason Cao , speaking at GITEX Global 2024, outlined how the company is helping banks modernize legacy systems while addressing growing cybersecurity threats and changing consumer expectations.

Drawing from China's successful digital banking transformation, particularly in mobile payments, Huawei's strategy combines cloud architecture, AI integration, and real-time processing capabilities. The company's approach focuses on maintaining daily operations while supporting innovation through a global partner ecosystem. This model has proved particularly successful in Asian markets, where banks have transformed complex legacy platforms into modern architectures, setting a blueprint for financial institutions worldwide as they navigate the transition from traditional mainframe to cloud-based systems.

Read more: https://www.fintechfutures.com/2024/11/interview-jason-cao-on-huaweis-fintech-frontier-and-digital-transformation-innovation/

Fintech Stocks Surge: Upstart, Toast, Coinbase, and Robinhood Drive Wall Street Rally After Earnings Reports.

Major fintech stocks surged this week, led by impressive gains from Upstart (46%), Coinbase (48%), Toast (14%), and Robinhood (27%), driven by strong earnings reports and favorable election outcomes. Upstart 's AI-powered lending platform saw its largest jump in three years with Q3 revenue reaching $162 million, while Toast's performance reflects growing demand for digital payment solutions in the restaurant industry.

Crypto-focused companies benefited significantly from election results, with Coinbase's stock posting its strongest weekly performance since January 2023, boosted by expectations of favorable regulatory changes under the new administration. Bitcoin reached a new high above $77,300, though not all fintech companies shared in the success, with Block and Affirm showing mixed results. The sector's overall performance contributed to a broader Wall Street rally, with the Nasdaq Composite climbing 5.7% for the week, highlighting growing investor confidence in technology-driven financial services.

Read More: https://www.ceotodaymagazine.com/2024/11/fintech-stocks-surge-upstart-toast-coinbase-and-robinhood-drive-wall-street-rally-after-earnings-reports/

Emirates NBD announces third cohort of National Digital Talent Incubator program.

Emirates NBD , in partnership with DIFC Innovation Hub , has launched the third cohort of its National Digital Talent Incubator (NDTI) program, aimed at developing Emirati FinTech leaders. The six-to-eight-week program, supported by industry giants Visa, Microsoft, and Dell Technologies, will be hosted at DIFC's Innovation One building, focusing on UAE National founders and their startups.

The initiative comes as the UAE's FinTech market is projected to grow 1.8 times by 2028, positioning the country as a premier FinTech hub. The program offers participants access to venture-building experts, accomplished entrepreneurs, and valuable resources, including a cross-border trip to Emirates NBD's Egypt division. Selected startups range from super cash back platforms to AI-powered legal research solutions, reflecting the diversity of the UAE's FinTech ecosystem. This third cohort aims to advance the UAE's economic diversification and digital transformation goals while fostering innovation in financial services.

Read more: https://www.zawya.com/en/press-release/companies-news/emirates-nbd-announces-third-cohort-of-national-digital-talent-incubator-program-l80bld7p

Digital banking expanding rapidly despite doubts – PalmPay MD, Nwosu.

PalmPay 's Managing Director Chika Nwosu discusses the fintech's evolution in Nigeria since 2019, highlighting its success in addressing digital payment challenges and building trust in a market initially skeptical of mobile banking. The company has emerged as a market leader in transaction volume and value by March 2023, despite initial public wariness and regulatory hurdles.

Key strategies include robust security measures like biometric verification and two-factor authentication, along with word-of-mouth marketing driving 80-100% of customer acquisition. PalmPay's focus on compliance and user security, backed by NDIC protection and comprehensive KYC protocols, has helped overcome trust issues in Nigeria's evolving digital banking landscape. The company aims to expand financial inclusion beyond the current 69% rate, targeting rural areas through agency banking networks while adapting to changing regulatory requirements and customer preferences in a market increasingly embracing digital transactions over cash.

