Global Fintech Trends - 15th October, 2024
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Fintech company Mukuru launches new mobile wallet in Malawi
Leading financial services platform Mukuru has announced the launch of its new mobile wallet in Malawi, the Mukuru Wallet, which, Mukuru says, is designed to address the growing demand for a convenient, secure, efficient way to manage funds and make money transfers.
The Mukuru Wallet enables customers to seamlessly receive and send funds both locally and internationally, and store, save and earn interest on funds.
Mukuru explains that mobile wallets are proving to be a critical financial tool for underserved and unbanked communities, offering a safe and effective means of accessing financial services. In Malawi, the wallet enables an alternative means of accessing formal banking services in both rural and urban areas.
Flutterwave and the Future of Fintech
Financial technology is becoming increasingly crucial to modern life. It’s what drives the movement of digital money, allowing consumers to buy goods remotely and greasing the wheels of contemporary commerce. But it also sits in a precarious position.?
Fintech companies like Flutterwave, Africa’s most valuable tech startup, must balance the needs of data security against the opportunity costs of growing larger and developing new services. And they must do it in a rapidly changing environment.?
“Our growth has been customer-defined,” Flutterwave CEO and founder Olugbenga “GB” Agboola said on “The Flip” podcast. “Our expansion is always customer-driven. Where does the customer want us to be? We listen to customers a lot in Flutterwave. We have an extreme customer obsession in Flutterwave when it comes to what our customer wants and how to deliver to the customer.”
Russia urges Brics countries to develop cross-border alternative to Swift
A report on the proposal was published ahead of an annual Brics summit that will be held next week, Bloomberg reports.
Brics members include Brazil, Russia, India, China, South Africa, Iran, the United Arab Emirates, Ethiopia and Egypt.
Russia has recently experienced delays in international transactions with its trading partners, including Brics member countries, as banks in these countries fear punitive actions from Western regulators.
Read more; https://www.finextra.com/newsarticle/44870/russia-urges-brics-countries-to-develop-cross-border-alternative-to-swift ?
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Zepz, The UK’s First Black-Founded Fintech Company To Reach Unicorn Status, Has Raised $267M In Additional Funding
Ismail Ahmed, who is behind the first Black-founded fintech company to reach unicorn status in the U.K., has secured additional funding, Bloomberg reports.
In 2009, Ahmed launched Zepz, formerly WorldRemit, and was inspired by the high transaction fees from sending his loved ones money to East Africa. The venture also followed his experience working on a transfer project as part of the United Nations Development Programme, which led him to discover corruption in the UN’s Somalia remittance programme, The Guardian mentions.
MTN Fintech Launches Mobile School Fee Payment Service in South Sudan
MTN FINTECH has introduced a new School Fees payment product. This innovative service aims to simplify, make more convenient, and affordable the process of paying school fees for parents and guardians. With this solution, users can pay school fees through their phones and easily track payments and receipts. This product is anticipated to revolutionize how South Sudanese families handle school fee payments, making it a smoother, safer, and more accessible process.
“My boss said if I went and submitted the dossier, I would never be able to work in remittances again, and I took that threat very seriously. I lost my job to uncover the fraud,” he told the outlet.
Read more; https://www.techafricanews.com/2024/10/14/mtn-fintech-launches-mobile-school-fee-payment-service-in-south-sudan/ ?
Mastercard to pilot enhanced ID verification service in Europe
Set for tests in a number of European markets, Mastercard's Identity Attribute Verification service leverages new industry standards set by EMVCo to unlock further information about cardholders beyond the current norm of just name and payment information.
Under the new service, issuers will soon gain the ability to verify additional cardholder details, including age, date of birth, and address, further enhancing the security and accuracy of digital transactions.
Read more: https://www.finextra.com/newsarticle/44868/mastercard-to-pilot-enhanced-id-verification-service-in-europe ?
New Zealand Bankers Association selects UK fintech obconnect to power the country’s CoP ecosystem
The New Zealand Bankers Association (NZBA) has selected UK-based open banking fintech obconnect to “build and manage” the country’s Confirmation of Payee (CoP) ecosystem.
The NZBA says retail banks in the country – namely ANZ, ASB, Bank of China, BNZ, CCB, The Co-operative Bank, Heartland Bank, ICBC, Kiwibank, Rabobank, SBS Bank, TSB, and Westpac – will begin rolling out the new CoP service powered by obconnect “by the end of November this year”.
The association adds that the service will be rolled out in phases “to ensure proper testing and customer satisfaction”, with NZBA chief executive Roger Beaumont saying that member banks “are working to have the service available across all online personal banking channels by Easter 2025”.