Read more: https://punchng.com/digital-banking-expanding-rapidly-despite-doubts-palmpay-md-nwosu/?utm_source=rss.punchng.com&utm_medium=web

Cashfree Payments Launches Pilot for Cross-Border Transactions.

Cashfree Payments, a Bengaluru-based fintech startup, has launched a pilot program for cross-border payments in collaboration with prominent Indian companies like Swiggy, Zepto, Nature’s Basket, Nykaa, BookMyShow, Redbus, and Vedantu. The program aims to allow international customers to make payments in India using UPI and RuPay cards—payment methods that are not traditionally recognized for global transactions.

This initiative comes shortly after Cashfree secured the Payment Aggregator Cross Border (PA-CB) license, which allows the company to facilitate payments across borders. The pilot program aims to streamline global payment processes, helping overseas customers transact seamlessly with Indian businesses.

The fintech company has also recently received the Reserve Bank of India’s Prepaid Payment Instrument (PPI) license, enabling it to facilitate purchases and fund transfers against a preloaded value.

Cashfree’s pilot is set to expand cross-border payment capabilities, benefiting both global consumers and Indian brands looking to enhance their international transaction services.

Visa invests in Orda, Oze, WorkPay, and OkHi to boost African financial inclusion.

Visa has announced strategic investments in four start-ups that graduated from the inaugural cohort of its Visa Africa Fintech Accelerator program. These investments demonstrate Visa's ongoing commitment to promoting digital innovation in Africa, supporting fintech growth, and enhancing financial inclusion and access across the continent. The four start-ups, operating in multiple African countries, are:

Oze (Ghana): Provides digital record-keeping tools and embedded finance products to SMEs, helping them manage transactions, access affordable capital, and grow their businesses. They also offer a Loan Management System (LMS) for financial institutions, featuring machine learning-based credit scoring to improve lending decisions and expand access to credit for MSMEs.

Workpay (Kenya): Offers a comprehensive cloud-based payroll and HR platform that manages the entire employee lifecycle, enabling payroll processing, time tracking, employee benefits administration, performance management, and Employer of Record services in more than 35 African countries.

OkHi Smart Addressing (Nigeria): A smart addressing system that provides digital address verification, enabling businesses to collect, verify, and navigate to accurate addresses, improving delivery efficiency and access to financial services.

ORDA (Nigeria, Kenya, and South Africa): A cloud-based restaurant software company digitizing over 1,500 restaurants with tools for order processing, inventory management, and financial services to optimize operations and fuel growth.

Africhange acquires IMTO license.

Africhange , a bootstrapped remittance company with 200,000 global users, has secured an International Money Transfer Operator (IMTO) license for its Nigerian subsidiary, enabling direct processing of inbound foreign currency transfers. The license acquisition comes as Nigeria's central bank expands IMTO licensing, resulting in a 130% year-over-year increase in remittance flows to $585 million in August.

The company, which has processed over 2 million transactions since its 2020 founding, joins more than 70 competitors in Nigeria's remittance market, where inflows account for 38% of Sub-Saharan Africa's $54 billion total in 2023. Operating across 100 countries, Africhange aims to differentiate itself through competitive rates and faster services, though transfers exceeding $200 will still require direct bank partnerships. The move eliminates costly third-party dependencies, potentially improving efficiency in Nigeria's growing remittance sector.

Read more: https://techcabal.com/2024/11/07/africhange-imto-license/?ref=thisweekinfintech.com

Safaricom secures insurance licence after a four-year wait.

Safaricom PLC , Kenya's leading telco with 93.4% of the mobile money market, has obtained an insurance intermediary license from the Insurance Regulatory Authority (IRA) after a four-year wait. CEO Peter Ndegwa announced plans to launch "Bima," a new insurance product targeting M-Pesa's 30 million active users who transact $11.6 billion monthly, aiming to capture opportunities in Kenya's underserved insurance market with just 3% penetration.

The move expands M-Pesa's financial services portfolio, which already includes the Mali unit trust product and banking partnerships with KCB Group and NCBA. This strategic expansion comes as M-Pesa contributes 43% of Safaricom's service revenue, growing 16.6% to $560 million in H1 2024. The insurance rollout follows regulatory challenges, including Central Bank pressure to separate the mobile money business, as Safaricom seeks to offset declining traditional telecoms revenue through diversified financial services.

Read more: https://afahpublishing.com/kenyas-safaricom-makes-foray-into-insurance-after-regulatory-clearance/

SPENN Technology Partners with Swahilies Fintech to Expand Financial Services in Africa

SPENN Technology and Swahilies Fintech have announced a strategic partnership to expand their financial services across Africa, starting with Tanzania. The collaboration will integrate Swahilies' business management solutions (including inventory, expenses, and customer management tools) into SPENN's global markets, while SPENN's digital banking and remittance services will be offered through Swahilies' platform in Tanzania.

The partnership aims to enhance financial inclusion by combining SPENN's digital banking expertise with Swahilies' business management tools to serve underserved regions. Both companies will leverage each other's market presence and technical capabilities to increase penetration in Tanzania before exploring expansion to other African markets. This collaboration represents a significant step in improving access to comprehensive financial services across Africa, offering customers a broader range of integrated solutions for personal and business financial management.

Lendsqr expands operations into Kenya with launch of advanced loan processing platform.

Nigerian fintech, Lendsqr has launched its lending-as-a-service platform in Kenya, aiming to empower banks, microfinance institutions and digital lenders with enhanced loan management tools. The platform is designed to improve operations, increase access to credit and promote financial inclusion in the Kenyan market.Lendsqr's platform offers lending lifecycle, including loan origination, management, credit decision-making, data analytics, collection and recovery it offers advanced technology at an affordable rate?and allows lenders to integrate their existing core banking and ERP systems. It has a unique AI-powered video verification for fraud prevention and underwriting.

Read more: https://techpoint.africa/2024/11/08/lendsqr-expands-into-kenya/?ref=thisweekinfintech.com

Jumia Reports $20.1M Q3 Losses Amid Restructuring and Market Exits.

Jumia Group, Africa’s?giant e-commerce platform, reported $20.1 million in operating losses for Q3 2024, marking a 10% increase from the same period in 2023. Revenue declined to $36.4 million, down from $45 million the previous year, while the company’s market capitalization dropped significantly from $1.32 billion in July to $501.49 million, according to a news report by techcabal.Under Dufay's leadership since 2022, Jumia has taken?measures to streamline operations, including layoffs, exiting underperforming segments, shuttering its food delivery business and scaling back market presence, leading to substantial cost reductions. However, its liquidity improved to $164.6 million following a successful share offering in August, and its JumiaPay platform showed promise with 3 million in transaction volume.The company announced plans to exit South Africa and Tunisia by the end of 2024, due to underperformance. The company is now concentrating on its remaining nine markets and exploring asset sales in the exited regions. These two markets represented only a small portion of its customer orders and GMV, contributing 2% and 3% respectively.

The Week’s Biggest Funding Rounds: Slow Week Produces Small Venture Rounds

During a week dominated by the presidential election, Physical Intelligence emerged as the standout in U.S. startup funding, securing a massive $400 million round at a $2 billion valuation, led by Jeff Bezos, Lux Capital, OpenAI and Thrive Capital. The San Francisco-based robotics company's success highlights the growing investor confidence in AI-enhanced robotics foundational software. Despite the typically robust funding environment, election week saw notably fewer and smaller funding announcements, with only five significant rounds worth highlighting. Following Physical Intelligence were Precision Neuroscience ($93M), AmplifyBio ($50M), Inquis Medical ($40M), and PrognomiQ ($34M), spanning sectors from neuroscience to healthcare. Globally, two $100 million rounds were secured by China's Deeproute in autonomous driving and UK's CryptocoinMiner in cryptocurrency mining, demonstrating continued international investor interest in emerging technologies despite the U.S. market's temporary slowdown.

Read more: https://news.crunchbase.com/venture/biggest-funding-rounds-slow-week-physical-intelligence-bezos/

Chinese microchip company says it’s now accepting Bitcoin as payment.?

Nasdaq-listed Chinese crypto mining-chip designer Nano Labs will begin accepting Bitcoin payments through Coinbase, driving a 2.81% increase in its share price to $3.29. Despite this uptick, the company's stock remains down 60% from its recent high of $8.33 and significantly below its July 2022 IPO peak of $96.20.

The Huangzhou-based company joins a growing roster of global businesses accepting cryptocurrency payments, including Microsoft's Xbox store, McDonald's in select locations, and the Dallas Mavericks. This development comes amid China's evolving stance on cryptocurrencies, following its 2021 crackdown. Recent shifts include positive recognition of Bitcoin by Chinese courts, Hong Kong's approval of spot Bitcoin ETFs, and former finance minister Lou Jiwei's call for closer examination of crypto advancements, suggesting a potential softening of Beijing's position on digital currencies.

Read more: https://cointelegraph.com/news/chinese-microchip-company-ccepting-bitcoin-as-payment?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound

Cyble and Digit Solutions Join Forces to Tackle Cyber Threats Across Middle East and Africa.

Atlanta-based Cyble . has partnered with Digit Solutions LLC to enhance cybersecurity services across the Middle East and Africa, combining Cyble's AI-powered threat intelligence platform with Digit Solutions' regional expertise. The collaboration aims to provide organizations with real-time protection, proactive attack surface management, and comprehensive dark web monitoring services.

SVP Mandar Patil emphasizes this partnership as "a pivotal moment for enterprise security" in the region, addressing unique regional challenges through advanced threat detection and response capabilities. The alliance represents a broader industry trend toward AI-driven cybersecurity solutions, with Cyble (serving 53 of the top 100 banks) bringing its global presence from Australia to Saudi Arabia, while Digit Solutions contributes localized expertise. This strategic partnership aims to strengthen organizational resilience against sophisticated cyber threats, offering preemptive security measures through a combination of artificial intelligence and regional knowledge.

MAX and PASH Global Invest $10M to Boost Nigeria's EV Infrastructure

MAX , Africa's leading mobility platform, has partnered with renewable energy firm PASH GLOBAL to invest $10 million in expanding Nigeria's electric vehicle infrastructure, focusing on developing charging stations across urban centers. The collaboration aims to support the adoption of electric motorcycles, three-wheelers, and cars while creating jobs in construction, maintenance, and operations.

PASH Global will finance and implement clean energy solutions to power MAX's EV fleet and charging network, supporting Nigeria's carbon reduction and energy independence goals. Operating across 18 locations in Nigeria, Ghana, and Cameroon, MAX provides commercial drivers with vehicle assets, insurance, maintenance, and security services through its platform. This partnership marks a significant step in Africa's transportation decarbonization efforts, combining MAX's mobility expertise with PASH Global's renewable energy capabilities to create sustainable urban mobility solutions.

Telecom Egypt and Vodafone Sign Landmark EGP 30 Billion Agreements to Drive Egypt’s 5G Rollout

Telecom Egypt has signed multiple agreements worth EGP30 billion ($609.5 million) with Vodafone Egypt to provide infrastructure services supporting 5G rollout, extending transmission services until 2031 and including a four-year fiber connectivity deal for mobile sites. The partnerships include virtual fixed voice and internet services agreements running through 2034.

The deal follows recent 5G license acquisitions in Egypt, with Vodafone Egypt, Orange Egypt, and e& Egypt securing licenses worth $675 million collectively, while Telecom Egypt obtained its license in January 2024 for $150 million. According to Communications Minister Dr. Amr Talaat, Egypt has doubled its mobile towers to 36,000 over five years, with an additional EGP8.8 billion investment shared between operators and regulators for the 'Haya Karima' initiative, aiming to complete mobile network coverage by Q1 2025.

Liberia Vision Group, Tuma Enterprises Sign MOU to Advance Tech and Business Ecosystem in Africa

South Korea's Vision Group and Liberia's Tuma Enterprises have signed a Memorandum of Understanding to collaborate on technology initiatives across Africa, focusing on affordable smartphones, electric vehicles, and smart city development. The partnership combines Vision Group's expertise in AI, telecommunications, and renewable energy with Tuma Enterprises' regional presence across Liberia, Sierra Leone, Ghana, and Kenya.

The collaboration will prioritize developing cost-effective smartphones optimized for African markets, featuring extended battery life and low-network compatibility. Additionally, the partners will establish EV infrastructure, including charging stations and service networks, while exploring smart city initiatives powered by renewable energy. The agreement aims to create local jobs through distribution networks and service centers, addressing Africa's digital divide and energy challenges. This partnership marks a significant step in bringing advanced technology solutions to underserved African communities while promoting sustainable development through shared expertise and resources.

Read more: Liberia Vision Group, Tuma Enterprises Sign MOU to Advance Tech and Business Ecosystem in Africa - FrontPageAfrica

Lean Technologies Secures $67.5M to Drive Financial Innovation in MENA.

Riyadh-based fintech infrastructure platform Lean Technologies has raised $67.5 million in Series B funding led by General Catalyst, bringing its total funding to over $100 million. The round included participation from Bain Capital Ventures , Duquesne Family Office, and Arbor Ventures, positioning the company to expand its Pay-by-Bank and Open Banking services across MENA.

Regulated by ADGM in the UAE, Lean has processed over $2 billion in payment volumes, serving major clients like e&, DAMAC Group , and Careem . In Saudi Arabia, operating under the Central Bank's regulatory sandbox, the company has verified nearly 1 million bank accounts, supporting clients including Tawuniya and Abdul Latif Jameel Finance. The funding will enable Lean to enhance its financial infrastructure offerings, deepen partnerships, and expand its team as it continues to build accessible financial services throughout the Middle East.

Vodacom Reports Strong M-PESA Growth: $421B Annual Transaction Value, 34.2% Increase in Transactions, and Expanding Financial Services Ecosystem

Vodacom has announced group results for the 6 months ending September 2024, recording strong performance from M-PESA. 12 month transaction value rose to more than $421 billion, an average of more than $1.2 billion a day. 38.5 billion transactions were made on M-PESA, up 34.2% year-on-year. Driving this growth is our double-sided ecosystem connecting more than 60 million customers, with the number of merchants growing to more than 1,158,000 and agents to more than 714,000. Underscoring our strategy around a double-sided ecosystem that provides customers and businesses with more solutions that transform their lives, new financial services such as savings, loans, and merchant offerings contributed more than 40% of M-PESA revenue in the period.Our M-PESA Super App for customers and businesses is at the core of the 2 sided ecosystem, with usage growing to more than 5.3 million customers every month. Over the coming months, Vodacom and Safaricom PLC will continue to roll out a single unified customer M-PESA Super App for all services.

Equity Group reports Ksh.51 billion 9-month pretax profit

Kenya's Equity Group Holdings (EQTY.NR) on Tuesday reported pretax profit of Ksh.51 billion ($397 million) for the first nine months of 2024, up from Ksh.45.9 billion in the same period a year earlier.

Equity Bank Limited is Kenya's largest lender by customers and also operates in Uganda, Tanzania, Rwanda, Burundi, South Sudan and Democratic Republic of Congo.

Equity said its net interest income rose to Ksh.80.59 billion from Ksh.72.6 billion in the year-ago period.

KRA Asks Kenyans to Update Their Mobile Phone Numbers on iTax

The KRA(KENYA REVENUE AUTHORITY) (KRA) has released an important update for all registered taxpayers, announcing new steps for verifying mobile phone numbers linked to their Personal Identification Numbers (PINs) on the iTax system.

This notice follows KRA’s ongoing efforts to ensure the accuracy of taxpayer information through the data clean-up exercise first announced on June 24, 2024.

In the latest public notice, KRA outlined a straightforward authentication procedure that all taxpayers are required to follow upon logging into the iTax platform.

Step-by-Step Authentication Guide for Taxpayers:

Login – Taxpayers should log in to iTax using their PIN and password. The system will display the mobile phone number currently registered to the account.

Verify or Update – If the displayed mobile number is correct and preferred, taxpayers should click “send verification code” to receive a code on that number. If the number is inaccurate or no longer preferred, users can update it on the pop-up screen to their current mobile number before proceeding.

Enter Verification Code – A code will be sent to the selected mobile phone number. Taxpayers must enter this code on the iTax platform to complete the login and verification process.

This verification step aims to ensure that taxpayer information is current, particularly contact details, so that KRA can communicate efficiently with taxpayers.

Accurate contact information helps KRA reach taxpayers for updates, reminders, and other essential notifications.

BankservAfrica Announces the SARB Intention to Acquire 50% of the Company.

BankservAfrica is pleased to announce a significant industry collaboration with the South African Reserve Bank (SARB), intended to transition the company into a national Payments Utility through a collaboration with commercial bank shareholders.

Whilst still subject to conclusion of the detailed transaction agreements and regulatory approvals, this strategic partnership seeks to bolster efforts to modernise South Africa’s national payment system, making the payment system more secure, inclusive and efficient.

BankservAfrica’s CEO commented, “our role has always been to provide essential payment services to financial institutions. This consequential partnership between the company, its commercial bank shareholders and the SARB, signifies both a continuation and expansion of that role as we focus more deliberately on financial inclusion through affordable access to modern payment capabilities.”

A foundational offering of the envisioned Payments Utility is PayShap, a service launched by BankservAfrica in March 2023 that allows South Africans to make instant payments. Growing rapidly with more than 1 million transactions per day, PayShap enables more accessible, convenient and secure payments for everyday transactions.

More details of the intended transaction will be made public once the contractual and regulatory processes have been finalised.

FOMO Pay and Mastercard Collaborate on Tap-on-Phone Payments.

FOMO Pay and Mastercard have launched FOMO SoftPOS in Singapore, making it the first Asia-Pacific market to implement Mastercard's Cloud Commerce solution, enabling merchants to accept contactless payments directly through smartphones. The solution allows businesses to process various payment methods including QR payments, mobile wallets, and credit cards through a downloadable app from the Google Play Store.

This initiative addresses the gap between Singapore's high consumer adoption of contactless payments and slower merchant uptake, particularly targeting small businesses like pop-up stores, food trucks, and delivery services. The solution offers a cost-effective alternative to traditional POS systems, which can cost between $3,000 to $10,000 annually. According to PYMNTS Intelligence, 71% of merchants believe SoftPOS solutions will replace traditional terminals, noting benefits including reduced wait times, enhanced customer experience, and improved staff deployment flexibility.

Nigerian healthtech startup MDaaS begins Francophone expansion with Cameroon.

MDaaS Global , a Nigerian healthcare startup operating 16 diagnostic clinics, has expanded into Cameroon's Douala market, marking its first venture into Francophone Africa. The expansion comes as the company seeks to diversify beyond Nigeria's volatile Naira market while serving over 16,000 monthly patient visits through its network of diagnostic centers and 20 affiliate clinics across 26 Nigerian states.

The company, which raised $3 million in March 2024 from Nigerian VCs, has diagnosed over 360,000 patients since 2017, with a third processed this year alone. MDaaS leverages proprietary technology to automate processes and coordinate services at scale, offering X-rays, ultrasounds, and automated lab tests. The Douala expansion responds to limited public healthcare services in Cameroon's economic capital and follows a broader trend of Nigerian startups expanding into Francophone West Africa's more stable, Euro-pegged currency markets amid Nigeria's 70% Naira depreciation.

Nigerian fintech startup ETAP secures Ghana’s 1st insurtech operational license.

Nigerian insurtech startup ETAP has secured Ghana's first insurtech operational license from the National Insurance Commission, Ghana (NIC), partnering with Hollard Insurance Ghana to launch innovative auto insurance products under the ETAP-Hollard brand. The expansion allows ETAP to process claims, collect premiums, and provide tech-driven insurance services in the Ghanaian market.

Founded in April 2022, ETAP uses machine learning and telematics to create intelligent risk profiles and gamified driving experiences, offering flexible insurance plans from daily to quarterly coverage. The platform incentivizes safe driving through a points system that can be exchanged for shopping vouchers, fuel, and entertainment tickets. This expansion into Ghana, where insurance penetration remains low, marks a significant step in ETAP's mission to deepen insurance adoption across Africa through technology-driven solutions and personalized policy management.

UBA, AfCFTA roll out TradeConnect to boost intra-African SME trade.

UBA Kenya has partnered with RealSources Africa, AfCFTA, Brand Kenya, and DHL to launch TradeConnect, an initiative aimed at facilitating intra-African trade through the movement of 1,000 containers of goods from Kenya across Africa. The program kicked off with a $1.3 million export shipment to DRC, Zambia, and South Sudan, witnessed by AfCFTA Secretary-General Wamkele Mene and Kenya's Cabinet Secretary Wycliffe Oparanya.

The initiative is supported by UBA's $6 billion financing commitment over three years for African SMEs, including $285 million allocated to Kenya. TradeConnect will provide both financial and non-financial support to SMEs, while the AfCFTA Secretariat plans to establish trading companies to create regional opportunities. This collaboration represents a significant step in implementing the African Continental Free Trade Area framework and promoting export-led development through SME engagement.

Read more: https://www.capitalfm.co.ke/business/2024/11/uba-afcfta-roll-out-tradeconnect-to-boost-intra-african-sme-trade/#:~:text=UBA's%20partnership%20with%20AfCFTA%20includes,building%20for%20SMEs%20in%20Kenya.

Founder Spotlight: Yinka Daramola

Meet Yinka Daramola , the innovative CEO of Qucoon Limited, who is revolutionizing digital transformation across three continents. With over two decades of experience in banking and technology, Yinka brings a wealth of expertise to his role at Qucoon.

Professional Journey

Before founding Qucoon in 2017, Yinka held several prestigious positions in the banking sector, including Deputy Group Chief Technology Officer at Ecobank Transnational Incorporated and a 14-year tenure at Citi as Assistant Vice President.

Education & Expertise

Yinka holds an MBA from London Business School and a Bachelor of Laws from the University of London. His technical prowess is validated by multiple AWS certifications, including the recent SAP on AWS Specialty certification.

Current Impact

At Qucoon, Yinka is spearheading initiatives that bridge the technology skills gap through programs like TeSA (Tech Skills Acquisition), a free intensive training program designed to equip individuals with in-demand tech skills.

Under his leadership, Qucoon has established itself as a significant player in digital transformation, operating across Africa, Europe, and North America.

Vision

Yinka's mission extends beyond business success – he's committed to shaping the future of technology through innovation and strategic partnerships, while simultaneously developing the next generation of tech leaders through Qucoon Academy

???? ???????? ?????? ?????????? ?????????? ?? ???? ???????? ????????'?? ????????????????????. ???? ?????? ??????, ?????? ?????? ?????????? ???? ???????? ???????? ?????????????? ??? ???????? ?????????????? ?? ?????????? ???? ?????????? ???????? ??????????????. ?????????????? ?????? ???????? ?????????????????? ???????????????????? ??. ???? ???????? ?????????????? ???? ???????????????? ?????? ???????? ???????????????? ?? ???????? ????????.

Do you have a fintech story or innovation to share?

Reach out to us at [email protected] and get featured in our vibrant community.

We can't wait to hear from you!

?????????????????? ???????????? - 42,491????????????????????????